Speculation about the US Federal Reserve tightening cycle and recent geopolitical developments may have resulted in panic selling by short-term traders. Glassnode analysis suggested that merchants who had bought Bitcoin (BTC) near the November 2021 high liquidated their positions in the last two and a half months. This the offering was snapped up by high-conviction investorswhich resulted in a redistribution from weak hands to strong hands.
The crypto market, due to its resilience, continues to draw former detractors into its fold. The last popular figure to have a change of heart is ken griffin, founder of the US multinational hedge fund and financial services company Citadel. In an interview with Bloomberg, Griffin said that Citadel will โget involved in market making in cryptocurrenciesโ in the coming months.
Voyager Digital co-founder and CEO Stephen Ehrlich told Cointelegraph that the company's last quarter was the "best ever, so I certainly feel it's a good time to be in cryptoAlong with businesses, Ehrlich believes crypto investors are likely to be rewarded in the long run.
Will demand remain intact at higher levels and could the recovery extend further in the coming days? Let's analyze the charts of the top 10 cryptocurrencies to find out.
Bitcoin recovery has reached the upper resistance zone between $45,821 and the resistance line of the ascending channel. The bears are expected to defend the area vigorously. The 20-day exponential moving average ($40,797) has started to rise and the RSI is in positive territory, indicating an upside for buyers. If the bulls stop the next drop at the 20-day EMA, it will increase the chance of a break above the channel. If that happens, the BTC/USDT pair could rally to $52,088. Contrary to this assumption, if the price turns down and breaks below the moving averages, it will suggest that the pair could remain stuck inside the channel for a few more days. So, the pair can fall towards the support line of the channel. ether (ETH) broke out and closed above the 50-day simple moving average ($2,860) on Feb 28, indicating that the bulls are attempting a comeback. The moving averages are close to completing a bullish crossover and the RSI is in positive territory, indicating that the path of least resistance is to the upside. If the price bounces off the 20-day EMA ($2,824), it will suggest that the bulls are buying every minor dip. The ETH/USDT pair could rally to the resistance line of the symmetrical triangle pattern. The bears are likely to defend this level aggressively, but if the bulls breach this barrier, the pair could start a new uptrend. Alternatively, if the price breaks below the 20-day EMA, the pair could drop to the support line of the triangle. A breakout and close below the triangle could suggest a resumption of the downtrend. Price action within the triangle is likely to remain volatile. Binance Coin (bnb) broke above the 50-day SMA ($406) on Mar 1, but the long wick on the candle indicates that it is selling higher. The bulls pushed the price above the 50-day SMA again today but are struggling to hold the higher levels. This indicates that the bears are trying to defend the 50-day SMA. If the price turns down from the current level but does not break below the 20-day EMA ($391), it will suggest that the bulls are buying the dips. That will improve the prospects for a breakout and close above the 50-day SMA. If that happens, the BNB/USDT pair could rally to the overhead resistance of $445. This positive view will be invalidated in the short term if the price breaks down and sustains below the 20-day EMA. ripple (XRP) rallied to the downtrend line on Feb 28, where the bears are mounting a strong defense. The price has turned down from the downtrend line and could now drop to the 50-day SMA ($0.72). The flat moving averages and the RSI close to the midpoint suggest a balance between supply and demand. This balance will shift in favor of the buyers if the XRP/USDT pair breaks out and sustains above the downtrend line. The pair could then go up to $0.85 and then $0.91. Conversely, if the price breaks below the 50-day SMA, it will suggest that higher levels continue to witness heavy selling. The pair could then drop to $0.68 and if this level is also broken, the next stop could be the intraday low of Feb 24 at $0.62. The bulls have been trying to hold Terra's MOON token above the overhead resistance at $94 for the past two days, but the bears have not allowed that to happen. The moving averages have completed a bullish crossover, which indicates an upside for the buyers. However, the RSI in overbought territory suggests that the rally may extend in the short term. A failure to push and sustain the price above $94 could draw in traders' profit booking in the short term. That could take the price to $80. If the price bounces off this level, it will suggest that the sentiment remains positive and traders are buying dips. The bulls will once again try to break through the overall hurdle at $94. If they are successful, the LUNA/USDT pair could reach the all-time high of $103 again. Alternatively, a breakout and close below $80 could suggest a deeper correction from the 20-day EMA ($68). solana (SUN) broke above the 20-day EMA ($95) on February 28 and successfully retested on March 1. The bulls are trying hard to push the price above the 50-day SMA ($106). If they are successful, the rally could extend to $122. The 20-day EMA has leveled off and the RSI has risen into the positive zone, which indicates that the bulls are making a comeback. If the bulls push and sustain the price above $122, the SOL/USDT pair will complete a double bottom pattern. The pair could rise to $163. This bullish view will be invalidated in the short term if the price turns down and breaks below the 20-day EMA. Such a move will suggest that demand dries up at higher levels. That could keep the pair in a range between $81 and $122 for a few days. Cardan (THERE ARE) has reached the breakdown level at $1. This is an important level for bears to defend because a break and close above it will suggest that the markets have rejected the lower levels. The flat moving averages and the RSI just below the midpoint suggest that the bears may be losing control. If the bulls push and sustain the price above $1, the ADA/USDT pair could rally to the resistance line of the channel. A breakout and close above the channel will suggest a possible change in trend. Afterwards, the pair could rally to the overhead resistance at $1.60. This bullish view will be invalidated if the price falls sharply from the current level. In that case, the pair can retest the support at $0.82. Related: Solana price targets $150 as SOL's 25% jump this week brings 'double bottom' into play Avalanche (AVAX) broke above the moving averages on February 28 and reached the downtrend line of the descending channel on March 1. The bears try to defend this level as they have done on three previous occasions. If the price falls from the current level but does not break below the moving averages, it will suggest that the sentiment may have changed from selling on the upside to buying on the downside. Then, the bulls will make one more attempt to push and hold the price above the channel. If they are successful, it will be a sign of a possible trend reversal. The AVAX/USDT pair could rally to $100. Conversely, if the price breaks down below the moving averages, it will suggest that the bears continue to sell aggressively. The pair could then drop to $64. Moles (POINT) broke out and closed above the 20-day EMA ($18) on Feb 28, but the bulls have not been able to overcome the general hurdle at the 50-day SMA ($20). This indicates that the bears continue to sell at higher levels. The 20-day EMA has flattened out and the RSI is just above the midpoint, which indicates possible range-bound action in the short term. If the buyers push the price above the 50-day SMA, the DOT/USDT pair could rally to $23. Contrary to this assumption, if the price turns down from the current level and falls below the 20-day EMA, the pair could retest the strong support zone at $16-$14. The bears will have to pull the price below this zone to resume the downtrend. doecoin (DOGE) rebounded sharply from the support at $0.12 on Feb 28, which indicates that the bulls are aggressively defending the level. The relief rally is facing resistance at the 20-day EMA ($0.13), which suggests that the bears have not given up yet and continue to sell on the rallies. If the price turns down from the moving averages, the DOGE/USDT pair could drop to $0.12. This is an important level for the bulls to defend because a break below could take the pair to the psychological support at $0.10. Conversely, if the price breaks above the moving averages, the pair could rally to the overhead resistance of $0.17. Upside momentum could pick up above this level. The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph. Every investment and trading move involves risk. You should do your own research when making a decision. Market data is provided by HitBTC exchange.
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