Over recent weeks, Bitcoin has remained in a downtrend starting from its $109,000 peak in late January. In this article, we analyze the current market situation, including support and resistance for Bitcoin and other cryptocurrencies: XRP, Pi, and Solana.
Bitcoin - Price Analysis
The price of Bitcoin fell below the 200-day Moving Average on March 9, indicating increased seller pressure. This caused the price to drop to $76,600 on March 11. However, buyers defended the lower descending channel, pushing the price back to $82,500, where it faces resistance at the 200-day MA. If the $76,000 support zone holds, buyers might attempt to move towards the 20-day MA at $87,735 in the coming days.
Ripple XRP - Price Analysis
Since November 2024, the XRP/USDT chart formed a descending triangle. The price continues to trade below the 20-day Moving Average, giving bears an edge. If the robust $2 support level, which doubles as the triangle's lower trendline, is breached, the price may fall to $1.62. However, a bullish reversal seems likely, as the XRP price moves towards $2.35 (20-day MA).
Pi Network PI - Price Analysis
The PI/USDT pair continues to show strength following the token’s recent launch. The chart formed a symmetric triangle, with buyers pushing the price from the March 9 low of $1.23. Currently, the price broke through the upper trendline of the triangle, indicating bullish momentum. Buyers need to act quickly to push the price toward $2 and potentially reach all-time highs.
Solana - Price Analysis
The price of Solana has been on a downward trend since its $296 peak on January 19 and has retraced to a strong support zone of $110-120. This support area has been tested at least 6 times since April 2024. The more a support or resistance zone is tested, the weaker it becomes. Bulls are expected to defend this zone and drive the price toward the 20-day MA at $144 and possibly up to the 200-day MA at $184. If the current support level fails, the SOL/USDT pair risks falling to $80.
The analysis shows that the cryptocurrency market remains under pressure in the short term, but the long-term outlook for many cryptocurrencies, including Bitcoin, is promising. Monitoring support and resistance levels closely can help investors with their strategies.
