Leading crypto Bitcoin is struggling to sustain its relief rally. Therefore, this will likely put pressure on altcoins in the near term. What key resistance levels do Bitcoin and leading altcoins need to clear for their correction to end? Crypto analyst Rakesh Upadhyay examines the charts of the top 8 cryptocurrencies in the league to find out.
BTC, ETH, BNB and SOL Coin analysis
Bitcoin (BTC) price analysis
cryptokoin.comAs you follow from , Bitcoin price bounced from the $60,775 support. Thus, it has reached the moving averages where the bears are likely to mount a strong defense. If the price turns down from the moving averages, the bears will try to sink BTC below $60,775 again. If this level gives way, it will signal the beginning of a deeper correction. It is possible for BTC to fall as low as $54,298, which is the 61.8% Fibonacci retracement level. Contrary to this assumption, if the price breaks above the moving averages, BTC will likely extend its stay in the $60,775 to $73,777 range for a few more days. A breakout and a close above $73,777 would open the doors to $80,000.
Ethereum (ETH) price analysis
ETH broke below the $3,056 support on April 13. However, the bears were unable to build on this breakout. The bulls pushed the price back above $3,056 on April 14. It is possible for the recovery to reach the 20-day EMA ($3,369). If the price turns down from the 20-day EMA, ETH is likely to drop to $3,056 and then to $2,852. On the other hand, if buyers sustain the price above $3,056, it would indicate that the range-bound move remains intact. The bulls will gain strength with a break above the 20-day EMA. It is possible for ETH to rise to $3,679 later. Buyers will need to overcome this overhead hurdle to start a rally towards $4,100.
Binance Coin (BNB) price analysis
BNB has been consolidating in a wide range between $495 and $635 for the past few days. It also shows indecision about the next directional move. If the price breaks the 20-day EMA and stays above it, a rally to $635 is possible for BNB. A break and close above this level will signal the start of the next leg of the bull trend at $692. Conversely, if the price turns down from the 20-day EMA, it will indicate that the bears are selling in rallies. In this case, BNB is likely to fall to the $495 support.
Solana (SOL) price analysis
SOL turned down from the 20-day EMA ($167) on April 12. It subsequently declined below the 50-day SMA ($164). Buyers will try to push the price towards the moving averages. This level will likely be a significant barrier. If the price turns down sharply from the moving averages, the bears will try to sink SOL below $126 again. If they are successful, it is possible for SOL to drop to $100. This negative view will be invalidated in the near term if the price breaks above the moving averages. Thus, the obstacle to SOL rising to $205 is removed.
TON, DOGE, ADA and XRP Coin analysis
Ripple (XRP Coin) price analysis
XRP Coin has been trading in a wide range between $0.41 and $0.74 for several months. The price fell near the range support on April 13. However, the long tail on the candlestick indicates strong buying at lower levels. The bulls are attempting to initiate a relief rally near the 20-day EMA ($0.57). However, this is likely to meet resistance. If XRP Coin price turns down from the current level or the 20-day EMA, the bears will take another shot at $0.41. Meanwhile, the bulls are likely to have other plans. They will try to keep the XRP Coin price above $0.46 and push it above the moving averages. It is possible that this will keep the XRP Coin price within the range for a while.
Toncoin (TON) price analysis
Toncoin (TON) continues to trade in an ascending channel formation. Thus, it provides an advantage to buyers. The price has reached the resistance line of the channel, where the bears are expected to make a strong defense. If the price turns down from the resistance line, it is possible for TON to fall to the support line. A breakout and close below the channel will indicate a potential trend change. Conversely, if buyers push the price above the channel, it will indicate a recovery in momentum. TON is likely to then rise to $8.56 and eventually to $10.
Dogecoin (DOGE) price analysis
DOGE broke through the 50-day SMA ($0.17) support on April 13. Thus, it pointed to aggressive selling by bears. Bulls are trying to start a recovery. However, they are likely to face stiff resistance at the moving averages. If the price turns down from the moving averages, it will indicate that the bears view the rallies as a selling opportunity. This will increase the possibility of a decline to the strong support at $0.12. Instead, if buyers push the price above the moving averages, this will indicate solid demand at lower levels. It is possible for DOGE to rise to $0.20 later.
Cardano (ADA) price analysis
ADA broke below the $0.57 support on April 12. Thus, it completed the bearish head and shoulders formation. This was followed by another bearish day on April 13 that pushed the price below the $0.46 support. The bulls will attempt to initiate a recovery above the 20-day EMA ($0.56). If the price turns down from the 20-day EMA, it is possible for ADA to drop again to $0.46 and then to $0.40. A break below this level is likely to drop ADA to $0.35. The first sign of strength for ADA will be a breakout above the 20-day EMA.
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