Bitcoin’s (BTC) failure to build upon its solid comeback on March 20 shows that bears are selling on relief rallies. The pullback has dampened sentiment in the short term, resulting in net outflows from the spot Bitcoin exchange-traded funds (ETFs) for four straight days, according to data from Farside Investors.

However, the Bitcoin bull market is not yet over, according to a report by CryptoQuant. The on-chain data analytics firm said the bull market generally ends with “84%-92% of investment” from the short-term holders, which currently is at 48%.

Crypto market data daily view. Source: Coin360

The correction before the Bitcoin Halving is a healthy sign for the long-term sustainability of the bull market because parabolic moves are rarely sustainable. Every dip shakes out the weak hands and allows the stronger hands to add to their positions.

Will Bitcoin and altcoins continue their correction, or is it time for the recovery to begin? Let’s analyze the charts of the top 10 cryptocurrencies to find out.

Bitcoin price analysis

Bitcoin rebounded sharply off the 38.2% Fibonacci retracement level of $61,736, indicating that traders view the dips as a buying opportunity.

BTC/USDT daily chart. Source: TradingView

The 20-day exponential moving average (EMA) has flattened out, and the relative strength index (RSI) is just above the midpoint, suggesting a range-bound action in the near term. The BTC/USDT pair may face resistance at $69,000 and support at $60,775.

A consolidation near the high is a positive sign, showing the bulls are holding on to their positions and not rushing to the exit. A break above $69,000 could open the doors for a retest of the all-time high at $73,777.

The downside support is at $60,775, followed by the 50-day SMA ($57,623). Buyers are expected to defend this zone with vigor.

Ether price analysis

Ether (ETH) snapped back from the 50-day SMA ($3,161) on March 20, but the bulls could not push the price above the 20-day EMA ($3,537).

ETH/USDT daily chart. Source: TradingView

The ETH/USDT pair turned down from the 20-day EMA on March 22, indicating that the sentiment has turned negative and traders are selling on rallies. Sellers will make one more attempt to break the 50-day SMA support. If they succeed, the pair may collapse to $2,717.

Instead, if the price rebounds off the 50-day SMA, it will signal that the pair may remain between the moving averages. The bullish momentum could pick up after the pair rises above $3,700. The pair may then reach the overhead resistance at $4,100.

BNB price analysis

BNB (BNB) turned up from the 20-day EMA ($520) on March 20, but the relief rally faces resistance near $590.

BNB/USDT daily chart. Source: TradingView

The long wick on the March 22 candlestick shows selling near $590. The bears will again try to sink the price below the 20-day EMA and open the gates for a drop to the breakout level of $460. This level is likely to witness aggressive buying by the bulls.

On the upside, a break above $590 could push the BNB/USDT pair to the stiff overhead resistance at $645. If this resistance is taken out, the uptrend may continue, and the pair could rally to $692.

Solana price analysis

Solana (SOL) witnessed solid buying at the 20-day EMA ($163) on March 20, but the bulls could not drive the price above $205.

SOL/USDT daily chart. Source: TradingView

The failure to clear the overhead resistance shows that the bears are active at higher levels. If the price continues lower and breaks below the 20-day EMA, it will signal advantage to bears. The SOL/USDT pair could slump to the strong support at $126.

Contrary to this assumption, if the price turns up from the current level or the 20-day EMA, it will indicate that bulls continue to buy on dips. The pair could then rise to $205. If this level is scaled, the pair may ascend to $267.

XRP price analysis

XRP (XRP) bounced off the uptrend line on March 20 and rose above the 20-day EMA ($0.62) on March 21, signaling buying at lower levels.

XRP/USDT daily chart. Source: TradingView

If buyers shove the price above $0.67, the XRP/USDT pair is likely to pick up momentum and travel to the formidable resistance at $0.74. This is an important level to watch out for because a break above it could signal the start of the next leg of the uptrend to $0.95.

On the contrary, if the price turns down and maintains below the 20-day EMA, it will suggest that higher levels are attracting sellers. The pair may oscillate between $0.67 and the uptrend line. A slide below the uptrend line could tug the pair to $0.52.

Cardano price analysis

The bulls successfully defended the $0.57 support in Cardano (ADA) on March 20 but are struggling to sustain the price above the 50-day SMA ($0.63).

ADA/USDT daily chart. Source: TradingView

The 20-day EMA ($0.67) has turned down, and the RSI is in the negative territory, indicating that bears have the upper hand. Sellers will make another attempt to sink the price below the $0.57 support. If they manage to do that, the ADA/USDT pair could drop to $0.53 and later to $0.46.

On the other hand, if the price rebounds off the $0.57 support, it will suggest that the bulls are defending the level. The pair will then make another attempt to rise to the 20-day EMA. A break above $0.70 will indicate that the correction is over.

Dogecoin price analysis

Dogecoin’s (DOGE) relief rally rose above the 20-day EMA ($0.15) on March 20, indicating solid buying at lower levels.

DOGE/USDT daily chart. Source: TradingView

The bulls are trying to sustain the price above the 20-day EMA. If they do that, the DOGE/USDT pair will again attempt to rise above $0.16 and challenge the overhead resistance of $0.19. This level may prove to be a difficult hurdle to cross. If the price turns down from this resistance, the pair may remain range-bound between $0.12 and $0.19.

