Bitcoin is stuck in a range after investors aggressively bought the dips. According to analysts, this points to solid demand at lower levels. Have certain altcoins like Bitcoin and AVAX Coin hit bottom in the short term? Crypto analyst Rakesh Upadhyay examines the top 10 cryptocurrencies to find out.
BTC, ETH, BNB, SOL and XRP Coin analysis
Bitcoin (BTC) price analysis
The fact that buyers bought Bitcoin’s dip on April 19 shows the strength of the bulls. However, the push above the 20-day moving average at $66,067 suggests that the bears may form a strong resistance. If the price declines below the $60.775 level, the double top formation is completed. In this case, the $47,773 target comes to the table. If the price rises, it is possible that BTC will trade between $60,775 and $73,777 for a while. Moreover, a rise above $73,777 is possible to push the price towards the $84,000 level.
Ethereum (ETH) price analysis
Ether approached the 20-day moving average level. Now, a tough fight is expected on this level. If the price bounces back, it is possible for the bears to sink ETH as low as $2,852. Alternatively, if the price breaks above the 20-day moving average level, the correction may be considered to be over and the price may attempt to rise towards the $3,679 level.
Binance Coin (BNB) price analysis
BNB is consolidating between $495 and $635. There is uncertainty regarding the direction between the bulls and the bears. If the bulls break the $565 resistance, it is possible for BNB to rally towards the $635 level. However, if the price declines below $495, the double top formation could be completed. In this case, the price is likely to drop towards the $460 and then $400 levels.
Solana (SOL) price analysis
Solana finds support at $126. This shows the strength of the bulls. The price is expected to approach the 20-day moving average level. However, if the price declines sharply, it is possible for the bears to sink SOL below $126. Otherwise, if the price rises, SOL is likely to rally towards the $185 level.
Ripple (XRP) price analysis
XRP is oscillating between $0.46 and $0.52, indicating bulls’ desire to recover. However, there is resistance above the 20-day moving average. That’s probably why bears are still active. If the price bounces back, it is possible for XRP to retest the $0.46 level. However, if the price rises, it will indicate that the correction has ended. In this case, movement is possible for a while in the wide range of 0.41 to 0.74 dollars.
DOGE, TON, ADA, SHIB and AVAX Coin analysis
Dogecoin (DOGE) price analysis
Dogecoin appeared with a long tail on the April 19 candlestick. This shows that the bulls are making an effort to maintain the $0.14 support. If the recovery continues, it is possible for Dogecoin to rise to the bearish trend line. However, the price is likely to be strongly supported by buyers from the zone between $0.14 and $0.12. Because if it breaks these levels, it is possible for DOGE to drop further and drop to $0.10.
Toncoin (TON) price analysis
Toncoin (TON) rebounded from the support line of the ascending channel formation on April 18. Thus, it shows that the bulls continue to defend the level strongly. If it slides below the channel, this will indicate a trend change in the near term. Thus, it is possible for TON to decline down to the 50-day SMA. However, if there is a break above the channel, the doors of the rally may open. In this case, TON is likely to rise to $8.56 and then to $10.
Cardano (ADA) price analysis
ADA traded below the $0.46 support for several days. However, the bulls did not allow the price to drop below $0.40. If the price remains at this level, it could trigger a move towards $0.52. However, if the price drops sharply from the 20-day EMA, this will indicate that the rallies have been sold. In this case, the price is likely to decline towards the $0.46 to $0.40 support zone. If it breaks these support levels, it is possible for the price to drop to $0.35.
Avalanche (AVAX Coin) price analysis
AVAX Coin is in the process of consolidating within the bear trend line. This shows that AVAX Coin bulls are trying to stop the decline. The zone between $32 and $27 is likely to act as a strong support. If AVAX Coin price recovers strongly from this support zone, the price is likely to move higher towards the bearish trend line. However, the bulls need to break through this resistance to show that the correction is over. AVAX Coin may then attempt a rally towards $50. However, if AVAX Coin price declines and breaks below $27, it would indicate that the bears have gained control. This situation is likely to drop to $20.
Shiba Inu (SHIB) price analysis
cryptokoin.comAs you follow from , SHIB has been hovering around $0.000022 for the last few days. This shows that there is a balance between buyers and sellers. If the price breaks below $0.000020, a decline towards $0.000017 is possible. If the bears prevail, it is possible for SHIB to drop as low as $0.000010. However, if the price rises and remains above the bearish trend line, the advantage will be in favor of buyers. SHIB is likely to gradually rise to $0.000033. After this, a rally up to $0.000039 may come to the fore.
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