Connect with us

Coin Market

Price analysis 3/24: SPX, DXY, BTC, ETH, XRP, BNB, SOL, DOGE, ADA, LINK

Published

on

Bitcoin (BTC) rose 4.25% last week to close above $86,000, and the bulls extended the recovery above $88,700 on March 24. 10x Research founder Markus Thielen said in a March 23 report that Bitcoin’s reversal indicators had turned positive, suggesting a “renewed uptrend.”

Buyers seem to be returning to the markets. According to SoSoValue data, US Spot Bitcoin exchange-traded funds (ETFs) witnessed net inflows of $744.4 million last week after recording five consecutive weeks of outflows. However, Ether ETFs could not replicate a similar performance as they witnessed a fourth successive week of net outflows.

Daily cryptocurrency market performance. Source: Coin360

Analysts are divided about the near-term price action for Bitcoin. Select analysts believe Bitcoin could run into significant resistance near $90,000, starting a pullback toward $80,000. In contrast, BitMEX co-founder and chief investment officer of Maelstrom, Arthur Hayes, said in a post on X that Bitcoin will rally to $110,000 before it drops to $76,500.

Could Bitcoin bulls maintain the momentum and push the price above $90,000? Will the altcoins follow Bitcoin higher? Let’s analyze the charts to find out.

S&P 500 Index price analysis

The S&P 500 Index (SPX) has risen to the 20-day exponential moving average (5,742), where the bears are expected to step in. 

SPX daily chart. Source: Cointelegraph/TradingView

If the price turns down from the 20-day EMA, the bears will attempt to drag the index below 5,670. If they succeed, the index may retest the critical support zone between 5,600 and 5,500.

On the other hand, a close above the 20-day EMA will be the first indication that the correction may be ending. The index will then try to rise toward the 50-day simple moving average (5,913).

US Dollar Index price analysis

The US Dollar Index (DXY) rebounded off the 103.37 level on March 19, indicating that the bulls are trying to form a floor.

DXY daily chart. Source: Cointelegraph/TradingView

The index could reach the 20-day EMA (104.59), which is an important level to watch out for. If the index turns down sharply from the 20-day EMA, the bears will again try to sink the price below 103.37. If they can pull it off, the index may collapse to 102 and eventually to 101.

Contrarily, a break and close above the 20-day EMA suggests the bears are losing their grip. The index could climb to the breakdown level of 105.42, which is likely to act as a formidable barrier.

Bitcoin price analysis

Bitcoin broke above the 20-day EMA ($85,572) on March 23, suggesting the start of a strong recovery.

BTC/USDT daily chart. Source: Cointelegraph/TradingView

The 20-day EMA is flattening out, and the RSI has risen into positive territory, signaling a minor advantage to the bulls. The relief rally is expected to face stiff resistance at the 50-day SMA ($90,290). If the price turns down from the 50-day SMA but finds support at the 20-day EMA, it will indicate a positive sentiment. That increases the possibility of a rally to $95,000 and then to $100,000.

Conversely, if the price turns down from the 50-day SMA and breaks below the 20-day EMA, it will suggest that the bears remain active at higher levels. A drop below $83,000 could sink the BTC/USDT pair to $80,000.

Ether price analysis

Ether (ETH) bulls are again attempting to drive the price above the 20-day EMA ($2,057) and the breakdown level of $2,111.

ETH/USDT daily chart. Source: Cointelegraph/TradingView

If they manage to do that, it will signal that the markets have rejected the breakdown below $2,111. The ETH/USDT pair could rally to the 50-day SMA ($2,356) and subsequently to $2,550.

Time is running out of the bears. If they want to retain the advantage, they will have to defend the $2,111 level and swiftly pull the price below $1,750. That may resume the downtrend toward the next support at $1,550.

XRP price analysis

XRP (XRP) turned up from the 20-day EMA ($2.38) on March 23, signaling that the bulls are using the dips to buy.

XRP/USDT daily chart. Source: Cointelegraph/TradingView

The bulls will try to push the price above $2.59. If they manage to do that, the XRP/USDT pair could climb to the resistance line, where sellers are expected to mount a strong defense. 

If the price turns down from the resistance line but rebounds off the 20-day EMA, it will indicate a positive sentiment. That improves the prospects of a break above the resistance line. The pair may then rally to $3.

Sellers will have to tug the price below $2.20 to seize control. That could clear the path for a retest of the vital support at $2.

