Price analysis 3/17: SPX, DXY, BTC, ETH, XRP, BNB, SOL, DOGE, ADA, PI
Bitcoin (BTC) remains resilient, maintaining an upward trend above $80,000 since March 11. This indicates a strong bullish sentiment among investors, who appear unperturbed by the prospect of a market correction. However, the inability to push beyond $86,000 suggests persistent selling pressure from bears, who continue to capitalize on price rallies.
Recent data from CoinShares reveals a significant outflow from cryptocurrency exchange-traded products (ETPs), amounting to $1.7 billion last week alone. This brings the total outflows over the past five weeks to a staggering $6.4 billion. The current streak of outflows has now reached 17 consecutive days, marking the longest negative trend since CoinShares began tracking in 2015. Despite these figures, long-term holders may find solace in the market dynamics, as noted by CryptoQuant contributor ShayanBTC, who identified an accumulation pattern among investors who bought Bitcoin three to six months ago. Historically, such behaviors have often preceded market recoveries.
### S&P 500 Index Price Analysis
In parallel to the cryptocurrency market, the S&P 500 Index (SPX) is undergoing a corrective phase. A notable drop to 5,504 on March 13 triggered the relative strength index (RSI) to enter oversold conditions, hinting at a potential relief rally on the horizon. Bears are likely to defend the resistance zone between 5,670 and 5,773; if they succeed, negative sentiment may prevail, leading traders to sell on rallies. This could push the index down to 5,400, a critical level that bulls will strongly defend. Should the index manage to close above the 20-day exponential moving average (5,780), it could gain momentum towards the 50-day simple moving average (5,938).
### Bitcoin Price Dynamics
As for Bitcoin, the cryptocurrency is attempting to carve out a higher low, indicating strength in its pursuit of breaking through the 200-day SMA, currently positioned at $84,112. Positive divergence on the RSI suggests that bearish momentum may be waning. If buyers take charge and elevate the price above the 20-day EMA ($85,808), it could pave the way for a rise to the 50-day SMA ($92,621). Conversely, a sharp retracement from the 200-day SMA would illustrate bears flipping this level to resistance, potentially dragging the price down towards $80,000 and subsequently $76,606.
### Ether Price Movement
Ether (ETH) is currently oscillating between $1,963 and $1,821, indicating a lack of aggressive buying interest at these levels. A dip below the $1,821 to $1,754 support range would signal a reversion to a downtrend, with the next primary support at $1,550. On a positive note, a breakout above the 20-day EMA ($2,107) could nudge the price towards the 50-day SMA ($2,514), where sellers are anticipated to re-emerge.
### XRP Analysis
XRP (XRP) faced resistance at the 50-day SMA ($2.51) on March 15, reinforcing the bearish sentiment. The current position of the 20-day EMA ($2.34) is flat, with the RSI hovering near the midpoint, suggesting a balance in market dynamics. The XRP/USDT pair could remain confined between the 50-day SMA and $2. A breakthrough above the 50-day SMA could trigger a rally towards $3, while a fall below $2 might complete a head-and-shoulders pattern leading to a decline to $1.28.
### BNB Price Outlook
BNB (BNB) shows encouraging signs, having rebounded from the 20-day EMA ($598) and surpassed the 50-day SMA ($620), indicating the potential end of its recent correction. The upward trend in the 20-day EMA and an RSI in positive territory suggest that bulls could take the upper hand. Sustaining above the 50-day SMA could set the stage for a rally towards $686, and eventually $745. The 20-day EMA’s significance as a support level is crucial, as a fall below it would imply that bears have regained control.
### Solana Strategy
Solana (SOL) is currently retreating from the 20-day EMA ($139), indicating aggressive bear defense. The SOL/USDT pair may decline to support levels of $120 and $110, where buying interest is expected to revive. A rebound from this area could attract bulls to breach the 20-day EMA again, with targets set as high as $180. If the downward trend continues and the price falls below this support zone, it could descend to $100 and even $80.
### Dogecoin and Cardano Insights
Dogecoin (DOGE) has shown incremental gains toward the 20-day EMA ($0.19), an essential resistance level. A decline from this point could send DOGE down towards $0.14, while a successful break above the 20-day EMA could trigger a rise to $0.23 and ultimately $0.29.
Conversely, Cardano (ADA) remains constrained below the 20-day EMA ($0.76) yet has managed to hold above the uptrend line, suggesting an easing in selling pressure. A push above the moving averages could see ADA climb to $1.02, though bears may resist here. Should the price retest lower levels, it might see a drop to $0.50 if the uptrend line is breached.
### Pi Support Levels
Pi (PI) has been gently touching down towards the $1.23 support, likely to engage bullish activity. A strong rebound could propel the PI/USDT pair back towards $1.80, with sellers anticipated at this level. Should market conditions allow the bulls to prevail, the potential for a rally to $2 exists. However, if sellers dominate and push prices beyond $1.23, the pair may decline to $0.72.
This analysis comprehensively covers the current status and potential trajectories of notable cryptocurrencies, offering insights into market dynamics and potential trading actions. However, keep in mind that trading in cryptocurrencies entails inherent risks and it’s crucial to conduct thorough research before making any investment decisions.
