S&P 500

Bitcoin and select altcoins are witnessing a pullback, indicating that traders may be booking profits and reducing risk.

Pullbacks are a part and parcel of uptrends. They not only help shake out the weaker hands but also offer an opportunity for traders to add to their position or make fresh entries. Currently, Bitcoin (BTC) is witnessing a correction as bulls and bears battle for control, but is this a buying opportunity or the start of a trend reversal?

The Crypto Fear & Greed Index has risen to 69, indicating that traders have started to get greedy again. When this happens, it is time to become cautious in the near term, as when new traders begin chasing prices higher, experienced traders sell into strength and buy on dips.

ARK Invest CEO Cathie Wood said in a recent interview that Bitcoin and Ether (ETH) are being considered safe-haven assets like gold. Meanwhile, Bridgewater Associates founder Ray Dalio does not consider Bitcoin to be “an effective store hold of wealth or a medium of exchange.” He called it “a very, very poor alternative to gold.” This shows that some legacy investors are still uncertain about the future prospects of Bitcoin.

Will traders buy the dip in Bitcoin and the major altcoins, or could the correction deepen further? Let’s study the charts to find out.

S&P 500 index price analysis

The S&P 500 index (SPX) has been gradually moving toward the overhead resistance at 4,200. The price action of the past few days has formed an ascending triangle pattern, which will complete on a break and close above 4,200.

If that occurs, the index may start a new uptrend that has a target objective of 4,909. It is unlikely to be a straight dash higher because the buyers are likely to face stiff resistance at 4,300 and then again at 4,625.

Another possibility is that the price turns down from the current level or the overhead resistance at 4,200 and slips below the 20-day exponential moving average (EMA) (4,070). The index may then drop to the uptrend line of the triangle. If this support gives way, the advantage may turn in favor of the bears.

U.S. Dollar Index price analysis

The U.S. Dollar Index (DXY) bounced off the strong support at 100.82 on April 13, signaling that the bulls are fiercely defending the level.

The index has reached the 20-day EMA (102.32), where the bulls may face solid resistance from the bears. If the price turns down from the 20-day EMA, it will increase the possibility of a break below 100.82. The index will then complete a head-and-shoulders (H&S) pattern, which has a long-term target objective of 86.87.

Contrary to this assumption, if the price rises above the 20-day EMA, it will indicate strong buying near the 100.82 support. That may keep the index range-bound between the 200-day simple moving average (SMA) (106.33) and 100.82 for some more time.

Bitcoin price analysis

Bitcoin turned down from $31,000 on April 14, indicating profit-booking by the bulls. The bears will try to take advantage of the situation and tug the price to the 20-day EMA ($28,937).

If the price rebounds off the 20-day EMA, it will suggest that the sentiment remains positive and traders are viewing the dips as a buying opportunity.

The bulls will then make another attempt to propel the price to the stiff overhead resistance at $32,400. This remains the key level to watch for because a break and close above it may open the doors for a potential rally to $40,000.

This positive view will invalidate in the near term if the price plummets below the 20-day EMA. That may embolden the bears, who will then try to sink the BTC/USDT pair to $27,800 and later to $26,500.

Ether price analysis

Ether is in an uptrend, but it is facing resistance near the critical overhead level of $2,200. This suggests that some short-term traders may be booking profits after the strong rally in the past few days.

The ETH/USDT pair may dip down to the psychological support at $2,000 and then to the 20-day EMA ($1,930). In an uptrend, buyers generally try to defend the 20-day EMA during pullbacks.

In this case, if the price turns up from the 20-day EMA, it will suggest that lower levels are attracting buyers. That could enhance the prospects of a break above $2,200. If this level gives way, the pair may surge to $3,000.

Contrarily, if the price slumps below the 20-day EMA, it will indicate that the bulls are rushing to the exit. The pair may then descend to $1,680 and thereafter to the 200-day SMA ($1,482).

BNB price analysis

BNB (BNB) continued its northward journey and soared above the $338–$346 overhead resistance zone on April 16. However, the bulls are finding it difficult to latch on to the higher levels.

The bears are trying to pull the price back below the breakout level. If the price tumbles below $338, it may trap several aggressive bulls. That could result in a long liquidation, sinking the BNB/USDT pair to the 20-day EMA. If bulls want to keep the recovery intact, they will have to defend this level with vigor.

