Bitcoin (BTC) has reached a new all-time high, surging to $70,199 on the Coinbase exchange. This indicates that buyers are still in control of the market. However, the bears have been quick to sell every time the price reaches higher levels, preventing it from maintaining above $70,000.
In addition to the price surge, Bitcoin’s spot trading volume has also increased, suggesting 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 taking advantage of the recent rise to book profits, as shown by the increase in Bitcoin transfers to Coinbase, which have reached near the 2022 highs, according to Glassnode data.
While Bitcoin hovers around $69,000, several major altcoins have also resumed their upward movement, indicating that traders may shift their attention to altcoins. The altcoin season index from Blockchain Center suggests that an altseason has not yet started, but K33 Research believes it is about to begin.
The question now is whether the repeated failures to maintain Bitcoin’s price above $69,000 will trigger 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:
On March 8, Bitcoin reached a new all-time high, but the long wick on the candlestick indicates profit booking at higher levels. However, the bulls have not given up ground to the bears, suggesting that they are holding on to their positions in anticipation of another leg higher. If the bulls can maintain the price above $70,000, the BTC/USDT pair could soar to $76,000 and then $80,000. On the other hand, a sharp downturn 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 at $59,727. A further decline below this support level would 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, traders should be cautious as the RSI has been trading in the overbought zone for several days, indicating a possible correction or consolidation in the near future. A dip below the 20-day EMA at $3,352 would give the bears an advantage.
BNB Price Analysis:
BNB (BNB) bounced off the 20-day EMA at $404 on March 6 and broke above the immediate resistance of $427. The BNB/USDT pair gained momentum and surpassed the stiff overhead resistance of $460. If the bulls can maintain the price above $460, the pair could rally to $500 and then $572. The 20-day EMA at $404 remains a key support level to watch out for. A break below it would indicate aggressive profit booking by the bulls and could lead to a decline to the 50-day SMA at $348.
Solana Price Analysis:
Solana (SOL) has been held above the breakout level of $126 in recent days, indicating a 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 the price remains above $143, the SOL/USDT pair could reach the next target objective at $158. However, a quick and sustained drop below $126 would indicate bearish pressure and could pull the pair down to the 50-day SMA at $107.
XRP Price Analysis:
XRP (XRP) has been trading between the overhead resistance of $0.67 and the 50-day SMA at $0.55. If the price stays above the 20-day EMA, the XRP/USDT pair could climb to $0.67, which is a crucial short-term resistance. A break above this level could lead to a rally to $0.74, signaling the start of a new uptrend. Conversely, a drop below the 20-day EMA could push the pair down to the 50-day SMA. The bulls are expected to defend this support level, as a failure to do so could result in a decline to $0.50.
Cardano Price Analysis:
The bulls are trying to keep Cardano (ADA) above the breakout level of $0.68, indicating an attempt to turn this level into support. The upsloping 20-day EMA at $0.67 and the positive RSI suggest 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. On the other hand, a decline below $0.68 would indicate profit booking by traders and could result in a fall to the 50-day SMA at $0.57.
Dogecoin Price Analysis:
Dogecoin (DOGE) has been experiencing a battle between bulls and bears near the $0.16 level. The fact that the bulls have prevented the price from sustaining below $0.16 suggests strong demand at lower levels. If the price remains above $0.16, the DOGE/USDT pair could gradually climb towards $0.18 and then retest $0.20. Breaking above $0.20 could pave the way for a move to $0.24. On the downside, strong support is expected at $0.15. A close below this level could push the pair to the 20-day EMA at $0.13, leading to a period of range-bound trading.
Shiba Inu Price Analysis:
Shiba Inu (SHIB) has pulled back within a strong uptrend and is finding support near the 38.2% Fibonacci retracement level at $0.000032. The possibility of the SHIB/USDT pair trading within a range is high after the sharp rally. The pair could oscillate between the 50% retracement level at $0.000027 and the local high at $0.000046. Breaking above this resistance would signal the resumption of the uptrend, with a potential climb to $0.000065. However, a drop below $0.000027 would suggest bearish sentiment and could push the pair to the 61.8% retracement level at $0.000023.
Avalanche Price Analysis:
Avalanche (AVAX) climbed back above the 20-day EMA at $40.54 on March 6 and broke the overhead resistance at $42 on March 7, indicating buying at lower levels. If bulls overcome the minor resistance at $45.20, the AVAX/USDT pair could accelerate towards the psychological resistance at $50. A further rally could extend to $57. However, a drop below the 20-day EMA would indicate a lack of aggressive buying and could lead to a decline to the 50-day SMA at $37.38.
Polkadot Price Analysis:
Polkadot (DOT) recovered sharply on March 6 and cleared the overhead hurdle at $10.80 on March 7. However, the bulls were unable to sustain the breakout, indicating selling pressure. The bears will try to strengthen their position by pulling the price to the breakout level at $9.59. This level is likely to attract strong buying, and if the price rebounds, the DOT/USDT pair could rally above $11 and reach $13.18. On the other hand, a drop below the 20-day EMA at $8.91 would invalidate this view and suggest a deeper correction to $8.
Disclaimer: This article does not provide investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research before making a decision.