Market Analysis March 24: SPX, DXY, BTC, ETH, XRP, BNB, SOL, DOGE, ADA, LINK
Bitcoin (BTC) surged 4.25% last week, closing above $86,000 and extending gains above $88,700 on March 24. Analysts are optimistic, with some predicting a potential rally toward $110,000 before a correction.
Quick Summary
- Bitcoin shows bullish momentum, targeting resistance near $90,000.
- Altcoins like ETH, XRP, BNB, SOL, DOGE, ADA, and LINK are showing signs of recovery.
- S&P 500 faces resistance at the 20-day EMA, while the US Dollar Index attempts a rebound.
S&P 500 Index (SPX)
The SPX reached the 20-day EMA (5,742), a critical resistance. A rejection here could lead to a retest of support between 5,600 and 5,500. A close above the 20-day EMA would signal a potential recovery toward the 50-day SMA (5,913).
US Dollar Index (DXY)
DXY bounced from 103.37, aiming for the 20-day EMA (104.59). A rejection at this level could push the index down to 102 or lower. A break above the 20-day EMA would indicate strength, targeting 105.42.
Bitcoin (BTC)
BTC broke above the 20-day EMA ($85,572), signaling bullish sentiment. Resistance at the 50-day SMA ($90,290) is crucial. A successful breakout could propel BTC toward $95,000 and potentially $100,000. A drop below $83,000 would indicate bearish pressure, targeting $80,000.
Ether (ETH)
ETH bulls aim to reclaim the $2,111 level. Success here could lead to a rally toward $2,356 and $2,550. Bears must push ETH below $1,750 to regain control and target $1,550.
XRP
XRP bounced from the 20-day EMA ($2.38), targeting resistance at $2.59. A breakout could lead to a rally toward $3. Bears need to push XRP below $2.20 to regain momentum.
Binance Coin (BNB)
BNB rebounded from moving averages, indicating bullish sentiment. A break above $644 could lead to $686 and $745. Support lies at the 20-day EMA ($613), with further downside at $591 and $575.
Solana (SOL)
SOL broke above the 20-day EMA ($135), targeting the 50-day SMA ($158). A successful breakout could push SOL toward $180. Bears must break below $110 to resume the downtrend.
Dogecoin (DOGE)
DOGE climbed above the 20-day EMA ($0.18), aiming for the 50-day SMA ($0.21). A breakout could lead to $0.24 and potentially $0.29. Bears must push DOGE below $0.16 to regain control.
Cardano (ADA)
ADA remains range-bound between moving averages and an uptrend line. A breakout above moving averages could target $0.84 and $1.02. A break below the uptrend line could lead to $0.58 and $0.50.
Chainlink (LINK)
LINK broke above the 20-day EMA ($14.60), signaling a potential end to the downtrend. Resistance at the 50-day SMA ($16.34) is key. A breakout could lead to $19.25. Bears must push LINK below $13.82 to regain control.
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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