Alternatively, if the price turns up from the current level and rises above $350, it will indicate that bulls are in the driver’s seat. The pair may then climb to $360 and later to $400. This level is again likely to act as a formidable resistance.

XRP price analysis

After the failed attempt to thrust the price above the $0.56–$0.58 resistance zone on April 14, the bears are trying to start a correction in XRP (XRP).

If bears tug the price below the 20-day EMA ($0.50), the XRP/USDT pair may plunge to the 50% Fibonacci retracement level of $0.47. This level may witness strong buying by the bulls because if it cracks, the pair may collapse to the vital support at $0.43.

If bulls want to prevent this short-term bearish projection, they will have to drive the price above the overhead zone. If they do that, the pair may accelerate toward $0.65 and later extend the rally to $0.80.

Cardano price analysis

The up-move in Cardano’s ADA (ADA) halted near $0.46. The price may turn down and retest the breakout level from the inverse H&S pattern.

The rising 20-day EMA ($0.40) and the RSI near the overbought zone indicate that bulls have the edge. If the price snaps back from the neckline, it will suggest that bulls have flipped the level into support. The ADA/USDT pair may then resume its uptrend toward the pattern target of $0.60.

Contrary to this assumption, if the price continues lower and plunges below the neckline, it will suggest that the bears are active at higher levels. That may trap several aggressive bulls and sink the pair to the 200-day SMA ($0.35).

Related: Bitcoin sparks liquidations as analyst says BTC price may dip 12% more

Polygon price analysis

The bulls pushed Polygon’s MATIC (MATIC) above the resistance line of the symmetrical triangle pattern on April 16, but they are struggling to sustain the breakout.

If bears succeed in pulling the price back below the resistance line, it will suggest a lack of demand at higher levels. The MATIC/USDT pair may then extend its stay inside the triangle for a few more days.

The 20-day EMA ($1.13) has turned up gradually, and the RSI is in the positive territory, indicating that the bulls are at a slight advantage. If the price turns up from the resistance line, it will indicate that the bulls have flipped the level into support. The pair may then rally to $1.30, where the bears may again mount a strong defense.

Dogecoin price analysis

The bears tried to stall Dogecoin’s (DOGE) recovery at the 38.2% Fibonacci retracement level of $0.09 between April 14 to 16, but the buyers did not cede ground to the sellers.

The buyers asserted their supremacy and kicked the price above the overhead resistance on April 17, but the long wick on the candlestick shows that the sellers are protecting the 61.8% retracement level at $0.10.

Sellers will try to strengthen their position by dragging the price below the moving averages. If they succeed, the DOGE/USDT pair may stay inside the large range between $0.07 and $0.11 for a few more days.

Contrarily, if the price turns up from the current level and rises above $0.10, it will suggest that bulls are attempting a comeback. The pair may then rise to the crucial resistance at $0.11. A break above this level will signal a possible pick-up in momentum.

Solana price analysis

Solana’s SOL (SOL) has been sustaining above the downtrend line since April 11, indicating that the bulls are in no hurry to book profits.

The 20-day EMA has started to turn up, and the RSI is in the positive zone, indicating that the bulls have the upper hand. However, the bears are unlikely to give up easily. They will try to guard the overhead resistance at $27.12.

If the price turns down sharply from this level, the SOL/USDT pair may fall to the 20-day EMA. If the price rebounds off the 20-day EMA with strength, it will enhance the prospects of a rally toward $39.

On the contrary, if the price breaks below the 20-day EMA, it will suggest that the pair may oscillate between $15.28 and $27.12 for a while longer.

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.

After days of consolidation near the local high, Bitcoin is trying to breakout and challenge the $30,000 level.

Bitcoin’s (BTC) tight consolidation near its local top suggests that traders are waiting for a catalyst to start the next trending move. The Consumer Price Index data on April 12 and the producer price index data on April 13 could give insight into the Federal Reserve’s future rate hikes and shake the traders out of their slumber.

The dull price action in Bitcoin has not reduced the interest in it. According to Ahrefs search volume data, Bitcoin remains the most Googled term in the United States, followed by the keywords “Donald Trump” and “breaking news.”

