Many cryptocurrencies such as Bitcoin (BTC), Solana (SOL) and Dogecoin (DOGE) started the week with a weak performance, breaking key support levels. Arthur Hayes, former CEO of BitMEX, said the stock markets could witness a meltdown as rates soar and the Fed cuts asset purchases. If that happens, Hayes expects the crypto markets to continue falling, with Bitcoin falling as low as $30,000 and Ethereum (ETH) as low as $2,500 by June of this year. While the long-term remains positive, could cryptocurrencies weaken further in the short-term? As Kriptokoin.com, we provide price analysis for BTC, DOGE, SOL and 7 altcoins.
Bitcoin (BTC) bulls will defend this level with all their might
The bulls have kept Bitcoin (BTC) above the 50-day simple moving average ($41,908) for the past few days, but the price is at a 20-day exponential It failed to get it above the moving average ($43,576). This shows that the bears are selling in the rallies. Selling gained momentum today and the bears pushed the price below the 50-day SMA. There is a minor support at the psychological level at $40,000, but if this support is broken, BTC could drop to the support line of the ascending channel. Bulls are likely to defend this level with all their might.
The falling 20-day EMA and the RSI in the negative territory suggest bears are again in dominance. This negative view will be invalidated in the short term if the price rises and breaks above the 20-day EMA. Bitcoin could then rally to $45,400.
Ethereum (ETH) bulls discourage bears
Ethereum has traded near the 20-day EMA ($3,198) for the past few days, but the weak bounce indicates that the bulls are not buying aggressively. This may have discouraged bears, who are boosting their sales today. The bears will now try to pull the price towards the 50-day SMA ($2,940). If the price bounces back from this support, ETH could consolidate between the 50-day SMA and the 200-day SMA ($3,489) for a few days.
Alternative to this scenario, if the price drops below the 50-day SMA, selling could accelerate and the price could drop to $2,800. A break below this support could result in a downtrend to the trendline. The bulls are expected to defend this level aggressively.
Dogecoin (DOGE) may be stuck at these levels
Dogecoin (DOGE) attempted a rally on April 10 but the long wick on the candlestick indicates the bears are selling higher. The bears will now try to push and sustain the price below the 20-day EMA ($0.14). If this happens, DOGE could slide to the 50-day SMA ($0.13). Such a move would indicate that DOGE could be stuck in the wide range between $0.17 and $0.10 over the next few days.
The 20-day EMA and RSI flattening near the midpoint also suggest a consolidation in the near term. If DOGE price bounces back from the current level, the bulls will try to push the price back to $0.17. A break and close above the 200-day SMA ($0.18) could indicate the start of a potential new uptrend for DOGE.
Solana (SOL), selling pressure on rallies
Solana (SOL) fell from the $122 resistance level on April 8 and broke below the 20-day EMA ($112). The bulls pushed the price above the 20-day EMA on April 10 but failed to sustain higher. This shows that the bears are selling in the rallies. Selling gained momentum today and bears pulled the price below support. Solana could now drop to the 50-day SMA ($98), which is likely to act as a strong support. If the price bounces back from the 50-day SMA and rises above the 20-day EMA, it will suggest strong demand at lower levels.
On the other hand, a break and close below the 50-day SMA could open the doors further down to $81. Conversely, if the price dips below the 50-day SMA, it indicates a weakening of the buying. This could push the pair towards the strong $350 support.
Binance Coin (BNB) bulls are accumulating on the lows
Binance Coin (BNB) dropped from the $445 resistance level on April 8 and dropped below the 20-day EMA ($422). This shows that the bears are selling for $445 on the rallies. Buyers tried to push the price above the 20-day EMA in the past two days, but failed to sustain higher. This renewed the sale and BNB dropped to the 50-day SMA ($400).
A strong rebound from the current level will show the bulls piling up on the lows. Buyers will have to push and sustain the price above the 20-day EMA to increase the possibility of a retest at $445. Conversely, if the price breaks below the 50-day SMA, it indicates that the buying has stopped. This could push the price towards the strong $350 support.
Ripple (XRP) price fails to rise above the moving average
Ripple (XRP) has been trading above the $0.75 level for the past few days, but the failure to push the price above the moving averages may have prompted the bears to sell more . The 20-day EMA ($0.79) is down and the RSI is close to 34, indicating that the sellers are in control.
The next stop is likely to be $0.69. A strong rebound from this level will indicate that the bulls are defending this level. This could keep the XRP price between $0.69 and $0.91 for several days. However, if the price drops below $0.69, the sell-off could intensify further and XRP could drop to the next major support at $0.60.
Cardano (ADA) price could consolidate in wide range like DOGE
Cardano (ADA) has made several attempts to break above the 20-day EMA ($1.06) in the past few days, but The bears did not give up. Selling intensified today and bears pushed the price below the 50-day SMA ($0.96). If the price stays below the 50-day SMA, the altcoin could drop to the critical support at $0.74. The bears are expected to defend this level with all their might. A strong bounce could indicate that the pair could consolidate in a wide range between $0.74 and $1.26 for a few days.
Contrary to this assumption, if the price rises from the current level and rises above the 20-day EMA, it will suggest strong buying at the lower levels. This could limit the trading range between the 50-day SMA and $1.26.
Terra (LUNA) momentum turned in favor of the bears
Terra’s LUNA token fell below the 20-day EMA ($99) on April 8 and closed. The bulls tried to recover on April 9 but failed to challenge the 20-day EMA. This may have attracted more selling and the bears dragged the price below the 50-day SMA ($90). The 20-day EMA has dropped and the RSI has dived into negative territory, suggesting that momentum is turning in favor of the bears. If the price stays below the 50-day SMA, the probability of a drop to $75 increases. If this level is also broken, the next stop could be strong support at the 200-day SMA ($65).
On the contrary, if the price rises from the current level and rises above the 50-day SMA, it will suggest strong demand at lower levels. The bulls will then try to push the price back above the 20-day EMA.
Avalanche (AVAX) bulls will try to push the price above this level
The bulls failed to hold AVAX above the 20-day EMA ($86) on April 8, suggesting the bears are holding this level. is showing. This may have led to more selling, and the price dropped below the 50-day SMA at $82 on April 10. The 20-day EMA is back and the RSI is in the negative territory, suggesting that the bears have prevailed. Sellers will try to push the price towards the next strong support at $65. If the price bounces back from this level, AVAX will suggest that it can fluctuate between $65 and $99 for a few more days.
Alternatively, if the price rises from the current level, the bulls will try to push the price back above the 20-day EMA and push the overhead resistance at $99.
Polkadot (DOT) may experience price squeeze like DOGE and this level can act as strong support
Bulls break 50-day SMA ($19) from April 8 to April 10 defended, but failed to push Polkadot (DOT) above the 20-day EMA ($20). This dragged the price below the strong support at $19. The 20-day EMA has started to drop and the RSI is in the negative territory, indicating that the bears have prevailed. The DOT could now drop to $16 which will likely act as a strong support.
If the price bounces back from this level, the price could be stuck between $16 and $21 for a few more days. The next trend move is likely to start with a break below $16 or a rally above the overhead barrier above $21.
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