Price analysis 3/31: SPX, DXY, BTC, ETH, XRP, BNB, SOL, DOGE, ADA, TON

Bitcoin (BTC) fell 4.29% last week, but the bulls started a recovery by pushing the price back above $83,500 on March 31. However, traders are likely to remain on edge until April 2, when new US trade tariffs are set to kick in. The event could trigger a sharp, knee-jerk reaction on either side of the market.

Traders remain cautious in the near term, but a minor positive is that lower levels are attracting buyers. Cryptocurrency exchange-traded products (ETPs) witnessed modest inflows of $226 million last week, CoinShares reported on March 31. 

Strategy took advantage of the pullback in Bitcoin by adding 22,048 Bitcoin for $1.92 billion at an average price of $86,969. After the latest purchase, the company holds 528,185 Bitcoin bought for roughly $35.63 billion.

Could Bitcoin break above the stiff overhead resistance, pulling select altcoins higher? Let’s analyze the charts to find out.

S&P 500 Index price analysis

The S&P 500 Index (SPX) broke above the 20-day exponential moving average (5,706) on March 24, but that proved to be a bull trap.

The price turned down sharply on March 26 and broke below the 5,600 support. Both moving averages are sloping down, and the relative strength index (RSI) is in the negative territory, indicating an advantage to sellers. There is solid support at 5,500, but if the level breaks down, the index could tumble to 5,400 and subsequently to 5,100.

This negative view will be invalidated if the price turns up from the current level and breaks above 5,800. Such a move suggests that the index may have bottomed out in the near term.

US Dollar Index price analysis

The US Dollar Index (DXY) has been trading below the 20-day EMA (104.46), indicating that the sentiment remains negative.

The bears will try to sink the index to 103.37, which is a critical level to watch out for. Buyers are expected to defend the 103.37 level with all their might because if they fail in their endeavor, the index could plunge to 101.

Contrarily, a break and close above the 20-day EMA suggests that the bulls are trying to make a comeback. The index may rise to 105.42 and then to the 50-day simple moving average (106.09).

Bitcoin price analysis

Bitcoin remains under pressure as bears are trying to sink the price to the critical support at $80,000. A minor positive in favor of the bulls is that they are attempting to arrest the decline at $81,100.

The bulls will try to push the price to the resistance line, which is likely to attract strong selling by the bears. If the price turns down from the resistance line, the likelihood of a break below $80,000 increases. The BTC/USDT pair could slump to $76,606 and eventually to $73,777.

On the contrary, a break and close above the resistance line suggests that the bears are losing their grip. The pair could pick up momentum above $89,000 and rally toward $95,000.

Ether price analysis

Ether (ETH) has reached the vital support at $1,754, from where the bulls are trying to start a relief rally.

The bears will try to halt the recovery attempt at the 20-day EMA ($1,980). If the price turns down sharply from the 20-day EMA, it increases the possibility of a break below $1,754. That could sink the ETH/USDT pair to $1,550.

The first sign of strength will be a break and close above the breakdown level of $2,111. The pair will then complete a bullish double-bottom pattern, which has a target objective of $2,468.

XRP price analysis

XRP (XRP) has dropped to the critical $2 support, which is likely to attract solid buying by the bulls. 

Any bounce is expected to face selling at the moving averages. If the price turns down from the moving averages, it heightens the risk of a break below $2. If that happens, the XRP/USDT pair will complete a bearish head-and-shoulders pattern. There is minor support at $1.77, but if the level gets taken out, the pair could collapse to $1.27.

Time is running out for the bulls. If they want to prevent the downside, they will have to quickly drive the price above the moving averages. The pair may then travel to the resistance line.

BNB price analysis

BNB’s (BNB) narrow range resolved to the downside with a break and close below the moving averages on March 29.

The BNB/USDT pair has support at the 38.2% Fibonacci retracement level of $591 and then at the 50% retracement level of $575. If the price rebounds off the support, the bulls will try to propel the pair above the moving averages and the $644 resistance. If they manage to do that, the pair could rally to $686.

Contrarily, a break and close below $575 could sink the pair to the 61.8% retracement level of $559. A deeper pullback is likely to delay the next leg of the up move.

Solana price analysis

Solana (SOL) is finding support near $120, indicating that the buyers are fiercely defending the level.

The first sign of strength will be a break and close above the 20-day EMA ($133). That opens the doors for a rise to the 50-day SMA ($148), which may again act as a stiff resistance. However, if buyers pierce the resistance, the SOL/USDT pair could rally to $180.

If sellers want to strengthen their position, they will have to pull the price below the $120 to $110 support zone. If they manage to do that, the pair could start the next leg of the downtrend toward $80.

Related: XRP bulls in ‘denial’ as price trend mirrors previous 75-90% crashes

Dogecoin price analysis

Dogecoin (DOGE) is trying to take support at the $0.16 support, but a weak bounce suggests a lack of demand from the bulls.

The DOGE/USDT pair could skid to $0.14, where the buyers are expected to step in. Any bounce-off of $0.14 is expected to face selling at the moving averages. If the price turns down from the moving averages, it increases the possibility of a break below $0.14. If that happens, the pair could plummet to $0.10.

Buyers will have to push and maintain the price above $0.20 to suggest that the pair may have formed a floor at $0.14. The pair may then ascend to $0.24.

Cardano price analysis

Cardano (ADA) has slipped to the uptrend line, which is an important near-term support to watch out for.

The downsloping 20-day EMA ($0.71) and the RSI in the negative territory signal a slight advantage to the bears. A close below the uptrend line could start a downward move toward $0.50.

On the other hand, a bounce off the uptrend line could push the ADA/USDT pair toward the moving averages. Buyers will be back in control after they propel and maintain the price above the 50-day SMA ($0.75).

Toncoin price analysis

Toncoin (TON) is getting squeezed between the 20-day EMA ($3.63) and the overhead resistance at $4.14.

The upsloping 20-day EMA and the RSI in the positive territory suggest the path of least resistance is to the upside. If buyers drive the price above $4.14, the TON/USDT pair is likely to pick up momentum and climb to $5 and later to $5.65.

This positive view will be invalidated in the near term if the price turns down from the overhead resistance and breaks below the 50-day SMA ($3.46). That could sink the pair to $3.30 and later to $2.81.

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.

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