A popular crypto analyst says that multiple indicators are suggesting that digital asset markets are gearing up for a rapid expansion to the upside. The pseudonymous analyst known as TechDev tells his 408,000 Twitter followers that before each one of Bitcoin’s (BTC) run to all-time highs (ATHs), the Chinese 10-year note bottomed out and the […]
The post Series of Indicators All Setting Up for Altcoin Explosion and New Bitcoin All-Time High, Says Popular Analyst appeared first on The Daily Hodl.
A widely followed crypto analyst says that an Ethereum-based (ETH) altcoin looks set to hit new all-time highs after rising 190% in 2023. Pseudonymous trader Smart Contracter tells his 222,300 Twitter followers that layer-2 scaling solution Optimism (OP) will likely end up making all-time highs after breaking out from weeks of consolidation inside an ascending […]
The post Crypto Trader Says Ethereum Altcoin That’s Exploded 190% This Year Is About To Hit New All-Time High appeared first on The Daily Hodl.
Bitcoin hit a year-to-date high at $31,000 and ETH price followed. Which altcoins will be next?
Bitcoin (BTC) and Ether (ETH) are trading above the psychologically important levels of $30,000 and $2,000 respectively. This suggests that the crypto winter may be on its last legs.
Some analysts are calling for an altseason to begin but it may be too early for that. When most of the crypto bears turn bullish, Bitcoin is likely to turn down sharply and catch the late entrants off guard. That could hurt sentiment in the short term and cause a sell-off in altcoins. After the weak hands are shaken out, the crypto markets may stabilize and begin a sustained uptrend.
Data from on-chain intelligence platform Glassnode suggests that there are significant similarities between the current having cycle and the previous ones. However, Ecoinometrics warned that an economic recession could alter things.
Let’s watch the charts of the top-10 cryptocurrencies to spot the important resistance levels that may start a pullback.
The bears tried to stall the up-move on April 12 but the bulls did not give up. They resumed their purchase on April 13 and cleared the hurdle at $30,550 on April 14.
If buyers sustain the price above $30,550, the BTC/USDT pair may rally to $32,400. The bears are expected to protect this level with all their might.
If the price turns down from this level but does not break below the 20-day EMA ($28,542), it will enhance the prospects of a rally above $32,400. If this level is scaled, the pair may zoom toward $40,000.
On the other hand, if the 20-day EMA cracks, it will suggest that the bears are trying to make a comeback. That could clear the path for a possible drop to $25,250.
Ether (ETH) bounced off the 20-day EMA ($1,870) on April 12, indicating that the bulls are guarding the level with vigor.
The buying continued on April 13 and the bulls pushed the price above the psychologically important level of $2,000. That attracted further buying and the ETH/USDT pair started its climb toward $2,200. This is a crucial level for the bears to defend because if they fail to do that, the pair may witness a buying stampede. The pair could then skyrocket to $3,000.
Conversely, if the price turns down from $2,200 and breaks below $2,000, the pair may tumble to the 20-day EMA. This is an important level to keep an eye on because a break below it may pull the pair to $1,680.
The bulls did not allow BNB (BNB) to dip below the 20-day EMA ($317) on April 12 and 13. This indicates that the sentiment is turning positive and traders are buying the dips.
The 20-day EMA has started to turn up and the RSI has jumped above 60, suggesting that the tide is turning in favor of the bulls.
Buyers will try to solidify their position by catapulting the price above the $338 to $346 overhead zone. If they manage to do that, the BNB/USDT pair may pick up momentum and rally to $360 and subsequently to $400.
On the contrary, if the price turns down from the overhead zone, it will suggest that the bears are active at higher levels. That may keep the pair stuck between the 20-day EMA and $346 for some time.
Buyers successfully protected the 38.2% Fibonacci retracement level of $0.49. That attracted further buying in XRP (XRP), which pushed the price toward the overhead resistance zone of $0.56 to $0.58.
The upsloping 20-day EMA ($0.49) and the RSI in the positive zone indicate that bulls have a slight edge. If buyers kick the price above $0.58, the XRP/USDT pair may start an up-move that could reach $0.65 and then $0.80.
Contrarily, if the price turns down from the overhead zone, it will suggest that the pair may consolidate between $0.49 and $0.58 for a few days. The trend will favor the bears if they yank the price below $0.49.
