Coin Edition -
- The prices of BTC, ETH, and SOL might go sideways as bulls and bears exhibited a cautious approach.
- Indicators hinted at another correction for FLOKI, WIF, and AVAX.
- XRP, DOGE, SHIB, and PEPE were the only ones showing strong bullish signs.
The crypto market experienced a bit of stability on March 23 as prices recovered from the earlier decline. According to CoinMarketCap, the highly volatile environment became less explosive with the total market cap rising by 0.64% and hitting $2.45 trillion.
Coin Edition had reported how the previous swing had caused a lot of liquidations. However, according to Coinglass, the entire liquidation in the market was two times less than what it was compared to the earlier report. But how are prices currently faring?
Bitcoin (BTC)
Bitcoin’s price changed hands around the same value it was 24 hours ago. However, the narrative painted by the Commodity Channel Index (CCI) suggested a period of indecision by both bears and bulls.
The negative reading of the CCI hinted at an underlying bearish dominance. From the 4-hour chart, the Moving Average Convergence Divergence (MACD) contracted the CCI signal as its reading was positive.
However, the long (orange) and short (blue) EMAs displayed on the MACD were below the zero midpoint. This underscores cautious trader behavior with buyers and sellers remaining on the sidelines.
BTC/USD 4-Hour Chart (Source: TradingView)
On a broader view, this could drive BTC to a week-long consolidation where its price might trade between $63,649 and 64,982. However, heightened trading activity might alter this prediction. From a bullish stance, Bitcoin might climb toward $68,695 while intense selling pressure might drive the value down to 61,650.
Ethereum (ETH)
The ETH/USD 4-hour chart reflected a dominant neutral position as it traded at $3,323. At press time, the Relative Strength Index (RSI) hovered around 42.10, slightly below the midline. This key oscillator indicated a slight bearish dominance which could tug ETH’s price downwards.
However, a price decline for ETH might be great for traders looking to accumulate the altcoin at a discount. This was because the Supertrend flashed a buy signal at $3,201. Should ETH fall to this point, and buying pressure appear, a rebound toward $3,833 might be next.
On the other hand, a dearth of bidding could cause capitulation and the cryptocurrency might decline further.
ETH/USD 4-Hour Chart (Source: TradingView)
Solana (SOL)
Solana (SOL) has erased a big part of its previous gains. However, the 4-hour SOL/USD chart displayed how bulls were committed to defending the price action at $170.03. Building support at this level could prevent the price from falling as low as $150.60.
On the upside, resistance stood at $181.61. A break past this resistance could see SOL retest the heights it hit on March 18. However, if bears foil the attempts, Solana’s price might head down below $160.
Furthermore, the Directional Movement Index (DMI) showed how sellers and buyers were on each other’s necks.
SOL/USD 4-Hour Chart (Source: TradingView)
At press time, the +DMI (green) was 14.87 while the -DMI (red) was 19.57. With this position, SOL might face further downturn or sideways movement as the Average Directional Index (ADX) also reflected weakness.
Shiba Inu (SHIB)
Unlike the aforementioned assets, SHIB seemed to be gaining strength as indicated by the RSI. As of this writing, the RSI was 53.98, suggesting that buyers of the token could be in place to trigger a significant jump.
Should this be the case, SHIB might lead the meme coin mania the market experienced a few weeks ago. Coin Edition also looked at the Fibonacci extension which showed how the token might rally toward $0.000046.
Despite the bullish outlook, traders might need to be wary. If BTC’s price plunges, the forecast might be invalidated.
SHIB/USD 4-Hour Chart (Source: TradingView)
Ripple (XRP)
XRP was another cryptocurrency showing more bullish signals than a bearish one. On March 23, the price of the token dropped to $0.60 as Coin Edition initially predicted. However, bulls came to XRP’s rescue, driving the price up to $0.62 in the process.
Indications from the Awesome Oscillator (AO) reflected an increasing upward momentum. If this continues, the price of XPR might climb to $0.64.
But the token might face some sort of resistance at this point. Rejection at $0.64 might tug XRP back below $0.60. However, a successful close above it could help the token inch close to $0.70.
XRP/USD 4-Hour Chart (Source: TradingView)
dogwifhat (WIF)
At press time, WIF was 58.35% down from its all-time high. This decline could be linked to selling pressure as market participants who bought the token early have been booking profits. The Money Flow Index (MFI) showed that WIF had gotten oversold earlier as the reading was below 20.
But a recovery to 32.83 was a sign that traders might be buying the dip. If this buying pressure increases, WIF might revisit $2.60 in a few days. However, the On Balance Volume (OBV) indicated that the bullish thesis could be overruled as buyers stalled.
WIF/USD 4-Hour Chart (Source: TradingView)
In the short term, the bearish outlook for WIF could see its price lose hold at $2. However, if the OBV reinforces the MFI signals, the price might jump.
Avalanche (AVAX)
AVAX’s run to $65.45 brought predictions that the token might hit $100 within a short while. But that momentum has been halted as the value changed hands at $53.11. Coin Edition also looked at the state of the Exponential Moving Average (EMA).
At press time, the 9 EMA (blue) was at $53.90 while the 20 EMA (yellow) closed at $54.40 A trend like this is a bearish one especially as AVAX traded below both points.
Failure to rise above the short-term EMAs might lead AVAX to more correction and the price might fall to $47.64. From a bullish point of view, the value of the token could attempt retesting $57.01.
AVAX/USD 4-Hour Chart (Source: TradingView)
Dogecoin (DOGE)
The 4-hour chart showed how DOGE formed a golden cross at $0.14 as the 9 EMA crossed over the 20 EMA. A move like this could be bullish for the coin. At press time, Dogecoin was the highest gainer out of the top 10 cryptocurrencies with a 24.28% jump in the last seven days.
With this trend, DOGE’s price might be set for another extension. Outside of the technical outlook, Coinbase (NASDAQ:COIN) listing the meme coin on its futures market on April 1 might drive further buying pressure.
If this is the case, the price might to $0.19. Beyond that, “Doge Day,” a special day for the Dogecoin community is coming up on April 20. In the lead-up to this event, the coin price might rise toward $0.21.
DOGE/USD 4-Hour Chart (Source: TradingView)
Floki (FLOKI)
FLOKI’s price has increased by 575.98% in the last 30 days. But between March 14 and 20, the 4-hour chart revealed how the token formed a descending channel. However, bulls spotted a buying opportunity at $0.00018 as sellers got exhausted.
Moments later, FLOKI rose to $0.00025. But as of this writing, the price had declined to $0.00022 as the RSI reflected a decrease in buying momentum. With the current momentum, FLOKI might experience another retracement.
FLOKI/USD 4-Hour Chart (Source: TradingView)
In a highly bearish case, the value of the token might drop to $0.00019 where the Supertrend had identified another buying opportunity.
Pepe (PEPE)
The negative reading of the Chaikin Money Flow (CMF) on the 4-hour PEPE/USD chart explained how the token has had a net sell pressure. At press time, the CMF was -0.13— a sign that a lot of capital has rotated away from the meme coin.
As such, it was no surprise that the value dropped to $0.0000072. Despite the retracement, the Fibonacci extension showed that PEPE’s price might increase in the coming days.
PEPE/USD 4-Hour Chart (Source: TradingView)
From the analysis, the first target might be around $0.000010 (the 0.786 Fib level). However, futher demand for PEPE could drive the price as high as $0.000018.
The post Price Analysis: BTC, ETH, SOL, SHIB, XRP, WIF, AVAX, DOGE, FLOKI, PEPE appeared first on Coin Edition.