Cryptocurrencies Reviews for March 2023

Dogecoin has been gradually grinding down toward the strong support near $0.07 but a minor positive is that lower levels are attracting buyers, as seen from the long tail on the March 6 and March 7 candlestick. The bulls are trying to push the price toward the breakdown level of $0.08. This level is likely to attract strong selling by the bears. If the price turns down from $0.08, the DOGE/USDT pair may drop to $0.07 and remain stuck between these two levels for some time. The bears may find it difficult to break the support near $0.07 but if they do, the pair could tumble to the next major support near $0.06. On the upside, a break and close above the downtrend line will signal the start of a possible recovery toward $0.10.

XRP rebounded off the $0.36 support with strength and soared above the resistance line of the descending channel on March 8, a sign that the bulls are buying with full force. If buyers sustain the price above the 50-day simple moving average ($0.39), it will suggest a potential trend change in the near term. The XRP/USDT pair may then start its march toward $0.43 where the bears are again likely to mount a strong defense. If the price turns down from this level, the pair may oscillate between $0.36 and $0.43 for a while longer. Conversely, if the price turns down from the current level, it will suggest that the bears are not willing to let the bulls have their way. Sellers will then again try to pull the pair below $0.36 and clear the path for a possible drop to $0.33.

BNB bounced off the $280 support on March 6 and March 7 but the bears pounced at higher levels. This suggests that the sentiment remains negative and every minor recovery is being sold into. If the $280 gives way, the BNB/USDT pair will complete a bearish head and shoulders pattern. This negative setup may start a downward move to $245 where buyers will try to arrest the decline. Another possibility is that the bulls sustain the current rebound. Such a move will indicate that the buyers are fiercely defending the $280 support. That may start a recovery to the 20-day EMA ($299). The bears are expected to sell the rally to the 20-day EMA. If that happens, the pair may again slide to $280. On the contrary, a break above the 20-day EMA will be the first sign that suggests the bears may be losing their grip.

Buyers are trying to protect the $1,550 level on Ether but a minor negative is that they have failed to achieve a strong rebound off it. This suggests that the bears are selling on every small recovery. The 20-day exponential moving average ($1,599) has started to turn down and the RSI is in the negative zone, indicating that bears have the upper hand. If the $1,550 support cracks, the ETH/USDT pair may drop to $1,461. This level may again attract strong buying by the bulls. If the price rebounds off this level with strength, it will suggest that the pair may consolidate between $1,461 and $1,743 for some time. Contrarily, a break below $1,461 will open the doors for a possible drop to $1,352. This level may again attract strong buying by the bulls.

The bulls are finding it difficult to push Bitcoin back above the breakdown level of $22,800. This suggests a lack of aggressive buying at current levels. That could pull the price down to the crucial support of $21,480. This is the make-or-break level in the near term. The moving averages have completed a bearish crossover and the relative strength index (RSI) is in the negative territory, indicating that bears are in command. If the price breaks below $21,480, the bears will fancy their chances. They will then try to yank the price to the psychologically important level of $20,000. Buyers are expected to defend the zone between $21,480 and $20,000 with all their might because a break below it may witness aggressive selling. If bulls want to prevent the sharp decline, they will have to quickly push the price back above the moving averages. That could signal a possible range-bound action between $21,480 and $25,250.

Bitcoin rebounded off the $22,800 support on Feb. 25 and rose above the 20-day EMA ($23,417) on Feb. 26. This suggests that lower levels are attracting buyers. However, the bears may not give up easily. They will try to pull the price back below the 20-day EMA and challenge the 50-day simple moving average, or SMA ($22,433). If this level gives way, the BTC/USDT pair may plummet to the next major support at $21,480. Alternatively, if the price once again bounces off $22,800, it will signal that buyers are fiercely defending this level. That may indicate a range-bound action between $22,800 and $25,250 for a few days.

Ether rebounded off the 50-day SMA ($1,587) on Feb. 25, indicating that the bulls are fiercely defending this level. The 20-day EMA ($1,626) has flattened out, and the RSI is just above the midpoint, indicating a balance between supply and demand. This balance will tilt in favor of the bulls if they thrust and close the price above $1,680. The ETH/USDT pair will then attempt to rise above the $1,800 resistance and start its journey toward the psychological level of $2,000. Alternatively, if the price once again turns down from the overhead resistance, it will indicate that bears are not willing to give up. That may increase the possibility of a break below the 50-day SMA. The pair could then drop to $1,460 and later to $1,352.

