In the ever-evolving cryptocurrency market, Bitcoin (BTC) recently bounced from $76,606 on March 11, yet failed to maintain momentum above $84,500 the following day. Nansen’s principal research analyst, Aurelie Barthere, noted that Bitcoin is currently undergoing a macro correction within a broader bullish trend, with pivotal support anticipated between $71,000 and $72,000—the peak of pre-election trading.
Glassnode reinforced this outlook, indicating that the recent sell-off was largely driven by short-term traders who entered positions near January’s highs. The platform projected a potential bottom near $70,000 should selling pressure persist.
The broader market sentiment has been affected by volatility in the US stock indices as well. However, a positive development for bulls is the recent correction of the US Dollar Index (DXY) from a multi-year peak of over 110 down to near 104. Historically, Bitcoin has exhibited an inverse correlation with the dollar, suggesting a potential bottom could be on the horizon.
As we evaluate Bitcoin’s performance, several critical questions arise: Will BTC retest the support at $76,606, or will it rise past $85,000? Additionally, what are the key support and resistance thresholds for other prominent altcoins? Let us delve deeper into the price analysis of the top ten cryptocurrencies.
Bitcoin Price Analysis
On March 10, Bitcoin fell below the $78,258 support level, eventually touching $76,606, but buyers demonstrated resilience, preventing further declines. A relief rally has emerged but is now facing resistance near the 20-day exponential moving average (EMA) at $87,262. A positive divergence on the Relative Strength Index (RSI) indicates bullish potential. A breakthrough above the 20-day EMA could signal an end to the correction, allowing BTC to target the 50-day simple moving average (SMA) of $94,654. Conversely, the bulls are expected to fiercely defend the $73,777 support level; a downward breach could set off a decline towards $67,000.
Ethereum Price Analysis
Ethereum (ETH) has encountered challenges, slipping below the $1,993 support on March 9, and further declining to $1,754 on March 11. Currently, bulls are striving to stage a recovery, but resistance is likely to arise at the $2,111 breakdown level. If rejected there, the potential exists for further declines, with forecasts suggesting a drop to $1,500 if the price falters significantly. On the upside, a crossover above the 20-day EMA ($2,235) could permit an ascent to $2,800.
XRP Price Analysis
XRP slid below the $2 support on March 11, with bears failing to maintain these lower levels, as evident from the long tail on the candlestick chart. Resistance at the 20-day EMA ($2.35) poses a challenge for the bulls; failure to break through may indicate a downward trend towards $1.28. Should prices surpass this resistance, a more bullish outlook is possible, targeting $3 in the near future.
BNB Price Analysis
BNB demonstrated resilience after a rebound from $507, with the bulls staunchly defending the support area between $500 and $460. The relief rally is anticipated to meet resistance at the 20-day EMA ($592). A downturn past the 20-day EMA may see BNB testing crucial support levels, whereas a breach above these metrics would indicate an elongated range between $460 and $745.
Solana Price Analysis
Solana (SOL) has bounced back from $112, showing strong support at the $110 mark. The RSI indicates early signs of a positive divergence, hinting at a potential reduction in bearish momentum. Should the price surpass the 20-day EMA ($145), it would confirm a bullish turnaround; otherwise, forthcoming declines could target $98 and below.
Cardano Price Analysis
Cardano (ADA) displayed a rebound from its uptrend line on March 11, suggesting the bulls are potentially halting the downturn. However, bearish sentiment remains strong at the moving averages; if the price cannot clear this juncture, it may lead to drops towards $0.60 and $0.50. Conversely, a break above these levels signifies bullish resurgence and opens pathways to $1.02.
Dogecoin Price Analysis
Dogecoin (DOGE) slid to $0.14 on March 11, where bulls are currently attempting to defend the support level. Resistance could manifest at the 20-day EMA ($0.20); continued pressure might thrust DOGE to $0.10 if it breaches $0.14. However, a rally past the 20-day EMA could reinvigorate bullish sentiment, possibly reaching $0.25.
Other Notable Coins: Pi, LEO, Hedera
Pi (PI) finds support at the critical 61.8% Fibonacci retracement level of $1.20, while UNUS SED LEO (LEO) has consolidated below $10, exhibiting bullish patterns that might propel it to $12.04 with the right conditions. Hedera (HBAR), recovering from a low of $0.17, faces selling pressure at the 20-day EMA ($0.22), suggesting potential volatility ahead.
In conclusion, as the cryptocurrency market continues to navigate this volatile landscape, traders are urged to remain vigilant and informed about the pivotal price levels and market conditions that could dictate future movements.
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.