Another point worth noting is that Bitcoin’s circulating supply continues to dwindle. Citing Glassnode data, investor Anthony Pompliano pointed out that 53% of Bitcoin’s circulating supply has not moved in the past two years.

If demand increases, there could be a shortage of supply, which could boost prices higher. What are the critical resistance levels to watch for in Bitcoin and altcoins in the near term?

Let’s study the charts to find out.

S&P 500 index price analysis

The S&P 500 index (SPX) turned up after a two-day correction on April 6, indicating that the sentiment remains positive and traders are buying on minor dips.

The upsloping 20-day exponential moving average (EMA) (4,035) and the relative strength index (RSI) in the positive territory increase the likelihood of a rally to 4,200. Although this level has behaved as a formidable barrier in the past, it is likely to be scaled during the third attempt. If that happens, the index may challenge the 4,300 resistance. This level may witness aggressive selling by the bears.

The first important support to watch on the downside is the 20-day EMA. If this support cracks, the index could retest the vital support at the 200-day simple moving average (SMA) ($3,944).

U.S. Dollar Index price analysis

The U.S. Dollar Index continues to trade below the 20-day EMA (102.73), indicating that the short-term trend remains bearish. Sellers are likely to defend the 20-day EMA during the current relief rally.

If the price turns down from the 20-day EMA, the index may drop to the vital support of 100.82. The bulls are expected to guard this level with all their might because a break below it will complete a head-and-shoulders (H&S) pattern. The index may then start the next leg of the downtrend.

Another possibility is that the price rebounds off the 100.82 support and rises above the 20-day EMA. If that happens, it will suggest that the index may oscillate between 100.82 and the 200-day SMA (106.47) for some more time.

Bitcoin price analysis

Bitcoin bounced off the 20-day EMA ($27,692) on April 9, indicating buying at lower levels. The gradually upsloping 20-day EMA and the RSI in the positive territory indicate advantage to the buyers.

The $29,200 is the key level to watch for on the upside. If bulls pierce this resistance, the BTC/USDT pair may climb to $30,000. The bears will try to stall the rally at this level, but the likelihood of a break above it is high. The pair may then soar to $32,200.

Contrarily, if the price once again turns down from $29,200, it will suggest that bears are active at higher levels. The sellers will then make one more attempt to sink the price below the 20-day EMA. If they succeed, the pair may slump to $25,250.

Ether price analysis

Buyers successfully defended the 20-day EMA ($1,813) on April 9, indicating that the trend remains positive in Ether (ETH).

The bulls will try to overcome the barrier at $1,943 and catapult the price to $2,200. Sellers are likely to fiercely defend the zone between $2,000 and $2,200. If the price turns down from this zone but does not break below the 20-day EMA, it will signal that the rally may extend further.

This positive view will invalidate in the near term if the price turns down and plummets below the 20-day EMA. The ETH/USDT pair could then descend to the strong support zone of $1,743 to $1,680.

BNB price analysis

BNB (BNB) has been trading below the 20-day EMA ($313) for the past few days, but the bulls have not allowed the price to slide below the immediate support at $306. This suggests that the selling pressure dries up at lower levels.

The bulls will take advantage of the situation and try to drive the price above the overhead resistance of $318. If they do that, the BNB/USDT pair could pick up momentum and soar to $338 and later to $346.

On the contrary, if the price turns down from the current level, it will suggest that the bears are selling on every minor relief rally. If the $306 level gives way, the pair may slip to the 200-day SMA ($292).

XRP price analysis

XRP (XRP) has been trading above the 38.2% Fibonacci retracement level of $0.49 for the past few days, indicating that buyers are not waiting for a deeper correction to buy.

The bulls will try to strengthen their position by pushing the price to the overhead zone between $0.56 and $0.58. This remains the key zone to keep an eye on because a break above it could open the doors for a potential rally to $0.65 and thereafter to $0.80.

Instead, if the price turns down and breaks below the 20-day EMA ($0.48), it will suggest that short-term traders may be booking profits. That could tug the XRP/USDT pair to the important support at $0.43.

Cardano price analysis

Cardano’s ADA (ADA) has been trading above the 20-day EMA ($0.37) for the past few days, but the bulls are struggling to clear the neckline of the inverse H&S pattern. This suggests that the bears are defending the level with vigor.

