Bitcoin (BTC) experienced a rebound from a low of $76,606 on March 11, but the bulls struggled to maintain the price above $84,500 on March 12.
A principal research analyst highlighted that Bitcoin is undergoing a macro correction within a bullish trend, with the next significant level to watch being between “$71,000-$72,000, the upper boundary of the pre-election trading range.”
Another analytics firm offered a similar forecast in their market analysis on March 11. They indicated that the recent decline was largely prompted by short-term holders who likely bought near January’s peak. They suggested Bitcoin might find a floor around $70,000 if the selling pressure continues.
Daily crypto market data view.
Notably, the pressures aren’t limited to cryptocurrency markets; the US stock market has also faced challenges in recent days. However, a potential silver lining for bulls is that the US Dollar Index (DXY) has decreased from above 110 to below 104. Bitcoin typically behaves inversely to the dollar, hinting that a market bottom might be approaching.
Will Bitcoin revisit the support at $76,606 or surge past $85,000? What key support and resistance levels should be monitored for altcoins? Let’s delve into the charts of the top 10 cryptocurrencies for insights.
Bitcoin price analysis
After breaking below the $78,258 threshold on March 10, Bitcoin dropped to $76,606 on March 11, yet the bears couldn’t maintain the momentum. This indicates strong buying interest from bulls.
BTC/USDT daily chart.
The subsequent relief rally is encountering resistance near the 20-day exponential moving average ($87,262). However, a positive note for bulls is that the relative strength index (RSI) displays a positive divergence. For the bulls to gain further confidence, they need to push the price above the 20-day EMA, which could signal an end to the correction and allow the BTC/USDT pair to ascend toward the 50-day simple moving average ($94,654).
If the bears manage to breach the $73,777 level, they may push the pair down to $67,000.
Ether price analysis
Ether (ETH) slid below the $1,993 support on March 9 and continued its decline, reaching a low of $1,754 on March 11.
ETH/USDT daily chart.
The bulls are attempting a recovery, facing substantial resistance at the critical level of $2,111. If the price sharply declines from this point, it would indicate that the bears have successfully transformed this level into resistance, raising the likelihood of a drop below $1,754, potentially leading to a decline toward $1,500.
Conversely, if the price breaks past the 20-day EMA ($2,235), it would suggest a rejection of the breakdown below $2,111, allowing the pair to potentially rise to $2,800, where bearish forces may re-emerge.
XRP price analysis
XRP (XRP) dipped below the $2 support on March 11, but bears failed to maintain the lower levels, evident from the long tail on the candlestick.
XRP/USDT daily chart.
The bears are working to halt the recovery at the 20-day EMA ($2.35). If the price continues its downturn, the likelihood of a breach below $2 increases, which would complete a bearish head-and-shoulders pattern. There’s minor support at $1.77, but if that fails, it could drop further to $1.28.
On the flip side, a breakthrough above the 20-day EMA could propel the pair up to the 50-day SMA ($2.58) and eventually to $3.
BNB price analysis
BNB (BNB) rebounded from $507 on March 11, indicating strong defense by bulls in the $500 to $460 support zone.
BNB/USDT daily chart.
The relief rally is expected to encounter selling pressure at the 20-day EMA ($592). If the price sharply retracts from this level, bears will likely attempt to push the BNB/USDT pair below $500, potentially dragging it down to $460.
Conversely, if the price climbs above the 20-day EMA, it would indicate potential for movement within the $460 to $745 range for an extended period. A breakout above and close over the 50-day SMA ($628) would firmly place bulls back in control.
Solana price analysis
Solana (SOL) bounced back from $112 on March 11, signaling robust support from bulls at the $110 level.
SOL/USDT daily chart.
The RSI exhibits early signs of a positive divergence, suggesting that bearish momentum may be waning. A key indication of strength will be a breakout and close above the 20-day EMA ($145).
However, if the price retraces from its current level or the 20-day EMA, it suggests ongoing selling pressure, heightening the risk of dropping below $110. The SOL/USDT pair could fall to $98 and then to $80.
Cardano price analysis
Cardano (ADA) bounced off the uptrend line on March 11, indicating an effort from bulls to halt the decline.
ADA/USDT daily chart.
The bears are unlikely to relent easily and are expected to sell at the moving averages. A downturn from these moving averages would indicate a tendency to sell on any rallies. If bears manage to press below the uptrend line, the ADA/USDT pair could plummet to $0.60 and subsequently to $0.50.
In contrast, a breakthrough above the moving averages would signify that bulls are regaining control, and the price may rise to $1.02.
Dogecoin price analysis
Dogecoin (DOGE) continued its downward trend, reaching the $0.14 support level on March 11. While bulls are attempting to defend this level, they may confront selling pressure at higher points.
DOGE/USDT daily chart.
If the price retreats from the 20-day EMA ($0.20), it will indicate persistent negative sentiment with traders selling into rallies. This elevates the risk of dipping below $0.14, which could see the DOGE/USDT pair fall to $0.10.
Related: Insights on today’s crypto events
In contrast, a breakout and closing above the 20-day EMA would imply that the bears are losing their hold. That could enable the pair to rise towards the 50-day SMA ($0.25), which again may pose a substantial challenge.
Pi price analysis
Pi (PI) is finding support at the 61.8% Fibonacci retracement level of $1.20, indicating buying interest at these lower levels.
PI/USDT daily chart.
The relief rally is poised to encounter resistance at the 20-day EMA ($1.69) and again at $2. Should the price reverse from the overhead resistance, the PI/USDT pair may range between $2 and $1.20 for a while.
A breakthrough and close above $2 would suggest the end of the correction, potentially advancing the pair to $2.40. Conversely, a decline below $1.20 could lead to a further drop to the 78.6% retracement level of $0.72.
UNUS SED LEO price analysis
UNUS SED LEO (LEO) has been consolidating just below the $10 mark for several days, indicating that bulls are holding their ground in anticipation of another upward move.
LEO/USD daily chart.
The LEO/USD pair has developed an ascending triangle pattern, which will be validated with a breakout and close above $10. If achieved, the pair could re-enter an uptrend toward a target of $12.04.
This optimistic outlook will be invalidated if the price falls and breaches the uptrend line, potentially starting a decline to $8.84 and subsequently to $8.30.
Hedera price analysis
Hedera (HBAR) rebounded from the $0.17 support on March 11, showing that bulls are actively protecting this level.
HBAR/USDT daily chart.
The recovery is facing resistance at the 20-day EMA ($0.22), highlighted by the long wick on the candlestick. If the price continues to fall, bears will pursue another attempt to push the HBAR/USDT pair below $0.17; success could result in a drop to $0.12.
On the other hand, if the price breaks above the 20-day EMA, this would indicate diminishing selling pressure, and the pair may rise toward the downtrend line, an essential level to monitor. If buyers succeed in pushing above this downtrend line, it could lead to a rally toward $0.29.
This article does not provide investment advice or recommendations. Each investment and trading decision carries risks, and readers are encouraged to conduct thorough research before making any decisions.