Bitcoin (BTC) reached a new all-time high, surging to $70,199 on the Coinbase exchange, indicating that buyers are still in control. However, the price has not been able to sustain above $70,000, suggesting that selling is happening at higher levels. Along with the increase in price, Bitcoin’s spot trading volume has also risen, indicating that retail traders are returning to the market. On March 5, Bitcoin’s daily spot trading volume reached $46.26 billion, the highest level in a year. Some investors are starting to book profits, as data from Glassnode shows an increase in Bitcoin transfers to Coinbase, nearing the highs of 2022.
As Bitcoin hovers around $69,000, several major altcoins have resumed their upward movement, suggesting that traders may shift their focus to altcoins. The altcoin season index from Blockchain Center indicates that an altseason has not yet begun, but K33 Research believes it is about to start.
The repeated failures to maintain Bitcoin’s price above $69,000 could potentially lead to a correction in the near future. The question remains whether altcoins will also experience selling pressure. Let’s analyze the charts of the top 10 cryptocurrencies to find out.
Bitcoin price analysis:
On March 8, the bulls pushed Bitcoin to a new all-time high, but profit booking at higher levels is evident from the long wick on the day’s candlestick. Nevertheless, the fact that the bulls have not given ground to the bears is a positive sign, indicating that they are holding their positions in anticipation of another leg higher. If the bulls can maintain the price above $70,000, the BTC/USDT pair is likely to surge to $76,000 and then $80,000. On the other hand, a sharp downturn and a break below $62,500 would suggest profit booking by short-term traders, potentially causing the pair to slide to the 20-day exponential moving average at $59,727. The bears would need to pull the price below this support to indicate the start of a corrective phase.
Ether price analysis:
Ether (ETH) has turned up after a correction on March 5 and broke above the overhead resistance of $3,822 on March 6, signaling the resumption of the uptrend. The ETH/USDT pair could rise to $4,150 and then $4,375. However, caution is advised as the RSI has been trading in the overbought zone for several days, suggesting a possible correction or consolidation in the coming days. A dip below the 20-day EMA at $3,352 would give the bears the upper hand.
BNB price analysis:
BNB (BNB) rebounded from the 20-day EMA at $404 on March 6 and broke above the immediate resistance of $427. The BNB/USDT pair gained momentum and surpassed the stiff overhead resistance of $460. If the price remains above $460, the pair could rally to $500 and then $572. The 20-day EMA is an important support level to watch, and a break below it would indicate aggressive profit booking by the bulls, potentially causing the pair to plunge to the 50-day SMA at $348.
Solana price analysis:
Solana (SOL) has remained above the breakout level of $126, indicating positive sentiment and buying on dips. The bulls pushed the price above the $143 resistance on March 7, suggesting that the correction may be over. If the price stays above $143, the SOL/USDT pair is likely to reach the next target objective at $158. However, if bears quickly sink and sustain the price below $126, short-term bulls may exit their positions, potentially pulling the pair down to the 50-day SMA at $107.
XRP price analysis:
XRP (XRP) has been trading between the overhead resistance of $0.67 and the 50-day SMA at $0.55. If the price remains above the 20-day EMA, the XRP/USDT pair could climb to $0.67, which is a crucial short-term resistance. A break above $0.67 would indicate the start of a new uptrend, potentially pushing the pair to $0.74. However, if the price turns down and breaks below the 20-day EMA, the pair could slump to the 50-day SMA. The bulls are expected to defend this level, as a failure to do so may lead to a decline to $0.50.
Cardano price analysis:
Cardano (ADA) is trying to stay above the breakout level of $0.68, which is a positive sign as it suggests that the bulls are attempting to turn $0.68 into a support level. The upsloping 20-day EMA and the positive RSI indicate that the bulls are in control. If buyers can push the price to $0.80, which is a significant hurdle, the ADA/USDT pair could resume its uptrend and rise to $0.90. On the downside, a break below $0.68 would indicate profit booking by traders and could lead to a fall to the 50-day SMA at $0.57.
Dogecoin price analysis:
Dogecoin (DOGE) has been witnessing a battle between bulls and bears near the $0.16 level. The fact that the bulls have not allowed the price to sustain below $0.16 indicates strong demand at lower levels. If the price remains above $0.16, the DOGE/USDT pair could gradually climb toward $0.18 and then retest $0.20. A close below the strong support at $0.15 could sink the pair to the 20-day EMA at $0.13, potentially leading to a period of range-bound action.
Shiba Inu price analysis:
Shiba Inu (SHIB) has pulled back within a strong uptrend and is finding support near the 38.2% Fibonacci retracement level at $0.000032. The pair could potentially trade within a range between the 50% retracement level at $0.000027 and the local high at $0.000046. A break above the resistance would signal the resumption of the uptrend, with a potential climb to $0.000065. However, a break below $0.000027 would indicate bearish pressure and could lead to a decline to the 61.8% retracement level at $0.000023.
Avalanche price analysis:
Avalanche (AVAX) climbed back above the 20-day EMA at $40.54 on March 6 and the overhead resistance of $42 on March 7. This suggests buying at lower levels. If bulls overcome the minor resistance at $45.20, the AVAX/USDT pair could accelerate toward the psychological resistance of $50. A break above $50 may extend the rally to $57. However, a downturn from the current level and a break below the 20-day EMA would indicate a lack of aggressive buying at higher levels, potentially leading to a decline to the 50-day SMA at $37.38.
Polkadot price analysis:
Polkadot (DOT) recovered sharply on March 6 but failed to sustain the breakout above $10.80, indicating selling pressure from bears. The bears will try to strengthen their position further by pulling the price to the breakout level of $9.59. However, this level is likely to attract solid buying from the bulls, potentially leading to a rally above $11. If the DOT/USDT pair rebounds off $9.59, it could climb to $13.18. On the other hand, a downturn below the 20-day EMA at $8.91 would invalidate this view and indicate a deeper correction to $8.
It’s important to note that this article does not provide investment advice or recommendations. Every investment and trading decision should be made after conducting thorough research.