BNB broke and closed below the 50-day SMA ($307) on Feb. 24, but the bulls purchased the dip and pushed the price to the 20-day EMA ($309) on Feb. 26. This level is attracting selling by the bears. If the price turns down and breaks below $295, it will indicate that sellers have flipped the 20-day EMA into resistance. The BNB/USDT pair could then tumble toward the critical support at $280. This is an important level to watch out for because a bounce off it may point to a range formation between $280 and $318 for some time. The next trending move in the short term could begin if buyers drive the price above $318 or bears sink the price below $280.

Bitcoin’s tight consolidation near $25,000 suggests that bulls are holding on to their positions in anticipation of a breakout to a new 2023 high. Bitcoin rose more than 11% last week and is trading near the pivotal resistance at $25,000. Monitoring resource Material Indicators highlighted in its latest update that large-volume traders were “thinning” overhead resistance, which could spark a rally. As prices rise, retail traders may get sucked in, and whales could use this opportunity to sell their positions that were accumulated at lower levels. Every uptrend witnesses several pullbacks, and Bitcoin is no exception. However, the price action of the past several months shows a large basing pattern, which may be about to break out to the upside. If that happens, Bitcoin will signal a potential trend change.

Buyers pushed Ether above the overhead resistance of $1,680 on Feb. 17 and thwarted attempts by the bears to pull the price back below the breakout level. The upsloping moving averages and the RSI in the positive zone indicate that the path of least resistance is to the upside. The ETH/USDT pair could first rise to $1,800 and then continue its journey toward the next resistance at $2,000. Sellers are expected to fiercely defend the zone between $2,000 and $2,200. This bullish view could invalidate in the near term if the price turns down from the current level and breaks below $1.460. The pair may then slump to the strong support at $1,352.

XRP’s price has been falling in a descending channel pattern. The 20-day EMA ($0.39) is flattish, but the RSI has risen above 54, indicating that bulls are trying to start a recovery. If the price ascends and sustains above the resistance line of the channel, the XRP/USDT pair may start a rally to the crucial overhead level of $0.43. A break and close above this level could open the gates for a possible spurt to $0.51. Contrarily, if the price turns down from the current level and sustains below the moving averages, it will suggest that bears are not willing to give up without a fight. The pair could first slide to $0.36 and then to the support line of the channel.

Cardano’s ADA is getting squeezed between the neckline and the 20-day EMA ($0.38). This tight range trading suggests that bulls are buying the dips to the 20-day EMA as they anticipate a move higher. The upsloping moving averages and the RSI in the positive territory indicate that bulls have the upper hand. A break and close above $0.42 will complete a bullish inverse H&S pattern. This setup could attract further buying and push the price toward $0.50. The target objective of this reversal pattern is $0.60. Alternatively, if the price turns down and breaks below the 20-day EMA, it will give an opportunity to the bears to make a comeback. The pair could then slide to the strong support at $0.34.

Bitcoin and select altcoins are threatening to deepen their correction after reports emerged that the United States Securities and Exchange Commission (SEC) issued a Wells Notice to Paxos, alleging that the dollar-pegged Binance USD stablecoin is an unregistered security. Separately, Paxos has been ordered by the New York Department of Financial Services (NYDFS) to halt the issuance of BUSD. After the crackdown on Kraken last week and now Paxos, the regulator’s actions may increase nervousness among crypto investors. FOX Business journalist Eleanor Terrett tweeted on Feb. 12 that “more Wells notices going out in the coming 2-3 weeks, I’m told.” Volatility may remain high in the near term as market observers await the consumer price index data to be released on Feb. 14. Interestingly, Bitcoin has made a golden cross on the daily chart and a death cross on the weekly time frame. This suggests that the medium-term trend remains negative but the short-term trend could be signaling a turnaround. Let’s study the charts to find out the critical support and resistance levels to watch out for.

