Bitcoin (BTC) and altcoins are trying to recover, but bulls are likely to face stiff resistance at higher levels. Luna Foundation Guard, the foundation affiliated with Terra, continued to grow its Bitcoin reserve. Terra bought 2,508 more Bitcoins on April 13, bringing his total Bitcoin investment to 42,406 BTC. Major investors do not seem bothered by the volatility and sharp drops in cryptocurrencies and take a long-term view. Will the bulls be able to sustain the bounce in Bitcoin and altcoins? As Kriptokoin.com, we report the price analysis for the analyst BTC, DOGE, AVAX and 7 altcoins.
Bitcoin (BTC)
Although Bitcoin dropped below the psychological level of $40,000 on April 11, the bears failed to develop this momentum. This indicates that the bulls are buying lower. The support rally could hit the wall at the 20-day exponential moving average (EMA) ($42,967). If the price breaks down from this resistance, it will indicate that the bears are selling on the rallies. The falling 20-day EMA and the relative strength index (RSI) below 44 suggest little advantage for sellers.
The bears will need to push the price below $39,200 to continue the decline. BTC could then drop to the support line of the ascending channel. Conversely, if the price continues to rise and rises above the 20-day EMA, the pair may challenge the overhead resistance at $45,400.
Ethereum (ETH)
Bulls are trying to stop the decline in the 50-day simple moving average (SMA) ($2.958). Although Ethereum (ETH) attempted a recovery on April 12, buyers failed to sustain higher levels. The bulls are trying to extend the support rally on April 13 again. The bounce is likely to face selling at the 20-day EMA ($3,172). If the price declines from this level, the probability of a break below the 50-day SMA increases. If this happens, ETH could drop to the bullish line.
Contrary to this assumption, if the price breaks above the 20-day EMA, it will suggest aggressive buying by the bulls. ETH could then attempt a rally to the 200-day SMA ($3,490). The pair could then consolidate between the 50-day SMA and the 200-day SMA for a few days.
Avalanche ( AVAX )
The bulls are trying to stop the decline in AVAX price at the uptrend line. However, the bounce is likely to face strong resistance from the bears near the moving averages. If AVAX price fails to break above the moving averages in the next few days, the probability of a break below the bullish line increases. If this happens, AVAX could drop to the next support at $65. This level is likely to act as a strong support as the bulls defended successfully in the previous two situations.
A strong recovery will show AVAX price to trade between $65 and $99 for a few more days. Alternatively, a break in AVAX price below $65 and a close sell might intensify and the pair could drop to the critical support at $51.
A strong rebound as in the AVAX analysis pushes ”BNB” price to consolidate in a wide range
BNB fell below the 50-day SMA ($402) on April 11, but the bears did not failed to take advantage of the decline. The bulls bought the dip aggressively and pushed the price back above the 50-day SMA on April 12. Buyers are trying to push and sustain the price above the 20-day EMA ($420). If successful, BNB could rally to the 200-day SMA ($470), where the bears could form strong resistance. This could keep the price in the range between the 200-day SMA and the 50-day SMA for a few days.
Conversely, if the price fails to continue above the 20-day EMA, it will indicate selling at higher levels. The bears will then make an attempt to push the price below the immediate support at $391. If they do, the price could slide to $350.
Solana (SOL)
Solana (SOL) bounced off the 50-day SMA ($99) on April 12 but the bulls failed to push the price above the 20-day EMA ($110). This indicates that the bears are selling on rallies to the 20-day EMA. The bears will now try to push and sustain the price below the 50-day SMA. If they manage to do so, the price could decline to strong support at $81. The bulls are expected to defend this level with all their might as a break and close below it could sustain the downtrend.
Contrary to this assumption, if the price rises from the current level and rises above the 20-day EMA, the bulls will make another attempt to break through the overhead barrier at $122. As in
AVAX analysis, XRP bears may face strong resistance at higher levels
Ripple (XRP) retraced strong support at $0.69 on April 12, but the bulls failed to sustain the recovery. This indicates that the bears are active at higher levels. The intraday candlestick chart on April 13 indicates indecision between the bulls and bears. The 20-day EMA ($0.77) is falling and the RSI is close to 39, which indicates the path of least resistance is to the downside. Selling could pick up momentum if the price breaks below the strong support at $0.69. XRP could drop to $0.62 later.
Conversely, if the price continues to rise, XRP price will attempt to break above the 50-day SMA ($0.78). If this happens, it would suggest that the pair could trade in a wide range between $0.69 and $0.91 for a while.
Cardano (ADA)
Cardano (ADA) attempted a support rally on April 12 but the bulls failed to break through the general hurdle at the psychological level at $1. This shows that the bears are trying to turn the $1 level into resistance. If the price breaks through the overhead resistance once again and dips below $0.91, the correction may resume. ADA price could decline further to $0.86 and then to the critical support level of $0.74. The 20-day EMA ($1.04) is falling and the RSI is in negative territory, giving the bears an advantage.
ADA If Price rises and breaks above the 20-day EMA, this negative view will be invalidated in the short term. Such a move could open the doors for a possible rally to the overhead resistance at $1.26.
Terra (LUNA)
Terra (LUNA) formed an intraday candlestick pattern on April 12, but the long wick on the day’s candlestick indicates that the bears are selling higher. The positive point here is that buyers are trying to extend the recovery again on April 13. If the bulls push the price above $89, the LUNA can rally to the 20-day EMA ($96), where the bears are most likely to take a bullish turn. The downward sloping 20-day EMA and RSI in the negative zone point to the advantage for the sellers.
If price declines from overhead resistance and sinks below $80, the correction could continue and LUNA could slide to strong support at $75. Alternatively, if the price continues to rise and rises above the 20-day EMA, the pair could rally to the 61.8% Fibonacci retracement level at $104.
Polkadot (DOT)
Polkadot (DOT) is trying to recover after the sharp drop on April 11, suggesting buying at lower levels. However, the bulls are likely to face stiff resistance from the bears at higher levels. If the price fails to break above the immediate overhead resistance at $19, the bears will attempt to push the DOT price below the strong support at $16. If they are successful, the drop could be extended to $14. The falling 20-day EMA ($19) and the RSI in the negative zone suggest the path of least resistance is to the downside.
Alternatively, if the price rises sharply and breaks above the 20-day EMA, it will suggest accumulation at lower levels. The DOT price could then consolidate between $16 and $23 for a few more days.
Dogecoin (DOGE)
Buyers try to defend the 50-day SMA ($0.13) but weak recovery from strong support indicates lack of buyers at higher levels of Dogecoin (DOGE) . This increases the probability of a break below the 50-day SMA. If the price fails to stay above the 20-day EMA ($0.14), sellers will attempt to extend the decline by pushing the DOGE price below the 50-day SMA. If they are successful, the pair could decline to $0.12 and then slide to the critical support at $0.10.
Contrary to this assumption, if the price rises sharply and rises above $0.15, it will suggest strong buying at the 50-day SMA. DOGE price could then be stuck between the 200-day SMA ($0.18) and the 50-day SMA for a few days.
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