Cardano (ADA) soared above the neckline of the inverse H&S pattern on April 13, completing the reversal setup.
Usually, after the breakout from a pattern, the price turns down and retests the breakout level. In this case, the ADA/USDT pair may dip to the neckline. If the price rebounds off this level, it will suggest that the bulls have flipped the level into support. That may start an up-move toward the pattern target of $0.60.
Contrary to this assumption, if the price turns down sharply and breaks below $0.37, it will suggest that the breakout above the neckline was a fake out. The pair may then plunge to $0.30.
Dogecoin (DOGE) bounced off the moving averages on April 12 as seen from the long tail on the day’s candlestick.
The bulls tried to drive the DOGE/USDT pair above the 38.2% Fibonacci retracement level of $0.09 but the bears did not budge. This suggests that the sentiment remains negative and traders are selling on rallies.
Buyers will have to push and sustain the price above $0.09 to indicate that the selling pressure may be reducing. The pair may then ascend to the 61.8% retracement level of $0.10. Usually, a break and close above this level results in a 100% retracement. If that happens, the pair may soar to $0.11.
Polygon (MATIC) slipped below the support line of the symmetrical triangle pattern on April 12 but the long tail on the candlestick shows that the bulls aggressively bought at lower levels.
The MATIC/USDT pair turned up and broke above the 20-day EMA ($1.11) on April 13 That may have trapped the aggressive bears, resulting in a short squeeze. The pair reached the resistance line of the triangle on April 14 where the bears are posing a strong challenge.
If bulls thrust the price above the triangle, the rally may reach the resistance at $1.30. This level may again prove to be a strong hurdle but if crossed, the up-move could reach $1.60. This positive view will invalidate in the near term if the price turns down and plunges below $1.08.
Related: BTC price targets see $33K next as Bitcoin eyes key resistance flip
The bulls have built upon the breakout from the downtrend line in Solana (SOL). This shows demand at higher levels.
The rising 20-day EMA ($21.74) and the RSI near the overbought zone indicate advantage to buyers. The SOL/USDT pair could rise to $27.12 where the bears may mount a strong defense. If bulls overcome this barrier, the pair may resume its climb toward $39.
On the downside, the downtrend line is the key level to watch out for. The bears will have to sink and sustain the price below the downtrend line to trap the aggressive bulls. The pair may then collapse to $15.28.
The long tail on the April 12 candlestick shows that the bulls purchased the dip to the 20-day EMA ($6.32). Polkadot (DOT) continued its northward march and broke above the downtrend line on April 13 but the bulls are facing selling at higher levels.
The DOT/USDT pair turned down from the 61.8% Fibonacci retracement level of $6.85 and the bears are trying to tug the price back below the downtrend line. If they manage to do that, the pair may drop to the 20-day EMA. A break below this level may sink the pair to the crucial support at $5.70.
Contrarily, if the price turns up and closes above $6.85, it may propel the price to the neckline of the inverse H&S pattern. If bulls pierce this overhead resistance, the pair may start a new uptrend.
Litecoin (LTC) turned up from the 20-day EMA ($91) on April 13, indicating that the bulls continue to view the dips as a buying opportunity.
The bulls tried to strengthen their position further by pushing the price above the immediate resistance at $96 on April 14 but the long wick on the day’s candlestick shows that the bears are aggressively selling on rallies.
If bears yank the price below the 20-day EMA, it could trap several aggressive bulls. The LTC/USDT pair may then slump to $85. On the other hand, if the price turns up and sustains above $96, it will open the gates for a potential rally to $106.
The views, thoughts and opinions expressed here are the authors’ alone and do not necessarily reflect or represent the views and opinions of Cointelegraph.
This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.
Today's CPI report highlighted a slight decline in inflation, a development which could put a strong price floor beneath Bitcoin and select altcoins.
The March consumer price index climbed marginally by 0.1%, below economists' expectation of a 0.2% increase and February’s advance of 0.4%. Although inflation is showing signs of slowing, the year-on-year CPI increased by 5%, well above the Federal Reserve’s 2% target.
The FedWatch Tool shows a 67% probability of a 25 basis point rate hike in the Fed’s May meeting but by the end of the year, the majority of the market participants have come to expect rates to be lower than the current level.
