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  • Writer's pictureTeresa Pace

Price analysis on March 8th for BTC, ETH, BNB, SOL, XRP, ADA, DOGE, SHIB, AVAX, and DOT.

Bitcoin reached a new record high, surging to $70,199 on the Coinbase exchange, signaling strong buyer activity. However, the inability to sustain above $70,000 suggests persistent selling pressure at higher levels.

Accompanying the price surge, Bitcoin's spot trading volume has also surged, indicating renewed interest from retail traders. On March 5, daily spot trading volume for Bitcoin soared to $46.26 billion across centralized exchanges, marking its highest level in a year. Despite the recent uptick, some investors appear prepared to lock in profits, as evidenced by increased Bitcoin transfers to Coinbase nearing 2022 highs.

As Bitcoin hovers around $69,000, several major altcoins have resumed their upward trajectory, hinting at a potential shift in trader focus. While an altseason, according to the Blockchain Center's altcoin season index, has not yet commenced, K33 Research anticipates its imminent onset.

Could the repeated failures to sustain Bitcoin's price above $69,000 trigger a correction in the near term? Will altcoins also face selling pressure? Let's delve into the charts of the top 10 cryptocurrencies to explore further.

Bitcoin Price Analysis: Despite reaching a new all-time high on March 8, Bitcoin's candlestick for the day exhibits profit-taking at higher levels. Nevertheless, the bulls have managed to hold their ground against the bears, indicating their resilience and anticipation of further upside momentum. If the bulls succeed in maintaining and propelling the price above $70,000, the BTC/USDT pair could surge towards $76,000 and subsequently $80,000.

Conversely, a sharp downturn below $62,500 would signal profit-taking by short-term traders, potentially leading to a decline towards the 20-day exponential moving average ($59,727). Further downside momentum would require the bears to breach this support level, indicating the beginning of a corrective phase.

Ether Price Analysis: Ether rebounded following a correction on March 5 and breached the overhead resistance of $3,822 on March 6, signaling a resumption of its upward trend. The ETH/USDT pair could target $4,150 and $4,375 next. However, caution is advised as the Relative Strength Index (RSI) has been persistently within the overbought zone, suggesting a potential correction or consolidation in the near future. A dip below the 20-day EMA ($3,352) would favor the bears.

BNB Price Analysis: BNB bounced off the 20-day EMA ($404) on March 6 and surpassed the immediate resistance at $427. The BNB/USDT pair's breach of the significant overhead resistance at $460 could pave the way for further gains towards $500 and $572. However, a break below the 20-day EMA would indicate profit-taking by bulls, potentially leading to a decline towards the 50-day SMA ($348).

Solana Price Analysis: Solana has maintained its position above the breakout level of $126, indicating positive sentiment and dip-buying behavior among traders. The SOL/USDT pair's breach of the $143 resistance on March 7 suggests that the correction may have concluded, with a potential move towards $158 if the price remains above $143.

Cardano Price Analysis: The bulls are endeavoring to uphold Cardano above the breakout level of $0.68, indicating their effort to establish $0.68 as support. With the 20-day EMA sloping upward and the RSI in positive territory, bullish momentum appears strong. Buyers may target $0.80, a significant hurdle, followed by a potential uptrend towards $0.90. However, a decline below $0.68 could indicate profit-taking by traders, possibly leading to a fall towards the 50-day SMA ($0.57).

Dogecoin Price Analysis: Dogecoin has witnessed a fierce battle between bulls and bears near the $0.16 level. Bulls have managed to prevent sustained dips below $0.16, demonstrating robust demand. If buyers maintain the price above $0.16, the DOGE/USDT pair could ascend gradually towards $0.18 and then retest $0.20. However, a close below $0.15 support could push the pair towards the 20-day EMA, possibly leading to a period of range-bound trading.

Shiba Inu Price Analysis: Shiba Inu has retraced within a strong uptrend, finding support near the 38.2% Fibonacci retracement level of $0.000032. The pair may consolidate between the 50% retracement level of $0.000027 and the local high at $0.000046. A breakout above this resistance could signal a resumption of the uptrend towards $0.000065. Conversely, a decline below $0.000027 may indicate bearish pressure, potentially driving the pair towards the 61.8% retracement level of $0.000023.

Avalanche Price Analysis: Avalanche climbed back above the 20-day EMA on March 6, suggesting buying interest at lower levels. Overcoming the minor resistance at $45.20 could propel the AVAX/USDT pair towards the psychological resistance of $50. However, failure to sustain gains might lead to a retreat towards the 50-day SMA. Bulls are expected to defend this level, but a breakdown could result in a drop towards $37.38.

Polkadot Price Analysis: Polkadot recovered sharply on March 6 but failed to sustain the breakout above $10.80, indicating persistent selling pressure. Bears may attempt to pull the price towards the breakout level of $9.59, attracting buying interest from bulls. A rebound from this level could signal a rally above $11 towards $13.18. Conversely, a decline below the 20-day EMA may suggest a deeper correction towards $8.

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