Price Analysis: BTC, ETH, SOL, BNB, XRP, ADA, AVAX, LUNA, DOGE, SHIB – March 16, 2022

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Last Updated March 16th 2022
8 Min Read

Bitcoin and major altcoins are trading at key resistance levels on March 16th, an indicator that a bull run could be around the corner. 

Bitcoin was in a breakout on March 15th but fell short of breaking through the $40k resistance. Failure to push through this critical level has bogged down the altcoins market, closely following BTC's price action. 

However, buying volumes are still relatively high across the market, signalling a potential continuation of the uptrend in the short term. The question now is, can the uptrend continue, or is a bearish reversal in the offing? Let's analyze charts for the top 10 cryptocurrencies to find out. 

BTC/USD

Bitcoin (BTC) was in a breakout on March 15th and pushed through the 20, 50, and 100-day moving averages with high volumes. However, this momentum has dropped after Bitcoin formed a double top at $39,686.08 on March 16th. While bulls are still fighting at this price level, they have yet to show any clear indication of breaking through. 

BTC/USD daily chart 031622

BTC/USD daily chart. Source: TradingView

If Bitcoin bulls can break through the wall of short-sellers at $39,686.08, the next target would be $42,546.98. If bulls can garner enough volumes to break the wall of sellers at $42,546.98, then Bitcoin could test $45k in the short term. 

However, if the $39,686.08 resistance holds and short-sellers gain control, they can expect to find many bulls between the $39,009.86 (20-day MA) and $38,840.81 (50-day MA). If short sellers can overcome the huge number of buyers at these two price levels, the short-term target for Bitcoin would be $37,722.46.

Related: Bitcoin (BTC) Price Prediction

ETH/USD

Ethereum (ETH) was in a breakout on March 15th and easily eased through the 20, 50, and 100-day moving averages with high volumes. However, since it closely follows Bitcoin's price action, Ethereum has eased up on March 16th. While Ethereum buying volumes are still high, sellers are entering the market too, and in high numbers. 

ETH/USD daily chart 031622

ETH/USD daily chart. Source: TradingView

If Ethereum bulls can sustain the momentum built up on March 15th, they can expect significant resistance at $2669.08, the highest price level that Ethereum has tested in the last 48-hours. If Ethereum bulls can break through the wall of short-sellers at $2669.08, the short-term price target would be $2800.

On the other hand, if more sellers enter the market and the uptrend is broken, short-sellers can expect bulls to fight back hard between $2570.94 (100-day MA) and $2563.82 (50-day MA). If bears are strong enough to overpower bulls in the $2570.94 - $2563.82 price range, the short-term downside target for Ethereum would be at $2443.51.

Related: Ethereum (ETH) Price Prediction

SOL/USD

Solana (SOL) broke out on March 15th and pushed through the 20, 50, and 100-day moving averages with high volumes. However, like most altcoins, the upside momentum has dropped on March 16th, after Bitcoin hit a double top, and bulls started struggling. Solana buying volumes remain quite high compared to 24-hours ago, though short-sellers are entering the market quite aggressively. 

SOL/USD daily chart 031622

SOL/USD daily chart. Source: TradingView

If Solana bulls regain full market control, they can expect significant resistance at $86.02. That's the highest price level that Solana hit during the March 15th rally. If Solana bulls can break through the $86.02 resistance, the short-term price target would be $89.25.

However, if more sellers enter the market and the uptrend is broken, they can expect bulls to fight back hard between $81.00 (100-day MA), and $80.68 (50-day MA). If bears are strong enough to break through the wall of buyers in the $81.00 - $80.68 price range, the short-term downside target for Solana would be $77.65.

Related: Solana (SOL) Price Prediction

BNB/USD

Binance coin (BNB) was in a breakout on March 15th and easily pushed through the 50, and 100-day moving averages. However, compared to most altcoins, Binance coin's pump was weaker due to lower volumes. With buying volumes dropping in the broader market, Binance coin bulls are struggling at $373.3, a price level they failed again on March 15th.

BNB/USD daily chart 031622

BNB/USD daily chart. Source: TradingView

If buying volumes increase, BNB bulls would have to break through the wall of short-sellers at $373.3 decisively. If they are successful, bulls can expect even more resistance at $378.3, a price level where they struggled and failed on March 12th. If bulls have enough volumes to break through the wall of short-sellers at $378.3, Binance coin could easily test a short-term target of $400.

On the other hand, if short-sellers take the market at $373.3, they can expect bulls to put up a spirited fight at $367.9 on the 50-day MA. If short sellers can break through the wall of buyers at $367.9, Binance coin could test a downside target of $356.9 in the short term. 

Related: Binance Coin (BNB) Price Predictions

XRP/USD

While the broader cryptocurrency market pumped on March 15th, Ripple's (XRP) did not see much action. XRP continued trading in a range between $0.7755 and $0.7490. The same range-bound trading has continued on March 16th, with no signals to a potential breakout. 