An expansive monetary policy is usually positive for risky assets. In addition, crypto traders will focus on Bitcoin’s (BTC) halving which is set to occur next year. That is also likely to be a positive for cryptocurrency prices. While the near-term picture is uncertain, the long-term remains bullish.
Will traders book profits in the near term, pulling Bitcoin and altcoins lower or will the rally extend further?
Let’s study the charts of the top-10 cryptocurrencies to find out.
Bitcoin is witnessing resistance near $30,550 but a positive sign is that the bulls have not given up much ground. This suggests that the buyers are not rushing to the exit.
The bears are unlikely to give up without a fight. They will try to yank the price below the 20-day exponential moving average ($28,163), which remains the key support level to keep an eye on. If they are successful, the selling could pick up and the BTC/USDT pair may slump to the support at $25,250.
Conversely, if the price continues to move up from the current level or rebounds off the 20-day EMA, it will signal strong demand at lower levels. That will enhance the prospects of a rally to $32,400, which is likely to behave as a formidable resistance.
Ether (ETH) snapped back from the 20-day EMA ($1,831) on April 9 but the bulls could not push the price above the immediate resistance at $1,943.
If the price turns down from the current level and breaks below $1,824, the ETH/USDT pair will form a double top in the short term. That may tug the price down to the strong support at $1,680.
If bears want to keep the uptrend intact, they will have to protect the 20-day EMA and force the pair above the resistance at $1,943. If they can pull it off, the pair may resume its up-move. The $2,000 level may offer a resistance but it is likely to be crossed. The pair may then rally to $2,200.
BNB (BNB) surged above the $318 resistance on April 11 but the long wick on the candlestick shows that the bears are selling near $338.
The 20-day EMA ($315) is flattish and the RSI is turning down toward the center. This indicates a potential range-bound action in the near term. If the price slips below the 20-day EMA, the BNB/USDT pair may oscillate between $338 and the 200-day SMA ($292) for a few days.
Another possibility is that the price rebounds off the 20-day EMA with strength. That will suggest buying on dips. The bulls will then again try to kick the pair above the overhead zone between $338 and $346.
The long wick on XRP’s (XRP) April 11 candlestick shows that the bears are trying to stall the recovery at $0.53.
Sellers will try to strengthen their position by pulling the price below the 20-day EMA ($0.49). If they are successful, several short-term bulls may be forced to close their positions. The XRP/USDT pair may then slump toward the next support at $0.43.
Instead, if the price rebounds off the 20-day EMA, it will suggest that bulls continue to view the dips as a buying opportunity. The bulls will have to overcome the stiff resistance at $0.53 to regain the upper hand.
Cardano (ADA) turned down from the neckline of the inverse head and shoulders (H&S) pattern, indicating that the bears are trying to halt the recovery at this level.
The 20-day EMA ($0.38) is an important level to watch out for on the downside. If the price bounces off this level, it will suggest that the sentiment remains positive and traders are buying on dips.
That will increase the likelihood of a break above the neckline. If that happens, the reversal pattern will complete. The ADA/USDT pair may then start a new uptrend toward $0.60.
Conversely, if the pair plummets below the 20-day EMA, it will suggest that the short-term traders are booking profits. That may sink the pair to the 200-day SMA ($0.35).
Dogecoin’s (DOGE) rebound off the moving averages could not even reach the 38.2% Fibonacci retracement level of $0.09. This suggests that the bears are selling on every minor rise.
The DOGE/USDT pair has slipped back to the moving averages, which shows that bears are trying to strengthen their position. If they yank the price below the moving averages, the pair may fall to the crucial support at $0.07.
On the other hand, if the price once again rebounds off the moving averages, it will suggest that the bulls are aggressively protecting the level. Buyers will then make one more attempt to push the price toward the $0.11 level.
The bears are trying to sink Polygon (MATIC) below the support line of the symmetrical triangle pattern.
If they succeed, it will suggest that the supply exceeds demand. The MATIC/USDT pair may then descend toward the 200-day SMA ($0.99), which is an important level to keep an eye on. If this level gives way, the pair may start a downtrend.
Contrarily, if the price turns up from the current level and breaks above the 20-day EMA ($1.11), it will suggest that the breakdown may have been a bear trap. The pair may then attempt to rise above the resistance line of the triangle.
Related: Why is Dogecoin (DOGE) price down today?
