Price Prediction 3/19: BTC, ETH, XRP, BNB, SOL, DOGE, ADA

ADA is the top loser in the top 10, shedding almost 7% in the last 24 hours. The downtrend is ongoing at the time of writing, and the risk of further decline remains high.

The asset has since erased all of Monday’s gains and is edging closer to flipping red on the 1-week scale. Interestingly, the bearish action is not limited to ADA. A sweep through the top 10 shows significant selling pressure across the market.

The global cryptocurrency market cap has since shed all of Monday’s gains as the downtrend enters its third day. The downtrend, which began on Tuesday, reached its worst phase on Wednesday, resulting in a 3% decline.

Between Tuesday and Wednesday, it has lost almost 5%. Although the downtrend is ongoing, indicators on the 4-hour chart suggest that a trend reversal is on the horizon. It is currently trending at bollinger’s lower band, hinting at an impending rebound.

Away from the chart, the market is yet to fully recover from the previous day’s rate decision. The Federal Reserve announced no rate cuts, as many expected. However, investors were not satisfied when the Fed announced a rise in PPI.

It remains to be seen if the upward trend will resume on Thursday, as it’s usually a bearish day for the market. Let’s see some key levels to watch.

BTC/USD

Bitcoin had one of its biggest declines of the last two weeks on Tuesday. It retraced from $74,676 to a low of $70,492 and ended the session with losses exceeding 3%.

It resumed the downtrend in the early hours of Thursday, dropping below $70k for the first time in seven days. However, the 4-hour chart shows that it rebounded and is looking to erase the losses.

The bollinger bands suggest that a further uptick will follow the rebound as the apex coin recovered after slipping below the indicator a few hours ago. Additionally, the current candle is a doji, indicating a sharp decline in selling pressure.

Additionally, the relative strength index is at 33, a few clicks away from oversold territory. The chart shows several instances in which its downtrend ended at this mark.

However, previous price movement indicates that the asset is not trading at a level with notable demand concentration. A closer look at the chart shows the bulls defended $69k last week. If they fail, a drop to $66k is likely.

ETH/USD

Ethereum recently slipped below $2,200 and is now trading below that level. The decline happened on Wednesday when it opened at $2,318 and dropped to a low of $2,153. As a result, it erased all of Monday’s gains, like ADA.

Although it pulled back, it had another significant decline in the early hours of Thursday. It retraced to $2,143 from $2,213, but rebounded and is grappling with slight selling pressure at the time of writing.

ETH is printing a green candle, suggesting the bulls are maintaining the recent buyback. The candle also hints at further price increases in the coming hours, potentially driving it above $2,230.

Nonetheless, the bulls must maintain the current uptrend, as prior price action warns of dire consequences. The altcoin may retest $2k if selling volume spikes.

XRP/USD

XRP was struggling to break above $1.54 between Tuesday and Wednesday. It succumbed to selling pressure later on, retracing below $1.44. It ended the decline, but the day ended with notable losses.

However, price action on Thursday indicates that bearish sentiment still lingers. The altcoin saw another wave of selloff in the early hours, leading to a slight decline. The current candle on the 4-hour chart suggests that the buyers are absorbing the excess supply.

If the trend continues, XRP will retest $1.50 in the coming hours. Conversely, failure to maintain the current trend will result in a drop to $1.40.

BNB/USD

The 4-hour chart shows that BNB was hit by a wave of selling in the session starting at 8:00 UTC on Wednesday, shedding almost 4% in eight hours. Although it rebounded, it resumed the decline on Thursday.

The previous candle on the 4-hour chart shows the asset retested $640 before rebounding. However, like ADA, it resumed the downtrend and threatens to flip the mark. A closer look at the chart hints at slight demand concentration at $640. If it breaks, the altcoin will retrace to $625.

Nonetheless, the bollinger bands suggest that the downtrend is due for a rebound as the asset trades close to the lower band.

SOL/USD

Solana declined significantly, like the rest of the market. It dropped to $89 from $95, shedding almost 5%. The 4-hour chart shows a slight pullback afterward, but no strong uptick at the time.

The altcoin retested the low a few hours ago but bounced off it. Zooming it out, the asset has been rangebound since its initial decline to the $89. However, the current candle suggests that it will break out in the coming hours.

It currently prints a red candle, indicating a resurgence in selling volume. If it continues, SOL will drop as low as $86.

DOGE/USD

Like ADA, DOGE posted a new weekly low on Wednesday. It lost over 5% and dropped to a low of $0.093. The 1-day chart shows slight buybacks, but they weren’t enough to erase the bearish sentiment.

The downtrend resumed on Thursday, and the altcoin is currently struggling to keep prices above $0.093. If the bulls fail to stage another buyback, the memecoin may retrace below $0.090 in the coming days.

Conversely, the 4-hour suggests that a rebound is likely. Dogecoin is currently trending close to bollinger’s lower band, a pattern that appears close to the end of a downtrend.

ADA/USD

Since Monday, ADA has struggled to break above $0.293. It finally broke the mark onm Wednesday but faced stronger rejections afterward. It retraced by over 5% during the previous intraday session.

Thursday is no different as the altcoin had another wave of selloff a few hours ago. The 4-hour chart shows that in the session starting at 4:00, it shed another 2%. Its current candle suggests that the downtrend is far from over.

If the current market conditions persist, ADA could retest $0.26 in the coming hours. If the bulls fail to defend this mark, it may continue as low as $0.255.

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