The next leg of the uptrend is likely to begin after buyers kick and maintain the price above $0.19. The pair may then rise to $0.23.

Avalanche price analysis

Buyers have managed to keep Avalanche (AVAX) above the breakout level of $50, suggesting they are trying to flip the level into support.

AVAX/USDT daily chart. Source: TradingView

The marginally rising 20-day EMA ($51) and the RSI in the positive territory show that the bulls have the edge. The AVAX/USDT pair could gradually increase to the $62 to $65 resistance zone. Sellers are expected to protect this zone with vigor. If the price turns down from this zone, the pair may consolidate between $50 and $65 for a few more days.

The uptrend could resume after buyers overcome the obstacle at $65. The pair could thereafter climb to $75. The trend will favor the bears if the price plunges below $50.

Shiba Inu price analysis

The failure of the bulls to push Shiba Inu (SHIB) above the breakdown level of $0.000029 suggests that bears are selling on rallies.

SHIB/USDT daily chart. Source: TradingView

The flattish 20-day EMA ($0.000027) and the RSI just above the midpoint suggest a balance between supply and demand. This equilibrium will tilt in favor of the bulls if the price rises above the resistance line. The SHIB/USDT pair could rise to $0.000035 and eventually to the strong resistance at $0.000039.

Alternatively, if the price continues lower and breaks below $0.000023, the decline could extend to the 50-day SMA ($0.000018).

Toncoin price analysis

The bulls are trying to push Toncoin (TON) to $4.60, but the long wick on the March 22 candlestick shows stiff resistance from the bears.

TON/USDT daily chart. Source: TradingView

The upsloping 20-day EMA ($3.54) and the RSI near the overbought zone indicate that bulls are in control. If buyers do not give up much ground from the current level, the possibility of a break above $4.60 remains high. If that happens, the TON/USDT pair could start the next leg of the rally at $5.64.

Conversely, if the price turns down sharply from the current level, the pair is likely to find support at the 20-day EMA.

This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.

Welcome to Finance Redefined, your weekly dose of essential decentralized finance (DeFi) insights — a newsletter crafted to bring you the most significant developments from the past week.

The memecoin frenzy has helped Solana-based decentralized exchanges (DEX) top the charts in trading volume, overtaking their Ethereum counterparts. Some tokens eclipsed Ethereum-based memecoins in trading volume on DEXs just hours after launching.

In more memecoin news, the Milady nonfungible token (NFT) collection joined the memecoin rush by launching its own token, which reached $18.6 million within two hours of its presale announcement.

ParaSwap narrowly evaded a hack by pausing its Augustus v6 contract application programming interface, or API, after discovering a vulnerability. The protocol secured the potential victims’ funds through a white hat intervention.

In other news, the price of Ether (ETH) has fallen 18% in the past week after touching a new all-time high above $4,000. If the price falls to $3,100, $212 million worth of positions are at risk of liquidation.

Solana activity flips Ethereum amid memecoin craze, even as txs fail

Solana network activity surpassed Ethereum over the weekend amid a scramble for Solana-based memecoins — causing the network to struggle to keep up.

On March 16, Solana’s total trading volume soared past Ethereum, reaching $3.52 billion, beating out the daily volume on the Ethereum network by more than $1.1 billion, according to DefiLlama.

Continue reading

Milady NFT memecoin reaches $18.6 million presale goal in less than two hours

NFT collection Milady’s novel Solana memecoin has attracted 91,486 SOL ($18.6 million) within two hours of its presale announcement.

On March 18, Milady revealed the Solana-based memecoin, Milady Wif Hat, which is named after the popular Solana memecoin Dogwifhat (WIF). It will have a minimum investment of 1 SOL (SOL), with an 88,888 SOL cap.

Hours later, the presale had been oversubscribed. “Milady Wif Hat presale has soared to its limit of 88,888 SOL and is now closed,” wrote the team, adding: “Any additional Solana raised will have 100% of their funds returned.”

Continue reading

ParaSwap evades hack targeting Augustus v6 contract vulnerability

DeFi aggregator ParaSwap discovered a vulnerability in its newly launched Augustus v6 contract and prevented a colossal loss of funds through timely white hat intervention.

On March 18, the ParaSwap Augustus v6 contract went live, which aimed to improve swapping efficiency and reduce gas fees. However, the contract contained a critical vulnerability, allowing hackers to drain funds when approved.

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Ether at $3,100 could liquidate $212 million worth of leveraged long positions

The cryptocurrency market could see over $212 million of leveraged long positions liquidated if the Ether price falls below the $3,100 mark.

Ether dropped 9.3% to $3,254 in the 24 hours leading up to 10:40 am UTC on March 19. Ether is down over 18% on the weekly chart, and falling to $3,100 would wipe over $212 million worth of long leverage, according to Coinglass data.

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DeFi market overview

Data from Cointelegraph Markets Pro and TradingView shows that DeFi’s top 100 tokens by market capitalization had a bearish week, with most trading in the red on the weekly charts. The total value locked in DeFi protocols dipped below $100 billion.

Thanks for reading our summary of this week’s most impactful DeFi developments. Join us next Friday for more stories, insights and education regarding this dynamically advancing space.