Bitcoin’s recent pullback after its strong rebound on March 20 has led to a decrease in sentiment and net outflows from spot Bitcoin exchange-traded funds (ETFs) for four consecutive days, according to data from Farside Investors. However, a report by CryptoQuant suggests that the Bitcoin bull market is not yet over. The report states that the bull market typically ends when short-term holders account for 84%-92% of investment, but currently they only make up 48%.
The correction before the Bitcoin Halving is seen as a positive sign for the long-term sustainability of the bull market, as parabolic moves are rarely sustainable. Each dip allows weaker investors to exit, while stronger investors can add to their positions.
The question now is whether Bitcoin and other cryptocurrencies will continue to correct or if a recovery is on the horizon. Let’s analyze the charts of the top 10 cryptocurrencies to find out.
Bitcoin Price Analysis:
Bitcoin has rebounded strongly from the 38.2% Fibonacci retracement level of $61,736, indicating that traders see the dips as buying opportunities. The 20-day exponential moving average (EMA) has flattened out, 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 break above $69,000 could open the doors for a retest of the all-time high at $73,777.
Ether Price Analysis:
Ether snapped back from the 50-day SMA ($3,161) on March 20, but failed to surpass the 20-day EMA ($3,537). The ETH/USDT pair turned down from the 20-day EMA on March 22, indicating negative sentiment and selling on rallies. If the price breaks below the 50-day SMA, the pair could drop to $2,717. On the upside, a break above $3,700 could signal a bullish momentum and a potential rally to $4,100.
BNB Price Analysis:
BNB rebounded from the 20-day EMA ($520) on March 20, but faces resistance near $590. The long wick on the March 22 candlestick indicates selling pressure near $590. If the price sinks below the 20-day EMA, the pair may drop to the breakout level of $460. On the upside, a break above $590 could push the pair to the stiff overhead resistance at $645, and a further breakout could lead to a rally to $692.
Solana Price Analysis:
Solana experienced strong buying at the 20-day EMA ($163) on March 20, but failed to break above $205. The failure to clear the overhead resistance suggests bearish activity. If the price breaks below the 20-day EMA, the pair could slump to the strong support at $126. Alternatively, a rebound from the current level or the 20-day EMA could indicate continued bullish buying, with a possible rise to $205 and a further climb to $267.
XRP Price Analysis:
XRP bounced off the uptrend line on March 20 and rose above the 20-day EMA ($0.62) on March 21, indicating buying at lower levels. If the price breaks above $0.67, the XRP/USDT pair could gain momentum and reach the resistance at $0.74. However, a turn down and a maintenance below the 20-day EMA could suggest selling pressure. The pair may oscillate between $0.67 and the uptrend line, with a potential slide below the uptrend line leading to a drop to $0.52.
Cardano Price Analysis:
Cardano successfully defended the $0.57 support on March 20, but struggles to sustain a price above the 50-day SMA ($0.63). The 20-day EMA has turned down and the RSI is in negative territory, indicating bearish sentiment. If the price breaks below the $0.57 support, the pair could drop to $0.53 and later to $0.46. On the other hand, a rebound from the $0.57 support would suggest bullish defense, with an attempt to rise to the 20-day EMA. A break above $0.70 would indicate the end of the correction.
Dogecoin Price Analysis:
Dogecoin’s relief rally pushed it above the 20-day EMA ($0.15) on March 20, indicating buying at lower levels. If the price remains above the 20-day EMA, the DOGE/USDT pair may attempt to rise above $0.16 and challenge the resistance at $0.19. However, a turn down from this resistance could keep the pair range-bound between $0.12 and $0.19. The next leg of the uptrend may begin with a sustained price above $0.19, leading to a rise to $0.23.
Avalanche Price Analysis:
Buyers have managed to keep Avalanche above the breakout level of $50, suggesting an attempt to establish support. The marginally rising 20-day EMA ($51) and the positive RSI indicate bullish control. The AVAX/USDT pair could gradually rise to the $62 to $65 resistance zone. If the price turns down from this zone, the pair may consolidate between $50 and $65. The uptrend could resume with a breakthrough at $65, leading to a climb to $75. A drop below $50 would favor the bears.
Shiba Inu Price Analysis:
The failure to push Shiba Inu above the breakdown level of $0.000029 indicates selling by bears. The flat 20-day EMA ($0.000027) and the RSI just above the midpoint suggest a balance between supply and demand. A rise above the resistance line could tilt the balance in favor of bulls, with a potential rise to $0.000035 and $0.000039. On the other hand, a decline below $0.000023 could lead to a drop to the 50-day SMA ($0.000018).
Toncoin Price Analysis:
Bulls are attempting to push Toncoin to $4.60, but are facing resistance from bears. The upsloping 20-day EMA ($3.54) and the RSI near the overbought zone indicate bullish control. A break above $4.60 could lead to the next leg of the rally at $5.64. Alternatively, a sharp turn down from the current level could find support at the 20-day EMA.
Disclaimer: This article is not investment advice. Readers should conduct their own research before making any investment decisions.