Bitcoin is witnessing a tough battle between bulls and bears near the $71,000 level. Crypto analyst Rakesh Upadhyay says buyers have a slight advantage. Will altcoin bulls, including Bitcoin and AVAX Coin, assert their dominance and push the price higher, or will the bears make a comeback? The analyst examines the charts of the top 10 cryptocurrencies to find out.
BTC, ETH, BNB, SOL and XRP Coin analysis
Bitcoin (BTC) price analysis
Bitcoin broke above the symmetrical triangle on April 8. However, the bears pulled the price back into the triangle on April 9. This shows that the bears are trying to trap the aggressive bulls. One small positive for buyers is that they are trying to buy the dip to the 20-day exponential moving average ($68,497). If the price recovers from the 20-day EMA, BTC will make another attempt to rise above the overhead resistance at $73,777. If this happens, BTC is possible to rally to $80,000 and then to $84,000. Conversely, if the price breaks below the 20-day EMA, the bears will sense an opportunity. Thus, it will pull BTC to the bullish trend line. A break and close below the triangle would indicate the beginning of a corrective phase towards $60,000 and eventually the 61.8% Fibonacci retracement level of $54,298.
Ethereum (ETH) price analysis
Ethereum turned down sharply from overhead resistance at $3,679 on April 9. This showed that the bears were not willing to relax. The bulls are trying to stop the decline at the 20-day EMA ($3,479). If the price turns up from the moving averages, the bulls will climb to the $3,679 level once again. If it clears this resistance, ETH is likely to rise towards the overhead resistance of $4,100. Contrary to this assumption, if the price breaks below the moving averages, it will indicate that the range-bound move between $3,056 and $3,679 could extend for a few more days. The trend will support the bears on a break below $3,056.
Binance Coin (BNB) price analysis
BNB turned down from the downtrend line on April 8. However, the bulls did not allow the price to fall below the 20-day EMA ($574). This shows that there is buying on every small dip. The 20-day EMA is gradually sloping upwards and the RSI is in the positive zone. This shows that the path of least resistance is upward. If buyers hold the price above the triangle, it is possible for BNB to rise to $692. It will then likely initiate a rally attempt towards the $795 formation target. It’s possible the bears have other plans. They will try to defend the downtrend line and pull the price to the uptrend line. A break below this support would mark the beginning of a correction towards $460.
Solana (SOL) price analysis
The bulls are trying to push Solana above the 20-day EMA ($178). This indicates that the bears are trying to turn the level into resistance. The bears will try to sink SOL below the 50-day SMA ($159). However, the bulls are likely to defend this level fiercely. If the price recovers from the 50-day SMA and moves above the 20-day EMA, it will indicate that SOL will consolidate between $162 and $205 for some more time. Alternatively, if the price continues to decline and breaks below the 50-day SMA, the SOL will complete the double top formation. In this case, SOL is likely to drop towards the next strong support at $126.
Ripple (XRP) price analysis
Buyers attempted to extend the XRP recovery above the moving averages on April 9. However, the long wick on the candlestick indicates selling in rallies. Flat moving averages and RSI near the midpoint indicate a balance between supply and demand. This will likely keep XRP between $0.56 and $0.69 for the next few days. The advantage will shift to buyers’ favor if the price rises above $0.69. This is likely to pave the way for a possible rise towards a challenging level of $0.74. On the downside, a drop below $0.56 could push XRP down to $0.48.
DOGE, TON, ADA, SHIB and AVAX Coin analysis
Dogecoin (DOGE) price analysis
The Dogecoin relief rally ran into heavy selling pressure from bears around $0.21 on April 8. The bulls bought the dip to the 20-day EMA ($0.19) on April 10. This indicates lower levels of demand. Buyers will make another attempt to push DOGE above $0.21. If they achieve this, it is possible for DOGE to rise to $0.23. A breakout and close above this level would indicate a resumption of the bull trend towards $0.30. If the bears want to prevent an upward move, they will need to keep the price below the 20-day EMA. It is possible for DOGE to move lower to the 50-day SMA ($0.16) later.
Toncoin (TON) price analysis
Toncoin (TON) has been trading in a rising channel formation for the past few days. The price gained momentum after breaking above $5.69 on April 8. The bears are trying to stop the upward move at the resistance line. If the price falls sharply from the current level, it is possible for TON to fall to the support line of the channel. The bulls are expected to defend the support line fiercely. Because a break below is likely to initiate a deeper correction. A breakout and close above the channel will signal the beginning of a vertical rally. TON is likely to rise to $8.56 and then to $10.
Cardano (ADA) price analysis
The Cardano recovery hit a wall at the 20-day EMA ($0.61) on April 9. Thus, he pointed out that sentiment remains negative and traders are selling on rallies. The price dropped to the strong support at $0.57, which is an important level to watch out for in the near term. If the price recovers from the current level and moves above the 20-day EMA, it will indicate that ADA will remain between $0.57 and $0.68 for a few more days. On the other hand, a break below $0.57 will complete the bearish head and shoulders formation. This will initiate a downward move towards the critical support at $0.46.
Avalanche (AVAX Coin) price analysis
AVAX Coin turned down from the downtrend line on April 9. This shows that the bears continue to sell in relief rallies. AVAX Coin is stuck between the bear trend line and $42. If the bulls push the AVAX Coin price above the bearish trend line, this will indicate that the selling pressure is easing. It is possible for AVAX Coin price to rise to $60 later. This view will be invalid if AVAX Coin price continues to decline and breaks below $42. This will indicate that the next leg of the downtrend has begun. AVAX Coin price is likely to drop as low as $35, which will act as a formidable support.
Shiba Inu (SHIB) price analysis
cryptokoin.comAs you follow from , the bulls tried to push the Shiba Inu above the downtrend line. However, the bears held their ground. However, one minor positive in favor of the bulls is that they did not allow the price to fall below the 61.8% Fibonacci retracement level of $0.000023. The flat 20-day EMA ($0.000028) and the RSI near the midpoint indicate a balance between buyers and sellers. The first sign of strength will be a breakout and close above the bearish trend line. This is likely to open the doors for a rise to $0.000033 and then to $0.000039. Conversely, a drop in price below $0.000023 would indicate that the bears are trying to take control. In this case, it is possible for SHIB to drop to $0.000017.
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