Bitcoin (BTC) reached a new all-time high, surging to $70,199 on the Coinbase exchange, indicating that buyers are still in control. However, the price has struggled to maintain above $70,000, suggesting that every higher level is being sold into.
In addition to the price surge, Bitcoin’s spot trading volume has also increased, indicating that retail traders are returning to the market. On March 5, Bitcoin’s daily spot trading volume reached $46.26 billion, the highest level in a year. Some investors are now looking to book profits, as data from Glassnode shows that Bitcoin transfers to Coinbase have risen near the 2022 highs.
As Bitcoin hovers around $69,000, certain major altcoins have resumed their upward movement, suggesting that traders may shift their focus to altcoins. The altcoin season index from Blockchain Center indicates that an altseason has not yet begun, but K33 Research believes it is about to start.
Could the repeated failures to maintain Bitcoin’s price above $69,000 lead to a correction in the near future? Will altcoins also face selling pressure? Let’s analyze the charts of the top 10 cryptocurrencies to find out.
Bitcoin Price Analysis:
The bulls pushed Bitcoin to a new all-time high on March 8, but there was profit booking at higher levels. However, the fact that the bulls have not given ground to the bears is a positive sign, indicating that they are holding their positions in anticipation of another leg higher. If the bulls can maintain the price above $70,000, the BTC/USDT pair is likely to surge to $76,000 and then $80,000. On the downside, a sharp turn down and a break below $62,500 would indicate profit booking by short-term traders and could lead to a slide to the 20-day exponential moving average ($59,727). The bears would need to push the price below this support to suggest the start of a corrective phase.
Ether Price Analysis:
After a correction on March 5, Ether (ETH) turned up and broke above the overhead resistance of $3,822 on March 6, signaling the resumption of the uptrend. The ETH/USDT pair could rise to $4,150 and then $4,375. However, caution is advised as the RSI has been trading in the overbought zone for several days, indicating a possible correction or consolidation in the next few days. A dip below the 20-day EMA ($3,352) would give the bears the upper hand.
BNB Price Analysis:
BNB (BNB) bounced off the 20-day EMA ($404) on March 6 and broke above the immediate resistance of $427. The BNB/USDT pair then gained momentum and surpassed the strong overhead resistance of $460. If the bulls can maintain the price above $460, the pair could start the next leg of the rally to $500 and then $572. The 20-day EMA remains a key support level to watch out for on the downside.
Solana Price Analysis:
Solana (SOL) has been held above the breakout level of $126, indicating positive sentiment and buying on dips. The bulls pushed the price above the $143 resistance on March 7, suggesting that the correction may be over. If buyers can maintain the price above $143, the SOL/USDT pair is likely to reach the next target objective at $158. Bears will need to quickly sink and sustain the price below $126 to prevent the upward movement.
XRP Price Analysis:
XRP (XRP) has been trading between the overhead resistance of $0.67 and the 50-day SMA ($0.55). If the price stays above the 20-day EMA, the XRP/USDT pair is likely to climb to $0.67, which is a crucial short-term resistance. A break above this level could indicate the start of a new uptrend. On the downside, a break below the 20-day EMA could result in a slide to the 50-day SMA and possibly even $0.50.
Cardano Price Analysis:
Cardano (ADA) is trying to stay above the breakout level of $0.68, which is a positive sign as it suggests that the bulls are attempting to flip this level into support. The upsloping 20-day EMA and the positive RSI indicate that the bulls are in control. If buyers can push the price to $0.80, which is a significant hurdle, the ADA/USDT pair could resume its uptrend and rise to $0.90. However, a break below $0.68 could open the doors for a possible fall to the 50-day SMA.
Dogecoin Price Analysis:
Dogecoin (DOGE) has been battling between the bulls and the bears near the $0.16 level. The fact that the bulls have not allowed the price to sustain below $0.16 indicates solid demand at lower levels. If buyers can maintain the price above $0.16, the DOGE/USDT pair could gradually climb towards $0.18 and then retest $0.20. The strong support on the downside is at $0.15, and a close below this level could sink the pair to the 20-day EMA.
Shiba Inu Price Analysis:
Shiba Inu (SHIB) has pulled back in its strong uptrend and is finding support near the 38.2% Fibonacci retracement level of $0.000032. The pair could remain in a range between the 50% retracement level of $0.000027 and the local high at $0.000046. A break above this resistance would signal the resumption of the uptrend, potentially pushing the pair to $0.000065. However, a break below $0.000027 would suggest bearish pressure.
Avalanche Price Analysis:
Avalanche (AVAX) has climbed back above the 20-day EMA ($40.54) and the overhead resistance of $42, indicating buying at lower levels. If bulls can overcome the minor resistance at $45.20, the AVAX/USDT pair could accelerate towards the psychological resistance of $50. On the downside, a break below the 20-day EMA would indicate a lack of aggressive buying and could sink the price to the 50-day SMA.
Polkadot Price Analysis:
Polkadot (DOT) recovered sharply on March 6 and cleared the overhead hurdle at $10.80 on March 7. However, the bulls could not sustain the breakout, indicating selling pressure. The bears will aim to pull the price to the breakout level of $9.59, which is likely to attract buying by the bulls. If the price rebounds from $9.59, the DOT/USDT pair could rally above $11 and reach $13.18. A turn down and a drop below the 20-day EMA would invalidate this view.
Please note that this article does not provide investment advice or recommendations. Readers should conduct their own research and make informed decisions when investing or trading.