After hesitating for several days, Solana (SOL) finally soared above the downtrend line on April 11. This is the first indication that the downtrend may be ending.
Usually, after breaking out of a significant resistance, the price turns down and retests the level. In this case, the price may dip down to the breakout level. If the price rebounds off the downtrend line, it will suggest that the bulls have flipped the level into support. That will enhance the prospects of a potential rally to $27.12 and thereafter to $39.
This positive view will invalidate if the price turns down and breaks below the downtrend line. Such a move will suggest that the breakout may have been a bull trap. The SOL/USDT pair may then tumble to $15.28.
Polkadot (DOT) turned down from the downtrend line on April 12, indicating that the bears are fiercely guarding this level.
If the price dips and sustains below the 20-day EMA ($6.24), the DOT/USDT pair may slump to the strong support at $5.70.
On the contrary, if the price turns up from the 20-day EMA, it will suggest that traders are buying the minor dips. The bulls will then again try to thrust the price above the downtrend line. If they manage to do that, the pair is likely to pick up momentum and soar toward the neckline of the H&S pattern.
Buyers pushed Litecoin (LTC) above the overhead resistance of $96 on April 11 but they could not sustain the higher levels as seen from the long wick on the day’s candlestick.
The bears have used the opportunity to pull the price back to the 20-day EMA ($90). This is an important level to watch for because a break and close below it could sink the LTC/USDT pair to the support at $85. A bounce off this level may keep the pair stuck inside the $96 to $85 range for a few days.
If bulls want to retain their edge, they will have to drive the price above $96. That will open the doors for a possible up-move to $106. On the other hand, a break below $85 could tug the pair to $75.
The views, thoughts and opinions expressed here are the authors’ alone and do not necessarily reflect or represent the views and opinions of Cointelegraph.
This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.
Solana was up by as much as 15% on Tuesday, as momentum in cryptocurrency markets shifted higher. The global crypto market cap is up by 4.42% at the time of writing. Litecoin was another notable mover, as the token rose to a five-week high. Solana (SOL) Solana (SOL) rose by as much as 15% in […]
On April 8, 2023, the number of Ordinal inscriptions surpassed the million mark as the non-fungible token (NFT) trend has seemingly become a mainstay. Presently, on Sunday, April 9, the total number of Ordinal inscriptions is 1,049,263, and so far, 169.85 bitcoins worth $4.7 million have been collected in fees. Ordinal Inscriptions Reach 1 Million […]
Bitcoin’s failure to clear the overhead resistance at $30,000 is attracting profit-booking in select altcoins.
Bitcoin (BTC) has been trading below $29,000 for the past several days. The analyst community remains divided on the near-term prospects of Bitcoin. While some believe that Bitcoin could rise to $30,000, others are of the opinion that a local top has been made.
Bloomberg Intelligence senior macro strategist Mike McGlone said that cryptocurrencies, along with the stock market, crude oil and copper may find it difficult to sustain the recent bounce because bank liquidity levels remain tight.
On the other hand, SkyBridge Capital founder Anthony Scaramucci, while speaking with Yahoo Finance, said that Bitcoin’s bear market may be over, but he added that it was a guess. However, Scaramucci highlighted that Bitcoin has repeatedly outperformed other asset classes over the long term.
Will Bitcoin turn down from the current level or will bulls regroup and push the price above $30,000? Let’s study the charts of the top-10 cryptocurrencies to find out.
Bitcoin has formed a symmetrical triangle near $29,000, which suggests uncertainty among the bulls and the bears about the next directional move.
The upsloping 20-day exponential moving average ($27,406) and the relative strength index (RSI) above 58 suggest that bulls have a slight edge. If the price rebounds off the support line, the buyers will attempt to thrust the BTC/USDT pair above the triangle.
If they manage to do that, the pair may start the next leg of the up-move. The pattern target of a breakout from the triangle is $31,280.
Conversely, a break below the support line will tilt the short-term advantage in favor of the bears. The pair may then plummet to the breakout level of $25,250. Buyers are expected to protect the level with all their might.
Ether’s (ETH) rally turned down from $1,943 on April 5, indicating that the bears are guarding the psychological level at $2,000 with vigor.
The first support is at $1,857. If this level gives way, the ETH/USDT pair could pullback to the 20-day EMA ($1,794). This remains the key level for the bulls to defend if they want to keep the up-move intact.