Usually, a tight consolidation is followed by a sharp breakout. The rising 20-day EMA and the RSI in the positive area suggest that the breakout may happen to the upside. A close above the neckline will complete the reversal setup and signal the start of a new uptrend toward the target objective of $0.60.

This bullish view will be negated if the price turns down and breaks below the 20-day EMA. The ADA/USDT pair may then tumble to the 200-day SMA ($0.35). This level is likely to attract strong buying by the bulls.

Related: ‘Pop or drop?’ Bitcoin analysts decide if BTC price will beat $30K

Polygon price analysis

Sellers tried to sink Polygon’s MATIC (MATIC) below the support line on April 9 and 10, but the bulls held their ground. This suggests buying at lower levels.

The bulls will try to push the price above the 20-day EMA ($1.11). If they are successful, the MATIC/USDT pair could surge to the resistance line of the symmetrical triangle. A break and close above the triangle will suggest that the bulls have overpowered the bears. That will clear the path for a possible rally to $1.30.

Instead, if the price turns down from the 20-day EMA and plunges below the support line, it will indicate that bears are in control. The pair may then retest the vital support at the 200-day SMA ($0.99).

Dogecoin price analysis

Dogecoin (DOGE) successfully held the moving averages on April 8, but the shallow bounce on April 9 suggests that demand dries up at higher levels.

Both moving averages have flattened out, and the RSI is just above the midpoint, indicating a balance between supply and demand. The bounce off the current level could face selling at the 38.2% Fibonacci retracement level of $0.09. If the price turns down from this level, the DOGE/USDT pair may oscillate between $0.09 and the moving averages for some time.

A break below the moving averages could sink the pair to the strong support of $0.07, while a rise above $0.09 will increase the likelihood of a rally to $0.11.

Solana price analysis

The trading range in Solana’s SOL (SOL) has narrowed down further, indicating uncertainty among the bulls and the bears.

The flattish 20-day EMA ($20.64) and the RSI just below the midpoint do not give a clear advantage either to the bulls or the bears. Hence, it is better to wait for a breakout to happen before waging large bets.

If the price turns up and pierces the downtrend line, it may attract strong buying by the bulls. The SOL/USDT pair could then start a rally to $27 and subsequently to $39. On the other hand, the selling could intensify if the price collapses below $18.70. The pair may then nosedive to $15.28.

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.

Macroeconomic headwinds continue to pressure the crypto market, but bulls appear steadfast on holding $28,000 for support, and this could provide tailwinds for altcoins.

Bitcoin’s (BTC) price initially dipped, but then recovered on April 3. The volatility happened after several OPEC+ members announced plans to cut oil production, totaling 1.65 million barrels per day until the end of the year. Some analysts expect this move to tighten supply, resulting in higher prices at the pump. That may, in turn, boost inflation, warranting a continued hawkish stance from central banks.

Initially, the United States dollar index (DXY) rose, but it could not sustain the intraday rally. This suggests that the market participants believe the event will not cause any major deviation in the U.S. Federal Reserve’s policy. A weaker DXY is generally considered a positive for risky assets.

Cryptocurrencies have remained strong in the face of adverse macroeconomic news and regulatory action against crypto firms in the past few days. When the price of an asset does not crack with negative news, it shows that traders are not panicking and selling their holdings.

Could Bitcoin overcome the obstacle at $30,000 and start a bull run? Will altcoins also join the party? Let’s study the charts to find out.

S&P 500 index price analysis

The S&P 500 index (SPX) picked up momentum after breaking out of the wedge pattern. Buyers will try to push the price to $4,200 which is likely to act as a strong barrier.

If the price turns down from $4,200 but rebounds off the 20-day exponential moving average ($4,002), it will suggest that the sentiment has turned bullish. That could increase the possibility of a break above the $4,200-to-$4,325 resistance zone.

On the contrary, the bears will try to protect the overhead resistance zone and pull the index back below the moving averages. If they do that, several aggressive bulls may get trapped. The index may then collapse to the crucial support at $3,764.

U.S. dollar index price analysis

The U.S. dollar index broke below the 20-day EMA ($103) on March 17, indicating that the recovery is fizzling out.

