Bitcoin is having difficulty maintaining its rebound, indicating that increased price levels are enticing sellers in both Bitcoin and alternative cryptocurrencies.
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Bitcoin’s inability to capitalize on its strong recovery from March 20 indicates that sellers are taking advantage of relief rallies. This pullback has negatively affected short-term sentiment, leading to consecutive days of net outflows from spot Bitcoin exchange-traded funds (ETFs), as reported by Farside Investors.
Bitcoin Bull Market Continues, Correction Seen as Healthy
According to a report by CryptoQuant, the Bitcoin bull market remains intact despite recent corrections. The on-chain data analytics firm highlighted that historically, bull markets typically conclude when short-term holders account for “84%-92% of investment,” whereas currently, they represent only 48%.
Crypto market data daily view. Source: Coin360
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The recent correction before the Bitcoin Halving is viewed as a positive development for the long-term sustainability of the bull market. Such corrections are considered healthy as parabolic price surges are often unsustainable. Each dip allows weaker hands to exit the market, while stronger hands use the opportunity to accumulate more assets.
Now, the question arises: Will Bitcoin and other cryptocurrencies continue their correction, or is it time for a recovery? To answer this, let’s delve into the charts of the top 10 cryptocurrencies.
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Bitcoin Technical Analysis: Bulls Remain Active Despite Corrections
Bitcoin experienced a significant rebound after touching the 38.2% Fibonacci retracement level at $61,736, indicating that traders are keen on buying the dips.
BTC/USDT daily chart. Source: TradingView
The 20-day exponential moving average (EMA) has stabilized, and the relative strength index (RSI) is slightly above the midpoint, suggesting a period of range-bound movement in the near future. For the BTC/USDT pair, resistance may be encountered at $69,000, while support is expected around $60,775.
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The consolidation near the recent high is seen as a positive indication, signaling that bulls are maintaining their positions without hastily exiting the market. A breakthrough above $69,000 could pave the way for a retest of the all-time high at $73,777.
On the downside, support lies at $60,775, followed by the 50-day SMA ($57,623). Buyers are anticipated to vigorously defend this zone against further decline.
Also Read: Nigerian Court Mandates Binance to Disclose Comprehensive User Data
Ether Faces Resistance Near Moving Averages
Ether saw a rebound from the 50-day SMA ($3,161) on March 20, but failed to surpass the 20-day EMA ($3,537), suggesting hesitation among bulls.
ETH/USDT daily chart. Source: TradingView
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On March 22, the ETH/USDT pair retreated from the 20-day EMA, indicating a shift in sentiment with traders selling during price rallies. Sellers may attempt another push to breach the 50-day SMA support, potentially leading to a decline towards $2,717.
Alternatively, a bounce from the 50-day SMA would suggest a consolidation between the moving averages. A breakout above $3,700 could reignite bullish momentum, targeting overhead resistance at $4,100.
BNB Faces Resistance Amid Relief Rally
BNB saw an upturn from the 20-day EMA ($520) on March 20, but encountered resistance near the $590 mark during the relief rally.
BNB/USDT daily chart. Source: TradingView
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The March 22 candlestick exhibited selling pressure near $590, as indicated by the long wick. Bears are likely to make another attempt to push the price below the 20-day EMA, potentially leading to a decline towards the breakout level of $460, where robust buying activity from bulls is anticipated.
On the upside, a breakout above $590 could propel the BNB/USDT pair towards strong overhead resistance at $645. If breached, this resistance level may pave the way for further upside towards $692, sustaining the ongoing uptrend.
Solana Struggles to Break Resistance
Solana observed significant buying activity around the 20-day EMA ($163) on March 20, yet failed to surpass the $205 mark.
SOL/USDT daily chart. Source: TradingView
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The inability to overcome the overhead resistance suggests bearish pressure at higher levels. A further decline below the 20-day EMA could signal a shift in advantage to bears, potentially leading the SOL/USDT pair towards the robust support level at $126.
However, if the price rebounds from the current level or the 20-day EMA, it would indicate continued bullish sentiment, with buyers active on dips. In such a scenario, the pair may aim for a breakout above $205, paving the way for a potential rally towards $267.