If the price rebounds off the 20-day EMA, the bulls will again try to overcome the obstacle at $2,000. If they do that, the pair may ascend to $2,200.
On the other hand, if the price breaks below the 20-day EMA, it may tempt short-term traders to book profits. The pair may then tumble to $1,743 and later to $1,680.
BNB (BNB) is turning down from the 20-day EMA ($314), indicating that the bears are fiercely defending the level.
The gradually downsloping 20-day EMA and the RSI just below the midpoint signal a minor advantage to the bears. If the $306 support cracks, the BNB/USDT pair could slide to $300 and then to the 200-day SMA ($291).
If bulls want to prevent the downward move, they will have to drive the price above the immediate resistance at $318. That could open the gates for a rise to the overhead resistance zone between $338 and $346.
XRP (XRP) has stayed above the 38.2% Fibonacci retracement level of $0.49 for the past few days, indicating that the bulls are buying on shallow dips.
The upsloping 20-day EMA ($0.47) and the RSI in the positive territory indicate that bulls have the upper hand. Buyers will next try to propel the price to the overhead resistance zone of $0.56 to $0.58. A close above this zone will signal the start of the next leg of the recovery.
Contrarily, if the price fails to break above the overhead zone, it will suggest that bears remain active at higher levels. Sellers will then try to tug the price below the 20-day EMA. If that happens, the pair may plunge to $0.43.
The bears did not allow Cardano (ADA) to break above the neckline and complete the inverse head and shoulders (H&S) pattern.
The price has reached the 20-day EMA ($0.37), which is a crucial level for the bulls to defend. If the ADA/USDT pair rebounds off the 20-day EMA, the buyers will make one more attempt to overcome the barrier at the neckline. If they can pull it off, it will suggest the start of a new uptrend.
On the contrary, if the price falls below the 20-day EMA, it will suggest that the short-term bulls may be booking profits. The pair could then decline to the 200-day SMA ($0.35).
Traders used Dogecoin’s (DOGE) rise on April 3 to lighten their positions. This shows that the sentiment remains negative and traders are selling on rallies.
The sharp pullback in the past four days suggests that the DOGE/USDT pair will continue to trade inside the large range of $0.07 to $0.11 for some more time. The price has reached the moving averages, which may act as a strong support. If the price turns up from the current level, the pair may recover to the 50% Fibonacci retracement level of $0.09.
Alternatively, if the price plummets below the moving averages, it will suggest a slight advantage to the bears. The pair may then slump to $0.07.
Polygon (MATIC) has formed a symmetrical triangle pattern, indicating indecision among the bulls and the bears.
If the price rebounds off the support line of the triangle, it will suggest that the bulls are protecting this level. That could keep the pair inside the triangle for a while longer. If the price climbs above the 20-day EMA ($1.11), the bulls will again try to propel the MATIC/USDT pair to the resistance line of the triangle.
On the downside, a break and close below the support line of the triangle will indicate that the bears have overpowered the bulls. That could open the doors for a potential drop to the 200-day SMA ($0.98).
Related: XRP price eyes 30% upside after key resistance area breaks
Buyers could not sustain Solana (SOL) above the 20-day EMA ($20.81) in the past few days, indicating that demand dries up at higher levels.
The 20-day EMA is flattish and the RSI is just below the midpoint indicating that the SOL/USDT pair may stay between the downtrend line and $18.70 for some time. A break below $18.70 will indicate that bears have come out on top. The pair may then extend its decline to the vital support at $15.28.
Conversely, if the price turns up from the current level and breaks above the downtrend line, it will suggest that the bulls are back in the game. The pair may then ascend to $27.12.
Polkadot (DOT) has slipped below the 20-day EMA ($6.22), indicating that the bulls are losing their grip. The price could slide to the strong support at $5.70.
If the price rebounds off $5.70, the DOT/USDT pair may attempt a rally to the downtrend line and oscillate between these two levels for some time. A rally above the downtrend line will clear the path for a possible rally to the neckline of the developing inverse H&S pattern.
Alternatively, if the price breaks below $5.70, the advantage will tilt in favor of the sellers. The pair may then slump to $5.15. This is an important level to keep an eye on because if it cracks, the pair may tumble to $4.50.
The failure of the bulls to push Litecoin (LTC) above $96 has emboldened the bears who are trying to strengthen their position by dragging the price below the 20-day SMA ($90).
