Urgent Crypto Price Analysis: Will Bitcoin’s Strength Trigger Altcoin Breakout?

Navigating the volatile crypto market requires a keen eye on price movements. Today’s price analysis dives into Bitcoin, Ethereum, and a selection of top altcoins to decipher potential opportunities amidst market fluctuations. As we await crucial FOMC minutes and insights from Federal Reserve Chair Jerome Powell, understanding these crypto price dynamics is more critical than ever. Let’s explore the key levels and potential trajectories for Bitcoin (BTC), Ethereum (ETH), XRP, BNB, Solana (SOL), Cardano (ADA), Dogecoin (DOGE), Chainlink (LINK), UNUS SED LEO (LEO), and Toncoin (TON).

Bitcoin Price Analysis: Bracing for a Breakout?

Bitcoin (BTC) is currently testing the crucial 200-day simple moving average (SMA) at $84,359. This persistent pressure from bulls suggests a potential upside breakout, hinting that the recent corrective phase might be concluding. Nick Forster, founder of Derive, suggests this pullback is a typical correction within Bitcoin’s long-term rallies, anticipating a cycle peak yet to come. Reinforcing this bullish sentiment, US spot Bitcoin ETFs are witnessing renewed inflows, recording $525 million since March 14, according to Farside Investors data. This influx indicates strong institutional interest in Bitcoin, bolstering its price.

However, contrasting viewpoints exist. CryptoQuant CEO Ki Young Ju suggests a possible bearish or sideways trend for Bitcoin over the next 6-12 months, arguing the bull cycle is over. This divergence in opinion highlights the inherent uncertainty in the crypto market.

Technically, Bitcoin faces resistance at the 200-day SMA, but bulls are holding ground, anticipating a near-term breakout. A decisive break and close above the 20-day exponential moving average (EMA) at $85,441 could propel BTC toward the 50-day SMA at $91,904. Conversely, failure to hold above $80,000 might trigger a fall to $76,606, with a critical support zone between $76,606 and $73,777.

Ethereum Price Analysis: Relief Rally on the Horizon?

Ethereum (ETH) broke free from its narrow trading range on March 19, signaling bullish momentum. This upward resolution suggests buyers are gaining control. Sellers might attempt to stall this relief rally at the $2,111 breakdown level. However, if bulls maintain strength, ETH could climb to the 50-day SMA at $2,468, and potentially surge to $2,850 if this level is overcome.

Conversely, a sharp reversal from $2,111 would indicate bears flipping this level into resistance. Sustained price action below $1,800 would solidify bearish control, potentially leading to further declines in Ethereum’s price.

XRP Price Analysis: Aiming for $3?

XRP (XRP) experienced a surge above moving averages on March 19, opening a path toward the resistance line. A rejection at this resistance could see XRP find support at the 20-day EMA around $2.36. A bounce from this EMA would increase the likelihood of breaking above the resistance line, potentially pushing XRP toward $3.

However, a downturn from the resistance, breaking below moving averages, increases the risk of a drop to $2. A close below $2 would firmly place bears in control of XRP’s price action.

BNB Price Analysis: Bulls Aim for $686

BNB (BNB) closed above the 50-day SMA at $618 on March 17, but sustaining higher levels is proving challenging. A pullback is anticipated to find support at the 20-day EMA around $602. A strong rebound from this EMA would signal a shift towards buying on dips, increasing the probability of breaking above $644 and potentially rallying to $686.

Conversely, a break and close below the 20-day EMA would suggest profit-taking by bulls, potentially driving BNB down to $550.

Solana Price Analysis: Defense at $110 Support Zone

Solana (SOL) rebounded from the $120-$110 support zone on March 18, demonstrating strong bullish defense of this area. If buyers push the price above the 20-day EMA at $137, it could signal the beginning of a sustained recovery. SOL might then rally toward the 50-day SMA at $167, and potentially $180 thereafter.

However, a rejection at the 20-day EMA would indicate continued bearish control. Breaking below the support zone could initiate the next leg down, with minor support at $98, and a potential plummet to $80 if this level fails.

Cardano Price Analysis: Indecision Persists

Cardano (ADA) is currently caught between an uptrend line and moving averages, reflecting market indecision. Downward sloping moving averages and an RSI below the midpoint slightly favor bears. A downturn from moving averages, breaking below the uptrend line, could send ADA towards $0.58, and potentially $0.50.

Alternatively, a break and close above moving averages would indicate a return of bullish momentum, potentially driving ADA toward $1.02, where strong selling pressure is expected.

Dogecoin Price Analysis: Bears Defending $0.18

Dogecoin (DOGE) faces selling pressure near the 20-day EMA at $0.18, indicating active bears at higher levels. Bears will attempt to push the price below the $0.14 support, which could signal a resumption of the downtrend, potentially plunging DOGE to the psychological $0.10 level.

However, if buyers show resilience and prevent a significant drop from current levels, a break above the 20-day EMA becomes more likely. This could propel DOGE towards $0.25, and subsequently $0.29.

Chainlink Price Analysis: Resistance at 20-day EMA

Chainlink (LINK) has reached the 20-day EMA at $14.66, where bears are expected to mount strong resistance. A rejection at this EMA would see bears attempting to push LINK below the $12 support. Failure to hold $12 could lead to a descent towards the critical $10 support.

Conversely, a break and close above the 20-day EMA would suggest a bear trap below the channel. LINK could then climb towards the 50-day SMA at $17.22, and potentially $19.25 thereafter.

UNUS SED LEO Price Analysis: Ascending Triangle in Play?

UNUS SED LEO (LEO) has been trading within a tight $10-$9.60 range, suggesting bulls are holding positions, anticipating an upward move. If buyers drive and sustain the price above $10, LEO would complete a bullish ascending triangle pattern. This could initiate an upward move towards the pattern target of $12.04.

However, a downturn breaking below $9.60 would signal weakening bullish conviction, potentially leading to a drop towards the uptrend line, where buyers might re-emerge.

Toncoin Price Analysis: Targeting $5?

Toncoin (TON) is facing resistance at the 50-day SMA at $3.56, but bullish persistence suggests a potential breakout. A break and close above the 50-day SMA could propel TON towards $4.50, and potentially $5, where strong selling pressure is anticipated.

However, failure to break above the 50-day SMA and a drop below the 20-day EMA at $3.26 would invalidate this bullish outlook, indicating selling at higher levels and potentially leading to a slump towards $3.

Disclaimer: This price analysis is for informational purposes only and should not be considered investment advice. Cryptocurrency investments are highly risky. Conduct thorough research and consult with a financial advisor before making any investment decisions.