BTC, ETH, XRP, BNB, SOL, ADA, DOGE, PI, HBAR, LINK

Bitcoin (BTC) turned up from $81,500 on March 4, and the bulls are trying to extend the recovery above $90,000 on March 5. However, some analysts do not expect Bitcoin to run up in the near term. Bitfinex analysts said in a March 3 markets report that Bitcoin could face “significant resistance” at $94,000.

In another note of caution, CryptoQuant contributor XBTManager said in a Quicktake post that Bitcoin is likely to extend its consolidation for some time. Hence, risky trades should be avoided over the next few months. The analyst said the time to buy will come when short-term holders — those holding for under 155 days — start selling and the long-term holders start buying.

While the near-term price action remains uncertain, investors are confident about Bitcoin’s long-term prospects. Mexican billionaire Ricardo Salinas said in a Bloomberg interview that 70% of his investment portfolio is in Bitcoin-related assets, while the remaining 30% is made up of gold and gold miners. 

What are the critical support and resistance levels in Bitcoin and altcoins? Let’s analyze the charts of the top 10 cryptocurrencies to find out.

Bitcoin price analysis

Bitcoin looks to be forming a symmetrical triangle pattern, indicating indecision between the buyers and sellers.

The BTC/USDT pair reached the 20-day exponential moving average ($91,174), which is an important resistance to watch out for. A break above the 20-day EMA suggests the selling pressure is reducing. The pair will then try to rise above the resistance line of the triangle and charge toward the 50-day simple moving average ($97,259). A break and close above the 50-day SMA signals that the bulls are back in the game.

This optimistic view will be negated in the near term if the price turns down sharply from the 20-day EMA and breaks below the triangle. That could result in a retest of the Feb. 28 intraday low of $78,258.

Ether price analysis

Ether (ETH) nosedived below $2,000 on March 4, but the bulls aggressively purchased at lower levels, as seen from the long tail on the candlestick.

Buyers have an uphill task ahead of them as the relief rally is likely to face solid resistance at the 20-day EMA ($2,467) and next at the downtrend line. If the price turns down from the overhead resistance, the bears will again try to sink and sustain the ETH/USDT pair below $2,111. If they manage to do that, the pair could fall to $1,750.

The first sign of strength will be a close above the downtrend line. That suggests the bears are losing their grip. The pair may then rally toward $3,400.

XRP price analysis

XRP (XRP) has been falling inside a descending channel pattern for several days, indicating buying near support and selling close to resistance.

Both moving averages have flattened out, and the RSI is near the midpoint, indicating a balance between supply and demand. If the price holds above the 20-day EMA ($2.47), the bulls will try to push the XRP/USDT pair to the resistance line. A break and close above the channel opens the doors for a rally to $3.40.

Conversely, if the price turns down from the 20-day EMA and breaks below $2.53, it will suggest that the bears have the upper hand. The selling could pick up on a break and close below $1.99. The pair may then plummet to $1.27.

BNB price analysis

BNB (BNB) broke below the $557 support on March 4, but the bears could not sustain the lower levels.

The bulls are trying to start a recovery, which is expected to face selling at the 20-day EMA ($619). If the price turns down sharply from the 20-day EMA, it will suggest that the sentiment remains negative and traders are selling on rallies. That increases the risk of a break below $546. If that happens, the BNB/USDT pair could plunge to $500.

This negative view will be invalidated in the near term if the price continues higher and breaks above the 50-day SMA ($646). The pair could then rise to $686.

Solana price analysis

Buyers are aggressively defending the $125 support in Solana (SOL), as seen from the long tail on the March 4 candlestick.

There is minor resistance at $151, but if that is crossed, the SOL/USDT pair could reach the 20-day EMA ($161). Sellers are expected to fiercely defend the zone between the 20-day EMA and $180. If the price turns down from the overhead zone, the pair may oscillate between $180 and $125 for a while.

Contrary to this assumption, if the price turns down and breaks below $125, it will signal that every minor rally is being sold into. The pair could tumble to $110 and then to $100.

Cardano price analysis

Cardano (ADA) has been witnessing violent moves in the past few days, signaling a tough battle between the bulls and the bears.

The ADA/USDT pair bounced off the 20-day EMA ($0.80) on March 4, indicating that lower levels are attracting buyers. If the price stays above $1, the bulls will again try to push the pair to $1.25.

Usually, periods of high volatility are followed by a range compression. If the price fails to hold above $1, it will indicate selling on rallies. That may keep the pair range-bound between the 20-day EMA and $1 for some time.

Dogecoin price analysis

Dogecoin (DOGE) turned back from the 20-day EMA ($0.23) on March 3 and broke below the support line.

A minor positive for the bulls is that they have not allowed the price to skid below the $0.18 support. Buyers will again try to push and sustain the price above the 20-day EMA. If they can pull it off, it will suggest that the break below the channel may have been a bear trap. The DOGE/USDT pair could rise to the 50-day SMA ($0.28).

On the downside, a break and close below $0.18 could start the next leg of the downtrend to $0.14 and eventually to the solid support at $0.10.

Related: 3 reasons why Bitcoin sells off on Trump tariff news

Pi price analysis

Pi (PI) witnessed a massive rally from $0.10 on Feb. 20 to $3 on Feb. 26, signaling aggressive buying by the bulls.

Profit booking pulled the price lower on Feb. 27, and the PI/USDT pair is taking support at the 50% Fibonacci retracement level of $1.55. The pair will attempt a relief rally to $2.38 and then to $2.80. A break and close above $3 will indicate the resumption of the uptrend toward $4.45.

However, the bears are unlikely to give up easily. They will try to sell the rallies and pull the price below the $1.55 support. If they manage to do that, the pair could drop to the 61.8% retracement level of $1.20. 

Hedera price analysis

Hedera (HBAR) has been trading between the moving averages for the past three days, indicating uncertainty about the next directional move. 

The 20-day EMA ($0.23) has started to turn up gradually, and the RSI is just above the midpoint, suggesting a slight edge for the bulls. A break and close above the 50-day SMA ($0.26) could start a rally to $0.32 and later to $0.35.

Alternatively, a break and close below $0.22 suggests the bears are back in command. The HBAR/USDT pair may drop to $0.17, which is an important level for the buyers to defend.

Chainlink price analysis

Chainlink (LINK) slipped below the support line of the descending channel pattern on March 4, but the bulls purchased the dip as seen from the long tail on the candlestick.

Buyers will have to push and maintain the price above the 20-day EMA ($16.67) to suggest that the selling pressure is reducing. The LINK/USDT pair could rise to the 50-day SMA ($20.12), which is likely to act as a strong resistance.

Contrarily, if the price turns down from the current level and closes below the support line, it will indicate that bears remain in control. The selling could accelerate below $13.08, pulling the pair toward $10.

This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.