Technical analysis on March 18: BTC, ETH, XRP, BNB, SPX, DXY, SOL, DOGE, ADA, PI

Bitcoin has maintained above $80,000 since 3/11, indicating that the bulls are not waiting for a deeper correction to buy. However, the inability to push the price above $86,000 shows that the bears have not given up and continue to sell as the price rises.

CoinShares' weekly report shows that (ETP) crypto exchange traded products saw outflows of $1.7 billion last week, bringing total outflows over the past year to $6.4 billion. Additionally, the consecutive outflow days have extended to 17 days, marking the longest negative streak since CoinShares began tracking data in 2015.

However, not all news is bad for long-term investors. According to contributions from CryptoQuant, ShayanBTC noted that investors who bought Bitcoin about three to six months ago are showing signs of accumulation. History has shown that similar behavior has played a crucial role in shaping market bottoms and triggering new uptrends.

Technical analysis BTC

Bitcoin is trying to form a higher short-term bottom, strengthening its power to rise above the 200-day moving average (SMA) at $84,112.

BTC/USDT daily chart | Source: TradingView(Positive divergence on the )RSI( suggests weakening downward momentum. If buyers push the price above the )20-day Exponential Moving Average( (EMA) at $85.808, the BTC/USDT pair could rise towards the 50-day Simple Moving Average (SMA) at $92.621.

On the contrary, if the price sharply reverses from the 200-day SMA, it shows that the bearish side is trying to turn this level into resistance. At that time, the price could drop to $80,000, even down to $76,606.

ETH Technical Analysis

Ether has traded in the range from $1,963 to $1,821, indicating a lack of strong buying pressure at the current price level.

![])https://img.gateio.im/social/moments-bd7996e180c99c57afcec446f5e1adf2(ETH/USDT daily chart | Source: TradingViewIf the price drops below the support zone of $1.821-$1.754, it will signal a continuation of the downtrend. At that point, the ETH/USDT pair may plummet to the next important support level at $1.550.

This negative view will be invalidated if the price reverses higher and crosses above the 20-day EMA at $2.107. In that case, the pair could advance to the 50-day SMA at $2.514, where bears might sell aggressively. However, if bulls push the price above the SMA 50-day resistance level, the pair could rise to $2.857.

XRP Technical Analysis

XRP has turned lower from the 50-day SMA at $2.51 on March 15, indicating that the bearish camp is still active at higher price levels.

![])https://img.gateio.im/social/moments-ef2bf4144949c98b48e91b82cb5f4e49(XRP/USDT daily chart | Source: TradingViewThe 20-day EMA line )$2,34( has been sideways and the RSI is near the average level, indicating a balance between supply and demand. The XRP/USDT pair may continue to fluctuate within the range from the 50-day SMA line to $2 for some time.

If the price rises from the current level and crosses the 50-day SMA, it could pave the way for a rise to $3. Conversely, if the price breaks and closes below $2, the head and shoulders pattern will be completed. At that time, the currency pair could drop to $1.28.

Technical Analysis BNB

BNB has risen from the 20-day EMA line of $598) and crossed the 50-day SMA line of $620(, indicating that the correction phase may have ended.

![])https://img.gateio.im/social/moments-fe6096199a257e360f142cd39411e3f3(BNB/USDT daily chart | Source: TradingViewThe 20-day EMA is starting to trend upwards, and the RSI has entered the positive zone, indicating that the bulls are slightly favored. If the price remains above the 50-day SMA, the BNB/USDT pair could rise to $686 and then to $745.

The 20-day EMA is an important support to watch. If the price breaks and closes below the 20-day EMA, it shows that the bears have taken control. At that point, the pair may decline to strong support at $500.

Technical analysis SPX

The S&P 500 index )SPX( is currently undergoing a strong correction. The drop to 5,504 on March 13 pushed the RSI into oversold territory, signaling a potential short-term recovery.

![])https://img.gateio.im/social/moments-77260301b2d67d0139fd6f4cdcd7ffe4(SPX daily chart | Source: TradingViewThe bear camp will try to hinder the recovery momentum in the resistance zone of 5,670-5,773. If successful, it will signal that the sentiment is still negative and traders are selling as prices rise, increasing the risk of dropping to 5,400. The bull camp is expected to defend the 5,400 level with all their might, because if broken, the index could plunge to 5,100.

