#SHIB Price analysis on March 29: BTC, ETH, BNB, SOL, XRP, ADA, DOGE, AVAX, SHIB, TON

Bitcoin’s (BTC) recovery remains indecisive near $70,000, but a positive sign is that the bulls are not giving in to the bears. Acheron Trading CEO Laurent Benayoun believes that the current bull cycle has room to run and could peak between $120,000 and $180,000, driven by Bitcoin exchange-traded funds, the upcoming Bitcoin halving, and possible lower interest rates. boosted by factors.
Another bullish voice is Bitwise Chief Investment Officer Matthew Hougan, who said in a memo to investment professionals to “keep calm and take the long view.” Hougan believes that if global wealth managers allocated 1% of their portfolios to Bitcoin, it could result in an influx of about $1 trillion in funds into the space.
A daily view of crypto market data. Source: Coin360
Although there are several bullish catalysts for Bitcoin to continue rising in the second quarter of 2024, trading firm QCP Capital warned that the current trend is showing signs of exhaustion and bulls may find it challenging to extend the upward trend.
Can Bitcoin and altcoins correct in the short term, or will they continue to rise? Let’s analyze the top 10 cryptocurrency charts to find out.
Bitcoin Price Analysis
Bitcoin has been stuck in a tight range between $71,770 and $68,359 over the past few days, indicating indecision between bulls and bears.
BTC/USDT daily chart. Source: TradingView
Generally speaking, tight consolidation near the highs is a positive sign as it indicates that bulls are holding on to their positions and not rushing to exit. The rising 20-day exponential moving average ($67,274) and the RSI in positive territory suggest that bulls have the upper hand.
The BTC/USDT pair will resume its uptrend if the price breaks out of the $71,770–$73,777 resistance zone. This could open the doors for a rally to $80,000.
Conversely, if the price declines and falls below the 20-day EMA, it would indicate that bulls are taking profits. This could push the pair down to the 50-day simple moving average ($61,107).
Ethereum Price Analysis
Ethereum (ETH) has been trading within a tight range near the upper resistance at $3,678, indicating a fierce battle between the bulls and bears.
ETH/USDT daily chart. Source: TradingView
The flat 20-day EMA ($3,527) and the RSI close to the midpoint do not give a clear advantage to the bulls or the bears. If the price rises and breaks out of $3,678, the ETH/USDT pair could climb to $4,100. The bears are likely to mount a strong defense at this level, but if the bulls come to the fore, the rally could reach $4,500.
Alternatively, if the price declines and falls below $3,460, it would signal that the bulls have given up. This could start a decline towards the 50-day EMA ($3,324). This level is likely to attract buyers, but a weak rebound from this level will increase the prospect of a drop to $3,000.
BNB Price Analysis
After struggling for a few days near the 61.8% Fibonacci retracement level at $588, BNB (BNB) moved decisively higher on March 28.
BNB/USDT daily chart. Source: TradingView
If the price sustains above $588, the BNB/USDT pair may reach the overhead resistance at $645. This level could be a hurdle, but if the bulls overcome it, the pair could start the next uptrend towards $669 and eventually $692.
Time is running out for bears. If they want to stage a comeback, they will have to defend the $645 levels fiercely and push the pair above the 20-day EMA ($552). This could start a deeper correction towards $495.
Solana Price Analysis
Solana (SOL) is facing resistance at the downtrend line, indicating that bears are trying to stage a comeback.
SOL/USDT daily chart. Source: TradingView
If the price declines and breaks below the 20-day EMA ($175), it will tilt the short-term advantage to the bears. The SOL/USDT pair is likely to drop to $162 and below the 50-day EMA ($141).
If the bulls want to prevent the downside, they will have to kick the price above the downtrend line. The pair will then try to break out of the rigid overhead resistance at $205. If that happens, the pair is likely to start the next leg up to $267.
XRP Price Analysis
XRP (XRP) has been trading near the 20-day moving average ($0.62) for several days, indicating uncertainty about its next move.
XRP/USDT daily chart. Source: TradingView
If the price remains below the 20-day EMA, the XRP/USDT pair may drop to the uptrend line. This is an important level for bulls to defend, as a break below this level could signal strength to bears. The pair may then drop to $0.52.
The flat 20-day EMA and RSI near the midpoint suggest a balance between supply and demand. The advantage will be in favor of the bulls if they push the price above $0.69. This could clear the way for a rebound towards the strong resistance at $0.74.
Cardano Price Analysis
Bears are trying to hold Cardano (ADA) below the $0.68 breakout level, which is a negative sign.
ADA/USDT daily chart. Source: TradingView
If the price falls below $0.63, it suggests that the ADA/USDT pair may remain between $0.68 and $0.57 for a few days. The 20-day EMA ($0.66) has begun to slope downwards, and the RSI is near the midpoint, indicating that buyers and sellers are in balance.
After the price rises and sustains above $0.70, the bulls will be in command. If this happens, the possibility of a rally to $0.81 increases.
The bears will regain control on a break below $0.57 as this will complete a bearish head and shoulders pattern.
Dogecoin Price Analysis
Dogecoin (DOGE) is retreating amid an uptrend, suggesting traders are taking profits near overhead resistance at $0.23.
DOGE/USDT daily chart. Source: TradingView
The DOGE/USDT pair may correct towards the $0.19 breakout level. If the price rebounds from this level, it indicates that the bulls have converted this level into support. This will increase the likelihood of a rally to $0.30.
This positive view will be invalidated if the price falls below $0.19. This could open the door for a drop to the 20-day EMA ($0.17). This is an important level for bulls to defend, as a fall below could send the pair down to the 50-day EMA ($0.13).
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Avalanche Price Analysis
Avalanche (AVAX) is finding it difficult to bounce off the support line of the pennant, which shows that bears are maintaining the pressure.
AVAX/USDT daily chart. Source: TradingView
If the price falls below the 20-day EMA ($53), the AVAX/USDT pair could drop to $50. This level is likely to attract buyers again, but if bears gain the upper hand, the pair could begin a deeper correction towards the 50-day EMA ($46).
Conversely, if the price bounces off the support line, the pair may hit the pennant’s resistance line. A breakout and close above the pennant will be the first sign of strength. The pair may then retest the firm overhead resistance at $65.
Shiba Inu price analysis
Shiba Inu (SHIB)’s relief rally faces the 38.2% Fibonacci retracement level of the sell-off at $0.000032, indicating that bears are trying to mount a comeback.
SHIB/USDT daily chart. Source: TradingView
If the price turns down and breaks below the 20-day EMA ($0.000028), it will increase the risk of a drop to the 50-day SMA ($0.000021). Such a sharp decline could delay the start of the next leg up.
Conversely, if the price rebounds off the 20-day EMA and strengthens, it would indicate solid buying at lower levels. The SHIB/USDT pair may then rise to $0.000035 and then to $0.000039.
Toncoin Price Analysis
Toncoin’s (TON) rally on March 29 suggests that bulls are trying to defend the 38.2% Fibonacci retracement level at $4.78.
TON/USDT daily chart. Source: TradingView
If the rebound continues, buyers will try to push the price towards the overhead resistance at $5.69. The rising moving averages suggest favorability for buyers, but the negative RSI divergence suggests the bullish momentum may be slowing down.
If the price declines and falls below $4.78, the sell-off may intensify and the TON/USDT pair may fall to the 20-day EMA ($4.30). This is an important level for bulls to defend, as a close below it will signal a short-term trend change.
This article does not contain investment advice or recommendations. Every investing and trading move involves risk, and readers should conduct their own research when making decisions.