Bitcoin (BTC) and most major altcoins are attempting to start the new week on a positive note by bouncing off their respective support levels.
Goldman Sachs became one of the first major banks in the United States to complete an over-the-counter “cash-settled cryptocurrency options trade” with the trading unit of Michael Novogratz’s Galaxy Digital. This could encourage other major banks to consider offering OTC transactions for cryptocurrencies.
It is not only select nations that are showing growth in crypto adoption. A report by cryptocurrency exchange KuCoin shows that crypto transactions in Africa have soared by about 2,670% in 2022. Bitcoin Senegal founder Nourou believes that Africa could continue its thousand plus percent growth rates in the next few years.
Analyst Willy Woo speculated that Bitcoin’s four-year price cycle, based on the block subsidy halving, may not work as a predictive tool in the future as the price action is likely to be determined by supply and demand.
Could Bitcoin and altcoins climb above their overhead resistance levels? Let’s analyze the charts of the top-10 cryptocurrencies to find out.
BTC/USDT
Bitcoin is facing stiff resistance at $42,594, indicating that bears continue to sell at higher levels. The bears are attempting to pull the price below the moving averages while the bulls are trying to sustain the price above it.
Both moving averages have flattened out and the relative strength index (RSI) is near the midpoint, suggesting a balance between supply and demand. If the price slips below the moving averages, the BTC/USDT pair could drop to $37,000. Such a move will suggest that the pair could spend some more time inside the $42,594 to $37,000 range.
Conversely, if the price rebounds off the moving averages with strength, it will suggest that the sentiment has turned positive and traders are buying on minor dips. That may improve the prospects of a break above $42,594. If the price sustains above this resistance, the pair could rally to the overhead zone between $45,400 and the resistance line of the ascending channel.
ETH/USDT
Ether (ETH) turned down from the overhead resistance at $3,000 on March 19 but the bears could not pull the price below the moving averages on March 20. This suggests that bulls are buying on minor dips.
The bulls will attempt to push the price above $3,000 and challenge the resistance line of the symmetrical triangle. This is an important level to watch out for because a break and close above it will signal a possible change in trend. The ETH/USDT pair could then rally to $3,500.
Alternatively, if the price turns down from $3,000 or the resistance line of the triangle and breaks below the moving averages, it will suggest that the pair may extend its stay inside the triangle for a few more days.
BNB/USDT
Binance Coin (BNB) broke and closed above the 50-day simple moving average ($390) on March 17 but the bulls could not build upon this advantage. The long wick on the March 19 candlestick indicates selling at higher levels.
The BNB/USDT pair turned down and dipped to the 20-day exponential moving average ($386) on March 20. A minor positive is that the bulls have not allowed the price to slip below this level. This indicates that bulls are buying on dips.
If the price rises and breaks above $407, the up-move may continue and the pair could rally to $425. This level may act as a barrier but if crossed, the next stop could be $445.
On the contrary, if the price turns down and breaks below the 20-day EMA, it will suggest a lack of demand at higher levels. The pair could then slide toward $350.
XRP/USDT
XRP bounced off the 20-day EMA ($0.77) on March 18 and reached the downtrend line on March 19. The bears again defended this level but could not pull the price below the 20-day EMA. This suggests strong buying on dips.
Both moving averages have started to turn up and the RSI is in the positive territory, indicating that the path of least resistance is to the upside.
If bulls push and sustain the price above the downtrend line, the buying could pick up further and the XRP/USDT pair may rally to $0.91. If this level is also conquered, the next stop could be the psychological barrier at $1.
The bears will have to pull and sustain the price below the 50-day SMA ($0.75) to gain the upper hand.
LUNA/USDT
Terra’s LUNA token bounced off the 20-day EMA ($86) on March 18, indicating that the sentiment remains positive and traders are buying on dips.
The buyers have pushed the price to the stiff overhead resistance at $96 where the bears are mounting a strong defense.
If bulls overcome this hurdle, the LUNA/USDT pair could retest the all-time high at $105. The bulls will have to push and sustain the price above…
cointelegraph.com