Price analysis 3/21: BTC, ETH, XRP, BNB, SOL, ADA, DOGE, TON, LINK, LEO

Bitcoin’s recovery is encountering resistance at elevated levels, an indication that bearish sentiment remains strong. According to trading resource Material Indicators, a notable player known as "Spoofy the Whale" has been actively suppressing Bitcoin’s price below the $87,500 mark. This resistance has led analysts to contemplate whether Bitcoin has reached its downside limit, particularly in light of comments from BitMEX co-founder Arthur Hayes, who suggested that the cryptocurrency may have found a floor at $77,000 amid a Federal Reserve announcement of slowed quantitative tightening.

In a recent interview, Robbie Mitchnick, head of digital assets at BlackRock, posited that Bitcoin could be presented with a bullish catalyst amid an impending recession. He noted that sophisticated long-term Bitcoin investors view the current market dip as a lucrative buying opportunity.

As analysts evaluate Bitcoin’s potential for breaking the $87,500 barrier, they are also considering the implications for the broader altcoin market. Let’s delve into the current price analysis of Bitcoin and some of the leading altcoins.

Bitcoin Price Analysis

Bitcoin surged above the 20-day exponential moving average (EMA) at $85,332 on March 19, yet the upward momentum was halted by sellers at the resistance line. Should the Bitcoin price breach the uptrend line, it could descend towards $80,000, with a further drop to $76,606 also possible. A strong buying response is anticipated in the $76,606 to $73,777 range. Conversely, if the price rebounds and breaks above $87,500, it could gain momentum to reach levels of $95,000 and potentially even $100,000.

Ether Price Analysis

Ether’s recovery has faced challenges, particularly at the 20-day EMA set at $2,067, suggesting that sellers remain active at these heights. Should the price dip below $1,927, the ETH/USDT pair could slide to about $1,800, with buying support expected in the $1,750 to $1,800 zone. A failure to hold this could lead to declines towards $1,550. However, if Ether can break past the $2,111 mark, a rally towards the 50-day SMA at $2,420 and subsequently $2,850 is plausible.

XRP Price Analysis

XRP showed initial strength by surging past the moving averages on March 19, but it could not maintain this momentum. The bears have been attempting to pull the price below the 20-day EMA at $2.36. A successful breach here could see XRP drop to $2.22 and then towards the critical support level at $2. Buyers are likely to defend the $2 threshold vigorously to prevent further declines.

BNB Price Analysis

BNB found support at the 20-day EMA of $608 on March 19, showcasing that buyers remain active at these levels. The recent upward trend in the EMA confirms a slight buyer advantage. If BNB can close above $644, a rally towards $686 may ensue, but sellers are expected to put up a strong fight. A plunge below the EMA could signify bearish momentum, with potential declines to $550.

Solana Price Analysis

Solana faced downward pressure, retreating from the 20-day EMA of $135 on March 20. The SOL/USDT pair is positioned at risk of sliding to $120 and possibly $110, with buyers anticipated to defend these support zones vigorously. A rebound here could encourage a move towards the 50-day SMA at $163. Conversely, a close below $110 would suggest a continuation of the downtrend, potentially leading to prices of $98 and even $80.

Cardano Price Analysis

Cardano experienced a downtrend from critical moving averages on March 20, demonstrating active resistance from sellers. Should the price approach the uptrend line, buying pressure is expected. A robust rebound might facilitate a break above the moving averages, opening the path to $1.02. Otherwise, a close below this line could lead to significant declines towards $0.58 and even $0.50.

Dogecoin Price Analysis

Buyers of Dogecoin are struggling to push the price above the 20-day EMA at $0.18, indicating prevailing negative sentiment. A dip below $0.16 could push the DOGE/USDT pair towards critical support at $0.14. Conversely, a solid break above the 20-day EMA would indicate renewed bullish interest, with potential price targets of $0.22 and $0.29 in the cards.

Toncoin Price Analysis

Toncoin successfully cleared the 50-day SMA hurdle at $3.51 but is currently facing resistance at the $4 mark. The 20-day EMA at $3.32 is displaying an upward trend, alongside a positive RSI, indicating buyer strength. If support holds, a breakout above $4 is possible, with prospects of advancing to $5 and $5.50. However, a price retreat below the EMA could push Toncoin back to $3.

Chainlink Price Analysis

Chainlink rose above the 20-day EMA at $14.59 on March 19 but could not sustain the momentum afterward. The price has since dropped below the 20-day EMA, highlighting bearish pressure. The next critical support lies at $12. A rebound from current levels or $12 could indicate a shift back to buying on dips, leading to potential gains. However, further declines could challenge psychological support at $10.

UNUS SED LEO Price Analysis

UNUS SED LEO continues to struggle below the $10 resistance level, with the market failing to provide clear bullish or bearish momentum. If the price drops below $9.60, it may indicate strengthening bearish positions, leading to potential declines. Conversely, a breakout above $9.90 could complete a bullish formation, propelling LEO towards $12.04.