Latest Market Overview 21st Mar: BTC, ETH, XRP, BNB, SOL, ADA, DOGE, TON, LINK, LEO
The Bitcoin market recent rally struggled to break through resistance at $87,500, suggesting that sellers remain active. However, many analysts maintain that the correction likely found a floor at $77,000. The key question now is how altcoins will respond while Bitcoin remains range-bound.
The cryptocurrency’s recovery continues to encounter selling pressure at higher levels, signalling that bearish sentiment persists. Trading resource Material Indicators noted on X that a large entity, referred to as “Spoofy the Whale,” has been actively keeping Bitcoin’s price below $87,500.
Despite this resistance, some experts believe further downside is limited. BitMEX co-founder Arthur Hayes suggested on X that Bitcoin may have established a bottom at $77,000, particularly in light of the Federal Reserve’s announcement that it will ease its quantitative tightening measures from April.
Another bullish catalyst for Bitcoin could be the recession, according to BlackRock’s head of digital assets, Robbie Mitchnick. In an interview with Yahoo Finance, Mitchnick said that the firm’s “sophisticated long-term Bitcoin accumulator” clients are not concerned by the current economic headwinds and consider the market dip to be a buying opportunity.
Could the Bitcoin market form a higher low in the near term and break above the $87,500 barrier in the near term? Will that boost buying in altcoins? Let’s analyze the charts of the top 10 cryptocurrencies to find out.
Bitcoin (BTC) Market Analysis
Bitcoin surged above the 20-day exponential moving average ($85,332) on March 19, but the bears halted the relief rally at the resistance line.
If the price breaks below the uptrend line, the BTC/USDT pair could descend to $80,000 and later to $76,606. The $76,606 to $73,777 zone is expected to attract strong buying by the bulls, but if the bears prevail, the pair may descend to $67,000.
Conversely, if the price rebounds off the uptrend line and breaks above $87,500, the pair is likely to pick up momentum. The 50-day simple moving average ($91,136) may act as a hurdle, but it is expected to be crossed. The pair may rise to $95,000 and then to the critical $100,000 level.
Ether (ETH) Market Analysis
Ether’s recovery stalled at the 20-day EMA ($2,067), indicating that the bears are active at higher levels.
If the price breaks below $1,927, the ETH/USDT pair could slip to $1,800. Buyers are expected to defend the $1,750 to $1,800 zone because a break below it could open the doors for a drop to $1,550.
This negative view will be invalidated if the price turns up and rises above the breakdown level of $2,111. That clears the path for a potential rally to the 50-day SMA ($2,420) and, after that, to $2,850.
XRP Market Analysis
XRP surged above the moving averages on March 19, but the bulls could not maintain the momentum.
The bears are trying to pull the price below the 20-day EMA ($2.36). If they can pull it off, the XRP/USDT pair may fall to $2.22 and then to the critical support at $2. Buyers are expected to vigorously defend the $2 level because if they fail in their endeavour, the pair will complete a bearish head-and-shoulders pattern.
Contrary to this assumption, if the price rebounds off the 20-day EMA, it will indicate buying on dips. The pair may then reach the resistance line.
BNB Price Analysis
BNB’s pullback took support at the 20-day EMA ($608) on March 19, indicating buying on dips.
The 20-day EMA has started to turn up, and the RSI is in the positive zone, signalling that buyers have a slight edge. A break and close above $644 could clear the path for a rally to $686. Sellers will try to defend the $686 level with all their might because a break above it could catapult the price to $745.
Sellers will have to pull the price below the 20-day EMA to prevent the upside. The BNB/USDT pair may then decline to $550.
Solana (SOL) Price Analysis
Solana turned down the 20-day EMA ($135) on March 20, signalling that the bears continue to sell on minor relief rallies.
The SOL/USDT pair could slide to $120 and then to $110. Buyers are expected to fiercely defend this support zone. If the price bounces off the support zone, the bulls will again attempt to drive the pair above the 20-day EMA. If they succeed, the pair could rally to the 50-day SMA ($163).
On the contrary, a break and close below $110 signals the resumption of the downtrend. The pair could tumble to $98 and eventually to $80.
Cardano (ADA) Price Analysis
Cardano turned down from the moving averages on March 20, indicating that the bears are defending the level.
Sellers will try to sink the price to the uptrend line, where the bulls are expected to step in. If the price rebounds off the uptrend line with strength, it increases the possibility of a break above the moving averages. The ADA/USDT pair could then rally to $1.02.
Alternatively, a break and close below the uptrend line suggests that the bulls have given up. That could start a downward move toward $0.58 and eventually to $0.50. Buyers are expected to vigorously defend the $0.50 support.
Dogecoin (DOGE) Price Analysis
Buyers are struggling to push Dogecoin above the 20-day EMA ($0.18), indicating a negative sentiment.
If the price skids below $0.16, the DOGE/USDT pair could retest the critical support at $0.14. This is an essential support for the bulls to defend because a break below it may sink the pair to $0.10.
On the upside, a break and close above the 20-day EMA will be the first indication that buyers are back in the game. The pair could rise to the 50-day SMA ($0.22) and subsequently to $0.29.
Toncoin (TON) Price Analysis
Toncoin cleared the 50-day SMA ($3.51) hurdle on March 19, but the bears are trying to halt the up move at $4.
The 20-day EMA ($3.32) has started to turn up, and the RSI has jumped into the positive zone,signallingg an advantage to buyers. The price is expected to find support at the 20-day EMA. If that happens, the prospects of a break above $4 improve. The TON/USDT pair may climb to $5 and later to $5.50.
Sellers will have to yank the price back below the 20-day EMA to gain the upper hand. The pair may then slump to $3.
Chainlink (LINK) Price Analysis
Chainlink rose above the 20-day EMA ($14.59) on March 19, but the bulls could not sustain the higher levels.
The price slipped back below the 20-day EMA on March 20, indicating selling at higher levels. The bears will try to sink the price toward the crucial support at $12.
If the price turns up from the current level or $12, it will suggest a change in sentiment from selling on rallies to buying on dips. The bulls will again try to push the LINK/USDT pair toward the 50-day SMA ($16.83) and later to $19.25.
This positive view will be invalidated if the price continues lower and plummets below $12. That could sink the pair to psychological support at $10.
UNUS SED LEO Price Analysis
UNUS SED LEO remains stuck below the overhead resistance of $10, indicating that the bears are holding their ground.
The flattish moving averages and the RSI near the midpoint do not give a clear advantage either to the bulls or the bears. If the price turns down and breaks below $9.60, it suggests that the bears are strengthening their position. The LEO/USD pair could descend to the uptrend line.
On the other hand, the bullish ascending triangle pattern will complete on a break and close above $9.90. The pair could then surge toward the target objective of $12.04.