If they succeed, the next stop could be $85. This is an important level to watch out for because a break and close below it may result in a retest of the 200-day SMA ($75).
Another possibility is that the price turns up from the current level but fails to cross $85. In that case, the LTC/USDT pair may stay range-bound between $85 and $96 for a few days.
The 20-day EMA is sloping up gradually but the RSI has dropped near the midpoint, suggesting a consolidation in the near term. Buyers will have to clear the overhead hurdle at $96 to extend the recovery to $106.
The views, thoughts and opinions expressed here are the authors’ alone and do not necessarily reflect or represent the views and opinions of Cointelegraph.
This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.
Dogecoin was one of Thursday’s biggest movers, as the meme coin fell by as much as 9%. The decline comes as market sentiment begins to shift, following huge gains to start the week. Litecoin was also in the red today, with prices hovering near the $90.00 level. Dogecoin (DOGE) Dogecoin (DOGE) fell for a third […]
Bitcoin continues to face resistance near $29,000 and Ether has decided to take charge of the wider crypto markets' bullish momentum.
Bitcoin (BTC) remains pinned below the psychologically crucial level of $30,000 as cryptocurrency investors search for positive triggers. That has not stopped business intelligence firm MicroStrategy from adding 1,045 Bitcoin to its kitty, which has now swelled to 140,000 Bitcoin.
Even after the sharp recovery from November 2022 low, monitoring resource Material Indicators believes the current up-move is a bear market rally.
Usually, a bear market rally does not turn around until the last bear has thrown in the towel. This suggests that Bitcoin’s recovery may have some more legs before it turns down to shake out the weaker hands.
A survey conducted by financial services firm Brown Brothers Harriman shows that institutional investors remain interested in the cryptocurrency space despite the crypto winter. It found that 74% of institutional investors were “extremely/very interested” in adding exposure to exchange-traded-funds with cryptocurrency related exposure.
Will Bitcoin continue its northward march and rise above $30,000? Will that move boost the altcoins higher? Let’s study the charts of the top-10 cryptocurrencies to find out.
The bulls again tried to drive Bitcoin above $29,000 on April 5 but the long wick on the candlestick shows aggressive selling by the bears at higher levels.
The bears will try to build upon their advantage by pulling the price below the 20-day exponential moving average ($27,273), which is an important level to watch out for. If this support cracks, several short-term bulls may exit their positions. That could open the gates for a retest of the neckline of the inverse head and shoulders (H&S) pattern at $25,250.
Conversely, if the price rebounds off the 20-day EMA, it will suggest that bulls continue to defend this level with all their might. That may enhance the prospects of a break above the overhead resistance at $29,185. If that were to occur, the BTC/USDT pair may climb to $30,000 and later to $32,500,
Ether (ETH) rebounded off the 20-day EMA ($1,778) on April 3 and broke above the overhead resistance at $1,857. This suggests the start of the next leg of the up-move.
The path is clear for a potential rally to $2,000. This level is likely to act as a strong resistance but if bulls flip the $1,857 level into support during the next decline, it will suggest that buyers are in command. The ETH/USDT pair could then attempt a rally to $2,200.
Time is running out for the bears. If they want to make a comeback, they will have to halt the rally and pull the price below $1,857. If they manage to do that, the aggressive bulls may get trapped. The pair could first drop to the 20-day EMA and subsequently to $1,680
BNB’s (BNB) fall below the $306 support was aggressively purchased by the bulls as seen from the long tail on the April 3 candlestick.
The bulls are trying to strengthen their position further by pushing the price above the overhead resistance of $318. If they manage to do that, it will suggest that the corrective phase may be over. The BNB/USDT pair could first rise to $330 and subsequently to the strong resistance at $338.
On the contrary, if the price fails to clear the obstacle at $318, it will suggest that the bears are using every minor rally to sell. That may pull the pair down to the 200-day SMA ($291) which is likely to act as a strong support.
XRP (XRP) dipped below the 38.2% Fibonacci retracement level of $0.49 on April 3 but the long tail on the candlestick shows solid buying at lower levels.
The price turned up on April 4 and the bulls tried to push the price toward the overhead resistance at $0.56 but the long wick on the April 5 candlestick shows that sellers are offering a formidable challenge to the bulls near $0.53.
