Coin Market

Price analysis 3/17: SPX, DXY, BTC, ETH, XRP, BNB, SOL, DOGE, ADA, PI

Published

2 weeks ago

March 17, 2025

Bitcoin (BTC) has largely stayed above $80,000 since March 11, indicating that the bulls are not waiting for a deeper correction to buy. However, the failure to propel the price above $86,000 shows that the bears have not given up and continue to sell on rallies.

CoinShares’ weekly report shows that cryptocurrency exchange-traded products (ETPs) witnessed $1.7 billion in outflows last week. That takes the total five-week outflows to $6.4 billion. Additionally, the streak of outflows has reached 17 days, marking the longest negative streak since CoinShares records began in 2015.

Daily cryptocurrency market performance. Source: Coin360

It’s not all gloom and doom for the long-term investors. CryptoQuant contributor ShayanBTC said that investors who purchased Bitcoin between three and six months ago are showing an accumulation pattern. Historically, similar behavior has “played a crucial role in forming market bottoms and igniting new uptrends.”

Will buyers succeed in catapulting Bitcoin above the overhead resistance levels? How are the altcoins placed? Let’s analyze the charts to find out.

S&P 500 Index price analysis

The S&P 500 Index (SPX) is in a strong corrective phase. The fall to 5,504 on March 13 sent the relative strength index (RSI) into the oversold territory, signaling a possible relief rally in the near term.

SPX daily chart. Source: Cointelegraph/TradingView

The bears will try to halt the recovery in the 5,670 to 5,773 resistance zone. If they succeed, it will signal that the sentiment remains negative and traders are selling on rallies. That heightens the risk of a fall to 5,400. The bulls are expected to defend the 5,400 level with all their might because a drop below it may sink the index to 5,100.

On the upside, a break and close above the 20-day exponential moving average (5,780) will signal strength. The index may then climb to the 50-day simple moving average (5,938).

US Dollar Index price analysis

The weak rebound off the 103.37 support in the US Dollar Index (DXY) suggests that the bears have kept up the pressure.

DXY daily chart. Source: Cointelegraph/TradingView

Sellers are trying to sink the index below 103.37. If they can pull it off, the decline could extend to 102 and thereafter to 101.

Conversely, if the price turns up from the current level and breaks above 104, it will signal that buyers are trying to make a comeback. The index could rise to the 20-day EMA (105), which is likely to attract sellers. If buyers do not cede much ground to the bears, the prospects of a break above the 20-day EMA increase. The index could then rally to the 50-day SMA (107).

Bitcoin price analysis

Bitcoin has been trying to form a higher low in the near term, building strength to cross above the 200-day SMA ($84,112).

BTC/USDT daily chart. Source: Cointelegraph/TradingView

The positive divergence on the RSI suggests that the bearish momentum is weakening. If buyers drive the price above the 20-day EMA ($85,808), the BTC/USDT pair could rise to the 50-day SMA ($92,621).

Contrary to this assumption, if the price turns down sharply from the 200-day SMA, it will indicate that the bears are trying to flip the level into resistance. The pair may slide to $80,000 and next to $76,606.

Ether price analysis

Ether (ETH) has been trading between $1,963 and $1,821, signaling a lack of aggressive buying at current levels.

ETH/USDT daily chart. Source: Cointelegraph/TradingView

If the price dips below the $1,821 to $1,754 support zone, it will indicate the resumption of the downtrend. The ETH/USDT pair may then nosedive to the next significant support at $1,550.

This negative view will be invalidated in the near term if the price turns up and breaks above the 20-day EMA ($2,107). The pair could ascend to the 50-day SMA ($2,514), where the bears are likely to sell aggressively. However, if the bulls pierce the 50-day SMA resistance, the pair may rally to $2,857.

XRP price analysis

XRP (XRP) turned down from the 50-day SMA ($2.51) on March 15, indicating that the bears are active at higher levels.

XRP/USDT daily chart. Source: Cointelegraph/TradingView

The 20-day EMA ($2.34) has flattened out, and the RSI is near the midpoint, indicating a balance between supply and demand. The XRP/USDT pair could remain stuck between the 50-day SMA and $2 for some time.

If the price turns up from the current level and breaks above the 50-day SMA, it will clear the path for a potential rally to $3. Instead, a break and close below $2 will complete a head-and-shoulders pattern. The pair may then tumble to $1.28.

BNB price analysis

BNB (BNB) turned up from the 20-day EMA ($598) and rose above the 50-day SMA ($620), indicating that the correction may be ending.

BNB/USDT daily chart. Source: Cointelegraph/TradingView

The 20-day EMA has started to turn up, and the RSI has risen into positive territory, indicating a slight advantage to the bulls. If the price sustains above the 50-day SMA, the BNB/USDT pair could rally to $686 and eventually to $745.

The 20-day EMA is the critical support to watch out for on the downside. A break and close below the 20-day EMA will signal that the bears have seized control. The pair may then descend to the strong support at $500.

