After a recovery on March 16, the United States equities markets are again down on March 17. Investors remain concerned about the vulnerability of the banks in the U.S. and Europe. A silver lining for cryptocurrency investors is that Bitcoin has remained decoupled with the equities markets and has risen to its highest level since Jan. 12.
Galaxy Digital founder and CEO Michael Novogratz said in an interview with CNBC that the US and the globe will face a credit crunch as banks lend less to rebuild capital. He said investors should be long on Bitcoin and crypto because these are the times for which it was created.
![Price analysis 3/17: BTC, ETH, BNB, XRP, ADA, DOGE, MATIC, SOL, DOT, SHIB 9d9a2890 cdd8 4fa9 93af 2bcedaaf55f6](https://i0.wp.com/s3.cointelegraph.com/uploads/2023-03/9d9a2890-cdd8-4fa9-93af-2bcedaaf55f6.png?ssl=1)
![Price analysis 3/17: BTC, ETH, BNB, XRP, ADA, DOGE, MATIC, SOL, DOT, SHIB 9d9a2890 cdd8 4fa9 93af 2bcedaaf55f6](https://i0.wp.com/s3.cointelegraph.com/uploads/2023-03/9d9a2890-cdd8-4fa9-93af-2bcedaaf55f6.png?ssl=1)
Quantitative tightening seems to be giving way to a period of quantitative easing. The banks have already borrowed $150 billion from the Federal Reserve, which is more than the amount borrowed during the 2008 financial crisis.
Analysts pointed out that the Fed has added $300 billion to its balance sheet in a week, second only to the $500 billion pumped after the March 2020 crash. The QE in 2020 triggered a rally in Bitcoin that took it from about $4,000 to $69,000.
Will history repeat itself? Could Bitcoin and altcoins sustain the higher levels? Let’s study the charts of the top-10 cryptocurrencies to find out.
Bitcoin price analysis
Bitcoin bulls purchased the dip to $24,000 on March 15 and pushed the price above the strong overhead resistance of $25,250 on March 17. This completes an inverse head and shoulders (H&S) pattern.
![Price analysis 3/17: BTC, ETH, BNB, XRP, ADA, DOGE, MATIC, SOL, DOT, SHIB 3f4fbf71 c5dd 423c 9118 415ec68a6417](https://i0.wp.com/s3.cointelegraph.com/uploads/2023-03/3f4fbf71-c5dd-423c-9118-415ec68a6417.png?ssl=1)
![Price analysis 3/17: BTC, ETH, BNB, XRP, ADA, DOGE, MATIC, SOL, DOT, SHIB 3f4fbf71 c5dd 423c 9118 415ec68a6417](https://i0.wp.com/s3.cointelegraph.com/uploads/2023-03/3f4fbf71-c5dd-423c-9118-415ec68a6417.png?ssl=1)
There is no major resistance between the current level and $32,000, hence the bulls may find it easy to cover this distance in a short time. The bears may mount a strong defense at $32,000 but if bulls overcome it, the BTC/USDT pair could extend its uptrend to the pattern target of $35,024.
The rising 20-day exponential moving average ($23,298) and the relative strength index (RSI) near the overbought zone indicate that bulls are in command.
If bears want to regain control, they will have to quickly reverse direction and sink the pair below the moving averages. Until then, the bulls are likely to view the dips as a buying opportunity.
Ether price analysis
Ether rebounded off the moving averages on March 16, indicating that traders are buying on dips.
![Price analysis 3/17: BTC, ETH, BNB, XRP, ADA, DOGE, MATIC, SOL, DOT, SHIB 8ba05f94 0e6b 4aad 959b 9360d604092e](https://i0.wp.com/s3.cointelegraph.com/uploads/2023-03/8ba05f94-0e6b-4aad-959b-9360d604092e.png?ssl=1)
![Price analysis 3/17: BTC, ETH, BNB, XRP, ADA, DOGE, MATIC, SOL, DOT, SHIB 8ba05f94 0e6b 4aad 959b 9360d604092e](https://i0.wp.com/s3.cointelegraph.com/uploads/2023-03/8ba05f94-0e6b-4aad-959b-9360d604092e.png?ssl=1)
The bulls will try to push and sustain the price above the $1,743 to $1,780 resistance zone. If they succeed, the ETH/USDT pair could accelerate toward the psychologically important level of $2,000. This is the final hurdle above which the pair will signal the start of a potential uptrend.
The bears are likely to have other plans. They will try to halt the up-move in the overhead zone and pull the pair back below the moving averages. That could trap the aggressive bulls and the pair may then collapse to $1,461.
BNB price analysis
The long tail on BNB’s March 15 candlestick shows that the bulls are buying the dips to the 20-day EMA ($302). This signals a change in sentiment from selling on rallies to buying on dips.
