After the Bitcoin (BTC) price reached an all-time high, there was a correction in altcoins that respectively reached local peaks.
Cointelegraph analyst Rakesh Upadhyay made a technical evaluation for 4 altcoins that were wondering whether they will move upward again after the recent correction.
ETH / USD – Ethereum technical analysis
The Ether (ETH) price goes below the moving averages, making it clear that it is in the correction process. On the other hand, the long tail on the February 28 candlestick indicates that the bulls are trying to maintain the 38.2% Fibonacci retracement level calculated at $ 1,413.
Daily chart of the ETH / USDT pair. Source: TradingView
While the bulls aim to recover by keeping the price above the 50-day simple moving average (SMA) ($ 1,519.95), the 20-day exponential moving average (EMA) ($ 1,620,155) has not yet been exceeded. Right now, the first goal is to close above this level. If the price stays above the 20-day EMA, the pair could retest its all-time high at $ 2,049.
As the 20-EMA level approaches, the bears increase sales. Adverse weather will intensify if the ETH / USD pair returns from the 20-day EMA level. The bears will then try to push the price below $ 1,289. If they are successful, the decline could extend to $ 1,026 where the 61.8% Fibonacci retracement level is calculated.
LTC/USD – Litecoin fiyat analizi
Litecoin (LTC) price fell below the 50-day simple moving average (SMA) ($ 167.0538) and touched the bullish trend line on Feb.28. However, the long tail on the candlestick indicates increased purchases at lower levels. The bulls are currently trying to push the price above the overall resistance at $ 185.5821.
Daily chart of the LTC / USDT pair. Source: TradingView
Strong sales from the bears at the 20-day exponential moving average (EMA) ($ 185,5683) turned the candlestick into the doji pattern. From this resistance, if the price returns and the LTC / USD pair breaks below the bullish trend line, there is a possibility of falling to $ 120.
On the other hand, if the bulls can push the price above the 20-EMA, the pair could rise up to $ 205 this time and then $ 240.
LINK/USD – Chainlink teknik analiz
The bulls, which managed to keep the Chainlink (LINK) price above the 50-day simple moving average (SMA) ($ 25,5641), rose above the 20-day exponential moving average (EMA) ($ 28,1506) as of March 2. The ground suitable for upward movement is formed for LINK.
Daily chart of the LINK / USDT pair. Source: TradingView
If the bulls keep the price above the 20-EMA and $ 29.33 overall resistance, the correction is likely to end. The LINK / USD pair could then move towards $ 34 and then its all-time high of $ 36.93.
On the contrary, if the price drops from the general resistance, the bears will try to push the pair below the 50-day SMA and obtain a close there. If this happens, a drop of up to $ 20.11 is possible.
BCH / USD – Bitcoin Cash price analysis
Bitcoin Cash (BCH) price fell below the bullish trend line on Feb.28, but the bulls increased sales during the decline as evidenced by the long tail on the day’s candlestick. If the current recovery continues, the bulls will want to close above the 20-day exponential moving average (EMA) ($ 550.37).
Daily chart of the BCH / USD pair. Source: TradingView
The bears managed to defend the 20-EMA on March 2, but the bulls will want to increase re-purchases. If the price falls below this resistance, there will be negative atmosphere in the market. A break below the rising trend line can bring the price down to $ 370.
The moving averages (MA) are losing strength and the relative strength index (RSI) is in the negative territory. Bears have an advantage, albeit a little. However, if the bulls can push the price above the 20-day EMA and close there, the target for BCH / USD will be $ 631.71 this time around.
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Market data HitBTC provided by the exchange.