BNB price analysis

BNB (BNB) has bounced off the moving averages, indicating a change in sentiment from selling on rallies to buying on dips.

BNB/USDT daily chart. Source: Cointelegraph/TradingView

If the price rises and breaks above $644, it will indicate the resumption of the recovery. The BNB/USDT pair could ascend to $686 and above it to the crucial resistance at $745. 

The 20-day EMA ($613) is the strong support to watch out for on the downside. A break and close below the 20-day EMA could weaken the bullish momentum. The pair may slide to the 38.2% Fibonacci retracement level of $591 and then to the 50% retracement level of $575.

Solana price analysis

Solana (SOL) broke above the 20-day EMA ($135) on March 24, signaling that the bulls are attempting a comeback.

SOL/USDT daily chart. Source: Cointelegraph/TradingView

If the price maintains above the 20-day EMA, the SOL/USDT pair could rise to the 50-day SMA ($158). Sellers will try to stall the rally at the 50-day SMA, but if the bulls overcome the obstacle, the pair may surge toward $180. That will bring the large $110 to $260 range into play.

Contrarily, if the price turns down from the current level or the 50-day SMA, it will suggest that the bears remain sellers on rallies. The bears will have to yank the price below the $120 to $110 support zone to start the next leg of the downtrend. 

Related: How long will Bitcoin’s price consolidation last?

Dogecoin price analysis

Dogecoin (DOGE) has risen above the 20-day EMA ($0.18), indicating that the bulls have kept up the pressure.

DOGE/USDT daily chart. Source: Cointelegraph/TradingView

If the price closes above the 20-day EMA, the DOGE/USDT pair could climb to the 50-day SMA ($0.21) and later to $0.24. Sellers are expected to defend the level, but if the bulls prevail, the pair could soar to $0.29.

Contrarily, if the price turns down from the 20-day EMA and breaks below $0.16, it will signal that bears remain active at higher levels. The pair may then slump to the critical support at $0.14.

Cardano price analysis

Cardano (ADA) has been trading between the moving averages and the uptrend line for the past few days.

ADA/USDT daily chart. Source: Cointelegraph/TradingView

The failure of the bears to sink the price to the uptrend line suggests a lack of selling at lower levels. Buyers will try to strengthen their position by pushing the price above the moving averages. If they do that, the ADA/USDT pair could rise to $0.84 and later to $1.02.

This positive view will be invalidated in the near term if the price turns down from the moving averages and breaks below the uptrend line. That could sink the pair to $0.58 and eventually to $0.50.

Chainlink price analysis

Chainlink (LINK) has broken out of the 20-day EMA ($14.60) on March 24, indicating that the downtrend could be ending.

LINK/USDT daily chart. Source: Cointelegraph/TradingView

The LINK/USDT pair could rise to the 50-day SMA ($16.34), which could again act as a stiff resistance. If the price turns down from the 50-day SMA, the pair is likely to find support at the 20-day EMA. If the price rebounds off the 20-day EMA, the likelihood of a rally to $19.25 increases.

If bears want to prevent the upside, they will have to swiftly pull the price below $13.82. That may sink the pair to the channel’s support line near $12.

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.

Continue Reading
Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

Coin Market

Binance debuts centralized exchange to decentralized exchange trades

Published

on

By

Crypto exchange Binance has debuted centralized exchange (CEX) to decentralized exchange trades (DEX), allowing customers to use funds from their Binance wallets to execute DEX trades — eliminating the need for asset bridging or manual transfers.

According to the exchange, customers can use Circle’s USDC (USDC) and other supported stablecoins to acquire tokens on the Ethereum, Solana, Base, and BNB Smart Chain networks.

The new CEX to DEX feature is also compatible with other tools on the platform, including Binance Alpha, which gives users the ability to discover emerging tokens in early-stage development, and the Binance quick buy tool.

Incorporating CEX to DEX trading unlocks a smoother user experience and reduces the complexity of swapping digital assets.

This reduction in complexity addresses the technical barrier to entry inherent in the user experience that makes it difficult for new users to interact with digital assets. Complex user interfaces and clunky user experience is one of the most widely cited issues in crypto.

An online meme poking fun at the complexities in crypto. Source: Kev.Eth

Related: Web3’s UX problem — and how to fix it, feat. Ponder One

Overcoming crypto’s user experience problem and getting crypto out of the AOL era

In November 2024, The WalletConnect Foundation and Reown established a standard framework for crypto wallets to enhance the user experience and promote ease of use.