Solana price analysis

Solana (SOL) turned down from the 20-day EMA ($139) on March 16, signaling that bears are aggressively defending the level.

SOL/USDT daily chart. Source: Cointelegraph/TradingView

The SOL/USDT pair could drop to $120 and then to $110, where buyers are expected to step in. If the price rebounds off the support zone, the bulls will again try to drive the SOL/USDT pair above the 20-day EMA. If they manage to do that, the pair could climb to $180.

This positive view will be invalidated in the near term if the price continues lower and breaks below the support zone. That may start a downward move to $100 and subsequently to $80.

Dogecoin price analysis

Dogecoin (DOGE) has been gradually rising toward the 20-day EMA ($0.19), which is an important near-term resistance to watch out for.

DOGE/USDT daily chart. Source: Cointelegraph/TradingView

If the price turns down sharply from the 20-day EMA, it suggests that bears are selling on every minor rally. That heightens the risk of a break below the $0.14 support. If that happens, the DOGE/USDT pair could plunge to $0.10.

Contrarily, a break and close above the 20-day EMA indicates that the selling pressure is reducing. The pair could rise to the 50-day SMA ($0.23) and later to $0.29. A break and close above $0.29 suggests that buyers are back in the driver’s seat.

Cardano price analysis

Cardano (ADA) has been trading below the 20-day EMA ($0.76) since March 8, but the bears have failed to sink the pair to the uptrend line. This suggests that selling dries up at lower levels.

ADA/USDT daily chart. Source: Cointelegraph/TradingView

Buyers will have to drive the price above the moving averages to start a sustained recovery. The ADA/USDT pair could climb to $1.02, where the bears may again mount a strong defense.

Contrary to this assumption, if the price turns down from the moving averages, it will suggest that bears remain in control. That increases the likelihood of a drop below the uptrend line. If that happens, the pair may plummet to $0.50.

Pi price analysis

Pi (PI) has been gradually sliding toward the $1.23 support, which is likely to attract buying from the bulls.

PI/USDT daily chart. Source: Cointelegraph/TradingView

If the price rebounds off $1.23 with strength, the PI/USDT pair could attempt a move back toward $1.80. Sellers are expected to pose a strong challenge at $1.80, but if the bulls prevail, the pair could rally to $2 and thereafter to $2.35.

Contrarily, if the price turns down from $1.80, it will signal a range formation. The pair may swing between $1.23 and $1.80 for a while. Sellers will strengthen their position on a break below $1.23. The pair may then collapse to the 78.6% retracement level of $0.72.

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.

Coin Market

Sonic Labs ditch algorithmic USD stablecoin for UAE dirham alternative

Published

1 hour ago

March 29, 2025

Sonic Labs has canceled plans to launch a US dollar-pegged algorithmic stablecoin, opting instead to develop a United Arab Emirates dirham-denominated alternative.

On March 22, Sonic Labs co-founder Andre Cronje said the company was working on a US dollar-pegged algorithmic stablecoin with an annual percentage rate (APR) of up to 23%, Cointelegraph reported.

However, one week later, the firm reversed course.

“We will no longer be releasing a USD based algorithmic stable coin,” Cronje said in a March 28 X post. “Completely unrelated, we will be releasing a mathematically bound numerical Dirham which is settled and denominated in USD, which is definitely not a USD based algorithmic stable coin.”

The shift in strategy comes shortly after the UAE announced it would launch its digital dirham central bank digital currency (CBDC) in the fourth quarter of 2025.

Source: Andre Cronje

Khaled Mohamed Balama, governor of the Central Bank of the UAE, said the blockchain-based dirham could enhance financial stability and help combat financial crime. The digital currency will be accepted alongside its physical counterpart in all payment channels, according to a report from the Khaleej Times.

Sonic faced criticism over stablecoin plans

The reversal follows widespread criticism of Sonic’s original plan to launch an algorithmic stablecoin — a model that has raised concerns across the crypto industry since the collapse of the Terra ecosystem in 2022.

Cronje himself previously admitted to experiencing Post-traumatic stress disorder (PTSD) related to algorithmic stablecoin due to previous cycles:

“Pretty sure our team cracked algo stable coins today, but previous cycle gave me so much PTSD not sure if we should implement.”

In May 2022, the $40 billion Terra ecosystem collapsed, erasing tens of billions of dollars of value in a matter of days. Terra’s algorithmic stablecoin, TerraUSD (UST), had been yielding an over 20% annual percentage yield (APY) on Anchor Protocol prior to its collapse.

As UST lost its dollar peg, crashing to a low of around $0.30, Terraform Labs co-founder Do Kwon took to X (then Twitter) to share his rescue plan. At the same time, the value of sister token LUNA — once a top 10 crypto project by market capitalization — plunged over 98% to $0.84. LUNA was trading north of $120 in early April 2022.

The collapse of the algorithmic stablecoin issuer created shockwaves among both crypto investors and lawmakers.

To reduce systemic risk, the European Union’s Markets in Crypto-Assets Regulation (MiCA) bill will prohibit algorithmic stablecoins to avoid another Terra-like failure.