XRP/USD daily chart 031622

XRP/USD daily chart. Source: TradingView

That said if buying volumes increase in the day and XRP bulls break through the wall of short-sellers at $0.7755, they can expect even more resistance at $0.7908. If bulls are strong enough to break through the $0.7908 resistance, XRP could easily test $0.90 in the short term.

However, if XRP bears take control, they would need to break through the huge wall of buyers at $0.7490. If selling volumes are high enough to break through $0.7490, XRP's short-term target to the downside would be $0.7260.

Related: Ripple (XRP) Price Predictions

ADA/USD

Like XRP, Cardano (ADA) 's pump on March 15th was not strong enough to break out of the range it has been trading in for days. With buying volumes dropping in the broader market, ADA is still stuck in a range between $0.814 and $0.787 on March 16th. 

ADA/USD daily chart 031622

ADA/USD daily chart. Source: TradingView

However, market conditions can always change. If Cardano bulls take control and break the huge wall of short-sellers at $0.814, ADA's short-term target would be $0.854. That's a price level where ADA bulls lost momentum on March 9th and could be significant resistance in the short term. 

On the other hand, if Cardano bears take control and decisively break through the bulls' barrier at $0.787, the downside target for ADA would be $0.769. 

Related: Cardano (ADA) Price Predictions

AVAX/USD

Avalanche (AVAX) pumped on March 15th, in line with the price action in the broader cryptocurrency market. It easily eased through major resistance levels at $68.23 on the 50-day MA and the 100-day MA at $70.11. However, with bulls losing momentum in the broader market, AVAX has turned bearish on March 16th, though buying volumes are still high compared to a few days earlier.

AVAX/USD daily chart 031622

AVAX/USD daily chart. Source: TradingView

If bulls can regain the March 15th momentum, they can expect strong resistance from short sellers at $72.22, the highest price AVAX hit in the day. If bulls are strong enough to overcome this resistance, then AVAX could easily test $76.42 in the short term. 

However, if bearish momentum increases, bears can expect bulls to push back at $68.23 on the 50-day MA. If bears are strong enough to break through $68.23, they will find an even bigger wall of buyers at $66.12, a price level where AVAX has bounced off in the last 48-hours. If $66.12 gives way, AVAX could test $64.23 in the short term. 

Related: Avalanche (AVAX) Price Predictions

LUNA/USD

Terra (LUNA) has been going against the grain for the last few days, and this trend doesn't to be changing soon. While most major cryptocurrencies pumped on March 15th, LUNA turned bearish. Bearish momentum was so strong that LUNA broke through the 20, 50, and 100-day moving average support levels as the selloff accelerated. The selloff has accelerated on March 16th, and selling volumes are rising. 

LUNA/USD daily chart 031622

LUNA/USD daily chart. Source: TradingView

That said, if bulls turn the tide in the day and buying volumes increase, they can expect some heavy resistance at $90.07 on the 100-day MA. If bulls are strong enough to overcome this resistance, and also ease through the 50-day MA at $91.19, then LUNA could retest prices above $101 in the short term. 

On the other hand, if selling volumes increase, there is no close support level for LUNA. The price could be in free fall and test $79.16 in the short term.

Related: Terra (LUNA) Price Predictions

DOGE/USD

Despite Bitcoin's pump uplifting most major altcoins on March 15th, Dogecoin's price action was relatively unchanged. Dogecoin (DOGE) continued trading in a range between $0.1139 and $0.1133, as has been the trend over the last couple of days. The same trend is playing out on March 16th, as Dogecoin trading volumes remain relatively unchanged.

DOGE/USD daily chart 031622

DOGE/USD daily chart. Source: TradingView

If things change and buying volumes increase, Dogecoin bulls can expect to face major resistance at $0.1142 on the 100-day MA. If bulls are strong enough to break the wall of sellers at $0.1142, then Dogecoin could easily hit $0.1234 in the short term. That's a price level where Doge has faced considerable resistance in the past week.

On the other hand, if Dogecoin bears take control, they can expect bulls to put up a fight at $0.1109. That's a price level where Dogecoin has bounced off twice in the last 48-hours. If bears are strong enough to overcome buyers at $0.1109, then Dogecoin could test $0.1085 in the short term. 

Related: Dogecoin (DOGE) Price Predictions

SHIB/USD

Despite Bitcoin's pump, Shiba Inu (SHIB) was range-bound between $0.00002200 and $0.00002138 for most March 15th. The same price action has continued to play out on March 16th as volumes remained depressed. 

SHIB/USD daily chart 031622

SHIB/USD daily chart. Source: TradingView

However, if the situation changes and bulls take control of the market, they can expect bears to put up a fight at $0.00002200 on the 100-day MA. If bulls can overcome short sellers at $0.00002200, SHIB's short-term target would be $0.00002436, a price it last tested on March 9th. 

On the other hand, if selling volumes increase, bears can expect bulls to fight back at $0.00002138, the lower bound of the current range. If bears can break the wall of buyers at $0.00002138, SHIB could test $0.00002089 in the short term. 

Related: Shiba Inu (SHIB) Price Predictions