Cryptocurrency

Price analysis 3/31: BTC, ETH, BNB, XRP, ADA, DOGE, MATIC, SOL, DOT, LTC

Data from the Personal Consumption Expenditures (PCE) index showed an uptick of 0.3% in February, which lower than the 0.5% increase seen in January. Economists had projected a rise of 0.4% and the PCE data suggests that inflation is gradually showing a decreasing trend

Risky assets rallied in response to the data and some analysts expect the Federal Reserve to start cutting rates by the end of the year, The FedWatch Tool shows a 33% probability of a 50 basis point cut by December 2023.

The cryptocurrency space is trying to come out of a long bear phase. This has improved sentiment and analysts are focusing on the long-term prospects of cryptocurrencies and blockchain technology.

Citi said in its “Money, Tokens and Games” March report that the blockchain-based tokenization of real-world assets could soar to between $4 to $5 trillion by 2030. Although the lack of legal and regulatory framework, and the skepticism of industry players may pose a challenge in the short term, the investment bank believes they will be overcome eventually.

Could Bitcoin (BTC) and select altcoins extend their up-move or is it time for the rally to stall? Let’s study the charts of the top-10 cryptocurrencies to find out.

Bitcoin price analysis

The bulls propelled Bitcoin above $29,000 on March 30 but the long wick on the candlestick shows that the bears have not yet given up and are selling on rallies.

When a level proves too difficult to cross, usually the price retraces back before making the next attempt. In this case, if the price again fails to cross $29,000, the BTC/USDT pair may pullback to the 20-day exponential moving average ($26,707). A strong bounce off this level will suggest that the sentiment remains positive and traders are buying on dips. That will increase the possibility of a break above $29,185.

If buyers succeed in their endeavor, the pair may soar to the $30,000 to $32,500 resistance zone. The first sign of weakness will be a fall below the 20-day EMA. Such a move will suggest that the bulls may be booking profits. That may result in a rest of the breakout level of $25,250. Below this level, the pair could slide to the 200-day simple moving average ($20,342).

Ether price analysis

Ether (ETH) is facing resistance near $1,857, indicating that bears are trying to protect this level with all their might. A positive sign in favor of the bulls is that they have not ceded ground to the bears.

The rising 20-day EMA ($1,736) and the RSI in the positive territory enhance the prospects of a break above $1,857. If that happens, the ETH/USDT pair may resume its up-move and reach the overhead resistance zone between $2,000 and $2,200.

Contrary to this assumption, if the price trips below the 20-day EMA, it will suggest that the bulls have given up. That could pull the price to the strong support at $1,680. A break below this level could indicate that bears have seized control. The pair may then descend to $1,600 and thereafter to $1,461.

BNB price analysis

BNB’s (BNB) relief rally is facing selling in the zone between the 20-day EMA ($316) and the downtrend line but the bulls are hanging on.

The 20-day EMA has flattened out and the RSI is near the midpoint, indicating that the selling pressure may be reducing. The aggressive bears may get trapped if the price rises above the downtrend line. That may result in a short squeeze, which could propel the price to the overhead resistance zone between $338 and $346.

Conversely, if the price turns down from the downtrend line and plummets below $305, it will suggest that bears are back in the driver’s seat. The BNB/USDT pair may then drop to the 200-day SMA ($290).

XRP price analysis

The long wick on XRP’s (XRP) March 29 candlestick shows that the bears are aggressively defending the resistance at $0.56.

The XRP/USDT pair formed an inside-day candlestick pattern on March 30, indicating uncertainty among the bulls and the bears. If the price slips below $0.52, the pair may retest the breakout level of $0.49. This is an important level to keep an eye on because a break below it could extend the correction to the 20-day EMA ($0.45).

Another possibility is that the price turns up from the current level and breaks above the $0.56 to $0.59 resistance zone. If that happens, the pair may skyrocket to $0.65 and later to $0.80.

Cardano price analysis

After hesitating for two days, the bulls have pushed Cardano (ADA) above the minor resistance at $0.39. The price has reached the vital resistance at the neckline of the inverse head and shoulders (H&S) pattern.

The rising 20-day EMA ($0.36) and the RSI in the positive territory indicate that the path of least resistance is to the upside. If buyers thrust the price above the neckline, it will complete the reversal setup. The ADA/USDT pair could then surge toward the pattern target of $0.60.

On the other hand, if the price turns down from the neckline, the bears will try to sink the pair to the moving averages. This is an important level to keep an eye on because a slide below it could open the gates for a possible fall to $0.30.

Dogecoin price analysis

Dogecoin (DOGE) has been trading near the 20-day EMA ($0.07) for the past few days, indicating indecision among the bulls and the bears.

The flat 20-day EMA and the RSI near the midpoint do not give an advantage either to the bulls or the bears. This uncertainty will clear if the price breaks above the 200-day SMA or plummets below $0.07.

If the price rises above the 200-day SMA, the DOGE/USDT pair could pick up momentum and rally toward the $0.10 to $0.11 resistance zone. The bears are likely to defend this zone with vigor. On the downside, a break below $0.07 could result in a retest of the support near $0.06.

Polygon price analysis

Polygon (MATIC) nudged above the 20-day EMA ($1.12) on March 29 and 30 but the bears held their ground. Sellers will now try to sink the price to the strong support at $1.05.

The 20-day EMA continues to slope down, indicating advantage to bears but the RSI just below the midpoint suggests that the bulls are attempting a comeback. This state of uncertainty may not continue for long.

If the price breaks and sustains above the 20-day EMA, the MATIC/USDT pair may attempt a rally to the overhead resistance of $1.30. On the other hand, if the price tumbles below the 200-day SMA ($0.97), the selling could intensify and the pair may nosedive to $0.69.

Related: Solana overcomes FTX fiasco — SOL price gains 100% in Q1

Solana price analysis

Buyers pushed Solana (SOL) above the 20-day EMA ($20.88) on March 29 but the bulls could not clear the overhead hurdle at the downtrend line.

The 20-day EMA is flat and the RSI is just below the midpoint, indicating a state of equilibrium between the buyers and sellers. The SOL/USDT pair may continue to swing between the support at $18.70 and the downtrend line for a while longer.

Usually, when the price gets squeezed between two levels, it is followed by a sharp breakout. If the price breaks below $18.70, the pair could slump to $15.28.

Alternatively, a rally above the downtrend line will signal a potential trend change. The pair may then start its northward march toward $39.

Polkadot price analysis

Polkadot (DOT) broke above the 20-day EMA ($6.13) on March 29 and the bulls thwarted attempts by the bears to pull the price back below the level on March 30.

The 20-day EMA has flattened out and the RSI is just above the midpoint, indicating a balance between supply and demand. The DOT/USDT pair could oscillate between $5.70 and $6.70 for a few days.

A break and close above the $6.70 resistance will open the doors for a potential rise to the neckline of the inverse H&S pattern. Contrarily, if the price turns down and slips below $5.70, the pair may decline to $5.15.

Litecoin price analysis

The bulls once again defended the 20-day EMA ($87) on March 30, indicating strong demand for Litecoin (LTC) at lower levels.

Buyers will have to propel the price above $96 to signal that the short-term corrective phase may be over. The LTC/USDT pair will then try to rally to $106 where the bulls are likely to encounter strong resistance from the bears.

Alternatively, if the price turns down from the current level or the downtrend line, it will suggest that bears are not willing to give up. That will increase the prospects of a break below the 20-day EMA. The pair may then slump to $75.

The views, thoughts and opinions expressed here are the authors’ alone and do not necessarily reflect or represent the views and opinions of Cointelegraph.

This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.

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