This week, Bitcoin (BTC) and some altcoins broke their immediate resistance levels and surged higher, bringing the total cryptocurrency market cap to over $2 trillion on March 24.

One of the factors that could drive up cryptocurrency prices was a letter from BlackRock CEO Larry Fink to shareholders, in which he said that the Russian-Ukrainian conflict had opened up opportunities to use digital currencies as a means of international settlement. transactions.

Another piece of news that may have contributed to the cryptocurrency price rally is that Goldman Sachs has redesigned its website to focus on the growth of digital assets and metaverses, calling them “big trends.”

Daily indicators for the cryptocurrency market. Source: Coin360
Aside from heightened institutional interest, Minneapolis Federal Reserve Chairman Neil Kashkari’s announcement that the central bank could raise interest rates up to seven times in 2022 to curb inflation may also add to the bullish trend in cryptocurrencies.

Will the bulls be able to sustain higher prices and develop a higher move, or will the bears sell aggressively and trap buyers? Let’s check out the charts of the top 10 cryptocurrencies to find out.

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Bitcoin / US Dollar
Bitcoin closed above the nearest resistance at $42,594 on March 23, indicating that the bulls had swallowed up the supply of the bears. That opened the door to $45,400 where the bears could put up a solid defense once again.

BTC/USDT daily chart. Source: Trading View
Both moving averages are gradually emerging and the Relative Strength Index (RSI) is in the positive territory, indicating that buyers are in the lead. If buyers push the price above $45,400, BTC/USD may rise to the uptrend channel resistance line.

If the bulls break through this hurdle, the pair could rise to a difficult upper zone between the psychological resistance at $50,000 and $52,000.

Any correction from the current level is likely to find support around $42,594 and the moving averages. The bears will have to pull the price and keep it below the moving averages to show that the bulls can lose their grip.

The bulls are trying to keep ETH (ETH) above the symmetrical triangle resistance line, but the long wick on the candle indicates that the bears are selling aggressively at higher levels.

ETH/USDT daily chart. Source: Trading View
The moving averages completed a bullish cross and the RSI moved to the positive territory, indicating that the path of least resistance is to the upside. If the price settles above the triangle, ETH/USDT could rise to $3,500 and then to a target of $3,907.

Contrary to this assumption, if the price enters the triangle again, the bears will try to pull the pair towards the moving averages. If the price bounces off the moving averages, it means that sentiment is still positive and traders are building on dips. This will increase the probability of a breakout above the triangle.

Bears will have to pull the price below the moving averages to negate the bullish expectations. The couple can then extend their stay within the triangle for a few more days.

BNB has been consolidating in a wide range from $445 to $350 over the past few days. There is some resistance at $425, but if the bulls break that hurdle, a move to $445 is possible.

BNB/USDT daily chart. Source: Trading View
The moving averages have completed a bullish cross and the RSI is in positive territory, indicating a possible trend reversal. A breakout and a close above $445 could open the door to a potential rally to $500.

Alternatively, if the price reverses down from the current level or upper resistance and breaks below the moving averages, this indicates that traders may take profits near the resistance. This could keep BNB/USDT in the range for a few more days.

Ripple (XRP) is facing a strong resistance at $0.86. The simple positive is that the bulls did not allow the price to break below the moving averages. This indicates that traders are in no hurry to exit.

XRP/USDT daily chart. Source: Trading View
If the price bounces off the current level or bounces off the moving averages, the bulls will be looking to break the false $0.86 barrier. If they succeed, the XRP/USDT pair could rise to $0.91 and then move up to the psychological $1 level.

Source: CoinTelegraph