Price analysis 3/11: BTC, ETH, BNB, XRP, LUNA, SOL, ADA, AVAX, DOT, DOGE

Although Bitcoin (BTC), has been volatile over the last few days, long-term investors appear to be using the current weakness for buying.

Whale Alert and CryptoQuant claim that around 30,000 BTC was transferred from Coinbase to an unknown wallet. It is believed to have been a real purchase, and not an internal transaction.

Investors may be bullish over the long-term, but the short-term picture is still uncertain. Stack Funds stated in their weekly research report that they expect sideways trading and possibly a dip in the short-term due to inflation rising and uncertainty regarding the conflict in Ukraine.

Everyday cryptocurrency market performance. Source: Coin360

Although Bitcoin is volatile, crypto assets that are gold-backed have performed well in 2022. This is because investors shunned risky assets in favor of the safety and security of safe-havens. This has led to a rise in the market capitalization for gold-baked crypto tokens exceeding $1 billion.

Will Bitcoin and altcoins be able to sustain the recovery? Or will bears rule supreme? Let’s look at the top 10 cryptocurrencies charts to see what happens.

BTC/USDT

Bitcoin rose above the moving averages in March 9, but it quickly retraced its rally on March 10. The bulls are trying to push the price higher than the March 11 moving averages. This suggests that bulls are buying dips and bears are selling rallies.

Daily chart of BTC/USDT Source: TradingView

Both moving averages have remained flattened and the relative strength indicator (RSI), is just below its midpoint. This suggests a balance between demand and supply.

If buyers push the price higher than $42,594, this equilibrium could be tilted in their favor. The BTC/USDT pair may then reach the overhead zone of $45,000 to the resistance line in the ascending channel.

If the price falls below the moving averages again, bears will attempt to push the pair below $37,000 as support. The pair could test the channel’s support line if it breaks below this level. The possibility of a resumption or acceleration of the downtrend will be increased if the pair breaks and closes below this level.

ETH/USDT

The rebound of Ether (ETH) was met with strong resistance at the 50 day simple moving average (SMA), ($2,751) March 9. This indicates that bears aren’t willing to give up on their advantage easily. Although the price fell from March 10’s moving averages, a minor plus is that bulls are trying to defend the support line for the symmetrical triangle.

Daily chart of ETH/USDT Source: TradingView

The bulls will attempt to keep the price above 50-day SMA if the price bounces off the support line. If they succeed, the ETH/USDT pairing could reach the psychological level of $3,000 before retesting the resistance line.

The bears must defend this level as a break or close above it could signal a change in trend. This setup has a pattern target of $4,311 to the upside.

Contrary to the assumption, a lower price and a break below the support line could signal resumption or continuation of the downtrend. This could lead to a drop in the pair to $2,159.

BNB/USDT

BNB rose above its 50-day SMA (389) on March 9, but the bulls couldn’t sustain higher levels. The bears capitalized on this situation and pulled the price below the moving averages of March 10.

Daily chart BNB/USDT TradingView

The bears will try to pull the BNB/USDT pairing to $350 if the price remains below the moving averages. This level is important to watch as a break below could lead to a decline to $320.

If the price rises, buyers may try again to push the pair above its moving averages. The pair could begin its upward march towards $445 if they do this.

XRP/USDT

Ripple (XRP), broke above the downtrend line and closed on March 9, but the bulls couldn’t build upon this strength. On March 10, the bears brought the price below the downtrendline.

Daily chart of XRP/USDT Source: TradingView

The price did not fall below the 50-day SMA ($0.72) by the bulls, which indicates strong demand at lower levels. This tight trading range is unlikely to last for too long.

If the price breaks above $0.78, then the XRP/USDT currency pair could gain momentum and rally towards $0.91. Breaking above this level could open the way for a rally towards the psychological level of $1.

If the price falls below $0.69, this positive outlook will be invalidated. This could tip the balance in favor of bears.

LUNA/USDT

Terra’s LUNA token soared to an all-time high of $39.9 on March 9, but the candlestick’s long wick shows profit-booking at higher levels. On March 10, the bulls tried again to reestablish the uptrend, but the bears had different plans.

Daily chart of LUNA/USDT Source: TradingView

Profit-booking by short-term traders may have been a result of the failure to sustain the price at $103. This has brought the LUNA/USDT exchange rate below $94.