Pedro Gomes, director of the WalletConnect Foundation, told Cointelegraph that the wallet standards framework focused on several key areas including, “minimizing clicks, reducing transaction friction, interoperability, and providing clear and accessible information.”

Anurag Arjun, co-founder of Avail — a unified chain abstraction solution — and the Polygon layer-2 network, also told Cointelegraph that current blockchain abstraction techniques are fragmenting liquidity across the ecosystem.

The Polygon co-founder said that each blockchain network has its own set of security assumptions, presenting challenges for interoperability; Arjun specifically cited bridging techniques as cumbersome for the end user.

Sandeep Nailwal, who founded Polygon alongside Arjun, recently voiced similar sentiments and said that crypto needs to enhance user experience before achieving mass adoption, likening the current state of crypto to the internet in the late 1990s.

Nailwal told Cointelegraph that crypto needs to adopt smoother fiat onboarding, better custody solutions that feature key recovery, and hardware wallets built into mobile devices to bring crypto out of the “AOL era” and achieve mass appeal.

Magazine: They solved crypto’s janky UX problem — you just haven’t noticed yet

Continue Reading

Coin Market

Stablecoins are powering deobanks

Published

on

By

Opinion by: Maksym Sakharov, co-founder and group CEO of WeFi 

The current markets are experiencing tailwinds as a result of the tariffs imposed by the US administration and retaliatory measures from trading partners. So far, however, market proponents say that Trump’s tariffs are primarily a negotiation strategy, and their effect on businesses and consumers will remain manageable.

Market uncertainty drives institutional interest 

Adding to the uncertainty are the inflationary pressures that could challenge the US Federal Reserve’s rate-cutting outlook. Besides that, an impending fiscal debate in Washington over the federal budget is also causing jitters in the market. 

Resolving the debt ceiling remains a pressing issue, as the Treasury currently relies upon “extraordinary measures” to meet US financial obligations. The exact timeline for when these measures will be exhausted is unclear, but analysts anticipate they may run out after the first quarter. 

While the administration has proposed eliminating the debt ceiling, this could face resistance from fiscal conservatives in Congress. According to a recent report, one sector experiencing steady growth is stablecoins despite this macroeconomic uncertainty. Much of the volume is driven by flows in Tether’s USDt (USDT) and USDC (USDC). 

Dollar-pegged stablecoins dominate the market 

Stablecoins started as an experiment — a programmable digital currency that would make it easier for users to enter the crypto market and trade different digital assets. A decade later, they are a critical part of the broader digital financial infrastructure.

The stablecoin market cap currently stands at a record $226 billion and continues to expand. Demand in emerging markets drives this growth. A recent ARK Invest report states that dollar-pegged stablecoins dominate the market. They account for over 98% of the stablecoin supply, with gold- and euro-backed stablecoins only sharing a small portion of the market.

In addition to this, Tether’s USDt accounts for over 60% of the total market. ARK’s research suggests that the market will expand and include Asian currency-backed stablecoins.

Recent: US will use stablecoins to ensure dollar hegemony — Scott Bessent

Besides that, digital assets are going through a shift marked by “stablecoinization” and “dollarization.” Asian nations like China and Japan have offloaded record amounts of US Treasurys. Saudi Arabia has ended its 45-year petrodollar agreement, and BRICS nations are increasingly bypassing the SWIFT network to reduce reliance on the US dollar. 

Bitcoin (BTC) and Ether (ETH) were traditionally the primary entry points into the digital asset ecosystem. Stablecoins have, however, taken the lead over the past two years, now representing 35%–50% of onchain transaction volumes.

Despite global regulatory headwinds, emerging markets have been adopting stablecoins. In Brazil, 90% of crypto transactions are undertaken via stablecoins, primarily used for international purchases.

A Visa report ranks Nigeria, India, Indonesia, Turkey and Brazil as the most active stablecoin markets, and Argentina ranks second in stablecoin holdings. Additionally, six out of every 10 purchases in the country were made using stablecoins pegged to the dollar, with near parity between USDC and USDT.

This shift toward stablecoins in Argentina is driven by high inflation and the need to protect against the devaluation of the Argentine peso. People in countries with unstable currencies turn to stablecoins, like USDT, to safeguard their wealth. 

Deobanks and their role in high-risk areas

Stablecoins have paved the way for a new generation of financial services. For example, stablecoins have provided the foundation for decentralized onchain banks, or deobanks, that embrace stablecoins as their native currency.

