Bitcoin and certain altcoins rose sharply in Q1 2024. However, a correction is possible in the near term. What are the important support levels to watch for in leading altcoins including Bitcoin and AVAX Coin? Crypto analyst Rakesh Upadhyay examines the charts to find out.
BTC, ETH, BNB and SOL Coin analysis
Bitcoin (BTC) price analysis
Bulls are struggling to push Bitcoin above $71,770. Yesterday’s correction proves that the bears are not ready to let go. The narrow range trade is likely to break out soon. However, it is difficult to predict the direction of the break with certainty. If the price breaks below the 20-day EMA, short-term traders can take profits by pushing BTC towards the 50-day SMA ($62,430). On the other hand, if the price rises and settles above the $71,770 to $73,777 zone, it will signal the start of the next leg of the uptrend. It is possible for BTC to continue its march towards $80,000 later.
Ethereum (ETH) price analysis
ETH is having trouble breaking above the immediate resistance at $3,679 and sustaining it. This shows that the bears are trying to gain the upper hand. The bears will try to take advantage of the situation and push the price below the 50-day SMA ($3,386). If they do this, sales are likely to increase. Thus, ETH is likely to slide towards $3,250 and then the critical support at $3,056. If the bulls want to prevent a decline, they will have to push the price above $3,679. This is likely to open the doors for a possible retest of $4,000. This level will again act as a significant obstacle. However, if the bulls prevail, ETH is likely to reach $4,500.
Binance Coin (BNB) price analysis
cryptokoin.comAs you follow from , BNB dropped from $620 on March 29. It then fell to the 20-day EMA ($562) on April 1. Thus, it pointed to profit booking by short-term investors. The 20-day EMA is an important support to watch out for. Because it is possible that a breakout and close below will drop BNB to $496. Buyers are expected to defend this level aggressively. Contrary to this assumption, if the price rebounds from the 20-day EMA, it would indicate that sentiment remains positive and traders are buying the dips. The bulls will then make another attempt to push the price higher to $645. A break above this level is likely to catapult the price to $692.
Solana (SOL) price analysis
SOL turned down once again from the overhead resistance level of $205 on April 1. Therefore, this indicated an aggressive selling at this level. SOL is likely to reach the 20-day EMA ($180), which is an important support to watch. If the price recovers from the 20-day EMA, it will indicate that the bulls continue to buy dips. This will increase the chances of a break above $205. If this happens, SOL is likely to resume the uptrend and move higher towards $267. Instead, if the price continues to decline and breaks below the 20-day EMA, it will signal that the bulls are rushing to the exit. SOL is likely to decline further towards the 50-day SMA ($147).
XRP, DOGE, ADA, AVAX Coin analysis
Ripple (XRP) price analysis
XRP price action of the last few days points to indecision between bulls and bears. In this direction, the movement formed a symmetrical triangle formation. The 20-day flat EMA and the RSI just below the midpoint do not provide a clear advantage to buyers or sellers. The bulls will need to push the price above the triangle to suggest the beginning of a rise towards the formidable resistance at $0.74. Alternatively, if the price continues to fall and breaks below the triangle, it will indicate that the bears are trying to take responsibility. It is possible that the sell-off will gather below the bullish trend line and push XRP down to $0.52.
Dogecoin (DOGE) price analysis
The bulls are trying to turn the DOGE $0.19 level into support. But it is struggling to push the price above $0.23. Bears will try to take advantage of the situation. Thus, it will pull DOGE below the 20-day EMA ($0.18). If they do this, it is possible that sales will increase. Additionally, DOGE is likely to fall to the next major support at the 50-day SMA ($0.14). Conversely, if the price rises and breaks above $0.23, it will indicate that the bulls are trying to resume the uptrend. It is possible that DOGE may try to rise to $0.30 later. However, it will probably encounter resistance from the bears here again.
Cardano (ADA) price analysis
ADA failed to break above the $0.68 resistance in the last few days. This shows that the bears are active at higher levels. The bears pulled the price below the immediate support at $0.63. It will now try to extend the decline to the solid support of $57. If the price recovers from $0.57, it would indicate that ADA could remain between $0.57 and $0.68 for a while. If the price breaks below the critical support at $0.57, it will complete a bearish head and shoulders pattern of ADA. This would mark the beginning of a deeper correction towards $0.46. The bulls will need to push the price above $0.68 to get back into the driver’s seat.
Avalanche (AVAX Coin) price analysis
The bulls managed to keep the AVAX Coin price above the 20-day EMA ($53) over the past few days. However, it failed to initiate a strong recovery. This shows that the bulls are not making aggressive purchases. The selling accelerated on April 1, and the bears pulled the AVAX Coin price back to the $50 support. This is a very important level to pay attention to for AVAX Coin. Because a break below could accelerate selling and push the AVAX Coin price to $42. This negative view will be invalidated in the near term if the price rises and breaks above the downtrend line. In this case, it is possible for the AVAX Coin price to rise to $60. It is then likely to initiate a rally attempt towards the overhead resistance at $65.
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