Bitcoin’s rise above the $70,000 level increased altcoin prices. According to crypto analyst Rakesh Upadhyay, this pointed to the possibility of a new BTC all-time high. What are the important resistance levels to look out for in major altcoins including Bitcoin and XRP Coin? The analyst examines the charts to find out.
BTC, ETH, BNB and SOL Coin analysis
Bitcoin (BTC) price analysis
Bitcoin broke above the symmetrical triangle formation on April 8. Thus, he showed that bulls prevailed over bears. BTC is likely to retest its all-time high of $73,777. This level will act as an important barrier. However, if the bulls break this level, it is possible for BTC to start the next leg of the uptrend towards the $84,000 pattern target. Time is running out for the bears. If they want to make a comeback, they will need to quickly pull the price below the 20-day EMA ($68,335). If this happens, BTC is likely to drop to the 50-day SMA ($64,828).
Ethereum (ETH) price analysis
cryptokoin.comAs you follow from , Ether has been trading between $3,056 and $3,679 for several days. This shows the indecision between bulls and bears. ETH reached the overhead resistance at $3,679, which is an important level to keep an eye on. If buyers overcome this hurdle, it is possible for ETH to gain momentum and rise to $4,093. The bears are expected to defend this level fiercely. However, if the bulls prevail, ETH is likely to start the next leg of its uptrend towards $4,488. Contrary to this assumption, if the price declines sharply from $3,679 and breaks below the 20-day EMA, it would indicate that the range-bound move will continue for some time.
Binance Coin (BNB) price analysis
BNB continues to trade within a symmetrical triangle formation. This shows that there is a balance between supply and demand. The 20-day EMA ($570) is gradually rising and the RSI is in the positive zone. This shows that the bulls have a slight advantage. BNB has reached the bearish trend line of the triangle. If it breaks through this resistance, it is possible for BNB to retest its March 16 high at $645. On the contrary, if the price turns down from the downtrend line, it will indicate that BNB will remain inside the triangle for a few more days. If the price falls below the triangle, the bears will dominate.
Solana (SOL) price analysis
The bulls are having a hard time keeping Solana above the 20-day EMA ($181). This shows that the bears are defending the level. If the price turns down from the current level, SOL is likely to drop to the critical support at $162. Bulls need to defend this level strongly. Because failure to do so will open the doors for a drop to $126. Alternatively, if the price recovers from $162 and moves above the 20-day EMA, it will indicate that SOL will extend its stay in the $162 to $205 range for some more time. The next leg of the bull trend could start with a break above $205.
DOGE, ADA, TON and XRP Coin analysis
Ripple (XRP Coin) price analysis
The bears failed to take advantage of the XRP Coin price falling below the bullish trend line. This attracted buyers, which pushed the price above the moving averages on April 8. The flat moving averages and the RSI just above the midpoint suggest a range-bound move in the near term. It is possible that the XRP Coin price may fluctuate between $0.56 and $0.69 for a few more days. Buyers will need to push the price above $0.69 to increase the chances of a rise to the formidable resistance of $0.74. Instead, if the bears want to take responsibility, they will need to drop and sustain the XRP Coin price below $0.56. It is possible that the XRP Coin price will then drop to $0.52 and then to $0.48.
Dogecoin (DOGE) price analysis
DOGE broke above the 20-day EMA ($0.18) on April 6. Moreover, it continued to rise to break above $0.19 on April 7. The bulls will try to maintain the momentum and push the price towards the overhead resistance at $0.23. A breakout and close above this level will signal the resumption of the bull trend. DOGE will then try to rise to $0.30. Conversely, if the price breaks below the 20-day EMA, it will indicate that the bears remain active at higher levels. This would increase the possibility of a decline to the 50-day SMA ($0.15).
Cardano (ADA) price analysis
The bulls have successfully kept Cardano above $0.57 over the past few days. Additionally, it pushed the price up to the 20-day EMA ($0.62) on April 8. If the price turns down from the 20-day EMA, it will indicate that the bears are in command. Sellers will try to push the price below $0.57. If they achieve this, ADA will complete a bearish head and shoulders formation. It is possible that this could start a downside move towards the next major support at $0.46. The first sign of strength will be a breakout and close above the 20-day EMA. This will open the doors for a rise to $0.68. Buyers will need to overcome this hurdle to increase the likelihood of a rise to $0.81.
Toncoin (TON) price analysis
Toncoin (TON) surged above the overhead resistance zone of $5.50 to $5.69 on April 8. Thus, it showed that the next leg of the bull trend has begun. If buyers hold the price above $5.69, it is possible for TON to rise to the next target at $7.09. The upward sloping moving averages and the RSI in the overbought zone indicate that the bulls are in control. The bears will need to push the price below $5.50 to trap the aggressive bulls. This could result in long liquidation, threatening the 20-day EMA ($4.97). If this level gives way, TON is likely to drop to $4.72 and then to the 61.8% Fibonacci retracement level of $4.22.
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