Over the last seven weeks, Bitcoin has been in a downtrend. Despite the uncertainty of short-term direction, long-term prospects remain promising for investors. In this article, we'll analyze key support and resistance levels for Bitcoin, XRP, PI, and Solana.
Bitcoin (BTC) Analysis
The BTC price closed below the 200-day Moving Average (MA) on March 9, indicating stronger seller strength. This pushed the price down further to recent lows of $76,600 on March 11. However, buyers have managed to bring the price back to $82,500, where it faces resistance at the 200-day MA. If the $76,000 support zone is well-defended, the price could reach the 20-day MA of $87,735 in the coming days.
Ripple (XRP) Analysis
Recently, the XRP/USDT chart has formed a descending triangle. The price continued slumping below the 20-day MA, indicating that bears have the edge. If the $2 support level fails to hold, the price may drop to $1.62. However, a bullish reversal might drive the price toward $2.35 (20-day MA). If the price closes above this level, it could lead to an upper triangle trendline breakout in the coming days.
Pi Network (PI) Analysis
The PI/USDT pair has shown strength following the recent launch of the token. The chart has formed a symmetric triangle, with the price breaking through the upper trendline, indicating bullish momentum. Buyers should act swiftly to push the price toward $2 and to the all-time high.
Solana (SOL) Analysis
Solana's price has been in an aggressive downtrend since January and recently retraced to the strong support area of $110-120. This support zone has been tested at least six times since April 2024. If the current support level fails to hold, the SOL/USDT pair risks further breakdown toward the $80 levels.
The price analysis of Bitcoin, XRP, PI, and Solana indicates that despite short-term fluctuations, all analyzed assets have growth prospects. Investors should closely monitor support and resistance levels to make timely decisions.