Deobanks make digital banking and financial services accessible to everyone, even people who do not meet strict account opening criteria. They also attract people who do not trust traditional institutions with their money. Users keep complete control of their funds through non-custodial accounts and enjoy real-time transaction transparency.

Deobanks’ decentralized nature replaces intermediaries with smart contracts that connect personal wallets directly to digital bank accounts. This approach cuts costs and speeds up transactions. Onchain data transparently preserves every transaction detail. The result is a financial model that is both efficient and inclusive. 

What lies ahead

Analysts predict the stablecoin market cap will surpass $400 billion in 2025. Deobanks bring a new edge to this growth, using stablecoins to drive economic growth and expand digital payment networks. They open fresh avenues for cross-border commerce and new opportunities for financial inclusion. 

In the next few years, the combined rise of stablecoins and next-generation onchain banks will transform how money moves across borders and transactions are processed. The blockchain integration at the back end and stablecoin foundation will promote lower fees, faster payments and broader access to financial services. The trend represents a shift away from outdated systems and signals a more resilient financial ecosystem.

Opinion by: Maksym Sakharov, co-founder and group CEO of WeFi .

This article is for general information purposes and is not intended to be and should not be taken as legal or investment advice. The views, thoughts, and opinions expressed here are the author’s alone and do not necessarily reflect or represent the views and opinions of Cointelegraph.

Continue Reading

Coin Market

$65K Bitcoin price targets pile up as 'Spoofy the Whale' buys the dip

Published

on

By

Bitcoin (BTC) circled $83,000 on March 30 after weekend volatility brought new ten-day lows.

BTC/USD 4-hour chart. Source: Cointelegraph/TradingView

BTC price action deals snap weekend downside

Data from Cointelegraph Markets Pro and TradingView showed BTC/USD gradually recovering after a trip to $81,600 the day prior.

With no added selling pressure from the ongoing rout in US stock markets, Bitcoin managed to erase most of the downside to come full circle versus the last Wall Street close.

“Quite the volatility for a weekend indeed,” popular trader Daan Crypto Trades summarized in part of his latest content on X. 

“Looking like it might end up opening on Monday where it closed on Friday as most of the dump has been retraced now.”

BTC/USDT 15-minute chart with CME futures data. Source: Daan Crypto Trades/X

Daan Crypto Trades eyed the potential for a new gap in CME Group’s Bitcoin futures markets to be created thanks to the erratic market moves.

“Would be nice to not open with a gap for once so we can focus on everything else instead,” he argued, adding that a “big week” lay ahead.

Others had little hope for a short-term turnaround in Bitcoin’s fortunes. Veteran trader Peter Brandt even doubted the stability of the multimonth lows seen earlier this month.

I am not a big fan of inverted H&S patterns with downward slanting necklines. H&S patterns with horizontal necklines are far more reliable $BTC pic.twitter.com/GKGUZbrab8

— Peter Brandt (@PeterLBrandt) March 29, 2025

“Don’t shoot the messenger. Just reporting on what the chart says until it says something different,” he told X followers this week, giving a new lower BTC price target. 

“Bear wedge completed with 2X target from the double top at 65,635.”

BTC/USD 1-day chart. Source: Peter Brandt/X

Brandt’s is not the only $65,000 BTC price prediction currently in force.

Can “spoofy” $78,000 Bitcoin bids be trusted?

Updating his market observations, meanwhile, Keith Alan, co-founder of trading resource Material Indicators, doubled down on his suspicions that a large-volume entity had been manipulating BTC price action lower in recent weeks.

Related: ‘Bitcoin Macro Index’ bear signal puts $110K BTC price return in doubt

As Cointelegraph reported, the entity, which Alan dubbed “Spoofy, The Whale,” had used overhead liquidity to pressure the price lower and stop it from gaining traction above $87,500.

This form of order book manipulation, known as “spoofing,” is a common feature in crypto and can involve both bid and ask liquidity.

“While I have no real way of confirming that it is the same entity using ask liquidity to herd price into their own bids, it certainly appears that Spoofy has been buying this dip and has bids laddered down to $78k,” he concluded on the day.

An annotated chart showed all key liquidity clusters thought to be of dubious origin, with Alan now giving reason for optimism.

He concluded: 

“In the grand scheme of things, none of this means BTC price can’t go lower, but it does mean that the whale that has been suppressing BTC price for the last 3 weeks is using a DCA strategy to buy this dip…and so am I.”

BTC/USDT order book data for Binance. Source: Keith Alan/X

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.

Continue Reading

Trending