Bitcoin (BTC), and other altcoins, broke through their immediate resistance levels this week and moved higher. This pushed the total crypto market capitalization to $2 trillion on March 24,
BlackRock CEO Larry Fink wrote to shareholders, stating that the Russia-Ukraine war has created opportunities for digital currencies to be used for international settlements. This could have pushed crypto prices higher.
Goldman Sachs’ website redesign, which focuses on the growth and metaverse of digital assets, may have helped the crypto market to rise. They also mention them as “megatrends”
Everyday cryptocurrency market performance. Source: Coin360
The rising institutional interest and Neel Kashkari, Minneapolis Federal Reserve President, stating that the central bank could increase interest rates seven times by 2022 to combat inflation may have also boosted bullish sentiment in cryptocurrency.
Will bulls be able to sustain higher prices and continue building on the up-move? Or will bears sell aggressively in an attempt to trap buyers? Let’s look at the charts for the top 10 cryptocurrency coins to see what happens.
Bitcoin closed above $42,594 as the immediate resistance on March 23. This indicates that the bulls have absorbed the supply from the bears. This opened up the possibility of a move to $45,400, where bears could once again mount a strong defense.
Daily chart of BTC/USDT Source: TradingView
Both moving averages have been increasing gradually, and the relative strength indicator (RSI), is positive. This indicates a buyer advantage. The BTC/USDT pair may rally to the resistance line in the ascending channel if buyers push the price higher than $45,400.
This obstacle could be cleared by the bulls and the pair could reach the high overhead zone at $52,000 and $50,000 respectively.
Support will likely be found near $42,594 as well as the moving averages in any correction from the current level. To indicate that bulls are losing their grip, the bears will need to pull the price lower than the moving averages.
Although the bulls are trying keep Ether (ETH), above the resistance line in the symmetrical triangle, the candlestick’s long wick suggests that bears may be selling aggressively at higher levels.
Daily chart of ETH/USDT Source: TradingView
The bullish crossover of the moving averages and the RSI have risen to the positive zone suggests that the path towards the upside is the most difficult. The ETH/USDT pairing could rally to $3,000. If it holds above the triangle, then the target price at $3,000.
Contrary to what you might think, bears will attempt to bring the pair back to the moving averages if the price enters the triangle. If the price bounces off the moving averages it will indicate that traders are still accumulating on dips and the sentiment is positive. This will increase the likelihood of a break above triangle.
To negate the bullish view, the bears will need to lower the price below the moving Averages. The pair could extend its stay within the triangle for a few days.
BNB has been consolidating within a wide range between $445 to $350 over the past few days. A minor resistance is at $425, but bulls can clear this hurdle and move up to $445.
Daily chart BNB/USDT TradingView
The moving averages completed a bullish crossover, and the RSI remains in the positive territory. This suggests a possible shift in trend. Breaking and closing above $445 could lead to a rally up to $500.
If the price falls below the overhead resistance or current level and then breaks below the moving averages it could indicate that traders are making profits at the resistance. This could mean that the BNB/USDT exchange pair will remain within the range for at least a few days more.
Strong resistance is being faced by Ripple (XRP), at $0.86. The bulls have not allowed price to fall below the moving averages, which is a minor plus. This indicates that traders aren’t rushing to exit.
Daily chart of XRP/USDT Source: TradingView
The bulls will attempt to overcome $0.86 if the price rises from its current level or bounces off the moving averages. If they succeed, the pair XRP/USDT could rally to $0.91 before rising towards the psychological level of $1.
Buyers will benefit from rising moving averages and a positive RSI. If the bears fall and the price falls below the SMA (50-day simple moving average) ($0.77), this positive outlook will be negated.
Cardano (ADA), is trying to initiate a new uptrend. The bulls lifted the price above $1 overhead resistance on March 23. This was the first sign that the bears might be losing their grip.
Daily chart ADA/USDT Source: TradingView
Next level to watch is $1.26, where bears will attempt to stall relief rallies. The bears will attempt to pull the ADA/USDT pairing to $1 if the price drops below the overhead resistance or current level.
The bulls will be able to flip the support level by the price rebounding off $1 with strength. The buyers will attempt to overcome the $1.26 barrier. The next stop for them could be at $1.60 if they succeed. If the price falls below $1, this positive view will be invalidated.
Terra’s LUNA token, Terra, has once again fallen below the overhead resistance of $96 on March 24, suggesting that bears will not give up easily. The price could slide to the 20-day exponentially moving average (EMA), ($89).
Daily chart of LUNA/USDT Source: TradingView
The price rebounding above the 20-day EMA will indicate that bulls are defending the level. The buyers will attempt to overcome the $96 overhead hurdle. The LUNA/USDT pair may rise to $105, if they succeed.
If the price falls below the 20-day EMA and goes down, traders could be making profits from the inability of the pair to climb above $96. This could lead to a drop in the price to $82 or $75.
Solana (SOL), broke and closed above 50-day SMA ($93), on March 23. This also invalidated the bearish triangle pattern of descending triangles. The bulls have bought strongly, pushing the price to $106.
Daily chart of SOL/USDT Source: TradingView
Bullish crossover is imminent for the moving averages and the RSI, which are in the positive zone, indicates that bulls have the upperhand. The SOL/USDT pair could rise to $122 if buyers push the price higher than $106.
If the price falls from its current level, but bounces above the 20-day EMA ($91), this will indicate that traders are buying dips and the sentiment is still positive. This will increase the chances of the price breaking above the overhead resistance.
If the pair breaks below the 20-day EMA, it could consolidate between $81 to $106 for a few days.
Related: Bitfinex Whale: A new $45K BTC wall has been created amid concerns that Bitcoin could retrace
Avalanche (AVAX), has traded between the overhead resistance of $92 and the moving ranges. This indicates that bulls are buying dips to the moving Averages while bears are selling at $92.
Daily chart of AVAX/USDT Source: TradingView
The bulls will attempt to overcome the $92 overhead hurdle if the price rises from its current level or bounces off the moving averages. The AVAX/USDT pair may gain momentum if they succeed. Although bears might try to stop the rally at the psychological level of $100, if bulls overcome this barrier the rally could reach $119.
If the price falls below the moving averages, this positive outlook will be invalidated in the short-term. This would suggest that the pair could remain range-bound between $92 to $65 for a few days.
Polkadot has been on an upward trajectory and could eventually reach $23. Expect strong defense from the bears at this level.
Daily chart of DOT/USDT Source: TradingView
If the price falls below $23, but the bulls don’t give ground, this will signal that traders expect a higher move. This will increase the chances of a break above $23. The DOT/USDT pair could rise to $28 and then to $30 if that happens.
If the price falls below the overhead resistance or current level and then breaks below the moving averages it will indicate that bears are active at higher levels. This could mean that the pair will remain range bound between $23-$16 for a few days.
Dogecoin (DOGE), which broke above the 50 day SMA ($0.13) March 24, but the bulls are having trouble maintaining the higher levels, This shows that the bears aren’t ready to lose their advantage.
Daily chart of DOGE/USDT Source: TradingView
The bulls are in control of the 20-day EMA ($0.12), which has begun to rise. Also, the RSI is now in positive territory. The bulls will attempt to break the overhead resistance once more and push the DOGE/USDT price towards $0.17 if the price bounces off the moving averages.
The sellers will try to pull the pair back to the strong support at $0.10. The sellers will attempt to pull the pair back to $0.10.
Risk is inherent in every investment or trading move. Before making any investment or trading move, you should do your research.
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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.