Price analysis 3/28: BTC, ETH, BNB, XRP, ADA, LUNA, SOL, AVAX, DOT, DOGE

Many were surprised by the newfound strength of Bitcoin (BTC), and other altcoins over the weekend. The rally in Bitcoin easily broke through the $45,900 mark, which Glassnode said was an area of resistance. This was because many investors had bought near this level during Bitcoin’s decline after reaching its peak in November.

Bitcoin’s strength could have attracted investors to buy altcoins that are still below their 52-week high. Investor sentiment has been boosted by the rally in Bitcoin and bottom fishing in altcoins, which has moved the Crypto Fear and Greed Index to the “greedy” category.

Everyday cryptocurrency market performance. Source: Coin360

The crypto markets seem to have retained a significant portion of their gains, despite the weak performance of the U.S. stock market on March 28. This suggests that crypto markets are still in the early stages for decoupling from equity markets.

Can buyers maintain the momentum and overcome the overhead resistance levels? Let’s look at the charts for the top 10 cryptocurrencies to see how they fare.

BTC/USDT

Bitcoin was hesitant on March 26, as seen through the inside-day candlestick. This was a sign of indecision between the bulls, and the bears. The bulls rallied and lifted the price above $45,400 overhead resistance on March 27, thereby resolving the uncertainty.

Daily chart of BTC/USDT Source: TradingView

The relative strength index (RSI), which has seen a sharp rally in the last few days, is now in the overbought area for the first time since Oct 2021. This indicates that momentum favors buyers.

Bears might try to stop the upward-move at resistance line of ascending channel, but if bulls overcome the barrier, the BTC/USDT pairing could rally to psychological level at $50,000, and then to $52,000.

The buyers will attempt to turn $45,400 support if the price falls below the resistance line. If they succeed, it may indicate that the up-move will continue. To weaken bullish momentum, the bears will need to pull the price down below $45,400.

ETH/USDT

The bulls were unable to sustain higher levels of Ether (ETH), but they broke through the symmetrical triangle on February 25. The buyers refused to give in to the bears, and they repurchased on March 26.

Daily chart of ETH/USDT Source: TradingView

On March 27, momentum was strong and the ETH/USDT pairing reached $3,411; however, bulls could encounter minor resistance. Bulls can bulldoze their way to the psychological level of $4,000.

Alternativly, the pair may retest its breakout level from the triangle if it falls below $3,411. This level will indicate strong buying at dips if the price bounces off. The bulls will attempt to resume the upward-move.

To indicate that bullish momentum has slowed, the bears will need to pull the price within the triangle.

BNB/USDT

BNB has continued its northward march to reach $445 overhead resistance. This level is likely to be defended by the bears with great vigor.

Daily chart BNB/USDT TradingView

Bulls have control of the market thanks to the rising exponential moving average (20-day) (EMA) ($402), and the RSI close to the overbought area. The BNB/USDT pair could rise to the psychological level of $500 if buyers push the price higher than $445. This level could act as a strong resistance.

If the price falls below $500, but not below $445 it will indicate that the bulls have turned the level into support. This will increase the chances of the price breaking above the overhead resistance.

Contrary to what you think, if the price drops below $445, the pair may drop to the 20 day EMA.

XRP/USDT

On March 26, Ripple (XRP), a cryptocurrency that is used to trade on the internet, rose. This indicates that bulls are buying at minor dips. The price rose above $0.86, but the buyers are now facing resistance near $0.91.

Daily chart of XRP/USDT Source: TradingView

Both moving averages are increasing and the RSI remains in the positive zone. The chances of the price rising above $0.91 are possible if buyers don’t allow it to fall below $0.86. The XRP/USDT pairing could rally to $1 if that happens.

If the price falls below the moving averages and the overhead resistance at $0.91, this positive outlook will be invalidated. This could push the price towards $0.70, the strong support.

DA/USDT

Cardano (ADA), has been recovering and has reached $1.26 overhead resistance where bears will likely mount a strong defense.

