Bitcoin, DOGE and many altcoins continue to face higher selling levels. According to analysts, this shows that the bears are not willing to give up their advantage. On the other hand, it is thought that the huge BTC exits in the market may indicate that a bottom may be close. Analyst Rakesh Upadhyay, who studies the market, shares his analysis on BTC, Dogecoin and 8 altcoins.
How will the movements of leading cryptos BTC and ETH affect DOGE and similar altcoins?
Bitcoin’s recovery reaching $41,561 on April 13 shows that higher levels continue to trigger selling. Buyers are currently trying to defend the psychological level at $40,000. The 20-day exponential moving average (EMA) ($42,419) is sloping downward, indicating that the path of least resistance is to the downside, according to analyst Rakesh Upadhyay. Selling could intensify if the price drops below $39,200 and the BTC/USDT pair could drop to the support line of the ascending channel. On the other hand, if the price rises and rises above the 20-day EMA, there could be accumulation in Bitcoin at lower levels.
Ethereum (ETH) is stuck between the 20-day EMA ($3,144) and the 50-day simple moving average (SMA) ($2,975) for the past three days. This shows that the bulls defend the 50-day SMA, while the bears rally to the 20-day EMA. If the price breaks and stays below $2,950, selling could accelerate and the ETH/USDT pair could drop to $2,817. This level can act as a support, but if this level is broken, the next stop could be the bullish line. On the other hand, if the price bounces back from the current level and rises above the 20-day EMA, the pair could rally to the 200-day SMA of $3,491 to $3,600. According to the analyst, this could mark the beginning of a new upward move. On the other hand, it is a matter of curiosity how ETH will affect DOGE, LUNA and similar altcoins.
BNB and XRP must watch
BNB broke above the 20-day EMA ($420) on April 13. The bulls haven’t given up much ground, although the bears pulled the price back below the 20-day EMA on April 14. The flat 20-day EMA and RSI near the midpoint indicate possible range-bound action in the near term. If the price rises above $427, the bulls will try to push the BNB/USDT pair to the 200-day SMA ($420), where bears are expected to face strong resistance. Conversely, if the price declines from the current level, the bears will attempt to push the pair below $391. According to Upadhyay, if they are successful, the decline could be extended to the strong support at $350.
Ripple’s recovery, on the other hand, gained momentum, reaching the 50-day SMA on April 15. If the price continues above the 50-day SMA, the next stop could be strong resistance at $0.91. The 20-day EMA ($0.77) is flattening and the RSI is hovering near the midpoint. This shows range-bound action in the near-term. According to the analyst, the XRP/USDT pair could be stuck between $0.69 and $0.91 for the next few days. Otherwise, the pair could drop to the critical level at $0.69 later. A break and close below this support could take the pair down to $0.62.
SOL and ADA will reach these levels
Solana (SOL) has been stuck between the 20-day EMA ($108) and the 50-day SMA ($100) for the past three days. However, this narrow range of trading is unlikely to continue for long, according to analyst Upadhyay. Selling could gain momentum if the bears sink and break below the 50-day SMA. The SOL/USDT pair could drop to $86 later. The downward sloping 20-day EMA and RSI in the negative zone point to the advantage for the sellers. On the other hand, if the price bounces back from the 50-day SMA, the bulls will try to push the pair above the 20-day EMA. If they are successful, your fix may be finished. There is a chance that the altcoin’s pair would later rise to $122 and then attempt a rally to the 200-day SMA ($148).
Cardano (ADA) has been trading in a narrow range between $0.91 and $1 for the past three days. The falling 20-day EMA ($1) and the RSI in the negative territory suggest bears dominate. If the tight range is resolved to the downside, the ADA/USDT pair could extend its decline to $0.86 and then to the critical support at $0.74. Contrary to this assumption, the pair could rally to $1.10 if the price rises from the current level and rises above the 20-day EMA. A break and close above this minor resistance could open the doors for a possible retest of $1.26. Buyers will have to break through this hurdle to signal a potential change in trend.
What should be considered in LUNA and AVAX?
Terra (LUNA) dropped below support at $80 in April, suggesting the bears are selling on every minor rally. According to Upadhyay, the bears will now try to lower the price to $75. The 20-day EMA ($94) and 50-day SMA ($93) are about to complete the downtrend and the RSI is in negative territory, suggesting that the bears have prevailed. A break and close below $75 could bring the LUNA/USDT pair down to the 200-day SMA ($66). The bulls are expected to defend this level with all their might. Alternatively, if the price rises from the current level and rises above the 20-day EMA, it suggests that the bears may be losing control.
Avalanche, on the other hand, bounced off the uptrend line and could not rise above the moving averages. This indicates that the bears are active at higher levels. The price is currently stuck between the moving averages and the bullish line. The falling 20-day EMA ($83) and RSI below 40 suggest the bears have a slight advantage. If the price drops and breaks below the bullish line, selling could gain momentum. According to Upadhyay, the AVAX/USDT pair could then drop to the next support at $65. On the contrary, if the price breaks out strongly from the bullish line, buyers will try to push the pair above the moving averages. If they are successful, the pair could rally to $90 and later to $93.
Expected DOGE and DOT forecast
After two failed attempts to close above the 20-day EMA ($0.14) on April 12 and 13, the bulls managed to conquer the level on April 14. Buyers will now try to push Dogecoin (DOGE) to $0.16 and then 200. It seems likely that the bears will defend the 200-day SMA. According to Upardhyay, whose analysis we have previously consulted as Kriptokoin.com, if the price falls from this resistance, the DOGE/USDT pair may be stuck between the 50-day SMA ($0.13) and the 200-day SMA for a few days. The flat 20-day EMA and RSI just above the midpoint also suggest a consolidation in the near term. While this is the case for
DOGE, the recovery attempt in Polkadot is lacking in strength, suggesting demand is drying up at higher levels. This increases the likelihood that the fix will continue. The falling 20-day EMA ($19) and the RSI in the negative territory suggest the bears have prevailed. If the altcoin’s price drops below $17 from the current level, the drop could be extended to $16. If the price bounces back from $16, buyers will make another attempt to clear the overhead resistance at $19. If they are successful, the DOT/USDT pair could consolidate between $23 and $16 sometime later. Alternatively, if the price dips below $16, the next stop should be the critical support at $14.
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