Major altcoins like Bitcoin (BTC) and Solana (SOL) are trying to recover but the most likely outcome of any breakout seems to be strong selling at higher highs. The rising US dollar index (DXY), which is usually inversely proportional to Bitcoin, is in favor of sellers. Although cryptocurrencies have been on the receiving end for the past few days, Bitcoin holders focus on long-term bullish projections and ignore short-term weakness. Could further dips in major altcoins like Bitcoin and Solana attract purchases from long-term investors? What are the key levels to consider? As Kriptokoin.com, we convey the analyst views and price analysis
Here are the price analyzes for Bitcoin, Solana and these 8 altcoins:
Bitcoin (BTC) and Ethereum (ETH)
Bitcoin, It broke below the key support at $38,536 on April 2, but the bears failed to develop their advantage. The long tail on the day’s candlestick indicates strong buying near the support line of the ascending channel. Buyers will now try to push the price above the 20-day exponential moving average (EMA) ($40,974). If they do, the BTC/USDT pair could rally to $43,000. Conversely, if the price drops from the 20-day EMA, it will indicate that the sentiment remains negative and the bears are selling on rallies to strong overhead resistance levels. The pair may then drop to the support line of the channel. A break and close below the channel could accelerate selling and the pair could slide into the strong support zone between $34,300 and $32,917. The bulls are expected to defend this level with all their might.
Etherereum (ETH) broke below the 50-day simple moving average (SMA) ($3.022) on April 21, signaling weakness. Buyers tried to pull the price back above the 50-day SMA on April 22 but failed, suggesting that the bears had turned the level into resistance. The bears pushed the price below the key support at $2,883 on April 25, but the long tail on the day’s candlestick indicates that the bulls are buying aggressively lower. If the buyers push the price above the 20-day EMA ($3,045), the ETH/USDT pair can rally to $3,200 and then to the 200-day SMA ($3,477). Conversely, if the price drops from the psychological level to $3,000, it means that the bears will continue to sell higher. The pair could decline to a bullish line if it breaks below $2,797.
BNB and Ripple (XRP)
BNB broke below the immediate support at $391 on April 25 but the long tail on the day’s candlestick indicates that the bulls are buying lower. If the price stays and closes above $391, the bulls will try to push the BNB/USDT pair above the 20-day EMA ($411). If they are successful, the pair could rally to the overhead resistance at $445. Conversely, if the price breaks from the current level or the 20-day EMA and dips below $382, it indicates that the bears are selling on rallies. This could push the pair towards strong support at $350. The downward sloping 20-day EMA and the relative strength index (RSI) in the negative region suggest that the bears have an advantage.
Ripple (XRP) broke below strong support at $0.69 on April 25. The 20-day EMA ($0.74) is down and the RSI is close to the oversold zone, suggesting bears dominate. If the price stays below $0.69, the XRP/USDT pair could drop to the key support at $0.62. If the price recovers from this level but fails to rise above $0.69, it indicates that the bears have turned the level into resistance. This will increase the probability of a drop to strong support at $0.54. Conversely, if the price rises and rises above $0.69, it means the markets are rejecting the lower levels. The pair might try to climb back above the 50-day SMA ($0.78) later.
Solana (SOL) and Terra (Luna)
Solana (SOL) price slipped to the support line of the ascending channel. This is an important level to consider. If the bears hold the price below the channel, selling could intensify and the SOL/USDT pair could slide to strong support at $75. The falling 20-day EMA ($104) and the RSI in the negative territory suggest the bears are in control. Conversely, if Solana price rebounds from the current level with strength, it will show that the bulls continue to vigorously defend this support. Buyers will then try to push the pair above the 20-day EMA. If they do, the pair could rally to $122.
Terra (LUNA) fell below the 20-day EMA ($91) on April 23, but the bears failed to take advantage. This indicates that sales are declining at lower levels. The 20-day EMA ($91) is stable and the RSI is just above the midpoint, suggesting a balance between supply and demand. If the price rises above the 50-day SMA ($94), the bulls will make another attempt to break the overhead barrier at $100. If they are successful, the LUNA/USDT pair could start walking towards its all-time high of $119. If the price breaks from the 50-day SMA and dips below $87, the balance could turn in favor of the sellers. This could push the pair towards strong support at $75.
Cardano (ADA) and Avalanche (AVAX)
Cardano (ADA) has been in a wide range between $0.74 and $1.26 for the past few days. This indicates that traders are buying near the support and selling near the resistance of the range. The ADA/USDT pair is falling towards the support of the range after failing to rise above the $1.26 resistance on April 4. The falling 20-day EMA ($0.95) and the RSI in the negative territory suggest the bears are in control. The pair broke below the support at $0.87 on April 25 and cleared the way for a possible drop to $0.74. This level is likely to attract strong buying from the bulls. If this happens, the bulls will attempt to push the pair above the 20-day EMA. If they succeed, it will suggest that the range-bound action may continue for a few more days.
Avalanche (AVAX) broke and closed below the uptrend line on April 21, invalidating the possible ascending triangle pattern. The bears suppressed their advantage and pulled the price near strong support at $65. The long tail on the April 25 candlestick shows the bulls buying the dips around $65. Now, they will attempt a relief rally to levels at the 20-day EMA ($77). If the price breaks down from this resistance, it will indicate that the sentiment will remain negative and traders are selling on the rallies. The bears will then make an attempt to push the price below $65. Conversely, a break above the 20-day EMA would suggest that the AVAX/USDT pair could remain range-bound between $65 and $99 for a while.
Dogecoin (DOGE) and Polkadot (DOT)
Dogecoin (DOGE) fell below the 50-day SMA ($0.13) on April 24, and the bears turned 0.12 on April 25. pulled the dollar to strong support. The bulls bought this dip aggressively and pushed the price back above 50 days. If buyers sustain the price above the 20-day EMA ($0.14), the DOGE/USDT pair could try to climb higher to $0.15 and later to the strong overhead resistance at $0.17. The 200-day SMA ($0.17) is placed just above this level, so the bears are likely to make a strong defense at $0.17. Alternatively, if the price drops and dips below the 50-day SMA, it indicates that the bears are unwilling to capitulate and continue to sell on rallies. The longer the price holds below the 50-day SMA, the more likely it is to drop from $0.10 to the psychological level.
Polkadot (DOT) bounced back from overhead resistance at $19 on April 24 and the bears are attempting to build on this advantage and push the price below immediate support ($17). If they do, the DOT/USDT pair could drop to the strong support at $16. The falling 20-day EMA ($19) and the RSI in the negative territory suggest the bears have prevailed. Contrary to this assumption, if the price rises from the current level, the bulls will make another attempt to break through the overall barrier. A break and close above the 50-day SMA ($19) could clear the way for a possible rally to $23.
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