Bitcoin (BTC) and many altcoins in the cryptocurrency market are trying to defend their important support levels. This indicates that the bears perceive an opportunity and want to control the price action. However, this does not worry long-term BTC investors. While speaking at the Bitcoin 2022 conference in Miami, ARK Invest CEO Cathie Wood reiterated her $1 million BTC price target by 2030. However, BTC may come under pressure in the short term due to the rising strength of the dollar. As Kriptokoin.com, we provide price analysis for BTC, DOGE, SOL, XRP, ADA and 5 altcoins.
Bitcoin (BTC)
Bitcoin fell to the critical support at $42,594 on April 7, however, the long tail of the candlestick formed on April 8 shows that the bulls continue to strongly defend this level. . The moving averages have flattened out and the relative strength index (RSI) is near the midpoint, suggesting a balance between supply and demand. The bulls will now try to push the price above the 20-day exponential moving average (EMA) ($44,314) and the critical resistance level at $45,400. If they do, BTC could challenge the 200-day simple moving average (SMA) ($48,220).
Contrary to this assumption, if the price drops from the 20-day EMA, or $45,400, it will indicate that the bears are selling on every rise. The bears will then try to push the price below the 50-day SMA ($41,789). If successful, the decline could extend to the support line of the ascending channel.
Ethereum bulls are also buying the dip, as in BTC chart
Ethereum (ETH) fell below the 20-day EMA ($3,224) on April 6, but the bears failed to sustain the lows . The bulls bought the dip, pushing the price back above the 20-day EMA. This indicated strong demand at lower levels. If the price can hold above the 20-day EMA, ETH could rise again to the 200-day SMA ($3,487). A break and close above this resistance will mark the start of a new uptrend. ETH could rally to $4,150 later.
Alternatively, if the bulls fail to push the price above the 200-day SMA, it will indicate that the bears are holding their ground higher. ETH price may then move between the 200-day SMA and the 20-day EMA for a few days. A break and close below $3,100 might open the doors for a possible drop to the 50-day SMA ($2,915).
BNB
BNB broke below the 20-day EMA ($425) on April 4 but the lows drew strong buying from the bulls. The price recovered sharply and climbed above the overhead resistance of $445 on April 7. If the price breaks below the 20-day EMA, the probability of a drop to the 50-day SMA ($399) increases. The flat moving averages and the RSI near the midpoint indicate that the bullish momentum is weakening. A break below the 50-day SMA will activate the wide range of $350 to $445.
On the other hand, if the price rebounds from the 50-day SMA, the bulls will try to push BNB towards the 200-day SMA ($468). BNB price could then trade between these two moving averages for a few days.
Solana (SOL)
The bulls stopped the decline in the 20-day EMA ($114) on April 6, but failed to push Solana back above the overhead resistance at $122. This suggests that bears are active at higher levels. If the price continues lower and breaks below the 20-day EMA, the next stop could be $106. If it fails to hold, it could drop to the 50-day SMA ($97). Such a move would suggest that the pair could be stuck in a range between $81 and $122 for a few days.
Contrary to this assumption, if the price rises from the current level and rises above $122, the bulls will make another attempt to break through the hurdle at the 200-day SMA ($149).
XRP price affected by BTC price fluctuations
With BTC price falling, Ripple (XRP) broke below the 50-day SMA ($0.78) on April 6. This indicates that the bears are making a comeback. The bulls have tried to push the price back above the 50-day SMA, but the bears are not willing to give up. The 20-day EMA ($0.81) has started to turn down and the RSI is in the negative territory. This gives an advantage to the sellers. If the price stays below the 50-day SMA, the bears will attempt to extend the decline below $0.75. If they do, the next stop could be $0.70.
Contrary to this assumption, if the price rises from the current level, the bulls will try to push the pair to the 200-day SMA ($0.88).
Cardano (ADA)
Cardano (ADA) broke below the 20-day EMA ($1.08) on April 6. The bulls bought the dip but are struggling to push the price back above the 20-day EMA. If the price fails to break and sustain above the 20-day EMA, the bears will try to push it below the 0-day SMA ($0.96). If they do, the price could decline to the strong support at $0.74.
Alternatively, if the price rises and continues above the 20-day EMA, the bulls will attempt to clear the $1.26 resistance. Cardano price could rise to the 200-day SMA ($1.45) and then rise to $1.60.
Terra (LUNA)
Terra’s LUNA is correcting its uptrend. The price attempted a rebound from the 20-day EMA ($102), but the bears continue to sell higher. This brought the price below the 20-day EMA on April 8. The flattening 20-day EMA and the RSI near the midpoint indicate that the bulls are losing their grip. If the price stays below the 20-day EMA, selling could accelerate and drop to the 50-day SMA ($88). The bulls are expected to defend this level, but if they fail in their efforts, the next stop could be $82.
Conversely, if the price rises from the current level and rises above the 20-day EMA, it will indicate that the bulls continue to buy on the lows. LUNA will then attempt to break above the all-time high of $119 again and continue the uptrend.
Avalanche (AVAX)
Avalanche (AVAX) broke below the 20-day EMA ($89) and the 200-day SMA ($84) on April 6. However, the bulls successfully defended the 50-day SMA ($82). This suggests that investors continue to pile up at the bottom. Buyers will now try to push and sustain the price above the 20-day EMA. If they are successful, it could escalate to the overhead resistance at $99. This is an important level to consider, as a break above it could open the doors for a possible rally near $117 and $127.
Alternatively, if the price turns down from the current level or overhead resistance and breaks below the 50-day SMA, the pair could dive towards the strong support at $65. The flat moving averages and the RSI near the midpoint do not give the bulls or bears a clear advantage.
Polkadot (DOT)
After sharp retracement at $23, Polkadot (DOT) is currently attempting to stay above the 50-day SMA ($19). If buyers push the price above the 20-day EMA ($21), a retest of the overhead resistance is likely. The flat moving averages and the RSI just below the midpoint point to a possible range-bound move in the short term. If the price breaks from the 20-day EMA and slides below the 50-day SMA, selling could intensify and drop to the strong support at $16.
Bulls will have to clear the $23 barrier to signal the start of a potential new uptrend. A close above $23 might open the way for a possible rise to the 200-day SMA ($29).
Dogecoin (DOGE)
Dogecoin (DOGE) fell sharply from the overhead resistance at $0.17 on April 6, but a positive sign is that the bulls are at the 20-day EMA (0. 14 dollars) is holding the support. The 20-day EMA continues to rise gradually and the RSI is in the positive territory, indicating a small advantage for buyers.
The bulls will once again attempt to push above the 200-day SMA ($0.18). If they are successful, it could start an upward move towards $0.22. The bears will then try to push the price below the moving averages and challenge the strong support at $0.10.
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