Daily chart ADA/USDT Source: TradingView

Bulls appear to be in control of the market, as evidenced by the rising 20-day EMA ($1) in the overbought area. The possibility of a breakout above $1.26 will increase if the price drops below overhead resistance, but the bulls don’t give up any ground.

The ADA/USDT currency pair could rise to $1.60, and then climb higher towards $1.80. If the price falls below the overhead resistance or the psychological level of $1, this bullish view will be invalidated.

LUNA/USDT

Terra’s LUNA token is stuck between $96 overhead resistance and support at the $20 EMA ($90). This tight trading range could lead to a sharp trending movement.

Daily chart of LUNA/USDT Source: TradingView

Rising 20-day EMA, and the RSI in positive territory indicate that the upside is the path of least resistance. The LUNA/USDT pairing could retest its all-time high of $105. If buyers can propel the price to $96, it will be possible for the USDT pair to regain its peak at $96.

Although this level will likely act as a major hurdle, bulls can overcome it and the uptrend could resume. The price could rally to $125. If the price falls below the 20-day EMA, this positive outlook will be invalidated in the short term. This could lead to a potential decline of $82.

SOL/USDT

After trading close to the $106 overhead resistance for a few days Solana (SOL), broke and closed above that level on March 27, The moving averages completed a bullish crossover, and the RSI is close to the overbought area, indicating a buyer advantage.

Daily chart of SOL/USDT Source: TradingView

The SOL/USDT pair could reach $122, if bulls can maintain the price above $106 This level is expected to be defended by the bears. The pair could remain range bound for a few days if the price drops below this level, and falls below $106

To signal a potential new uptrend, the bulls must clear the $122 overhead resistance zone. The bulls could then begin their up-move. It could eventually reach the overhead resistance zone at $158 or $163.

Related: Bitcoin to $58K Next? BTC may have more upside with a 2019-like “reversal ascending triangular”

VAX/USDT

Avalanche’s (AVAX), rebounded from the 20-day EMA ($83), on March 26, indicating bulls are buying dips. The buyers will attempt to maintain the price above $92, the immediate resistance.

Daily chart of AVAX/USDT Source: TradingView

The AVAX/USDT pair may rally to the overhead resistance zone of $98 to $100 if they succeed. The bears must defend this zone as a break or close above it could prolong the rally to $120.

The bears will attempt to bring the pair back to the moving averages if the price drops below the overhead zone. The overhead zone and moving averages may be maintained for a few more days if the price bounces off of this level.

DOT/USDT

Polkadot, (DOT), gained momentum on March 27, and is now at $23. Bulls are in control of the market thanks to the upsloping 20 day EMA ($20), and the RSI close to the overbought area.

Daily chart of DOT/USDT Source: TradingView

Bulls can drive the price to $23 and maintain it, the DOT/USDT pair may rally to $28. Bulls can overcome this obstacle and the up-move could extend to $30, or later to $32.

Alternatively, bears may try to pull the pair towards the 20-day EMA if the price falls below the overhead resistance. Bulls will continue to buy dips if there is a strong rebound from this support. This will increase the chance of a break below the overhead barrier.

If the price falls below the moving averages, this positive outlook will be invalidated. This could prolong the consolidation between $16-$23 for a few days.

DOGE/USDT

On March 25, the bulls turned the support level at $0.13 (50-day simple moving average) into support. This attracted strong Dogecoin (DOGE) buying, putting it on the road to a possible rally of $0.17.

Daily chart of DOGE/USDT Source: TradingView

The moving averages look poised for a bullish crossover, and the RSI is close to the overbought area. This indicates that buyers are in control. The DOGE/USDT pair could reach $0.22 if bulls push the price higher than $0.17.

The traders will expect the price to fall from $0.17, but not much.

However, if the price drops sharply below the overhead resistance or current level, it will indicate that the pair could remain range-bound between $0.12 to $0.17 for a few days.

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-3-28-btc-eth-bnb-xrp-ada-luna-sol-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.