Cryptocurrency Price Analysis 3/6: BTC, ETH, BNB, XRP, SOL, DOGE, ADA, BCH, HYPE, XMR
After Bitcoin dropped beneath $70,000 on Friday, market experts have determined that the surge to $74,000 earlier this week represented a temporary relief rally instead of a sustained trend reversal.
Key points:
- Market experts suggest Bitcoin must maintain support above $68,000 to sustain its upward momentum.
- Multiple prominent altcoins have retreated from overhead resistance zones, signaling continued bear dominance.
Bitcoin's (BTC) temporary upward movement faced rejection at the $74,000 threshold, with selling pressure driving the price beneath $68,500. Certain market experts maintain that BTC must defend the $68,000 to $70,000 range to preserve its brief bullish momentum.
The primary concern among market participants centers on whether BTC has established a bottom or faces additional downside pressure. In a post shared on X, Coinbureau CEO Nic explained that BTC's valuation relative to gold has historically "taken about 14 months to go from peak to bottom." Each instance where this ratio reached its lowest point has been succeeded by a dramatic surge exceeding 300% in BTC value. The ongoing 13-month decline from the prior ratio peak indicates that BTC may be approaching its bottom.
However, not all market observers share the view that BTC's bearish phase may be concluding. In an X post, on-chain analytics firm CryptoQuant stated that BTC remains in bear market territory according to their Bull Score Index, which continues to show deeply bearish readings. The analytics platform indicated their data suggests the present rally is "likely just a relief rally, not the start of a new bull phase."
Will BTC and key major altcoins maintain their support zones? Let's examine the technical charts of the top 10 cryptocurrencies to determine potential outcomes.
Bitcoin price prediction
BTC reversed direction from the breakdown threshold of $74,508 on Thursday, demonstrating that sellers are aggressively protecting this level.
The 20-day exponential moving average ($69,003) represents the crucial downside support level requiring attention. Should the Bitcoin price rebound from the 20-day EMA, buyers will make another effort to overcome the barrier at $74,508. Success in this endeavor could propel the BTC/USDT pair toward $84,000. This movement would indicate that the pair potentially established its bottom at $60,000.
Alternatively, a closing price beneath the 20-day EMA could drive the price down to the support line. This level demands careful monitoring since a breakdown below this support line would shift momentum toward the bears. The pair could then tumble to $60,000.
Ether price prediction
Ether (ETH) successfully breached the $2,111 resistance on Wednesday, however sellers forced the price back beneath this level on Thursday.
The Ether price extended its decline and fell below the 20-day EMA ($2,032), indicating that market participants rejected the breakout above the $2,111 threshold. The ETH/USDT pair appears poised to fluctuate between $1,750 and $2,200 for an extended period.
In contrast, should the price recover from current levels and surge above the 50-day SMA ($2,328), this would suggest diminishing selling momentum. The pair could then initiate an upward movement toward $2,600.
BNB price prediction
BNB (BNB) reversed from the $670 threshold on Thursday, demonstrating that sellers are actively defending this resistance level.
Sellers have forced the price beneath the 20-day EMA ($637), signaling that buyers have surrendered. This development suggests the BNB/USDT pair could continue trading within the $570 to $670 range for additional time.
Buyers will regain control following a closing price above the $670 threshold. Such a move would clear the path for an advance to the 50-day SMA ($718) and subsequently to $790. To initiate the next downward phase toward $500, sellers must drive the BNB price below the $570 level.
XRP price prediction
XRP (XRP) achieved a close above the 20-day EMA ($1.41) on Wednesday, however buyers failed to maintain these elevated levels.
Sellers are working to drive the XRP/USDT pair below the $1.27 support zone. Should they succeed, the XRP price may decline to the support line of the descending channel pattern.
Conversely, if the pair recovers and breaks above the 20-day EMA, this suggests buyers are staging a recovery attempt. The pair could then advance to $1.61, which may once again serve as formidable resistance.
Solana price prediction
Solana (SOL) reversed direction from the $95 threshold on Thursday and has dropped below the 20-day EMA ($86).
The horizontal 20-day EMA and the RSI positioned slightly below the midpoint suggest equilibrium between buyers and sellers. The Solana price may continue ranging between $76 and $95 for several additional days.
To signal that sellers are weakening, buyers must achieve a closing price above the $95 level. The SOL/USDT pair could then jump to the $117 threshold. A close beneath $76 would restore seller dominance.
Dogecoin price prediction
Dogecoin (DOGE) climbed above the 20-day EMA ($0.10) on Wednesday, however buyers failed to penetrate the 50-day SMA ($0.11).
The Dogecoin price declined and approached the critical $0.09 support zone. Should sellers push the price below the $0.09 threshold, the DOGE/USDT pair may revisit the Feb. 6 low of $0.08. Buyers are anticipated to strongly protect the $0.08 level, since a close beneath it could send the pair plummeting to $0.06.
To demonstrate strength, buyers must drive the price above the 50-day SMA. The pair could then climb to the breakdown level of $0.12, where sellers are expected to mount resistance.
Cardano price prediction
Buyers made an effort to drive Cardano (ADA) above the 20-day EMA ($0.27) on Thursday, but sellers maintained their position.
Nevertheless, a slight advantage exists for buyers as they have prevented the Cardano price from falling beneath the $0.25 level. If the price rebounds from the current level or the $0.25 support, buyers will make another attempt to push the ADA/USDT pair to the downtrend line of the descending channel pattern.
Alternatively, a closing price below the $0.25 threshold creates an opportunity for retesting the support line. A close beneath the support line could plunge the pair to the $0.15 level.
Bitcoin Cash price prediction
The recovery from the $443 level in Bitcoin Cash (BCH) lost momentum at $476 on Wednesday, reflecting negative market sentiment.
Sellers will try to consolidate their position by forcing the Bitcoin Cash price beneath the $443 support. Success in this effort would complete a bearish head-and-shoulders pattern for the BCH/USDT pair. The pair could then crash to $375.
To indicate strength, buyers must push the price above the 20-day EMA ($488). The pair could then advance to the 50-day SMA ($533), which will likely draw selling interest. A closing price above the 50-day SMA would signal the beginning of a sustained recovery toward $600.
Hyperliquid price prediction
Hyperliquid (HYPE) has retreated to the moving averages, which represent an important support level requiring observation.
Should the Hyperliquid price bounce strongly off the moving averages, buyers will make another effort to push the HYPE/USDT pair to the $36.77 overhead resistance. A closing price above the $36.77 threshold would indicate the beginning of a fresh upward trend.
In opposition to this scenario, if the price extends its decline and breaches below the moving averages, this suggests the pair may continue consolidating inside the $20.82 to $36.77 range for several more days.
Monero price prediction
Buyers are working to propel Monero (XMR) above the $360 threshold, but are encountering significant resistance from sellers.
The 20-day EMA ($347) represents the essential downside support requiring monitoring. Should the Monero price rebound from the 20-day EMA, the likelihood of a breakout above the 50-day SMA ($396) improves. The XMR/USDT pair could then advance to the 61.8% Fibonacci retracement level of $414.
Conversely, if the price reverses downward and breaks beneath the 20-day EMA, this indicates sellers remain active at elevated levels. This scenario may keep the pair confined between $384 and $302 for an extended duration.
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