Bitcoin has been in a downtrend for the past seven weeks since its peak of $109,000 in January. However, long-term investment prospects remain promising. This article analyzes key support and resistance levels for Bitcoin, XRP, PI, and Solana.
Bitcoin Price Analysis
BTC price closed below the 200-day moving average on March 9, indicating dominant seller strength. This led to a further decline to $76,600 on March 11. However, bulls defended the lower descending channel trendline, pushing the price up to $82,500. If the $76,000 support zone holds firm, buyers may aim for $87,735 in the coming days.
Ripple XRP Price Analysis
The XRP/USDT chart shows a descending triangle with the price below the 20-day moving average, indicating bearish dominance. If the crucial support at $2 is broken, the price could fall to $1.62. However, a bullish reversal seems likely as the price aims for $2.35, presenting significant resistance.
Pi Network and Solana Price Analysis
The PI/USDT pair has shown strength following the token's recent launch. The chart indicates a symmetrical triangle, with buyers breaking through the upper trendline, signaling bullish momentum. The price is aiming for $2. Solana's price has fallen to its $110-120 support zone, tested over 6 times since April 2024. If the support level is breached, the SOL/USDT pair risks falling toward $80.
Despite short-term risks, cryptocurrencies continue to attract investors' interest. Analyzing support and resistance levels aids in making informed investment decisions in assets like Bitcoin, XRP, PI, and Solana.
