ADAUSD – Price analysis for 3/24: Analyzing prices of ADA, BTC, ETH, XRP, BNB, SOL, DOGE, and LINK

Bitcoin showed a strong recovery last week, gaining 4.25% to close above $86,000, with further upward momentum pushing it beyond $88,700 on March 24. According to Markus Thielen from 10x Research, the reversal indicators for Bitcoin have turned positive, indicating a possible renewed uptrend in the cryptocurrency. Data from SoSoValue shows that US Spot Bitcoin exchange-traded funds (ETFs) saw net inflows of $744.4 million last week, marking a turnaround after five weeks of outflows. In contrast, Ether ETFs experienced a fourth consecutive week of net outflows, failing to mirror Bitcoin’s success.

Analysts are split on Bitcoin’s near-term price direction. Some believe it may face resistance near $90,000, leading to a fallback towards $80,000. On the other hand, Arthur Hayes, the co-founder of BitMEX and chief investment officer of Maelstrom, predicts a rally to $110,000 before a drop to $76,500. The question remains whether Bitcoin bulls can sustain the upward trend and surpass $90,000, along with how altcoins will perform relative to Bitcoin.

In the S&P 500 Index’s price analysis, the index reached the 20-day exponential moving average (5,742), a crucial level where bearish action may come into play. A potential downturn from this point could see the index testing the support zone between 5,600 and 5,500.

The US Dollar Index (DXY) showed signs of recovery, bouncing off the 103.37 level and aiming for the 20-day EMA at 104.59. A sharp downturn from the EMA could lead to a decline below 103.37, exposing levels at 102 and eventually 101. Conversely, a breakout and close above the 20-day EMA may indicate weakening bearish control, possibly propelling the index towards the breakdown level of 105.42.

Bitcoin’s price analysis revealed a break above the 20-day EMA ($85,572), signaling a potential strong recovery. With the RSI entering positive territory and the 20-day EMA flattening out, bulls may have a slight advantage in the short term. A rally to $95,000 and $100,000 is possible if the 50-day SMA ($90,290) acts as support. On the contrary, a breakdown below $83,000 could push the price towards $80,000.

The bulls for Ether (ETH) are attempting to push the price above the 20-day EMA ($2,057) and the critical level at $2,111. A successful breach of these levels could drive ETH towards the 50-day SMA ($2,356) and $2,550. However, failing to maintain this upward momentum may result in a downtrend towards $1,750 and potentially $1,550.

XRP saw a rebound from the 20-day EMA ($2.38), indicating buyers stepping in during dips. A successful break above $2.59 could push XRP towards $3, while a drop below $2.20 could signal a decrease in bullish sentiment, possibly leading to a retest of the support at $2.

BNB demonstrated a shift in sentiment from selling on rallies to buying on dips, shown by a bounce off the moving averages. Breaking above $644 could pave the way for a rally towards $686 and $745, while a dip below the 20-day EMA ($613) may weaken bullish momentum.

Lastly, Solana (SOL) broke above the 20-day EMA ($135) on March 24, suggesting a potential uptrend. Keeping an eye on key support levels and resistance zones will be crucial to determine the future price action of these cryptocurrencies.