Price Analysis on March 25: Major Market Trends in SPX, DXY, and Cryptocurrencies Including Bitcoin, Ethereum, and Altcoins.
Key Takeaways
- Bitcoin has started the week positively and is trying to maintain above the $70,000 level.
- Analysts are hopeful of a reversal this week following five successive days of negative inflows into spot Bitcoin exchange-traded funds (ETFs) last week.
- The price battles for key $69K as Bitcoin nears short liquidation zone.
Bitcoin (BTC)
Price Analysis
Bitcoin has been trading in a range-bound manner between $68,000 and $73,000. The bulls are trying to push the price above $73,000, while the bears are defending the support at $68,000.
Technical Indicators
The 20-day EMA is sloping up, indicating a bullish trend. The RSI is also in the positive territory, suggesting that the bulls have the upper hand.
Conclusion
The bulls need to push the price above $73,000 to continue the uptrend. If they succeed, the next target could be $80,000. However, if the bears manage to drag the price below $68,000, it will suggest a reversal in the trend.
Altcoins: Analysis and Prediction
Dogecoin (DOGE)
Dogecoin’s relief rally has reached the stiff resistance at $0.19, where the bears are expected to mount a strong defense. The 20-day EMA is sloping up, and the RSI is in the positive territory, indicating that the bulls have the upper hand.
Prediction
If buyers do not give up much ground from the current level, the likelihood of a rally above $0.19 increases. The DOGE/USDT pair may jump to $0.23 and subsequently to $0.30.
Cardano (ADA)
Cardano’s recovery has reached the 20-day EMA ($0.66), a crucial resistance to keep an eye on. If the price turns down from the overhead resistance, it will suggest that the bears continue to view the relief rallies as a selling opportunity.
Prediction
The ADA/USDT pair could then again drop to $0.57. If this support gives way, the pair will complete a bearish head-and-shoulders pattern. Conversely, if the price rises above $0.70, it will suggest that the bulls are back in the game.
Avalanche (AVAX)
Avalanche has stayed above the breakout level of $50 in the past few days, indicating solid demand from the bulls. Both moving averages are sloping up, and the RSI is in the positive territory, indicating that bulls are in command.
Prediction
There is a minor hurdle at $58, but if it is crossed, the AVAX/USDT pair could retest the critical resistance at $65. The bears are likely to mount a strong defense at this level, but if overcome, the pair could start the next leg of the uptrend to $87.
Conclusion
The cryptocurrency market is highly volatile and can change direction quickly. It’s essential to do your own research and consider multiple sources before making any investment or trading decision.
Disclaimer
This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.
Market Sentiment
The market sentiment is bullish, with many analysts expecting a reversal in the trend this week. However, it’s essential to stay cautious and not get caught up in the hype.
Trading Tips
- Stay informed about market news and trends.
- Set clear goals and risk management strategies before trading or investing.
- Diversify your portfolio to minimize risk.
- Avoid making impulsive decisions based on emotions.
