Bitcoin price has experienced a serious loss in altitude compared to its peak in recent days. Days before the BTC halving event, which the market has been waiting for a long time, it pulled the altcoins down with it. Will altcoins including Bitcoin and AVAX Coin deepen their correction or remain range-bound for a few more days? 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
The bears are trying to sink Bitcoin below the $60,775 support and complete the double top formation. If they manage to do this, it is possible that BTC could see a decline towards $58,017 and then towards $54,298. Bulls are likely to defend this area. However, if the bears prevail, BTC is likely to fall to the $47,773 formation target. This negative view will be invalidated if the price turns up from the current level and breaks above the moving averages. It is possible that this situation may trap a few aggressive bears. Also, it is likely to cause a ‘short squeeze’. This increases the possibility of a rally above $73.777.
Ethereum (ETH) price analysis
Ether broke below the $3,056 support on April 16. If the price stays below $3,056, a drop to $2,852 is possible for ETH. This is a very important level for the bulls to defend. Because a break and close below this may accelerate the sale. Thus, ETH is likely to drop to $2,717 and then to $2,200. Conversely, if the price recovers strongly from $2,852, it will provide a solid buy signal at lower levels. The bulls will then make another attempt to clear the 20-day EMA. If they are successful, ETH is likely to rise to $3,679.
Binance Coin (BNB) price analysis
BNB broke below the 50-day simple moving average ($541) on April 17. Thus, it signaled that the bears had defeated the bulls. It is possible that BNB could decline to the strong support at $495. If it breaks this support, BNB will be open to a drop to $460 and then to $400. On the upside, a break and close above the 20-day EMA ($565) would be the first sign of strength. BNB is then likely to attempt a rally towards the overhead resistance at $635. However, the bears will try to stop the up move here.
Solana (SOL) price analysis
SOL reached the critical support at $126 on April 15. This shows that every recovery attempt is met with strong selling by the bears. If it breaks the $126 support, selling is possible to intensify. In this case, SOL is likely to drop to $100. Conversely, if the price rises sharply from the current level, it will indicate solid demand at lower levels. SOL is likely to rise to $162 later.
Ripple (XRP) price analysis
The XRP recovery fizzled out on April 15 at $0.52. This suggests that the bears are selling in small relief rallies. Sellers will need to sink the price below $0.46 to initiate the downside move towards the vital support at $0.41. However, buyers will strongly defend the $0.46 to $0.41 support zone. Any recovery attempt is likely to face selling at $0.52 and again at the 20-day EMA. A breakout and close above this resistance will see XRP oscillating between $0.41 and $0.74 for a while longer.
DOGE, TON, ADA, SHIB and AVAX Coin analysis
Dogecoin (DOGE) price analysis
The DOGE relief rally stalled at the 50-day SMA ($0.17) on April 15. This shows that the bears continue to sell on every rise. The bears will try to pull DOGE back to the important support at $0.12. A break below this level would open the doors for a decline to $0.08. Therefore, it is likely to attract purchases. The downtrend line is important resistance to watch out for on the upside. If buyers break this barrier, DOGE is likely to rise to $0.20 and then to $0.23.
Toncoin (TON) price analysis
Toncoin (TON) fell near the support line on April 15. However, the rising 20-day EMA ($5.92) and the RSI in the positive zone suggest that the bulls are in the driver’s seat. Buyers will once again try to push the price to the resistance line. If it breaks through this resistance, it is possible for TON to gain momentum and rise to $8.56 and then to $10. This optimistic view will be rejected if the price drops and breaks below the channel. This would pave the way for a decline to the 50-day SMA ($4.54).
Cardano (ADA) price analysis
The bulls failed to initiate a meaningful recovery from $0.46. This increases the risk of a decline for ADA to $0.40. Buyers are likely to defend $0.40 fiercely. Because if this support is broken, it is possible for sales to increase and ADA to fall to $0.35. If the price bounces from $0.40, it will indicate demand at lower levels. The bulls will gain strength above $0.50. ADA is then likely to rise to the 20-day EMA and then to $0.62.
Avalanche (AVAX Coin) price analysis
AVAX Coin price recovery failed to even reach the $42 breakout level. This indicates that the bulls are not buying aggressively. Downside support for AVAX Coin is $29 followed by $27. If this zone cracks, it is possible for AVAX Coin to intensify selling and drop to $20. The relief rally is likely to face strong selling at the bear trend line. A break and close above this resistance will be the first indication that the bulls are in a comeback. It is possible that AVAX Coin price will try to rise to $50 later.
Shiba Inu (SHIB) price analysis
cryptokoin.comAs you follow from , SHIB has been trading in a narrow range for the last three days. This shows that there is no aggressive selling or buying at these levels. The bears are expected to take another shot at the $0.000017 level. If it breaks this support, SHIB is likely to see a sharp decline towards the main support at $0.000010. This will complete the 100% retracement of the latest leg of the rally. On the contrary, a break above the downtrend line would be the first indication that the bears are losing control. After this, it is possible for SHIB to rise up to $0.000033.
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