Price analysis 3/5: BTC, ETH, XRP, BNB, SOL, ADA, DOGE, PI, HBAR, LINK

Bitcoin (BTC) rallied from $81,500 on March 4th, with bulls attempting to push the price above $90,000 on March 5th. However, some analysts remain cautious about Bitcoin's short-term prospects. A March 3rd Bitfinex market report suggested Bitcoin might encounter "significant resistance" at $94,000.

Further caution was voiced by CryptoQuant contributor XBTManager, who in a Quicktake post predicted continued Bitcoin consolidation. Therefore, risky trades should be avoided in the coming months. The analyst indicated a favorable buying opportunity would arise when short-term holders (those holding less than 155 days) begin selling, and long-term holders start accumulating.

Despite near-term price uncertainty, investor confidence in Bitcoin's long-term potential remains strong. Mexican billionaire Ricardo Salinas, in a Bloomberg interview, revealed that 70% of his investment portfolio is allocated to Bitcoin-related assets, with the remaining 30% in gold and gold mining companies.

This analysis examines critical support and resistance levels for Bitcoin and other leading cryptocurrencies.

Bitcoin Price Analysis

Bitcoin appears to be forming a symmetrical triangle pattern, suggesting indecision between buyers and sellers.

The BTC/USDT pair reached the 20-day exponential moving average ($91,174), a key resistance level. A decisive break above this EMA would signal reduced selling pressure, potentially leading to a push above the triangle's resistance line and towards the 50-day simple moving average ($97,259). A close above the 50-day SMA would confirm bullish momentum.

Conversely, a sharp decline from the 20-day EMA, breaking below the triangle pattern, would negate this optimistic outlook. This could trigger a retest of the February 28th intraday low of $78,258.

Ether Price Analysis

Ether (ETH) dipped below $2,000 on March 4th, but strong buying at lower levels, evident in the long lower wick of the candlestick, suggests bullish support.

However, the recovery faces resistance at the 20-day EMA ($2,467) and the downtrend line. A reversal from these resistance levels could push the ETH/USDT pair back below $2,111, potentially leading to a drop to $1,750.

A close above the downtrend line would signal weakening bearish pressure, potentially paving the way for a rally towards $3,400.

XRP Price Analysis

XRP (XRP) has been trading within a descending channel for several days, indicating a range-bound market with buying near support and selling near resistance.

Both moving averages are flattening, and the RSI is near the midpoint, suggesting a balance between supply and demand. Holding above the 20-day EMA ($2.47) could propel the XRP/USDT pair towards the channel's resistance line. A break and close above the channel would signal a potential rally to $3.40.

Conversely, a decline from the 20-day EMA, breaking below $2.53, would suggest bearish dominance. A break and close below $1.99 could accelerate selling, potentially leading to a drop to $1.27.

BNB Price Analysis

BNB (BNB) broke below the $557 support on March 4th, but the bears failed to sustain lower prices.

Bulls are attempting a recovery, but this is likely to face selling pressure at the 20-day EMA ($619). A sharp decline from the 20-day EMA would indicate negative sentiment and selling on rallies, increasing the risk of a break below $546 and a potential drop to $500.

Conversely, a sustained move above the 50-day SMA ($646) would invalidate the bearish outlook, potentially leading to a rally to $686.

Solana Price Analysis

Strong buying at the $125 support level in Solana (SOL) is evident from the long lower wick on the March 4th candlestick.

Minor resistance lies at $151. Breaking this level could push the SOL/USDT pair towards the 20-day EMA ($161). However, sellers are expected to defend the zone between the 20-day EMA and $180. A reversal from this zone could lead to sideways trading between $180 and $125.

A break below $125, however, would signal weakness, potentially leading to a decline to $110 and then $100.

Cardano Price Analysis

Cardano (ADA) has experienced significant volatility recently, reflecting a struggle between bulls and bears.

The ADA/USDT pair bounced off the 20-day EMA ($0.80) on March 4th, suggesting buying interest at lower levels. Holding above $1 could lead to another attempt to push the price to $1.25.

High volatility often precedes range compression. Failure to hold above $1 would suggest selling on rallies, potentially confining the pair to a range between the 20-day EMA and $1.

Dogecoin Price Analysis

Dogecoin (DOGE) reversed from the 20-day EMA ($0.23) on March 3rd and broke below the support line.

The bulls prevented a drop below the $0.18 support. A successful push and sustain above the 20-day EMA could indicate that the channel break was a bear trap, potentially leading to a rally to the 50-day SMA ($0.28).

Conversely, a break and close below $0.18 could trigger further declines to $0.14 and eventually to the $0.10 support level.

Pi Price Analysis

Pi (PI) experienced a significant rally from $0.10 on February 20th to $3 on February 26th, showcasing strong buying pressure.

Profit-taking subsequently pulled the price down, with the PI/USDT pair finding support at the 50% Fibonacci retracement level of $1.55. A recovery attempt is anticipated towards $2.38 and then $2.80. A break and close above $3 would signal a resumption of the uptrend towards $4.45.

However, bears may attempt to push the price below the $1.55 support, potentially leading to a drop to the 61.8% retracement level of $1.20.

Hedera Price Analysis

Hedera (HBAR) has traded between moving averages for the past three days, indicating indecision.

The 20-day EMA ($0.23) is showing signs of upward movement, and the RSI is slightly above the midpoint, suggesting a minor bullish advantage. A break and close above the 50-day SMA ($0.26) could initiate a rally to $0.32 and potentially $0.35.

Conversely, a break and close below $0.22 would suggest bearish control, potentially leading to a drop to $0.17, a key support level.

Chainlink Price Analysis

Chainlink (LINK) fell below the support line of its descending channel on March 4th, but buying at lower levels is evident in the long lower wick of the candlestick.

Bulls need to push and maintain the price above the 20-day EMA ($16.67) to reduce selling pressure. This could lead to a rise towards the 50-day SMA ($20.12), a likely strong resistance level.

Conversely, a decline from the current level and a close below the support line would signal continued bearish control, potentially accelerating selling below $13.08 and pushing the pair towards $10.

Disclaimer: This article does not provide financial advice. All investment and trading decisions involve risk, and readers should conduct their own thorough research before making any investment choices.