![Price analysis 3/17: BTC, ETH, BNB, XRP, ADA, DOGE, MATIC, SOL, DOT, SHIB c84eb9de 3980 4a8d b59d 2f945add9eda](https://i0.wp.com/s3.cointelegraph.com/uploads/2023-03/c84eb9de-3980-4a8d-b59d-2f945add9eda.png?ssl=1)
![Price analysis 3/17: BTC, ETH, BNB, XRP, ADA, DOGE, MATIC, SOL, DOT, SHIB c84eb9de 3980 4a8d b59d 2f945add9eda](https://i0.wp.com/s3.cointelegraph.com/uploads/2023-03/c84eb9de-3980-4a8d-b59d-2f945add9eda.png?ssl=1)
The relief rally picked up momentum on March 17 and skyrocketed above the overhead resistance at $318.
Buyers are trying to strengthen their position further by kicking the price above $338. If they do that, the negative H&S pattern will be invalidated. The BNB/USDT pair could first rally to $360 and later to $400.
On the downside, a break below the 20-day EMA will indicate that bears are back in the driver’s seat.
XRP price analysis
XRP has been consolidating inside the tight range between the 50-day simple moving average ($0.38) and the support at $0.36.
![Price analysis 3/17: BTC, ETH, BNB, XRP, ADA, DOGE, MATIC, SOL, DOT, SHIB 2e8059c2 14cf 4283 9e97 2b9e639e706c](https://i0.wp.com/s3.cointelegraph.com/uploads/2023-03/2e8059c2-14cf-4283-9e97-2b9e639e706c.png?ssl=1)
![Price analysis 3/17: BTC, ETH, BNB, XRP, ADA, DOGE, MATIC, SOL, DOT, SHIB 2e8059c2 14cf 4283 9e97 2b9e639e706c](https://i0.wp.com/s3.cointelegraph.com/uploads/2023-03/2e8059c2-14cf-4283-9e97-2b9e639e706c.png?ssl=1)
Generally, a tight-range trading is followed by an increase in volatility. The bulls will try to catapult the price above the 50-day SMA. If they can pull it off, it will signal the start of a stronger recovery to $0.42. This level may again act as a formidable resistance but if crossed, the rally could reach $0.51.
This positive view will be invalidated in the near term if the price turns down and plummets below $0.36. The pair could then slump to the strong support zone between $0.32 and $0.30.
Cardano price analysis
Cardano is stuck between the 50-day SMA ($0.36) and the strong support at $0.29. The bulls are trying to push the price above the 20-day EMA ($0.34).
![Price analysis 3/17: BTC, ETH, BNB, XRP, ADA, DOGE, MATIC, SOL, DOT, SHIB 1dfba472 4e3c 43d6 ba09 429b9068e4e9](https://i0.wp.com/s3.cointelegraph.com/uploads/2023-03/1dfba472-4e3c-43d6-ba09-429b9068e4e9.png?ssl=1)
![Price analysis 3/17: BTC, ETH, BNB, XRP, ADA, DOGE, MATIC, SOL, DOT, SHIB 1dfba472 4e3c 43d6 ba09 429b9068e4e9](https://i0.wp.com/s3.cointelegraph.com/uploads/2023-03/1dfba472-4e3c-43d6-ba09-429b9068e4e9.png?ssl=1)
If they manage to do that, the ADA/USDT pair could climb to the 50-day SMA. This level may attract sellers who will try to stall the recovery. If the price turns down sharply from this level, the range-bound action may continue for some more time.
Alternatively, if bulls drive the price above the 50-day SMA, the pair could rally to the neckline of the inverse H&S pattern. This is an important level to keep an eye on because a break and close above it may signal the start of a new uptrend.
Dogecoin price analysis
Dogecoin rebounded off the $0.07 level and has reached the downtrend line. This suggests that bulls are buying on minor dips.
![Price analysis 3/17: BTC, ETH, BNB, XRP, ADA, DOGE, MATIC, SOL, DOT, SHIB 9bd93c38 c335 4f5c 9e24 574d397c0590](https://i0.wp.com/s3.cointelegraph.com/uploads/2023-03/9bd93c38-c335-4f5c-9e24-574d397c0590.png?ssl=1)
![Price analysis 3/17: BTC, ETH, BNB, XRP, ADA, DOGE, MATIC, SOL, DOT, SHIB 9bd93c38 c335 4f5c 9e24 574d397c0590](https://i0.wp.com/s3.cointelegraph.com/uploads/2023-03/9bd93c38-c335-4f5c-9e24-574d397c0590.png?ssl=1)
A break and close above the downtrend line will be the first sign that the correction may be over. The 50-day SMA ($0.08) may act as a resistance but it is likely to be broken. The DOGE/USDT pair could then start its rally to $0.09 and thereafter to $0.10.
Sellers are expected to defend the $0.10 to $0.11 zone with all their might because a break above it will open the doors for a possible rally to $0.16. On the downside, a slide below the $0.07 support will tilt the advantage back in favor of the bears.
Polygon price analysis
Polygon turned up from $1.07 on March 15, indicating that the bulls are trying to flip the $1.05 level into support.
