After the BTC halving event, Bitcoin and altcoins started to rise. Are new all-time highs being formed? What are the important resistance and support levels to pay attention to in altcoins such as Bitcoin and XRP Coin? Crypto analyst Rakesh Upadhyay examines the technical charts of the top 8 cryptocurrencies to find out.
BTC, ETH, BNB, SOL Coin analysis
Bitcoin (BTC) price analysis
The bears are trying to stop Bitcoin’s recovery at the 20-day EMA ($65,858). But the bulls are in no mood to surrender. The flattening 20-day EMA and RSI near the midpoint indicate that selling pressure is easing. If buyers push the price above the 50-day simple moving average ($67,511), it is possible for BTC to rise as high as $73,777. If the bears want to gain control, they will need to quickly sink the price below the $60,775 support. If they succeed, BTC is likely to initiate a deeper correction to the 61.8% Fibonacci retracement level of $54,298.
Ethereum (ETH) price analysis
ETH’s rise to the 20-day EMA ($3,234) indicates that the bulls are trying to make a comeback. The 20-day EMA is flattening out and the RSI is just below the midpoint. This shows that there is a balance between supply and demand. If the price turns down from the 20-day EMA, it is possible for ETH to drop as low as $3,056. This is an important support for the bulls to defend because if it gives way, the next stop could be $2,850. On the upside, a break above the 20-day EMA will strengthen buyers. ETH is likely to rise to the 50-day SMA ($3,481) and then to $3,679. A break above this resistance would indicate that the correction may be over.
Binance Coin (BNB) price analysis
BNB broke above the 20-day EMA ($568) on April 20. Thus, it paved the way for a possible rise towards the $635 overhead resistance. The bulls and bears are likely to witness a tough battle near $635. If the bulls prevail, it is possible for BNB to start the next leg of the uptrend at $692. Moreover, it is likely to rise to the $775 formation target after this. Instead, if the price turns down sharply from overhead resistance, it will signal that the bears are in no mood to relax. This will likely cause BNB to remain stuck between $495 and $635 for a while longer.
Solana (SOL) price analysis
cryptokoin.comAs you follow from , SOL has reached the 20-day EMA ($156). However, it is likely to face solid resistance from the bears here. If the price turns down from the moving averages, it will indicate that sentiment remains negative and traders are selling on rallies. The price is likely to decline towards the strong $126 support later. It is possible that a break below this level will open the doors for a decline to $100. On the other hand, if the price continues to rise and breaks above the moving averages, it will indicate that the bulls are in a comeback. SOL is then likely to rally towards the overhead resistance at $205.
TON, DOGE, ADA and XRP Coin analysis
Ripple (XRP Coin) price analysis
XRP Coin recovery has reached the 20-day EMA ($0.54). This shows that the bulls have made solid purchases at lower levels. The bears are likely to face stiff resistance at the 20-day EMA. If the XRP Coin price declines sharply from the current level, the bears will try to drag the price to the $0.46 to $0.41 support zone. On the contrary, if buyers push the XRP Coin price above the 20-day EMA, it will continue to trade in the wide range between $0.46 and $0.74 for a few more days.
Toncoin (TON) price analysis
Toncoin (TON) has been trading near the support line of the ascending channel formation for the past few days. The bulls failed to initiate a strong recovery from the 20-day EMA ($6). Therefore, this points to a lack of aggressive buying at current levels. This increases the risk of falling below the channel. If this happens, sales are likely to accelerate. This could also start a downward move in TON towards the 50-day SMA ($4.90). Time is running out for the bulls. They will need to quickly push the price above $6.50 to avoid a decline. TON will then likely attempt to rise to $7.23 and then the resistance line.
Dogecoin (DOGE) price analysis
DOGE is facing resistance at the 20-day EMA ($0.16). However, it is a positive sign that the bulls have not given up much ground to the bears. DOGE is likely to break above the moving averages and reach the bear trend line. This is a critical level for the bears’ defense. Because a break above this will indicate that the downward movement will end. It is possible for DOGE to rise to $0.21 and then to $0.23. Alternatively, if the price breaks down sharply from the moving averages or the downtrend line, it would indicate that the bears remain in charge. Sellers will try to push the price down to $0.14 and then to $0.12.
Cardano (ADA) price analysis
ADA has reached the 20-day EMA ($0.52), which is an important level to pay attention to. The bears are likely to defend this level fiercely. If the price turns down from the 20-day EMA, it is possible for ADA to drop to $0.46 once again. A strong bounce from $0.46 would indicate that the corrective phase is over. This will increase the likelihood of a break above the 20-day EMA. ADA is likely to rise further to $0.57 and then to $0.63. Conversely, if the price declines sharply and breaks below $0.46, it would indicate that the bears remain in control. It is possible that ADA may drop to the important support at $0.40 later.
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