Ether is struggling to find its footing at the $1,500 support. The 20-day EMA ($1,567) has turned down and the RSI is in the negative territory, indicating that bears have the upper hand. If the 50-day SMA ($1,483) fails to arrest the decline, the selling could accelerate and the ETH/USDT pair may fall to the solid support at $1,352. This level may attract aggressive buying by the bulls. If the price rebounds off it, the pair may oscillate between $1,352 and $1,680 for some time. Another possibility is that the price turns up from the 50-day SMA and breaks above the 20-day EMA. The pair could then rally to $1,680, which remains the key level for the bulls to surmount.

BNB faced rejection at $318 on Feb. 12, suggesting that bears are selling on rallies. The bears will try to strengthen their position further by dragging the price below the strong support at $280. The 20-day EMA ($310) has started to turn down and the RSI is in the negative territory, indicating that bears are at an advantage. If the $280 level collapses, the BNB/USDT pair may witness aggressive selling. The next support is $250. Conversely, if the price jumps up from $280, the bulls will again try to push the pair above $318. If they succeed, the pair could rise to the neckline of the developing inverse head and shoulders pattern.

The bulls failed to protect the 50-day SMA ($0.38), indicating a lack of demand at lower levels. XRP’s next support is at $0.36. The 20-day EMA ($0.39) has started to turn down and the RSI has slipped into the negative territory, indicating that bears have the edge. Even if the price rebounds off $0.36, the bears will try to sell on rallies to the 20-day EMA. If the price turns down from this level, it will increase the likelihood of a break below $0.36. The XRP/USDT pair could then plunge to $0.33. Alternatively, if the price turns up and rises above the 20-day EMA, the pair may remain stuck between $0.36 and $0.43 for a while longer.

Dogecoin is witnessing a tough battle between the bulls and the bears near the moving averages. A minor positive is that the bulls have not allowed the price to sustain below the 50-day SMA ($0.08). If buyers propel the price above the 20-day EMA, the DOGE/USDT pair could rise to the psychological resistance at $0.10. The bears are expected to protect the zone between $0.10 and $0.11 with vigor because if it is scaled, the pair could pick up momentum and skyrocket to $0.15. Conversely, if the price sustains below the 50-day SMA, the bears will attempt to sink the pair to the critical support at $0.07. This level is likely to attract aggressive buying by the bulls.

Buyers pushed BNB’s price above the $335.50 resistance on Feb. 5. But the long wick on the candlestick shows that bears are selling at higher levels. The price pulled back to the breakout level of $318 where the bulls are buying aggressively as seen from the long tail on the Feb. 6 candlestick. The bears will have to sink the price below the 20-day EMA ($312) to clear the path for a decline to the 50-day SMA ($281). Conversely, if the price turns up from the current level and breaks above $338, it will suggest that the bulls have flipped the $318 level into support. The BNB/USDT pair will then likely resume the rally and reach $360. This level should provide solid resistance but if the bulls clear it, the next big hurdle will be $400.

Bitcoin bounced off the $22,800 support on Feb. 1, indicating that bulls are buying the dip to this level. The bulls pushed the price above $24,000 on Feb. 2 but could not sustain the higher levels. The rising moving averages and the relative strength (RSI) in the overbought zone indicate that the path of least resistance is to the upside. If the price rises from the current $22,800, the BTC/USDT pair could surge to $25,000. This level is likely to act as a formidable barrier. The first sign of weakness will be a break and close below the 20-day exponential moving average (EMA) ($22,279). That could trigger the stops of several short-term traders and the pair could fall to $21,480.

Buyers propelled Ether above the overhead resistance of $1,680 on Feb. 2, but they could not sustain the breakout. The price gave up all the gains on the day and closed below $1,680. The upsloping 20-day EMA ($1,571) and the RSI in the positive territory indicate that bulls are in control. They may again attempt to overcome the overhead barrier at $1,680 and start the journey to $2,000. The $1,800 level may provide some resistance, but it is likely to be crossed. Bears will have to sell aggressively and yank the price below the 20-day EMA if they want to gain the upper hand. If they can pull it off, the ETH/USDT pair may decline to $1,500 and if this support cracks, the pullback could eventually reach $1,352.