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Technical Analysis for March 20: BTC, ETH, XRP, BNB, SOL, ADA, DOGE, LINK, LEO, TON
Nick Forster, the founder of Derive, stated that the current correction is a normal occurrence in the long-term bullish cycle of Bitcoin. He predicts that the peak of the Bitcoin cycle has not yet occurred.
A positive sign for the bulls is that Bitcoin spot ETF funds in the US have begun to see capital flow back in. According to data from Farside Investors, since March 14, Bitcoin spot ETF funds have attracted $525 million.
However, not everyone is optimistic about Bitcoin. Ki Young Ju, the founder and CEO of CryptoQuant, stated on X that Bitcoin may maintain a downward or sideways trend for the next 6-12 months as the bull market cycle has ended.
Can Bitcoin break the 200-day SMA and trigger a new bullish wave for altcoins? Let's analyze the charts of the top 10 cryptocurrencies.
Technical Analysis of BTC
Bitcoin is facing selling pressure at the 200-day SMA, but the bulls have not given up many positions, indicating that they expect the price to break out soon.
On the contrary, if the price drops sharply from the 20-day EMA and breaks the $80,000 level, BTC could plunge to $76,606. The support range from $76,606 to $73,777 is expected to attract strong buying interest.
Technical Analysis of ETH
After a period of trading in a narrow range, Ethereum (ETH) broke out on March 19, indicating that the bulls are in control.
On the contrary, if the price sharply reverses down from $2,111, it could signal that the bears are turning this level into resistance. Staying below $1,800 will strengthen the advantage for the bears.
Technical Analysis of XRP
XRP surged above the moving averages on March 19, opening up the opportunity to reach the upper resistance line.
Conversely, if the price breaks down below the moving averages, the risk of a decline to $2 will increase. Bears will control the market if XRP closes below the $2 level.
Technical Analysis of BNB
BNB closed above the 50-day SMA on ($618) on March 17, but the bulls are struggling to maintain higher price levels.
Conversely, if the price drops below the 20-day EMA, it can be concluded that the bulls are taking profits, causing the price to drop further down to $550.
Technical Analysis of SOL
Solana has bounced back from the support zone of $120-$110 on March 18, indicating that the bulls are actively defending this area.
On the contrary, if the price drops from the 20-day EMA, the bears are still in control. A break below the support zone could trigger the next decline. A minor support level at $98 could help the price recover, but if it is breached, SOL could drop deep to $80.
Technical Analysis of ADA
Cardano has been trading between the upward trend line and moving averages over the past few days, reflecting uncertainty about the next direction.
Conversely, if the price breaks out and closes above the moving averages, it indicates that the bulls have returned. At that point, the currency pair could rise to $1.02, where the bears may increase selling pressure significantly.
Technical Analysis of DOGE
Dogecoin (DOGE) is currently facing selling pressure near the 20-day Exponential Moving Average (EMA) at $0.18, indicating that the bears are active in the higher price ranges.
On the contrary, if the bulls maintain their position around the current price level, the likelihood of DOGE surpassing the 20-day EMA will increase. If this happens, this currency pair could rise to $0.25 and then to $0.29.
Technical Analysis of LINK
Chainlink (LINK) has risen to the 20-day EMA at $14.66, but the bulls are expected to face strong resistance from the bears.
Conversely, if the price breaks and closes above the 20-day EMA, this indicates that the previous downtrend was merely a "bear trap." At that point, this currency pair could rise to the 50-day simple moving average (SMA) at $17.22, before continuing towards $19.25.
LEO Technical Analysis
UNUS SED LEO (LEO) has been trading in a narrow range from $9.60 to $10 over the past few days, indicating that the bulls are holding their position with the expectation that the price will rise higher.
However, if the price reverses and falls below $9.60, this will signal that the bulls have lost control. At that point, the price may drop to the upward trend line, where buying interest is expected to return.
Technical Analysis of TON
Toncoin (TON) is facing resistance at the 50-day SMA level of $3.56. However, a positive signal is that the bulls are still holding their ground, not allowing the bears to take control.
This positive outlook will be invalidated in the short term if the price falls below the 20-day EMA at $3.26, signaling selling pressure at higher price levels. At that point, this currency pair could drop significantly to the $3 level.
You can see the coin price here.
Disclaimer: This article is for informational purposes only and is not investment advice. Investors should do their own research before making any decisions. We are not responsible for your investment decisions.
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