If the price falls below $94, it could lead to a decline of 20% and the 20-day EMA (80). If the price breaks or closes below this level, it could indicate that bullish momentum has weakened. The pair could drop to $70.

If the price bounces off the current level, or the 20-day EMA it will mean that sentiment is positive and traders are buying dips. The bulls will attempt to push the pair towards the $125 target and a new all time high.

SOL/USDT

Solana (SOL), has been trading within a descending triangle formation. This pattern will end on a break below $81. On March 9, the bulls attempted a recovery but were unable to push the price higher than the 20-day EMA ($89).

Daily chart of SOL/USDT Source: TradingView

The selling might intensify if bears fall and the price falls below $81. The SOL/USDT currency pair could then resume its downward trend and plunge towards $66.

Although the moving averages are downsloping, the path of least resistance is towards the downside. However, the positive divergence of the RSI suggests that sellers should be aware of a potential bear trap.

The bulls will attempt to push the pair higher than the downtrend line if the price recovers from the current level. The pair could rally to $122, if they succeed.

DA/USDT

Cardano’s (ADA), attempt to recover on March 9, met with strong resistance at $20 EMA ($0.88). This indicates that traders are selling at every minor rally and the sentiment is still negative.

Daily chart ADA/USDT Source: TradingView

The RSI in negative territory and the downsloping moving Averages suggest that the path of least resistance is towards the downside.

The bears will attempt to push the price below $0.74, which is a strong support level, and resume their downtrend. A close below $0.74 may open the door to a further fall to $0.68.

To suggest that the bears are losing their grip, the bulls will need to push the ADA/USDT pairing above $1 psychological level.

Related: How traders were alerted last week to big rallies by FUN’s and WAVES’

AVAX/USDT

Avalanche (AVAX), failed to climb above the moving averages and maintain its position above them on March 9. This indicates that bulls are buying dips to the uptrend, while bears are protecting the moving averages.

Daily chart of AVAX/USDT Source: TradingView

Tight ranges are generally associated with sharp trending movements. The AVAX/USDT pair could begin its fall towards the critical support of $51 if bears continue to sink below the uptrend line. The bulls will attempt to stop the drop in the $64-$61 zone.

If bulls push the price higher than the moving averages, then the pair will attempt to climb above the downtrend line in the descending channel. The channel may break or close below the channel to signal that the downtrend is over.

DOT/USDT

After failing to hold the price above the 20-day EMA ($17), on March 9-10, Polkadot(DOT) was able to break the resistance March 11. The bulls are trying to push the price higher than the 50-day SMA ($18) and maintain it there.

Daily chart of DOT/USDT Source: TradingView

They will succeed and it could signal that the downtrend is over. The overhead resistance of $23.30 could be reached by the DOT/USDT currency pair. Breaking and closing above this resistance could signal a possible change in the trend.

Contrary to the assumption, bears will attempt to lower the price below $16 if the price falls from its current level. The pair could test the $14 support if they succeed.

DOGE/USDT

Dogecoin’s relief rally on March 9, which was led by DOGE (Dogecoin), dissolved at the 20-day EMA ($0.12). This indicates that bears aren’t ready to give up, and they continue selling near resistance levels.

Daily chart of DOGE/USDT Source: TradingView

On March 10, the DOGE/USDT currency pair fell below $0.12, increasing the likelihood of a retest at $0.10. This area is expected to attract strong buying by the bulls. To indicate a weakening downtrend, buyers will need to push the price higher than the 50-day SMA ($0.13).

If bears drop below $0.10, selling could accelerate, and the pair could fall to $0.06.

Risk is inherent in every investment or trading move. Before making any investment or trading move, you should do your research.

HitBTC exchange provides market data.

https://cointelegraph.com/news/price-analysis-3-11-btc-eth-bnb-xrp-luna-sol-ada-avax-dot-doge

Lillian Call

I am a technology and gaming writer by profession. I love NFT's and play to earn gaming such as Axie Infinity. I love writing about anything on the blockchain, especially gaming and entertainment. I often sing, write or draw to portray my feelings. When it comes to my free time or you can say ‘ME-TIME’, I love to play with my cat, sleep an extra hour, or play my favorite video games.