Bit has risen from the level of $76,606 on March 11, but the bulls could not maintain the price above $84,500 on March 12.
Nansen's chief analyst, Aurelie Barthere, stated that Bit is undergoing a correction in the uptrend, with the next important level lying in the range of $71,000 - $72,000, the peak of the trading range before the election.
glassnode also provided a similar forecast in its market report on March 11. The on-chain analysis firm said the recent sell-off was triggered by short-term investors who may have bought near the January highs. glassnode added that Bit could touch a Dip near $70,000 if the selling pressure continues.
Not only the cryptocurrency market, but the US stock market has also been under pressure in recent days. However, a positive signal for the bulls is that the US Dollar Index (DXY) has corrected from a multi-year high above 110 to below 104. Bit usually has an inverse correlation with the dollar, suggesting that a Dip may be forming.
Will Bit test the $76,606 support level again or rise above $85,000? What are the important support and resistance levels to watch for in the altcoins? Analyze the charts of the top 10 cryptocurrencies to find the answers.
Bit broke above $78,258 on March 10 and Dumped to $76,606 on March 11, but the bears could not sustain the lower level. This shows strong buying interest from the bulls.
The recovery is facing selling pressure near the 20-day exponential moving average (EMA) at $87,262, but a small positive for the bulls is that the relative strength index (RSI) is showing positive Divergence. The buyers need to push the price above the 20-day EMA to signal that the correction may be ending. After that, the BTC/USDT pair could rise to the 50-day simple moving average (SMA) at $94,654.
On the downside, the bulls are expected to defend the $73,777 level with all their might, as a break below this level could pull the pair down to $67,000.
Ether has Dumped below the $1,993 support on March 9 and continued to weaken, touching $1,754 on March 11.
The bulls are trying to recover, but are expected to face strong resistance at the $2,111 level. If the price turns down sharply from $2,111, it will signal that the bears have converted this level into a resistance, increasing the risk of a break below $1,754. The ETH/USDT pair could then drop to $1,500.
Conversely, if the price breaks above the 20-day EMA ($2,235), it will suggest that the market has rejected the decline below $2,111. The pair could then rise to $2,800, where the bears are expected to emerge.
XRP has Dumped below the $2 support on March 11, but the bears could not sustain the lower levels, as indicated by the long lower wick on the daily candlestick.
The bears are trying to stall the recovery at the 20-day EMA ($2.35). If the price continues to decline, the possibility of a break below $2 will increase. If that happens, the XRP/USDT pair will complete a bearish head and shoulders pattern. There is minor support at $1.77, but a break below this level could pull the price down to $1.28.
Conversely, if the price rises above the 20-day EMA, the pair could move up to the 50-day SMA ($2.58) and then to $3.
BNB has bounced from the $507 level on March 11, indicating that the bulls are actively defending the $500-$460 support zone.
The recovery is expected to face resistance at the 20-day EMA ($592). If the price turns down sharply from the 20-day EMA, the bears will try to pull the BNB/USDT pair below $500. If successful, the pair could drop to $460.
Conversely, if the price breaks above the 20-day EMA, it will signal that the pair may continue to oscillate in the $460-$745 range for some more time. The bulls will regain control if the price rises above the 50-day SMA ($628).
Solana has risen from the $112 level on March 11, indicating that the bulls are aggressively defending the $110 support.
The RSI is forming positive Divergence, suggesting that the downtrend may be weakening. The first sign of strength will be when the price breaks and closes above the 20-day EMA ($145).
If the price turns down from the current level or the 20-day EMA, it will suggest that each minor recovery is being sold into. This increases the risk of a break below $110. The SOL/USDT pair could then drop to $98 and thereafter to $80.
Cardano (ADA) has bounced from the uptrend line on March 11, indicating that the bulls are attempting to stall the decline.
However, the bears are unlikely to give up easily and are expected to sell at the moving averages. If the price turns down from the moving averages, it will signal selling on rallies. The bears will then try to cement their position by pulling the price below the uptrend line. If successful, the ADA/USDT pair could drop to $0.60 and then to $0.50.
Conversely, if the price breaks above and closes above the moving averages, it will suggest that the bulls are back in the game. The pair could then rise to $1.02.
Dogecoin (DOGE) has continued its downtrend and touched the $0.14 support on March 11. The bulls are trying to defend this level but may face selling pressure as the price rises to higher levels.
If the price again Dumps from the 20-day EMA ($0.20), it will suggest that the market sentiment remains negative and traders are selling on rallies. This increases the risk of a break below the $0.14 level. If that happens, the DOGE/USDT pair could drop to $0.10.
Conversely, if the price breaks above and closes above the 20-day EMA, it will suggest that the bears are losing control. The pair could then rise to the 50-day SMA ($0.25), which is likely to act as a strong resistance.
Pi (PI) is being supported at the 61.8% Fibonacci Retracement Level at $1.20, indicating buying activity at lower price levels.
This recovery is expected to face resistance at the 20-day EMA ($1.69) and then at the $2 level. If the price drops back from the above resistance levels, the PI/USDT pair may trade in the range of $1.20 - $2 for some time.
On the other hand, if the price breaks out and closes above $2, it would indicate that the correction process may have ended. In that case, the pair could rise to $2.40. Conversely, if the price breaks and closes below $1.20, the pair could plummet to the 78.6% Fibonacci Retracement level at $0.72.
UNUS SED LEO (LEO) has been accumulating just below the $10 level in the past few days, indicating that the bulls are still holding their ground with expectations of a new price increase.
The LEO/USD pair has formed an ascending triangle pattern, which could be completed if the price breaks out and closes above the $10 level. If that happens, the pair could continue its uptrend, targeting the $12.04 objective.
However, this bullish outlook will be invalidated if the price reverses and breaks down below the uptrend line. This would negate the bullish pattern, pushing the price down to $8.84, and then to $8.30.
Hedera (HBAR) has bounced back from the $0.17 support level on March 11, indicating that the bulls are actively defending this zone.
However, the recovery momentum is facing selling pressure at the 20-day EMA ($0.22), as evidenced by the long upper wicks on the candlestick chart. If the price continues to decline, the bears will once again try to push the HBAR/USDT pair below $0.17. If successful, the pair could plummet to $0.12.
Conversely, if the price breaks above the 20-day EMA, it would suggest that the selling pressure is waning. In that case, the pair could rise to the descending trendline - an important level to watch. If the bulls can push the price above the descending trendline, the pair could rally strongly to the $0.29 level.
You can view the coin prices here.
Disclaimer: This article is for informational purposes only and is not investment advice. Investors should do their own research before making investment decisions. We are not responsible for your investment decisions.
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