Buyers tried to drive the price above the 20-day EMA on April 3, but the long wick of the candlestick shows that the bears did not relent. The bears will try to strengthen their position further by pulling the price to the horizontal support at $100.82.

On the other hand, the bulls will try to push the price back above the 20-day EMA. If they manage to do that, the index could rise to the 200-day SMA ($106). The bears are expected to mount a strong defense at this level.

Bitcoin price analysis

The bears could not even pull Bitcoin to the 20-day EMA ($27,105) on April 3, suggesting that the bulls are buying the intraday dips.

The rising 20-day EMA and the RSI in the positive zone indicate that the bulls are in control. Buyers will try to clear the overhead hurdle at $29,185. If they can pull it off, the BTC/USDT pair could jump to $30,000.

This level could witness a strong defense by the bears, but the possibility of a break above it remains high. The pair may then gradually rally to $32,500.

If bears want to stall the up-move, they will have to tug the price below the 20-day EMA. If they do that, several short-term traders may rush to the exit. That could drag the price to the breakout level of $25,250.

Ether price analysis

Ether (ETH) once again turned up from the 20-day EMA ($1,753) on April 3, indicating that the sentiment is positive and traders are buying on dips.

The vital level to watch on the upside is $1,857. If buyers overcome this obstacle, the ETH/USDT pair is likely to pick up momentum. The $2,000 level may act as a strong resistance but it is likely to be crossed. The pair may then attempt a rally to $2,200. This level is likely to attract strong selling by the bears.

The first important support on the downside is the 20-day EMA. If this level cracks, the pair may fall to $1,680. A break and close below this support may tilt the advantage back in favor of the bears.

BNB price analysis

The bulls tried to push BNB (BNB) above the downtrend line, but the bears held their ground. This suggests that the bears are selling on every minor rally.

The 20-day EMA ($315) is flattish and the RSI is just below the midpoint, indicating a balance between supply and demand. This balance will tilt in favor of the bears if the price breaks below $306. The BNB/USDT pair could then dive to the 200-day SMA ($290).

Alternatively, if the price turns up and breaks above $318, it will suggest that lower levels continue to attract buyers. The pair may then jump to the overhead resistance zone between $338 and $346.

XRP price analysis

Buyers are trying to arrest XRP’s (XRP) correction near the 38.2% Fibonacci retracement level of $0.49 while the bears are attempting to sink the price below it.

If the price turns up from the current level, it will enhance the prospects of a rally above the overhead resistance zone of $0.56 to $0.58. There is a minor resistance at $0.65, but it is likely to be crossed. The XRP/USDT pair could then march toward $0.80.

Conversely, if the price continues lower and breaks below $0.49, it will suggest that the short-term traders may be booking profits. The pair could then descend to the 20-day EMA ($0.46). This is an important level for the bulls to defend because a break below it may sink the pair to $0.43.

Cardano price analysis

Cardano (ADA) rebounded off the 20-day EMA ($0.36) on April 3, indicating a change in sentiment from selling on rallies to buying on dips.

The upsloping 20-day EMA and the RSI in the positive zone increase the likelihood of a break above the neckline. If that happens, the inverse H&S pattern will complete. The ADA/USDT pair could then signal the start of a new uptrend. The pattern target of this reversal setup is $0.60.

If bears want to prevent the upward move, they will have to yank the price back below the 200-day SMA ($0.35). If they do that, the pair may tumble to $0.30.

Related: Bitcoin liquidity drops to 10-month low amid US bank run

Polygon price analysis

Polygon (MATIC) has been clinging to the 20-day EMA ($1.11) for the past few days, indicating that every minor dip is being bought.

The 20-day EMA is flattening out and the RSI is just below the midpoint, indicating that the selling pressure is reducing. If buyers propel the price above the $1.15 resistance, the MATIC/USDT pair could rally to the overhead resistance zone between $1.25 and $1.30.

Contrarily, if bulls fail to sustain the price above the 20-day EMA, it will suggest that bears are fiercely defending the level. The sellers will have to sink the price below the 200-day SMA ($0.97) to regain control.

Dogecoin price analysis

Dogecoin (DOGE) climbed above the 200-day SMA ($0.08) on April 1, but the bulls could not sustain the higher levels. The bears sold aggressively and pulled the price back below the 200-day SMA on April 2.

