Bears are trying to extend the correction. Therefore, Bitcoin and altcoins may be on track to retest recent strong support levels. Can buyers thwart bears’ attempts to deepen the correction in altcoins including Bitcoin and SHIB Coin? Crypto analyst Rakesh Upadhyay examines the charts of the top 10 cryptocurrencies to find out.
BTC, ETH, BNB, SOL and XRP Coin analysis
Bitcoin (BTC) price analysis
Bitcoin has been trading below the moving averages for the last few days. However, the bears are having a hard time sinking the price to the important support at $60,775. This shows that sales are decreasing at lower levels. The price is stuck between the 50-day simple moving average ($67,404) and the vital support at $60,775. A breakout and a close below $59,600 could open the doors for a decline to the 61.8% Fibonacci retracement level of $54,298. If the price moves above the 50-day SMA, this bearish view will be rejected in the near term. It is possible for BTC to rise to $73,777 later. This remains the key resistance the bulls must overcome.
Ethereum (ETH) price analysis
Ether has been floating between the 20-day EMA ($3,209) and the horizontal support at $3,056 for the past few days. This tight range trading is unlikely to continue for long. If the price breaks above the 20-day EMA, a rally of ETH is possible towards the 50-day SMA ($3,436). This level will act as a short-term barrier. However, it is possible to exceed it. ETH is likely to bounce to $3,679 later. Conversely, if the price declines and breaks below $3,056, it would indicate that the bears are in command. It is possible for ETH to retest the critical support at $2,852 later. A break below this level will likely lead to a decline towards $2,700.
Binance Coin (BNB) price analysis
BNB is struggling to reach the overhead resistance at $635. This shows that the bears are fiercely defending the level. However, it is a positive sign that the bulls are not rushing for the exit. If the price recovers strongly from the moving averages, it will increase the chances of a break above $635. If this happens, it is possible for BNB to rally to $692 and eventually to the $775 formation target. On the other hand, if the price slides below the moving averages, it will indicate that the range-bound movement will extend for a few more days.
Solana (SOL) price analysis
SOL turned down from overhead resistance at $162 on April 24. This showed that the bears were active at higher levels. SOL is likely to decline to the solid support at $126. If the price recovers strongly from this level, it would indicate that SOL will remain stuck between $126 and $162 for a while. The first sign of strength would be a breakout and close above the 50-day SMA ($168). This will open the doors for a possible rally to $205. Conversely, a break below $126 will likely sink SOL towards $100.
Ripple (XRP) price analysis
XRP is trading below the 20-day EMA (0.54). However, the bulls are trying to find support at the bull trend line. If the price bounces from the uptrend line, it is possible for XRP to rally to the 50-day SMA ($0.59) and then to $0.69. Contrary to this assumption, if the price continues to decline and breaks below the bull trend line, it will indicate that the bears are in control. XRP is likely to drop as low as $0.46, where the bulls are expected to provide strong support.
DOGE, TON, ADA, AVAX, SHIB Coin analysis
Dogecoin (DOGE) price analysis
DOGE formed a symmetrical triangle formation, indicating indecision between bulls and bears. If the price skids and stays below the triangle, it is possible for DOGE to drop as low as $0.12. On the contrary, if the price turns up from the current level and moves above the triangle, it will signal aggressive buying on dips. This increases the likelihood of a breakout above the bearish trend line. DOGE is likely to rise to $0.21 later.
Toncoin (TON) price analysis
TON fell below the ascending channel formation on April 22. Thus, it reached the 50-day SMA ($5.12) on April 25. The Bears have a slight advantage. If the price rebounds from the 50-day SMA, it is likely to face stiff resistance at the 20-day EMA. If TON turns down from the 20-day EMA, the probability of a move below the 50-day SMA will increase. It is possible that TON may then drop to $4.50. This negative view will be invalidated if the bulls push the price back into the channel.
Cardano (ADA) price analysis
ADA turned down from the 20-day EMA ($0.50) on April 23. Thus, it reached the important support at $0.46. If the price recovers from the $0.46 level and moves above the 20-day EMA, it will indicate the end of the correction. It is possible that ADA could then rise to the 50-day SMA ($0.59) and then to $0.68. Instead, if the price continues to decline and breaks below $0.46, it would indicate that the bears remain responsible. ADA is likely to drop to the key support at $0.40 later.
Avalanche (AVAX) price analysis
AVAX turned down from the 20-day EMA ($39) on April 24. However, the bears are having a hard time pulling the price below the bullish trend line. It is possible that AVAX may attempt a rally towards the 50-day SMA ($47). This optimistic view will be invalidated in the near term if the price continues to decline and breaks below the bullish trend line. This could drop AVAX to the $32 to $27 support zone.
Shiba Inu (SHIB Coin) price analysis
SHIB Coin has been stuck between moving averages for the last few days. This shows that there is indecision between the bulls and the bears. If the SHIB Coin price falls below the 20-day EMA and maintains this level, it will indicate that the bears have taken control. In this case, it is possible that the SHIB Coin price will drop to $0.000020. Alternatively, if SHIB Coin price rises and rises above the 50-day SMA ($0.000027), it would indicate that the bulls are outperforming the bears. SHIB Coin price is likely to rise to $0.000033 later.
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