Price Analysis
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Global Cryptocurrency Market Update: Price Insights for Top-Tier Assets
Price Analysis 3/21: BTC, ETH, XRP, BNB, SOL, ADA, DOGE, TON, LINK, LEO
The cryptocurrency market is known for its unpredictability, and the past week has been no exception. The top 10 cryptocurrencies by market capitalization have been experiencing a rollercoaster ride, with some making significant gains while others are struggling to stay afloat. In this article, we’ll dive into the price analysis of these top 10 cryptocurrencies, looking at the charts and trends to predict what’s in store for the near future.
Bitcoin Price Analysis
Bitcoin’s recovery continues to face selling at higher levels, indicating that the bears have not given up. Trading resource Material Indicators said in a post on X that “Spoofy the Whale” has been suppressing Bitcoin’s price below $87,500. Although the upside is currently restricted, select analysts believe that the downside is limited. BitMEX co-founder Arthur Hayes said in a post on X that Bitcoin may have bottomed out at $77,000, considering that the Federal Reserve announced a slowdown in its quantitative tightening from April.
The daily chart of Bitcoin shows that it is stuck in a consolidation phase, with the price hovering around the 20-day EMA ($85,332). The bears will try to pull the price below the uptrend line, which could trigger a decline to $80,000 and later to $76,606. On the upside, if the price breaks above the 20-day EMA and the resistance line, it will signal a bullish turnaround. The target objective is to reach $95,000 and potentially $100,000.
Ether Price Analysis
Ether’s recovery stalled at the 20-day EMA ($2,067), indicating that the bears are active at higher levels. The 20-day EMA is also acting as a resistance for the price, making it challenging for the bulls to push it higher. If the price breaks below the 20-day EMA, it could signal a bearish trend, with the next support at $1,927. The bulls will have to pull the price above the breakdown level of $2,111 to clear the path for a potential rally to $2,850.
XRP Price Analysis
XRP surged above the moving averages on March 19, but the bulls could not sustain the higher levels. The price turned down from the 20-day EMA ($2.36) on March 20, signaling that the bears are trying to pull the price back down. If the price breaks below the 20-day EMA, it could signal a bearish trend, with the next support at $2.22. The bulls will have to pull the price above the 20-day EMA to prevent the downside and create a potential rally to $2.50.
BNB Price Analysis
BNB turned down from the 20-day EMA ($608) on March 19, indicating that the bears are selling on minor rallies. The price is currently hovering around the 20-day EMA, making it challenging for the bulls to push it higher. If the price breaks below the 20-day EMA, it could signal a bearish trend, with the next support at $550. The bulls will have to pull the price above the 20-day EMA and the resistance line to create a potential rally to $700.
Solana Price Analysis
Solana turned down from the 20-day EMA ($135) on March 20, signaling that the bears are selling on minor rallies. The price is currently hovering around the 20-day EMA, making it challenging for the bulls to push it higher. If the price breaks below the 20-day EMA, it could signal a bearish trend, with the next support at $120. The bulls will have to pull the price above the 20-day EMA to create a potential rally to $150.
Cardano Price Analysis
Cardano turned down from the moving averages on March 20, indicating that the bears are active at higher levels. The price is currently hovering around the 20-day EMA ($0.18), making it challenging for the bulls to push it higher. If the price breaks below the 20-day EMA, it could signal a bearish trend, with the next support at $0.14. The bulls will have to pull the price above the 20-day EMA to create a potential rally to $0.25.
Dogecoin Price Analysis
Dogecoin is struggling to push above the 20-day EMA ($0.18), indicating that the bears are selling on minor rallies. The price is currently hovering around the 20-day EMA, making it challenging for the bulls to push it higher. If the price breaks below the 20-day EMA, it could signal a bearish trend, with the next support at $0.14. The bulls will have to pull the price above the 20-day EMA to create a potential rally to $0.25.
Toncoin Price Analysis
Toncoin turned up from the 50-day SMA ($3.51) on March 19, indicating that the bulls are buying on minor dips. The price is currently hovering around the 50-day SMA, making it challenging for the bulls to push it higher. If the price breaks above the 50-day SMA, it could signal a bullish trend, with the next target at $4.50. The bears will have to pull the price below the 50-day SMA to create a potential decline to $3.00.
Chainlink Price Analysis
Chainlink is struggling to push above the 20-day EMA ($14.59), indicating that the bears are active at higher levels. The price is currently hovering around the 20-day EMA, making it challenging for the bulls to push it higher. If the price breaks below the 20-day EMA, it could signal a bearish trend, with the next support at $12.00. The bulls will have to pull the price above the 20-day EMA to create a potential rally to $16.00.
UNUS SED LEO Price Analysis
UNUS SED LEO is stuck below the overhead resistance of $10, indicating that the bears are holding their ground. The price is currently hovering around the 50-day SMA ($9.00), making it challenging for the bulls to push it higher. If the price breaks above the 50-day SMA, it could signal a bullish trend, with the next target at $12.00. The bears will have to pull the price below the 50-day SMA to create a potential decline to $8.00.
The cryptocurrency market is entering a phase of consolidation, with many cryptocurrencies stuck in a tight range. The bears are selling on minor rallies, while the bulls are buying on minor dips. While the outlook for the near future is uncertain, one thing is clear: the next major move will be fueled by a combination of technical and fundamental factors.