XRP Shows Signs of Rebound
XRP displayed resilience as it bounced off the uptrend line on March 20, subsequently rising above the 20-day EMA ($0.62) on March 21, indicating buying interest at lower levels.
Also Read: Crypto Exchanges Support SLERF Community Post-Presale Fund Mishap
XRP/USDT daily chart. Source: TradingView
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Should buyers successfully propel the price beyond $0.67, it could spark momentum for the XRP/USDT pair, potentially aiming for the significant resistance at $0.74. A breakthrough above this level might mark the beginning of the next upward move, targeting $0.95.
Conversely, a downturn maintaining below the 20-day EMA could suggest increased selling pressure at higher levels. In such a scenario, the pair might oscillate between $0.67 and the uptrend line. A breach below the uptrend line could pull the pair towards $0.52.
Cardano ADA Struggles to Maintain Price Levels
Cardano ADA faced a critical juncture as bulls defended the $0.57 support on March 20, yet encountered difficulties in sustaining prices above the 50-day SMA ($0.63).
ADA/USDT daily chart. Source: TradingView
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With the 20-day EMA ($0.67) turning downward and the RSI residing in negative territory, bears seem to hold the advantage. Another effort by sellers to drive the price below the $0.57 support could result in a decline to $0.53, followed by $0.46 for the ADA/USDT pair.
Alternatively, a rebound from the $0.57 support would suggest bullish defense at this level. This could prompt another attempt to rise towards the 20-day EMA. A breakthrough above $0.70 would signal a potential end to the correction phase.
Dogecoin Shows Signs of Recovery
Dogecoin’s relief rally surged above the 20-day EMA ($0.15) on March 20, indicating robust buying interest at lower price levels.
DOGE/USDT daily chart. Source: TradingView
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Bulls are now attempting to maintain the price above the 20-day EMA. If successful, the DOGE/USDT pair could once again aim to surpass $0.16 and challenge the resistance at $0.19. However, breaching this resistance level may prove challenging. Should the price retreat from this point, the pair may consolidate within the range of $0.12 and $0.19.
A sustained move above $0.19 could mark the beginning of the next uptrend, potentially propelling the pair towards $0.23.
Avalanche AVAX Holds Ground Above Key Support
Buyers have successfully maintained Avalanche AVAX above the breakout level of $50, indicating efforts to establish it as a new support level.
AVAX/USDT daily chart. Source: TradingView
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With the 20-day EMA marginally rising ($51) and the RSI in positive territory, bullish sentiment prevails. The AVAX/USDT pair could gradually advance towards the $62 to $65 resistance zone. However, sellers are anticipated to defend this zone staunchly. A rejection from this area may lead to consolidation between $50 and $65.
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A breakout above $65 could signal a resumption of the uptrend, potentially pushing the pair towards $75. Conversely, a drop below $50 may favor the bears, potentially signaling a trend reversal.
Shiba Inu SHIB Faces Resistance Amid Bearish Pressure
The inability of bulls to propel Shiba Inu SHIB above the breakdown level of $0.000029 indicates selling pressure from bears during rallies.
SHIB/USDT daily chart. Source: TradingView
With the 20-day EMA relatively flat ($0.000027) and the RSI hovering just above the midpoint, a balance between supply and demand is observed. However, a bullish tilt may occur if the price surpasses the resistance line, potentially leading the SHIB/USDT pair towards $0.000035 and later to the robust resistance at $0.000039.
Conversely, if the price continues its descent and breaches $0.000023, further decline could extend to the 50-day SMA ($0.000018).
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Toncoin (TON) Faces Stiff Resistance Near $4.60
Bulls are making attempts to drive Toncoin (TON) towards the $4.60 mark, but encountered strong resistance from bears, as indicated by the long wick on the March 22 candlestick.
TON/USDT daily chart. Source: TradingView
With the 20-day EMA showing an upward trend ($3.54) and the RSI hovering near the overbought zone, bulls seem to have the upper hand. If buyers maintain their ground from the current level, the likelihood of a breakthrough above $4.60 remains high. Should this occur, the TON/USDT pair could initiate the next phase of the rally, targeting $5.64.
Conversely, if a sharp downturn occurs from current levels, the pair is anticipated to find support at the 20-day EMA.
Important: Please note that this article is only meant to provide information and should not be taken as legal, tax, investment, financial, or any other type of advice.
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