A minor positive for the bulls is that the DOGE/USDT pair has not broken below the 20-day EMA ($0.07). This suggests that lower levels continue to attract buyers. If the price rebounds off the 20-day EMA, the bulls will again try to push and sustain the price above the 200-day SMA. If they succeed, the pair could rally to $0.10 and then to $0.11.

This positive view could invalidate in the near term if the price turns down and plunges below the crucial support at $0.07. The pair may then nosedive to the support near $0.06.

Solana price analysis

Solana (SOL) continues to trade near the 20-day EMA ($20.83), indicating that both the bulls and the bears are not waging large bets.

Generally, periods of low volatility are followed by an uptick in volatility, but it is difficult to predict the direction of the breakout with certainty. Hence, it is better to wait for the price to make a decisive move before establishing trading positions.

If the price breaks above the downtrend line, the SOL/USDT pair could quickly rise to $27 and then surge to $39. Instead, if the price turns down and plummets below $18.70, the pair may slip to $15.28 and then to $12.

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.

The crypto market corrected on news of the CFTC suing Binance and its CEO, Changpeng Zhao, but technical charts reveal a silver lining.

The news and events related to the banking crisis in the United States and Europe have led to a migration of funds into investments considered less risky. According to the Financial Times, the U.S. money market funds in March witnessed an inflow of $286 billion. 

Along with money market funds, a portion of the money may also have seeped into the crypto industry. The increased demand could be one of the reasons for Bitcoin’s (BTC) strong performance in March.

The big question in crypto investors’ minds is whether the recovery will continue or if it is time to book profits in Bitcoin.

Bitcoin hodlers seem to be confident in the long-term story and are not getting lured into selling their holdings after the recent rally. According to Glassnode data, the percent of Bitcoin supply that has remained dormant since March 2021 has hit a new all-time high.

If the banking crisis is contained, it may lead to a short-term correction in Bitcoin and altcoins, but any further problems in the legacy banking system may continue to attract investments into Bitcoin. Let’s study the charts to find out the critical support and resistance levels in Bitcoin and altcoins.

S&P 500 index price analysis

The S&P 500 index (SPX) is trading inside a descending broadening wedge pattern. The bulls tried to push the price above the wedge on March 22 but the bears held their ground.

Buyers pushed the price above the 20-day exponential moving average (3,964) on March 27, but the long wick on the day’s candlestick shows that bears are in no mood to relent. Sellers will try to sink the price below the 200-day simple moving average (3,931). If they succeed, the index could drop to 3,800.

Contrarily, if bulls defend the moving averages, it will suggest demand at lower levels. The bullish momentum could pick up after buyers thrust the price above the resistance line of the wedge. The index could then skyrocket to 4,200.

U.S. dollar index price analysis

Buyers pushed the U.S. dollar index (DXY) above the 20-day exponential moving average (103) on March 15 but could not build upon the breakout. This shows that bears are selling on rallies.

The index could drop to the strong support at 100.82, where the bulls will try to arrest the decline. If the price rebounds off this level and rises above the 20-day EMA, it will suggest that the index may oscillate between the 200-day SMA (106) and 100.82 for some more time.

A break below the 100.82 level will be a huge negative as that will complete a bearish head and shoulders (H&S) pattern. The index could then plummet to 95. On the upside, a break above the 200-day SMA could push the price to the 61.8% Fibonacci retracement level of 108.43.

Bitcoin price analysis

Bitcoin has failed to rise above $29,000 in the past few days, but the bulls continue to hold strong. They have not allowed the price to even dip to the breakout level of $25,250.

The upsloping 20-day EMA ($26,062) and the relative strength index (RSI) in the positive territory indicate the path of least resistance is to the upside.

If bulls drive the price above $29,000, the BTC/USDT pair may quickly climb to $32,500. This level may witness aggressive selling by the bears, but if buyers overcome this barrier, the pair could soar to $40,000.

This positive view could invalidate in the near term if the price breaks below $25,250. The emboldened bears will then try to sink the pair to the 200-day SMA ($20,219).

Ether price analysis

Ether (ETH) bounced off the 20-day EMA ($1,705) on March 25 but the bulls could not challenge the overhead resistance at $1,857. This shows that bears are selling on relief rallies.

