Price analysis 3/11: SPX, DXY, BTC, ETH, BNB, SOL, XRP, ADA, DOGE, SHIB

Bitcoin (BTC) bulls are in no mood to let go of their advantage. They pierced the $70,000 mark on March 11, signaling continued demand from the traders. Bitwise chief investment officer Matt Hougan said in a memo to investors that professional investors were waiting to buy Bitcoin exchange-traded funds (ETFs).

However, that has not held back the demand for Bitcoin ETFs. According to data from Dune, the spot Bitcoin ETFs have accumulated 4.06% of the current Bitcoin supply. If buying continues at the same rate, Bitcoin holdings of the ETFs are projected to reach 8.65% of the Bitcoin supply on a yearly basis.

MicroStrategy founder and chairman Michael Saylor said in a X post that the firm had purchased 12,000 Bitcoin at an average price of $68,477, using the proceeds from the recently completed $800 million convertible note offering. After the latest purchase, MicroStrategy’s Bitcoin holdings stand at 205,000 Bitcoin acquired at an average price of $33,706 per Bitcoin.

Traders will have to closely watch the Bitcoin ETF inflows because a sustained slowdown will hurt sentiment and may cause a correction. What are the important support levels to watch out for in Bitcoin and altcoins? Let’s analyze the charts to find out.

S&P 500 Index price analysis

The S&P 500 Index has been rising inside an ascending channel pattern for several days. The price turned down from the resistance line of the channel on March 8, indicating that the bears are defending the level.

Although the upsloping moving averages indicate an advantage to buyers, the negative divergence on the relative strength index (RSI) cautions of a potential correction or consolidation in the near term. If bears sink the price below the channel, the selling could intensify, and the index may fall to the 50-day simple moving average (4,930).

Conversely, if the price turns up from the current level or the channel’s support line, it will indicate that the sentiment remains positive and traders are buying on every minor dip. The bulls will have to kick the price above the channel to start a sharp rally toward 5,350.

U.S. Dollar Index price analysis

The U.S.dollar Index (DXY) slipped below the 20-day EMA (103) on March 1, and the bears successfully defended the level during subsequent attempts by the bulls to push the price above it. The failure to rise above the 20-day EMA accelerated selling on March 6.

Sellers pulled the price back below the 50-day SMA (103) and the neckline of the inverse head-and-shoulders pattern on March 7. The moving averages are on the verge of a bearish crossover, and the RSI is near the oversold zone, indicating that bears have the edge. The index could skid to 102 and eventually to 101.

Any recovery attempt is likely to face selling at the 20-day EMA. A rise above the 20-day EMA will be the first sign that the selling pressure may be reducing. The index could then rise to 105.

Bitcoin price analysis

Bitcoin struggled to break above $70,000 during the weekend but blasted above the level on March 11, indicating solid demand from the bulls.

The rising moving averages and the RSI in the overbought zone show that the buyers are in control. The BTC/USDT pair could reach $76,000 and subsequently $80,000. This zone is likely to offer strong resistance to the bulls.

It is difficult to call a top in an asset when it is backed by strong momentum. The first sign of weakness will be a break and close below the 20-day EMA ($62,443). That will signal profit booking by the bulls and may start a deeper pullback.

Ether price analysis

The bears tried to pull Ether (ETH) toward the breakout level of $3,600, but the long tail on the March 11 candlestick shows aggressive buying at lower levels.

Buyers have pushed the price above the psychological level of $4,000. That opens the doors for a rally to $4,372, which may act as a minor hurdle, but if this resistance is crossed, the ETH/USDT pair could jump to $4,868.

The sharp up move of the past few days has pushed the RSI into deep overbought territory, signaling caution. Sellers will have to drag the price below the 20-day EMA ($3,505) to break the bullish momentum. The pair may then start a corrective phase.

BNB price analysis

BNB (BNB) has been in a strong uptrend for several days. The momentum picked up further after buyers pushed the price above $460.

The BNB/USDT pair is likely to reach $560, which may act as a stiff resistance in the short term. If bulls do not give up much ground from $560, the uptrend may continue. The pair may then climb to $617.

The essential support on the downside is $460, and then the 20-day EMA ($433). Sellers will have to tug the price below the 20-day EMA to indicate that the uptrend may have ended in the short term.

XRP price analysis

Repeated failure of the bears to sustain XRP (XRP) below the 20-day EMA ($0.60) may have attracted buyers on March 11.

The bulls pushed the price above the immediate resistance of $0.67, indicating solid buying at lower levels. Buyers will try to maintain the momentum and challenge the formidable resistance at $0.74. If this level is scaled, it will indicate the start of a new uptrend. The XRP/USDT pair could rise to $0.85 and subsequently to $0.95.

Alternatively, if the price turns down from $0.74, it will suggest that the bears remain active at higher levels. The pair may then slide to the strong support at $0.67.

Solana price analysis

The bears are trying to start a correction in Solana (SOL), but the bulls are in no mood to relent. The shallow pullback shows a lack of sellers.

Buyers will take advantage of the situation and try to strengthen their position further by pushing the price above $153. If they do that, the SOL/USDT pair could resume the uptrend. The pair may then climb to $184.

If bears want to prevent the upside, they will have to quickly yank the price below the breakout level of $126. That may accelerate selling, opening the doors for a drop to the 50-day SMA ($110).

Cardano price analysis

Cardano (ADA) dipped to the breakout level of $0.68 on March 11, but the long tail on the candlestick shows solid buying at lower levels.

The upsloping 20-day EMA ($0.68) and the RSI in the positive territory suggest that the path of least resistance is to the upside. Buyers will try to propel the price to the March 4 high of $0.80. If this level is surmounted, the ADA/USDT pair could extend the rally to $0.90 and later to $1.25.

This positive view will be invalidated in the near term if the price turns down and breaks below $0.68. That will indicate a comeback by the bears. The pair then risks a fall to the 50-day SMA ($0.59).

Dogecoin price analysis

The bulls have been fighting with the bears to keep Dogecoin (DOGE) above the breakout level of $0.16.

The rising 20-day EMA ($0.14) and the RSI in the overbought zone suggest that the bulls have an edge. If buyers propel and maintain the price above $0.000018, the DOGE/USDT pair could retest $0.21 and then rally to $0.26.

Contrarily, if the price breaks below $0.16, it will suggest that the bulls have given up. The pair may slump to the 20-day EMA, which remains the critical level to watch out for. A break below this support may start a deeper correction to $0.12.

Shiba Inu price analysis

Shiba Inu (SHIB) has been consolidating inside a large range between $0.000029 and $0.000039 after the sharp rally,

The range-bound action is correcting the deeply overbought levels on the RSI, suggesting that the markets are cooling down. The SHIB/USDT pair may trade inside the range for some more time.

If the price breaks below the range, the pair could slide to the 20-day EMA ($0.000024), a crucial level to watch out for. A break below this level will tilt the advantage in favor of the bears.

On the contrary, a break above $0.000039 will signal that the bulls are back in command. The pair could then rise to $0.000046. If this level is crossed, the rally could reach $0.000065.

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.