After the recent banking crisis, risk aversion hit the stock market but not cryptocurrencies. It is that, according to some analysts, it is possible that the transition from traditional banking systems to cryptocurrencies has already begun, as seen in recent days Bitcoin’s strong performance. However, in the short term, traders need to be selective when trading cryptocurrencies.
According to Cointelegraph, Ripple “rocketed above resistance of $0.43 on March 21” and “aggressive bears tried to catch the bulls at a price below the moving average, but the bulls held their ground.”
In this regard, continued analysis, buyers are trying to push the price to the upper resistance of $0.51. If the bulls clear this barrier, Ripple could rally to $0.56. “This level is witness to aggressive selling by bears, but if buyers break through, the next stop will be $0.80,” Cointelegraph said.
If the price goes down, less than $0.51. “Through the trap, if the bulls pull the level to support $0.43, it will suggest a positive sentiment reversal. That will increase the probability of a break above $0.51.”
If the low reaches $0.40, the next support is $0.36. “If the pair sustains above $0.46, the bulls will gain control. The pair may try to rally to $0.49, where the bears could mount a strong defense again. On the other hand, if the price slips below the 20 EMA, the pair may fall to $0.43 and then $0.40.”
While most major altcoins are struggling to recover, Litecoin is showing signs of strength. According to Cointelegraph, the 20-day EMA ($86) has started to turn higher and the RSI is in the positive zone, indicating a favorable position for buyers.
So Litecoin could rise to $98 and try to break the resistance at $106. Here is the scale, first stopping at $115, then $130.
If it deviates from $106, it could miss the 20-day EMA. “If the price rebounds to this level, it will suggest that the sentiment remains positive. Then the bulls will try another move up,” the technical analysis said.
The key is whether this cryptocurrency loses through the 20-day EMA. That could open the door to a $75 drop.
There is minor resistance at $170, but if they break this bull barrier, Monero could take a moment and rally to $187 and then $210. If it misses the 200-day SMA, it could fall as low as $132.
However, the RSI is in the positive zone, indicating that the bulls are holding higher. Monero could continue as low as $169, where the bulls again face stiff resistance from the bears.
The price ranges from $18.25. If buyers push the price above $18.25, the price could yield up to $22, where heavy selling by bears is possible.
If the price supports the horizontal line and supports below the 200-day SMA, it could fall down to $15.24 and then $14.