The bears will again try to sink the price below the 20-day EMA and the horizontal support at $1,680. If they can pull it off, the ETH/USDT pair may fall to $1,600. This is an important level for the bulls to defend because if this support cracks, the pair may tumble to the 200-day SMA ($1,435).

Alternatively, if the price rebounds off the 20-day EMA, it will suggest that the bulls continue to buy on minor dips. The pair could then rally to the stiff overhead resistance of $1,857. If this hurdle is crossed, the pair may jump to $2,000 and thereafter to $2,200.

BNB price analysis

BNB (BNB) bounced off the 20-day EMA ($317) on March 25, but the bulls could not clear the downtrend line, indicating that bears are selling on every minor rally.

The bears have pulled the price below the 20-day EMA. If they manage to sustain the lower levels, the BNB/USDT pair could plummet to the 200-day SMA ($290). This is an important level to watch out for because if it yields, the pair may nosedive to $265.

The first sign of strength will be a break and close above the downtrend line. That will indicate aggressive buying at lower levels. The pair may then attempt a rally to the $338-to-$346 resistance zone.

XRP price analysis

The bulls flipped the moving averages into support and tried to resume the recovery in XRP (XRP). However, the higher levels are attracting aggressive selling, as seen from the long wick on the March 27 candlestick.

The bears will once again try to pull the XRP/USDT pair to the moving averages. If the price rebounds off the 20-day EMA ($0.41), it will suggest that buyers are accumulating at lower levels. The bulls may then make one more attempt to clear the overhead zone. If that happens, the pair may rally to $0.65 and eventually to $0.80.

On the other hand, if the price slips below the moving averages, it will suggest that the bears are back in control. The pair could then plunge to $0.36.

Cardano price analysis

Cardano (ADA) slipped below the 200-day SMA ($0.36) and reached the 20-day EMA ($0.35) on March 25. The bulls tried a recovery on March 26, but the bounce lacked strength.

The bears will try to sustain the price below the 20-day EMA. If they manage to do that, it will indicate that the recent rally above the 200-day SMA may have been a bull trap. The ADA/USDT pair may first slide to $0.32 and then to $0.30.

Conversely, if the price turns up and breaks above the 200-day SMA, it will suggest demand at lower levels. The bulls will then make one more attempt to push the price to the neckline of the inverse H&S pattern.

Related: Why is Bitcoin price down today?

Polygon price analysis

Polygon’s (MATIC) shallow bounce off the strong support at $1.05 on March 25 suggests a lack of aggressive buying by the bulls. The bears are trying to strengthen their position by yanking the price below $1.05.

If bears sustain the breakdown, the MATIC/USDT pair may slump to the 200-day SMA ($0.97). This is an important level to keep an eye on because if it gives way, the sentiment will turn negative and the pair could tumble to $0.69.

If bulls want to prevent this decline, they will have to quickly push the price back above the 20-day EMA ($1.13). That will increase the likelihood of a rally to the strong overhead resistance zone between $1.25 and $1.30.

Dogecoin price analysis

Dogecoin (DOGE) has been swinging between the 200-day SMA ($0.08) and the horizontal support of $0.07 for the past few days.

The flattish 20-day EMA ($0.07) and the RSI just below the midpoint do not give a clear advantage either to the bulls or the bears. This suggests that the DOGE/USDT pair may spend some more time inside the range. The longer the time spent inside the range, the stronger will be the eventual breakout from it.

If the price collapses below $0.07, the pair could extend its decline to $0.06 and then to the vital support near $0.05. Instead, if the price breaks above the 200-day SMA, the pair may soar to the $0.10 to $0.11 resistance zone.

Solana price analysis

Solana (SOL) broke below the 20-day EMA ($20.93) on March 24. Buyers tried to push the price back above the 20-day EMA on March 25 and 26, but the bears held their ground. This suggests that the bears are trying to flip the 20-day EMA into resistance.

If the price sustains below $20, the SOL/USDT pair could retest the immediate support at $18.70. This level may attract buying, but if bulls fail to propel the price above the 20-day EMA, the prospects of a fall to $15.28 increase.

Contrary to this assumption, if the price turns up from the current level and rises above the downtrend line, it will indicate that the downtrend may have ended. The pair could first rise to $27 and later attempt a rally to $39.

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