In this article, we focus on analyst Rakesh Upadhyay’s predictions for BTC, ETH, BNB, XRP, LUNA, SOL, ADA, AVAX, DOT and DOGE. Bitcoin and a few altcoins are giving early signs that the bear trend may be ending, but breaking higher could be difficult.
BTC rose but…
Bitcoin (BTC) rallied on March 9 as Dow futures rallied sharply and US Treasury Secretary Janet Yellen’s statement about President Joe Biden’s executive order on digital assets, which was inadvertently issued the day before, contained positive statements about the crypto industry. However, Bloomberg Intelligence senior commodity strategist Mike McGlone appears cautious and warns that the current geopolitical situation and rising crude oil prices are causing a global recession. Bitcoin and Ether may initially face selling pressure.
The failure of the bears to push the price below the $37,000 immediate support may have attracted strong buying from the bulls. Bitcoin broke above the moving averages on March 9. The relative strength index (RSI) has jumped into positive territory, indicating that the momentum could turn bullish. If buyers sustain the price above the moving averages, the BTC/USDT pair could rally into the overhead zone between $45,000 and the resistance line of the ascending channel. Bears are expected to fiercely defend this territory. If the price drops from the general zone, the pair could extend its stay inside the channel for a few more days. The bears will have to push and sustain the price below the support line of the channel to gain control.
Future levels for ETH
The bears failed to capitalize on the break below the symmetrical triangle. Strong buys by the bulls near $2,400 started a recovery and Ether (ETH) re-entered the triangle. This suggests that the recent crash could be a bear trap. The bulls are trying to push and sustain the price above the moving averages. If they do, the ETH/USDT pair could rise to the resistance line of the triangle. If the bulls break this hurdle, it will suggest the possible start of a new uptrend. According to the analyst, the pair could rise towards the psychological level at $4,000 first and then make a breakthrough towards the pattern target at $4,311. The bears will need to push the pair below $2,400 to gain the upper hand.
BNB/USDT. Binance Coin (BNB) broke above the 50-day simple moving average (SMA) ($392) and if the bulls sustain higher, the upside could reach the overhead resistance at $445. The bears are likely to make a strong defense at $445. If the price drops from this level, the BNB/USDT pair could drop to the moving averages. The stable 20-day exponential moving average (EMA) ($387) and the RSI near the midpoint suggest a balance between supply and demand. If the bulls fail to sustain the price above the 50-day SMA, the bears will take their chances and try to push the pair to the support at $350.
Future levels for XRP and Doge
The bulls continue to defend the 50-day SMA ($0.72), which points to strong demand at the lower levels. Buyers will now try to push and sustain Ripple (XRP) above the downtrend line. If they are successful, the buying could accelerate and the XRP/USDT pair could rally to the overhead zone between $0.85 and $0.91. This zone may offer strong resistance from the bears, but if the bulls bulldoze their way, the pair could rise to the psychological level at $1. On the downside, the bears will have to push and sustain the price below $0.68 to turn the tables in their favour. The pair could then decline to the February 24 intraday low of $0.62.
LUNA/USDT. Terra’s LUNA token bounced off the 20-day EMA ($77) on March 8, indicating that the sentiment is positive and traders are buying on the dips. The bulls pushed the price above the overhead resistance at $94 and the LUNA/USDT pair is now close to its all-time high of $103. This level will likely act as a stiff resistance, but if the bulls break through this hurdle, it will suggest the start of a new uptrend. The pair could rally higher towards $125 later. Alternatively, if the rally stops at $103, the bears will try to push the price below $94.
Positive divergence for the left
SOL/USDT. Solana (SOL) bounced off critical support at $81, indicating strong demand at this level. The RSI has formed a positive divergence suggesting that selling pressure may drop. The bulls will now try to push the price above the downtrend line. If they succeed, it will invalidate the developing descending triangle pattern. Such a move could soon be closed by aggressive bulls, pushing the price towards the overhead resistance at $122. If the bulls break this hurdle, it could signal the start of a new uptrend. This bullish assumption will be invalidated if the price drops and breaks below the strong support at $81.
ADA/USDT. Cardano (ADA) retraced the $0.74 support, showing the bulls buying on the dips. The bulls will now try to push the price above the 20-day EMA ($0.90) and challenge the psychological level at $1. If the price drops below $1, it indicates that the bears continue to sell higher. The ADA/USDT pair could then spend some time in the $0.74 to $1 range. The downtrend could resume if the bears sink the price below $0.74. The pair could then decline to the next support at $0.68. On the other hand, if the bulls hold and sustain the price above $1, it will signal a possible change in the short-term trend.
Bulls on AVAX
AVAX/USDT. AVAX has bounced off the uptrend line, which indicates that the bulls continue to buy on dips to this level. Buyers will now try to push the price to the downtrend line of the descending channel. A break and close above the channel will signal a potential change in trend. The AVAX/USDT pair could then rise to the psychological level at $100. However, this may not be easy because the price has bounced back from the downtrend line the previous four times. The bears will again try to stall the upward movement at this level. If the price turns down from the downtrend line, the bears will try to push the pair back below the uptrend line.
DOT/USDT. The bulls held the support at $16 on March 7, which is a positive sign. Polkadot (DOT) will now attempt to break above the 50-day SMA ($18), which is an important level to watch out for. If the price continues above the 50-day SMA, it will indicate a possible change in the short-term trend. The DOT/USDT pair could then rise to the overhead resistance at $23. A break and close above this level could mark the start of a new uptrend with the initial target at $30 followed by $32. Contrary to this assumption, if the price drops from the 50-day SMA, it will show that the bears are not willing to give up and are selling in the rallies. This will increase the likelihood of a break below $16.
Fresh predictions for DOGE
Dogecoin (DOGE) broke and closed below $0.12 on March 7, but the bears failed to capitalize on this breakout. This shows that the Doge bulls are aggressively defending the zone between $0.12 and $0.10. Doge bulls pushed the price back above the breakout level at $0.12. If the DOGE/USDT pair continues above this level, the bulls will try to push the price above the moving averages. If they are successful, it suggests the bears may be losing control. The pair could later rise to the overhead resistance at $0.17. Contrary to this assumption, a drop in price from the moving averages will indicate that the bears have not given up yet and are selling in the rallies.