On the increase, if the price surpasses and closes above the 20-day EMA line at )5.780(, it will signal strength. At that point, the index may advance to the 50-day SMA line at )5.938(.

Technical analysis of DXY

The recovery from the support level of 103.37 on the US Dollar index indicates that the bearish side is still maintaining selling pressure.

![])https://img.gateio.im/social/moments-22886a96c3d9d0efc2dc9be968afa6a4(Daily DXY chart | Source: TradingViewSellers are trying to pull the index below 103.37. If they succeed, the downward trend could expand to 102 and then 101.

On the contrary, if the price turns upwards from the current level and exceeds 104, it will signal the bulls are returning. At that point, the index could rise to the 20-day EMA line )105(, where selling pressure may emerge. If the bulls hold the price range and do not give in to the bears, the prospect of surpassing the 20-day EMA will increase. At that point, the index could rise to the 50-day SMA line )107(.

Technical Analysis of SOL

Solana )SOL( has turned down from the )EMA( 20-day moving average at $139 on March 16, indicating that the bears are actively defending this level.

![])https://img.gateio.im/social/moments-d53055f1016b0cf720c4ccd5e7cc7f83(SOL/USDT daily chart | Source: TradingViewThe SOL/USDT pair may drop to $120 and then to $110, where it is expected to attract buying pressure from the bulls. If the price bounces from the support zone, the bulls will once again try to push the SOL/USDT pair above the 20-day EMA line. If successful, this pair could rise to $180.

This positive outlook will be invalidated if the price continues to drop and breaks below the support zone. In that case, a downtrend to $100 and then to $80 could start.

Technical analysis of DOGE

Dogecoin )DOGE( is gradually rising towards the 20-day EMA level of )$0.19(, which is a significant short-term resistance level.

![])https://img.gateio.im/social/moments-6e23b7a78cbf8f1d76020c218fedba70(DOGE/USDT daily chart | Source: TradingViewIf the price sharply drops from the 20-day EMA, it indicates that the bears are selling on every minor rally. This increases the risk of breaking the $0.14 support level. If that happens, the DOGE/USDT pair could plummet to $0.10.

On the contrary, if the price surpasses and closes above the 20-day EMA, it indicates that selling pressure is gradually decreasing. The pair could rise to the 50-day SMA line )$0.23( and then to $0.29. If the price breaks through and closes above $0.29, it signals that the bulls have regained control.

Technical analysis ADA

Cardano )ADA( has traded below the 20-day EMA line )$0.76( since 8/3, but the bearish side cannot pull the pair down the uptrend line. This indicates that selling pressure is weakening at lower levels.

![])https://img.gateio.im/social/moments-29d5a953e8d7035d37e741230e7c9b2c(ADA/USDT daily chart | Source: TradingViewThe bulls will need to push the price above the moving averages to initiate a sustainable recovery. In that case, the ADA/USDT pair could rise to $1.02, where the bears may continue to exert strong selling pressure.

On the contrary, if the price turns down from the moving averages, it will indicate that the bears are still in control of the market. This increases the likelihood of breaking the uptrend line. If that happens, the pair could drop sharply to $0.50.

Technical Analysis PI

Pi )PI( is gradually decreasing towards the support level of $1.23, where it is expected to attract buying pressure from the bulls.

![])https://img.gateio.im/social/moments-9fe2355d5cd924fb3e488017e079edcb(Daily PI/USDT Chart | Source: TradingViewIf the price surges strongly from $1.23, the PI/USDT pair could attempt to return to $1.80. Bears might create strong resistance at $1.80, but if bulls take control, the pair could rise to $2 and then $2.35.

Conversely, if the price reverses lower from the $1.80 level, it will signal oscillation within the range. At that point, the pair may oscillate between $1.23 and $1.80 for a while. The bears will strengthen their position if the price breaks below $1.23. At that point, the pair may decline to the 78.6% Fibonacci retracement level at $0.72.

You can check the coin price here.

Disclaimer: The article is for informational purposes only, not investment advice. Investors should research carefully before making decisions. We are not responsible for your investment decisions

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