Meanwhile, stablecoins are increasingly being used for smaller, everyday payments rather than large transfers, according to CoinFund managing partner David Pakman.

“We’ve seen a significant decrease in the size of each stablecoin transaction, which points to the fact that they are being used more as payments and less for large transfers,” Pakman said during Cointelegraph’s Chainreaction live show on X on March 27.

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Coin Market

$1T stablecoin supply could drive next crypto rally — CoinFund’s Pakman

Published

3 hours ago

March 29, 2025

The global stablecoin supply could surge to $1 trillion by the end of 2025, potentially becoming a key catalyst for broader cryptocurrency market growth, according to CoinFund managing partner David Pakman.

“We’re in a stablecoin adoption upswell that’s likely to increase dramatically this year,” Pakman said during Cointelegraph’s Chainreaction live show on X on March 27. “We could go from $225 billion stablecoins to $1 trillion just this calendar year.”

He noted that such growth, while modest compared to global financial markets, would represent a “meaningfully significant” shift for blockchain-based finance.

Pakman also suggested that the rise in capital flowing onchain, combined with growing interest in exchange-traded funds (ETFs), could further support decentralized finance (DeFi) activity:

“If we have a moment this year where ETFs are permitted to provide staking rewards or yield to holders, that unlocks really meaningful uplift in DeFi activity, broadly defined.”

https://t.co/v9lOnk00QY

— Cointelegraph (@Cointelegraph) March 27, 2025

The aggregate stablecoin supply stood at an all-time high of above $208 billion across the five largest stablecoins on March 28, according to Glassnode data.

Stablecoins, aggregate supplies. Source: Glassnode

“This is the major catalyst that’s been missing for over a decade: a major movement of people’s wealth onchain that brings everyone else on,” added Pakman.

The growing stablecoin supply recently surpassed $219 billion and continues to rise, suggesting that the market is “likely still mid-cycle” as opposed to the top of the bull run, according to IntoTheBlock analysts.

Stablecoin payment adoption on the rise

Stablecoins use for daily payments is on the rise, illustrating the efficacy of blockchain-based transactions.

“We’re up over 22x in stablecoin volume since 2021,” Pakman said, adding:

“We’ve seen a significant decrease in the size of each stablecoin transaction, which points to the fact that they are being used more as payments and less for large transfers.”

BTC-to-stablecoin ratio. Source: Ki Young Ju

That aligns with recent comments from CryptoQuant founder and CEO Ki Young Ju, who said stablecoins are increasingly being used for remittance payments and as a store of value. However, Ju said stablecoin supply won’t pump Bitcoin’s (BTC) price without additional catalysts.

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Coin Market

NAYG lawsuit against Galaxy was ‘lawfare, pure and simple' — Scaramucci

Published

4 hours ago

March 29, 2025

The New York State Attorney General’s (NAYG) recent legal action against Galaxy Digital over its promotional ties to the now-collapsed cryptocurrency Terra (LUNA) was unfair and an abuse of the legal system, says SkyBridge Capital and founder Anthony Scaramucci.

“It’s LAWFARE, pure and simple due to an obscure but dangerously powerful New York law known as the Martin Act,” Scaramucci said in a March 28 X post.

Martin Law can “open the door for abuse”

“The law has no need to prove intent, creating a low standard of proof that can open the door for abuse like this. It shouldn’t exist,” he said.

New York’s Martin Act is one of the US’s strictest anti-fraud and securities laws, allowing prosecutors the power to pursue financial fraud cases without needing to prove intent. The NAYG alleged that Galaxy Digital violated the Martin Act over its alleged promotion of Terra, with Galaxy Digital agreeing to a $200 million settlement.

According to NAYG documents filed on March 24, Galaxy Digital acquired 18.5 million LUNA tokens at a 30% discount in October 2020, then promoted them before selling them without abiding by disclosure rules.

Scaramucci reiterated that Galaxy CEO Michael Novogratz was under the impression everything he was saying about Luna was true, as he had been deceived by Terraform Labs and its former CEO, Do Kwon.

Source: Amanda Fischer

Meanwhile, MoonPay president of enterprise, Keith Grossman, said he had never heard of the Martin Act and had to look it up using AI chatbot ChatGPT.

“It is so broad and essentially is the essence of lawfare,” Grossman said. “Sorry you got caught in the crosshairs of it, Mike,” he added.

The filing alleged that Galaxy helped a “little-known” token, referring to LUNA, increase its market price from $0.31 in October 2020 to $119.18 in April 2022 while “profiting in the hundreds of millions of dollars.”

Asset manager and investor Anthony Pompliano said he isn’t familiar with the details of the lawsuit but vouched for Novogratz, calling him a “good man” who has devoted a lot of time and money to helping others.

The Terra collapse is one of the crypto industry’s most infamous failures. In March 2024, SEC attorney Devon Staren said in the US District Court for the Southern District of New York that Terra was a “house of cards” that collapsed for investors in 2022.

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