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Bitcoin (BTC) bounced from $76,606 on March 11, but the bulls could not sustain the price above $84,500 on March 12.

Nansen principal research analyst Aurelie Barthere told Cointelegraph that Bitcoin is in a macro correction in a bull market, with the next crucial level being “$71,000-$72,000, top of the pre-election trading range.”

Glassnode also projected a similar target in its March 11 market report. The onchain analytics firm said the recent sell-off had been triggered by the short-term holders who may have purchased near the peak in January. Glassnode added that Bitcoin could bottom out near $70,000 if selling persists.

Crypto market data daily view. Source: Coin360

It is not only the crypto markets; even the US stock market has been under pressure in the past few days. However, a silver lining for the bulls is that the US Dollar Index (DXY) has corrected from its multi-year high above 110 to under 104. Bitcoin generally moves in inverse correlation with the dollar, suggesting that a bottom may be around the corner.

Could Bitcoin retest the support at $76,606 or rise above $85,000? What are the important support and resistance levels to watch out for in altcoins? Let’s analyze the charts of the top 10 cryptocurrencies to find out.

Bitcoin price analysis

Bitcoin broke below the $78,258 level on March 10 and fell to $76,606 on March 11, but the bears could not sustain the lower levels. This suggests solid buying by the bulls.

BTC/USDT daily chart. Source: Cointelegraph/TradingView

The relief rally is facing selling near the 20-day exponential moving average ($87,262), but a minor positive in favor of the bulls is that the relative strength index (RSI) is showing a positive divergence. Buyers will have to drive the price above the 20-day EMA to suggest that the correction could be ending. The BTC/USDT pair may then ascend to the 50-day simple moving average ($94,654).

On the downside, the bulls are expected to defend the $73,777 level with all their might because a break below it may sink the pair to $67,000.

Ether price analysis

Ether (ETH) fell below the $1,993 support on March 9 and extended the decline, reaching $1,754 on March 11.

ETH/USDT daily chart. Source: Cointelegraph/TradingView

The bulls are trying to start a recovery, which is expected to face significant resistance at the breakdown level of $2,111. If the price turns down sharply from $2,111, it will signal that the bears have flipped the level into resistance. That heightens the risk of a break below $1,754. The ETH/USDT pair may then slump to $1,500.

Conversely, a break above the 20-day EMA ($2,235) suggests that the markets have rejected the break below $2,111. The pair may then climb to $2,800, where the bears are expected to step in.

XRP price analysis

XRP (XRP) fell below the $2 support on March 11, but the bears could not sustain the lower levels, as seen from the long tail on the candlestick.

XRP/USDT daily chart. Source: Cointelegraph/TradingView

The bears are trying to stall the recovery at the 20-day EMA ($2.35). If the price continues lower, the possibility of a break below $2 increases. If that happens, the XRP/USDT pair will complete a bearish head-and-shoulders pattern. There is minor support at $1.77, but if the level cracks, the decline could extend to $1.28.

Contrary to this assumption, if the price breaks above the 20-day EMA, the pair could rise to the 50-day SMA ($2.58) and later to $3. 

BNB price analysis

BNB (BNB) turned up from $507 on March 11, indicating that the bulls are aggressively defending the $500 to $460 support zone.

BNB/USDT daily chart. Source: Cointelegraph/TradingView

The relief rally is expected to face selling at the 20-day EMA ($592). If the price turns down sharply from the 20-day EMA, the bears will try to sink the BNB/USDT pair below $500. The pair may drop to $460 if they can pull it off.

Instead, if the price rises above the 20-day EMA, it will signal that the pair may remain inside the $460 to $745 range for a while longer. The bulls will be back in the driver’s seat on a break and close above the 50-day SMA ($628).

Solana price analysis

Solana (SOL) turned up from $112 on March 11, signaling that the bulls are fiercely defending the $110 support.

SOL/USDT daily chart. Source: Cointelegraph/TradingView

The RSI shows early signs of forming a positive divergence, indicating that the bearish momentum could weaken. The first sign of strength will be a break and close above the 20-day EMA ($145). 

If the price turns down from the current level or the 20-day EMA, it suggests that every minor rally is being sold into. That increases the risk of a break below $110. The SOL/USDT pair could tumble to $98 and subsequently to $80.

Cardano price analysis

Cardano (ADA) rebounded off the uptrend line on March 11, suggesting that the bulls are trying to stop the decline.

ADA/USDT daily chart. Source: Cointelegraph/TradingView

The bears are unlikely to give up easily and are expected to sell at the moving averages. If the price turns down from the moving averages, it will signal selling on rallies. The bears will then try to strengthen their position by pulling the price below the uptrend line. If they do that, the ADA/USDT pair could drop to $0.60 and then to $0.50.

Contrary to this assumption, a break and close above the moving averages suggests that the bulls are back in the game. The pair may then rally to $1.02.

Dogecoin price analysis

Dogecoin (DOGE) continued its slide and reached the $0.14 support on March 11. The bulls are trying to defend the level but may face selling at higher levels.

DOGE/USDT daily chart. Source: Cointelegraph/TradingView

If the price turns down from the 20-day EMA ($0.20), it will suggest that the sentiment remains negative and traders are selling on rallies. That increases the risk of a break below $0.14. The DOGE/USDT pair may descend to $0.10 if that happens.

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On the contrary, a break and close above the 20-day EMA suggests that the bears are losing their grip. The pair could climb to the 50-day SMA ($0.25), which may pose a solid challenge again.

Pi price analysis

Pi (PI) is taking support at the 61.8% Fibonacci retracement level of $1.20, indicating buying at lower levels.

PI/USDT daily chart. Source: Cointelegraph/TradingView

The relief rally is expected to face resistance at the 20-day EMA ($1.69) and then again at $2. If the price turns down from the overhead resistance, the PI/USDT pair could range between $2 and $1.20 for some time.

A break and close above $2 suggests that the correction may be over. The pair could rally to $2.40. Alternatively, a break and close below $1.20 could sink the pair to the 78.6% retracement level of $0.72.

UNUS SED LEO price analysis

UNUS SED LEO (LEO) has been consolidating just below the $10 level for several days, indicating that the bulls are holding on to their positions as they anticipate another leg higher.

LEO/USD daily chart. Source: Cointelegraph/TradingView

The LEO/USD pair has formed an ascending triangle pattern, which will complete on a break and close above $10. If that happens, the pair could resume the uptrend toward the target objective of $12.04.

This positive view will be invalidated in the near term if the price turns down and breaks below the uptrend line. That will negate the bullish setup, starting a drop to $8.84 and later to $8.30.

Hedera price analysis

Hedera (HBAR) bounced off the $0.17 support on March 11, indicating that the bulls are aggressively defending the level.

HBAR/USDT daily chart. Source: Cointelegraph/TradingView

The recovery is facing selling at the 20-day EMA ($0.22), as seen from the long wick on the candlestick. If the price continues lower, the bears will make one more attempt to sink the HBAR/USDT pair below $0.17. If they succeed, the pair could plunge to $0.12.

Contrarily, a break above the 20-day EMA suggests that the selling pressure is reducing. The pair could rise to the downtrend line, which is an important level to watch out for. If buyers push the price above the downtrend line, the pair could rally to $0.29.

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.

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