Revised: Cryptocurrencies on the Rise: BTC, ETH, BNB, XRP, ADA, DOGE, MATIC, SOL, DOT, and SHIB
Bitcoin (BTC) led a sharp sell-off in the cryptocurrency markets on March 9, dropping below $20,000 on March 10, as issues at Silvergate Bank and Silicon Valley Bank dented investor sentiment. The selling momentum continued, with several other cryptocurrencies also breaking below important support levels. The news of a suit filed by New York Attorney General against KuCoin for selling securities and commodities without registration added to the sector’s uncertainty. However, February’s jobs report, which was a mixed bag, may be a minor positive signal, reducing expectations of a 50 basis point rate hike in the March meeting of the Federal Reserve. To see a sustained recovery in BTC and altcoins, important levels on the upside need to be reached. Studying the charts of the top-10 cryptocurrencies, the report outlines the levels that could signal a rebound. ETH, BNB, XRP, ADA, DOGE, MATIC, SOL, DOT, and SHIB were analysed. For example, while bitcoin sliced through the support at $21,480, the fall has sent the relative strength index (RSI) into the oversold zone, suggesting that a recovery may be possible. Similarly, Ether (ETH) saw aggressive selling, pulling the price below strong support at $1,461, but the pair could next drop to $1,352 where the bulls are likely to mount a strong defense. If bulls drive the price above $280, the BNB/USDT pair could reach the 20-day EMA. If the price rebounds off of $0.36, the XRP/USDT pair may make a renewed attempt to rally above the channel. In terms of DOGE/USDT, buyers will face stiff resistance at $0.07 and again at the downtrend line. If the price turns down from this zone, the bears may try to sink the pair below the vital support at $0.05. And SHIB/USDT shows that the sentiment remains negative, and traders are still selling on rallies.
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