Market Analysis on March 18th: Evaluation of Prices for SPX, DXY, BTC, ETH, SOL, BNB, XRP, ADA, AVAX, DOGE

Bitcoin (BTC) recently experienced a period of profit-booking, but the price managed to stay above $64,500 despite bearish pressure. However, if history repeats itself, Bitcoin may face renewed selling pressure.
According to crypto analyst Rekt Capital, Bitcoin is entering what he calls the “Danger Zone,” a period of correction that typically occurs 14 to 28 days before the halving event. In this cycle, the halving is expected to take place on April 20.
During this period in 2020, Bitcoin saw a 20% decline, while in 2016, the correction was 40%.
Analysts will be closely monitoring the inflows into spot Bitcoin exchange-traded funds (ETFs). If inflows remain steady even during a pullback in Bitcoin, it suggests that the uptrend will likely continue. However, if inflows decrease significantly, it could delay the next leg of the uptrend.
Let’s take a look at the important support levels for Bitcoin and altcoins by analyzing the charts.
S&P 500 Index:
The S&P 500 Index experienced a downward turn from 5,180 but found support at the ascending channel pattern.
Bulls will attempt to push the price above the overhead resistance of 5,189. If successful, the index may climb to the channel’s resistance line, which is expected to face strong selling pressure from bears. If the price turns down from this resistance line, the index may remain within the channel for some time.
If buyers manage to thrust the price above the channel, the uptrend could accelerate, potentially leading to a jump to 5,450. On the downside, a break below the 20-day exponential moving average (5,100) could trigger a decline towards the 50-day simple moving average (4,972).
U.S. Dollar Index:
The U.S. Dollar Index (DXY) has retraced to the moving averages, indicating strong buying at lower levels.
Both moving averages have flattened out, and the RSI is near the midpoint, suggesting a balance between supply and demand. If the price stays above the moving averages, the index could rise to 105, where bears are expected to put up strong resistance.
Alternatively, if the price turns down from the moving averages, bears will attempt to sink the index to 102. However, this level is likely to attract strong buying, as a break below it could potentially drop the index to 101.
Bitcoin:
Bitcoin bounced off the 20-day EMA ($65,830) on March 17, indicating that bulls continue to buy at strong support levels.
The BTC/USDT pair faces resistance at the breakdown level from the ascending channel pattern. If the price turns lower and breaks below the 20-day EMA, it will signal that bears have turned the channel’s support line into resistance, increasing the risk of a fall to $59,000.
On the other hand, if bulls push the price back into the channel, it will suggest that the breakdown has been rejected by the market. Bulls will then attempt to drive the pair to $73,777, with a break above this level opening the doors for a potential rise to $80,000.
Ether:
Ether (ETH) dropped below the 20-day EMA ($3,619) on March 16, but bears are struggling to sustain the lower levels.
Bulls are trying to push the price back above the 20-day EMA to trap aggressive bears. If successful, the ETH/USDT pair could attempt a rally towards the overhead resistance of $4,093, indicating a resumption of the uptrend.
However, if the price turns down and breaks below $3,400, it will suggest negative sentiment and selling on rallies. This could lead the pair to slide towards $3,200 and later the 50-day SMA ($3,077).
Solana:
Solana (SOL) has been in a strong uptrend without signs of slowing down. Bears attempted a pullback on March 15, but bulls aggressively bought the dip.
The price has reached the overhead resistance of $205, which may prove to be a strong obstacle to overcome. However, if bulls prevail, the SOL/USDT pair could start its journey towards the all-time high of $260.
RSI readings indicate that the rally may be extended in the short term, suggesting a possible consolidation or correction. The 20-day EMA ($156) is an important support level to watch on the downside, as a break below it could indicate a short-term trend change.
BNB:
BNB has pulled back in a strong uptrend, but bulls have managed to keep the price above the 38.2% Fibonacci retracement level of $534.
Rising moving averages and a positive RSI suggest that bulls have the upper hand. If the price rises above $591, the BNB/USDT pair could retest the overhead resistance at $645.
If the price turns down and breaks below $534, it will indicate that bears are gaining control. The pair could then drop to the 20-day EMA ($509), a crucial support level that, if broken, could accelerate selling and push the pair to $460.
XRP:
XRP slipped below the 20-day EMA ($0.62) on March 16, indicating weakening bullish control.
Buyers attempted a recovery on March 17 but were unable to clear the overhead hurdle at the 20-day EMA. The price has turned lower from the 20-day EMA on March 18, suggesting that bears are active at higher levels. The XRP/USDT pair could dive to the uptrend line.
However, bulls are likely to push the pair above the 20-day EMA to initiate a robust recovery. The pair could first climb to $0.67 and then to the overhead resistance at $0.74.
Cardano:
Cardano bounced off the 50-day SMA ($0.62) on March 17, but bulls are struggling to push the price above the 20-day EMA ($0.70) on March 18.
The price turning down from the 20-day EMA indicates that bears are selling on rallies. This increases the likelihood of a break below the 50-day SMA, potentially causing the ADA/USDT pair to drop to $0.57.
This bearish view will be invalidated if the price rises and breaks above the 20-day EMA. Bulls will then attempt to propel the price to the overhead resistance at $0.81, with a break and close above this level suggesting the start of a rally to $0.92.
Avalanche:
Avalanche rebounded sharply from the $50 level on March 17, indicating aggressive buying at lower levels.
Bulls have pushed the price above the overhead resistance of $61.50 on March 18, signaling the start of the next leg of the uptrend. If buyers sustain the breakout, the AVAX/USDT pair could climb to $87.
However, if the price fails to maintain above $61.50, it suggests a lack of demand at higher levels. The pair may remain range-bound between $50 and $62 for a few more days.
Dogecoin:
Dogecoin plummeted below the $0.15 support on March 16, indicating the bears’ attempt to take control.
Bulls managed to push the price back above the 20-day EMA ($0.15) on March 17, but were unable to build on this strength. This shows that every recovery attempt is being sold. Bears are now trying to sink the price below $0.14 on March 18, with the potential for the DOGE/USDT pair to slide to the 50-day SMA ($0.11).
To prevent a fall, bulls will have to push and maintain the price above $0.16, which could keep the pair within the $0.15 to $0.19 range for a while longer.
It’s important to note that this article does not offer investment advice or recommendations, and readers should conduct their own research before making any decisions.