Home > NEWS > Price analysis 3/1: BTC, ETH, BNB, XRP, ADA, DOGE, MATIC, SOL, DOT, LTC

Price analysis 3/1: BTC, ETH, BNB, XRP, ADA, DOGE, MATIC, SOL, DOT, LTC

Bitcoin started March on a positive note, but historically, the month has recorded mediocre gains, which could be an early warning sign for crypto investors.

BTC (BTC) rose slightly in February, although the s & p 500index (SPX) fell 2.61%. On March 1, Bitcoin got off to a proactive start, while US stocks were beset with difficulties. This suggests that BTC is trying to link to US stocks.

One sign of initiative is that investor traders seem to have taken full advantage of this mysterious bear market. Instead of being at a loss to sell holdings, traders buy at a relatively low level. According to Glassnode, owning at least one BTC wallet continues to grow, approaching 1 million for the first time so far.

Historically, March has been the main flat month for BTC. Coinglass statistics show that at the end of the past decade, BTC could only end March trading with double-digit increases in 2013 and 2021. As a result, the probability of finishing sideways again in March is still very high.

What does it mean that it will be an important obstacle to the recovery of Bitcoin and alternative coins? Let's take a look at the data charts of the top ten digital currencies to find out.

BTC/USDT

In the past few days, the $22800 level of BTC (BTC) has been a solid support point, which is a sign of initiative. This shows that hot-spot sectors are still rising, and traders see the decline as a buying opportunity.

Duotou has already cleared the first obstacle to the 20-day index moving moving average (EMA) ($23435). The next step will be to try to lead the price to the important resistance level of $25250. This is an important defensive level for short sellers, as a rise and close may attract a large number of stock buyers. Next, the price of gold is likely to soar to $31000, as there is no significant resistance to each other.

Conversely, if the price of gold falls from $25250, it will indicate that the pair is likely to maintain its ups and downs for a few days. Tidying up sideways around the local taller area is a rising sign because it shows that customers are in no hurry to withdraw. Bears will be forced to keep oil prices below $22800 in order to weaken the upward mentality. This could trigger an adjustment to $20,000.

ETH/USDT

Even after a long attempt, the bears have yet to break below the 50-day moving average (SMA) at ETH ($1600). This shows that Shuangtou has bought to the fixed point of the 50-day moving average.

Customers will try to strengthen their position by pushing the price up to the resistance area between $1680 and $1743. If he does, the ETH/USDT pair is likely to gradually bounce back to $2000. Bears may make a strong test of $1800, but that level is likely to be raised.

The first sign of weakness is undoubtedly to ascend and close below the 50-day moving average. If such a thing happens, Shuangtou is likely to make a profit in the short term. Subsequently, the pair is likely to fall to the support line around $1500.

BNB/USDT

The market prices of the past few months have formed a symmetrical triangular layout in BNB (BNB). This shows that both the buyer and the seller are hesitant.

Duplex bought the support line that fell to support on March 1, but the long bulbs in the candlestick that day showed that the bears had fiercely guarded the moving average. If the price falls through the triangle, the BNB/USDT pair is likely to plummet to $280.

Conversely, if the customer pushes the price above the moving average, the currency pair may reach the resistance line of the triangle. This is still an important level of concern recently, as raising this level may gradually rise to $340 and then to the overall structural goal of $371.

XRP/USDT

Even after many attempts, the bears have not yet pulled XRP (XRP) to a strong support point of 36 cents. This shows that the pressure of sales work has been alleviated.

Shuangtou will now try to promote the resistance line of the downward trend of rising prices. If he succeeds, the XRP/USDT pair is likely to rise to the resistance level of $0.43. Customers will be forced to pierce this resistance, clearing the way for a likely rebound to $0.52.

The short sellers may have other options. They will once again try to postpone recovery on the resistance net in Asia and Europe. If gold prices fall as a result, the chances of falling below $0.36 will also increase. Subsequently, the pair could fall to $0.33.

ADA/USDT

Cardano's ADA is trying to bounce back from the strong support line around 34 cents. The rebound may encounter resistance at the 20-day moving average ($0.37), as bears will try to turn that level into resistance.

If the price turns down at the 20-day moving average, the bears will try to pull the ADA/USDT currency pair below the 34-dollar support line. If he guarantees this, the pair is likely to make a deeper adjustment, falling to $0.32 and then rising to $0.30.

Conversely, if the double head pushes the price above the moving average, it will represent a huge amount of money to buy at a lower level. The two of them may then try to bounce back to the resistance level of the developing inverted shoulder (Houses) style.

Doge/USDT

In the past few days, Shuangtou defended the perimeter support of $0.08 very well, but failed to complete a strong rebound in Dogecoin (Doge). This shows that there is a lack of requirements at a higher level.

The market prices of the past few months have formed a bullish downward triangle, which will take place during the break and close below the support line around $0.08. The purpose of this negative setting is $0.06.

Conversely, if the customer pushes the price above the moving average, the bullish setting will be invalid. This could lead to aggressive shorts filling the gap. The Doge/USDT currency pair is then likely to try to bounce back to $0.10.

Ma Jiqi / UN Food and Agriculture Organization

Polygon's Ma Jiqi (Ma Jiqi) 's big adjustment found support in the 50-day moving average ($1.17). The duo tried to recover, but the long bulbs in the candlestick indicated that bears began to sell more to the 20-day moving average ($1.28).

If the price of gold falls again, bears will once again consider pulling the Marjic / dollar exchange rate below the 50-day moving average. If he succeeds in doing so, the pair could fall to the important support line of $1.05. This level is likely to attract solid stock buying from both heads.

On the other hand, an increase of $1.30 may give double-headed gallbladder training. He will then try to lead the price to the resistance level of $1.57. This wave of gains will also be hampered at $1.42 and $1.50.

SOL/USDT

Solana's SOL fell from its 20-day moving average ($23.02) on Feb. 27, suggesting that bears are trying to turn that level into resistance.

However, Shuangtou did not give up, they once again tried to push the price above the 20-day moving average. Continuous testing of resistance for a short period of time usually weakens resistance. If the customer kicks the price above the 20-day moving average, the SOL/USDT pair may touch the resistance line.

This is still an important level of concern recently, because raising and closing above this level will mean an implicit shift in the trend of development. If bears need to gain the upper hand, he will be forced to let the currency pair fall below the support line of $19.68.

DOT/USDT

On February 28th the DOT (DOT) of Polkadotmund fell below 50-day SMA ($6.43), but bears could not take advantage of this advantage. This suggests that customers are trying to lure aggressive bears.

The 20-day moving average ($6.68) is a key level to watch recently. If the customer pushes the price above this level, it will show that the adjustment process is likely to be over in the short term. Subsequently, the duo will try to direct the price to the emerging resistance level in the opposite direction.

Or, if the DOT/USDT pair turns down again from the 20-day moving average, it will indicate that the bears have turned that level into resistance. This will increase the probability that oil prices will fall to $5.50.

LTC/USDT

Litecoin's adjustment found strong support in 50-day SMA ($92). This shows that the relatively low standard attracts customers again.

On March 1, the duo pushed the price of gold back above its 20-day moving average ($95), opening the door to resistance that is likely to bounce back to $106. This level is likely to constitute a solid obstacle, so if the two sides break through the hurdle, the LTC/USDT pair is likely to rise to $115,130 later.

The important basis to note during the decline is the area between the 50-day moving average and $88. If the area splits, sales are likely to accelerate, and the pair could fall to $81 and then to $75.

by wjb news
© 2023 WJB All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.

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