![Price analysis 3/17: BTC, ETH, BNB, XRP, ADA, DOGE, MATIC, SOL, DOT, SHIB b72a664e 88cd 44eb a907 2e0eb5e43ebd](https://i0.wp.com/s3.cointelegraph.com/uploads/2023-03/b72a664e-88cd-44eb-a907-2e0eb5e43ebd.png?ssl=1)
![Price analysis 3/17: BTC, ETH, BNB, XRP, ADA, DOGE, MATIC, SOL, DOT, SHIB b72a664e 88cd 44eb a907 2e0eb5e43ebd](https://i0.wp.com/s3.cointelegraph.com/uploads/2023-03/b72a664e-88cd-44eb-a907-2e0eb5e43ebd.png?ssl=1)
The 20-day EMA ($1.16) is flattening out and the RSI is near the midpoint, suggesting a balance between supply and demand. If bulls propel the price above the 50-day SMA ($1.22), the MATIC/USDT pair could pick up momentum and rally to $1.30. This level may act as a minor hurdle but it is likely to be crossed. The next stop may be $1.42.
On the other hand, if the price turns down sharply from the 50-day SMA, it will suggest that bears continue to sell on rallies. The pair may then oscillate between the 50-day SMA and $1.05 for a while longer.
Related: Betting on turmoil: Deribit launches Bitcoin volatility futures
Solana price analysis
Solana rebounded off $18.70 on March 16, which shows that the bulls are not waiting for a deeper decline to buy.
![Price analysis 3/17: BTC, ETH, BNB, XRP, ADA, DOGE, MATIC, SOL, DOT, SHIB a01f1cd9 4488 49ae 9ead 329454530dd1](https://i0.wp.com/s3.cointelegraph.com/uploads/2023-03/a01f1cd9-4488-49ae-9ead-329454530dd1.png?ssl=1)
![Price analysis 3/17: BTC, ETH, BNB, XRP, ADA, DOGE, MATIC, SOL, DOT, SHIB a01f1cd9 4488 49ae 9ead 329454530dd1](https://i0.wp.com/s3.cointelegraph.com/uploads/2023-03/a01f1cd9-4488-49ae-9ead-329454530dd1.png?ssl=1)
The relief rally has reached the moving averages, which are likely to offer a strong resistance. If the price turns down and breaks below $18.70, it will suggest that the SOL/USDT pair may remain range-bound between the 50-day SMA ($22.21) and $15.28 for some time.
The pair will indicate a potential trend change after the bulls thrust the price above the downtrend line. That could start a rally to $27.12.
Polkadot price analysis
Polkadot plunged below the 20-day EMA ($6.09) on March 15 but the bears could not maintain the lower levels. Buyers purchased the dip and pushed the price back above the 20-day EMA on March 16.
![Price analysis 3/17: BTC, ETH, BNB, XRP, ADA, DOGE, MATIC, SOL, DOT, SHIB dffe8cc3 e397 4017 8779 fe2205c0f4bc](https://i0.wp.com/s3.cointelegraph.com/uploads/2023-03/dffe8cc3-e397-4017-8779-fe2205c0f4bc.png?ssl=1)
![Price analysis 3/17: BTC, ETH, BNB, XRP, ADA, DOGE, MATIC, SOL, DOT, SHIB dffe8cc3 e397 4017 8779 fe2205c0f4bc](https://i0.wp.com/s3.cointelegraph.com/uploads/2023-03/dffe8cc3-e397-4017-8779-fe2205c0f4bc.png?ssl=1)
The bulls are trying to build upon their advantage by pushing the price above the overhead resistance at the 50-day SMA ($6.41). If this level is scaled, the DOT/USDT pair could rise to the 61.8% Fibonacci retracement level of $6.85.
This level should again act as a strong resistance, but if bulls flip the moving averages into support during the next pullback, it will suggest that bulls are buying on dips. That will increase the possibility of the pair forming an inverse H&S pattern.
Contrarily, if the price once again turns down from the 50-day SMA and breaks below the 20-day EMA, it will indicate a few days of range-bound action.
Shiba Inu price analysis
Shiba Inu rebounded off the $0.000010 support on March 16, indicating that the bulls are trying to start a reversal.
![Price analysis 3/17: BTC, ETH, BNB, XRP, ADA, DOGE, MATIC, SOL, DOT, SHIB 1e153c87 6905 40f6 89a2 4c0b3dbe4232](https://i0.wp.com/s3.cointelegraph.com/uploads/2023-03/1e153c87-6905-40f6-89a2-4c0b3dbe4232.png?ssl=1)
![Price analysis 3/17: BTC, ETH, BNB, XRP, ADA, DOGE, MATIC, SOL, DOT, SHIB 1e153c87 6905 40f6 89a2 4c0b3dbe4232](https://i0.wp.com/s3.cointelegraph.com/uploads/2023-03/1e153c87-6905-40f6-89a2-4c0b3dbe4232.png?ssl=1)
The recovery is facing resistance in the zone between the 20-day EMA ($0.000011) and the downtrend line of the descending channel. The bears will again attempt to sink the price below the $0.000010 support. If they succeed, the SHIB/USDT pair may slip to the support line of the channel.
Contrarily, if bulls thrust the price above the channel, it will suggest that the corrective phase may be over. The 50-day SMA ($0.000012) may also offer stiff resistance but if this level is cleared, the SHIB/USDT pair could climb to $0.000014 and then to $0.000016.