The sharp recovery in Bitcoin and Ethereum shows that the bulls remain in control. It also indicates that every decline is seen as a buying opportunity. Can Bitcoin extend its uptrend and pull altcoins, including SHIB Coin, higher, or will cryptocurrencies enter a consolidation phase? Crypto analyst Rakesh Upadhyay examines the top 10 cryptocurrencies to find out.
BTC, ETH, BNB, SOL and XRP Coin analysis
Bitcoin (BTC) price analysis
Bitcoin has been in a strong uptrend for several days. Investors see declines during the rise as a buying opportunity, and that’s what happened on March 5. The bulls aggressively bought the dip to the 20-day exponential moving average ($58,131). Thus, it showed solid demand at lower levels. Buyers are trying to continue the uptrend by pushing the price above $69,000. If they are successful, BTC could start the next leg of the uptrend towards $76,000 and subsequently $80,000.
Time is running out for the bears. If they want to start a correction in the near term, they need to defend the $69,000 level. Additionally, they will need to push the price below the 20-day EMA. It is possible that BTC will witness long liquidation later. In this case, a drop to the 50-day easy moving average ($49,107) is likely.
Ethereum (ETH) price analysis
ETH broke above the $3,600 resistance on March 4. Thus, it tried to extend the uptrend on March 5. But the bears had other plans. Strong selling pushed the price down to the 20-day EMA ($3,233). However, buyers stepped in to stop the decline. This indicates a positive sentiment with the bulls defending the 20-day EMA. The bulls continued buying and is trying to keep the price above $3,822. If they achieve this, it is possible for ETH to rise to $4,000 and then to $4,150.
If the bears want to prevent an upside move, they will need to sink the price below the $3,600 breakout level. It is possible that this could deepen the pullback to the 20-day EMA. In this case, ETH will face the danger of a breakout.
Binance Coin (BNB) price analysis
BNB turned down from the overhead resistance of $427 on March 5. Thus, it broke below the 20-day EMA ($387). But the bears could not sustain lower levels. The bulls bought the dip below the 20-day EMA as seen from the long tail on the candlestick. Buyers are trying to further strengthen their position by keeping the price above $427 on March 6. If they do this, it is possible for BNB to rise as high as $460.
Contrary to this assumption, if the price fails to stay above $427, it would indicate that the bears are defending the level with all their might. This will increase the possibility of a drop to the 50-day SMA ($341).
Solana (SOL) price analysis
SOL changed sides at the nearest resistance at $143 on March 5. Thus, it fell to the 50-day SMA ($105). However, the long tail on the day’s candlestick indicates that the bulls are aggressively protecting the 50-day SMA. The bulls pushed the price above $126 and it will try to surpass the $143 barrier. If they succeed, it is possible for SOL to initiate the next leg of the upper move to $158.
Instead, if the price turns down from the current level or overhead resistance, it will indicate that the bears are not willing to give up. SOL is likely to slide back to the 50-day SMA later.
Ripple (XRP) price analysis
XRP’s rise to $0.67 on March 5 shows that the bears are fiercely defending this level. The price has recovered from the 50-day SMA ($0.55). Thus, it signaled that the bulls continue to buy on sharp declines. XRP will make another attempt to overcome the $0.67 overhead hurdle and begin its journey towards $0.74.
On the other hand, the bears will try to defend the $0.67 level again. If they do this, it will show a range-dependent action in the near term. It is possible for XRP to oscillate midway between the 50-day SMA and $0.67 for a few days.
ADA, DOGE, AVAX, DOT and SHIB Coin analysis
Cardano (ADA) price analysis
ADA fell to $0.80 on March 4. Thus, it fell to the 50-day SMA level ($0.56) on March 5. However, the bulls aggressively bought the dip near the 50-day SMA. Thus, the price recovered to close above the $0.68 breakout level. This shows that there is a bullish trend among traders. If the price rises from the current level, it is possible for ADA to reach the overhead resistance at $0.80.
This positive sentiment will be invalidated if the price declines and closes below the 20-day EMA ($0.65). ADA is likely to drop to the 50-day SMA later.
Dogecoin (DOGE) price analysis
DOGE broke above the $0.16 resistance on March 4. However, he could not sustain the breakout on March 5. This indicates higher levels of profit booking. The bulls are struggling to keep the price above $0.16 again. This shows that sales continue in rallies. If the price turns down from the current level or overhead resistance, it is possible for DOGE to drop to the 20-day EMA ($0.12) where buyers will step in.
Conversely, if buyers hold the price above $0.16, it is possible for DOGE to gradually retest the local high at $0.20. A breakout and close above this level could signal the start of the next leg of the uptrend at $0.30.
Shiba Inu (SHIB Coin) price analysis
cryptokoin.com As you follow from , SHIB Coin has been in a strong bull run for the last few days. Bulls pushed the SHIB Coin price up to $0.000045 on March 5. However, as seen from the long wick on the candlestick, it could not maintain higher levels. This started a selling wave that dropped the SHIB Coin price to as low as $0.000025. One small positive in favor of the bulls is that the lower levels were bought aggressively. This suggests solid demand in downturns. Following the wide range day, it is possible for the SHIB Coin price to remain range bound for a few days.
The ends of the range could be $0.000025 on the downside and $0.000045 on the upside. The overbought level in the RSI also warns of a possible correction or consolidation in the near term.
Avalanche (AVAX) price analysis
It completed the opposite head and shoulders formation on AVAX. However, later the bulls failed to initiate an uptrend. This likely caused short-term investors to unload their positions on March 5. AVAX fell below the 50-day SMA ($37.04). But the bears’ inability to sustain lower levels is a minor positive. Solid buying started a recovery and the bulls are attempting to push the price above the overhead resistance at $42.
If it clears this level, it is possible that the bulls will face stiff resistance near $44 again. A break and close above $44 would be the first indicator that the bulls are back in the driver’s seat. It is possible that AVAX will retest the spiritual resistance at $50 later. The 50-day SMA and $35 are two important supports to watch on the downside.
Polkadot (DOT) price analysis
DOT rose to a high of $10.76 on March 5. However, as we see from the long wick on the day’s candlestick, profit booking has started.
The bears pulled the price below the 20-day EMA ($8.57). However, the long tail on the candlestick indicates that lower levels continue to attract buyers. The bulls pushed the price above the $9.59 breakout level. If they can sustain higher levels, DOT is likely to rise towards the overhead resistance of $10.80. Generally, an increase in volatility is followed by a period of low volatility. It is possible that DOT will consolidate between the 20-day EMA and $10.80 for a while.