If the price continues lower, the bears will again try to sink the price below the 20-day EMA ($0.47). If this level gives way, the XRP/USDT pair may slide to $0.43.
On the other hand, if buyers thrust the price above the $0.56 to $0.58 overhead zone, the pair may surge to $0.65 and then to $0.80.
Cardano’s (ADA) price is getting squeezed between the 20-day EMA ($0.37) and the neckline of the inverse H&S pattern.
The upsloping 20-day EMA and the RSI above 59 indicate that bulls are in command. A break and close above the neckline will complete the reversal pattern. The ADA/USDT pair could then start a new uptrend which has a pattern target of $0.60.
If bears want to seize control, they will have to pull the price back below the moving averages. If they do that, several short-term bulls may close their positions, resulting in a long liquidation. The pair may then slump to $0.30.
Dogecoin (DOGE) bounced off the 20-day EMA ($0.08) on April 3 and skyrocketed above the strong resistance at $0.10.
The long wick on the April 3 and 4 candlestick shows that the bears are trying to defend the $0.10 level with vigor. A minor positive in favor of the buyers is that they have not ceded ground to the bears.
If the price stays above $0.09, the possibility of a rally to $0.11 increases. This is the last major barrier for the bulls because a break above it could open the doors for a potential rally to $0.16.
Alternatively, if the price turns down from $0.11, it will suggest that the bears are active at higher levels. The DOGE/USDT pair may then oscillate inside a large range between $0.11 and $0.07 for a while longer.
Polygon’s (MATIC) tight consolidation near the 20-day EMA ($1.11) resolved to the upside on April 4 but the bulls are struggling to build upon this advantage.
The bears will try to tug the price back below the 20-day EMA and trap the aggressive bulls. If they succeed, the MATIC/USDT pair could decline to $1.05 and thereafter to the vital support at the 200-day SMA ($0.98).
Instead, if the price rebounds off the 20-day EMA, it will suggest that the bulls are trying to flip this level into support. There is a minor resistance at $1.17 but if bulls overcome this barrier, the MATIC/USDT pair could ascend to $1.25 and thereafter to $1.30.
Related: Latest Bitcoin price data suggests double top above $200K in 2025
Solana (SOL) continues to trade inside a tight range. Usually, periods of low volatility are followed by an increase in volatility.
If the price breaks and closes above the downtrend line, it will suggest that the bulls have overpowered the bears. That could start a new up-move, which could first rise to $27.12. If this level is scaled, the SOL/USDT pair is likely to pick up momentum and soar toward $39.
Another possibility is that the price turns down from the downtrend line or fails to sustain above it. In that case, the bears will try to sink the price below $18.70 and challenge the critical support near $15.28.
Polkadot (DOT) has continued to grind higher toward the 61.8% Fibonacci retracement level of $6.85. This level could see strong selling by the bears.
The 20-day EMA ($6.22) remains an important level to keep an eye on. If the price turns down from $6.85 but rebounds off the 20-day EMA, it will suggest that the sentiment has turned positive and traders are buying the dips.
That will increase the possibility of a break above $6.85. The DOT/USDT pair may then attempt a rally to the neckline of the inverse H&S pattern. Sellers will have to sink the price below $5.70 to gain the upper hand.
Litecoin (LTC) jumped off the 20-day EMA ($89) on April 1 and rose above the downtrend line. However, the bulls are facing strong resistance from the bears at higher levels as seen from the long wick on the April 3 and April 5 candlesticks.
The upsloping 20-day EMA and the RSI in the positive territory indicate advantage to buyers. There is a minor resistance at $96 but if that is crossed, the LTC/USDT pair may climb to the stiff overhead resistance at $106.
If bears want to prevent the up-move, they will have to quickly yank the price back below the 20-day EMA. The pair could then drop to $85. This is an important level to keep an eye on because a break below it will indicate that the bears are back in the game.
The views, thoughts and opinions expressed here are the authors’ alone and do not necessarily reflect or represent the views and opinions of Cointelegraph.
This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.
A popular crypto analyst is forecasting potential surges for Bitcoin (BTC) and peer-to-peer payments network Litecoin (LTC). Pseudonymous crypto strategist Loma tells his 282,300 Twitter followers that he believes Bitcoin will eventually take out resistance at around $28,800. However, the catch is that the breakout could take time and BTC may test the patience of […]
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