cryptocoin.com As we have reported, famous crypto analysts have announced the critical levels for DOGE, MATIC, SOL and these 7 coins! Here are the details…
Experts have announced the trading levels for DOGE, MATIC, SOL and these 7 coins!
Bitcoin has been trading below $29,000 for the past few days. The analyst community is divided over Bitcoin’s near-term prospects. Some believe that Bitcoin could rise as high as $30,000, while others are of the view that a local top has already been made. Bloomberg Intelligence senior macro strategist Mike McGlone said cryptocurrencies, along with the stock market, crude oil and copper, may struggle to sustain the recent bounce as bank liquidity levels remain tight.
On the other hand, SkyBridge Capital founder Anthony Scaramucci said in a conversation with Yahoo Finance that Bitcoin’s bear market may be over, but added that this is a guess. However, Scaramucci underlined that Bitcoin has repeatedly outperformed other asset classes in the long run. So what’s next for DOGE, MATIC, SOL and other altcoins?
Bitcoin (BTC) price analysis
Bitcoin (BTC) has formed a symmetrical triangle around $29,000, indicating uncertainty about the next direction move between the bulls and bears.
The rising 20-day exponential moving average (EMI) ($27,406) and a relative strength index (RSI) above 58 suggest that the bulls have a slight advantage. If the price recovers from the support line, buyers will try to push the BTC/USDT pair above the triangle. If they manage to do so, the pair can start the next leg of the upward move. The formation target of the breakout from the triangle is $31,280. Conversely, a break below the support line will turn the short-term advantage in favor of the bears. The pair could then decline to the $25,250 breakout level. Buyers are expected to maintain this level with all their might.
Ethereum (ETH) price analysis
Ethereum (ETH) rally bounced back at $1,943 on April 5, showing the bears fiercely holding the psychological level at $2,000.
Initial support is at $1,857. If this level gives way, the ETH/USDT pair could retreat to the 20-day exponential moving average (EMA) ($1,794). This remains the key level that the bulls must defend if they want to keep their bullish momentum intact. If the price bounces back from the 20-day EMA, the bulls will again try to overcome the $2,000 hurdle. If they do, the pair could rally as high as $2,200. On the other hand, if the price drops below the 20-day EMA, it may encourage short-term investors to book profits. The pair could decline further to $1,743 and then to $1,680.
Binance Coin (BNB) price analysis
BNB is turning down from the 20-day EMA ($314), which shows that the bears are fiercely defending the level.
The gradually falling 20-day EMA and the RSI just below the midpoint point to a minor advantage for the bears. If the $306 support is broken, the BNB/USDT pair could slide to $300 and then the 200-day SMA ($291). If the bulls want to prevent the downside move, they will need to push the price above the $318 immediate resistance. This could open the doors for a rise to the overhead resistance zone of $338 to $346.
Ripple (XRP) price analysis
XRP has stayed above the 38.2 percent Fibonacci retracement level of $0.49 for the past few days, suggesting that the bulls are buying on shallow dips.
The rising 20-day EMA ($0.47) and the RSI in the positive zone suggest that the bulls have the upper hand. Buyers will next try to push the price higher into the overhead resistance area of $0.56 to $0.58. A close above this zone will mark the start of the next leg of the recovery. Conversely, if the XRP price fails to break above the overhead resistance zone, it will indicate that the bears remain active at higher levels. Sellers will then try to push the price below the 20-day EMA. If this happens, the pair could drop to $0.43.
Cardano (ADA) price analysis
The bears did not allow the ADA to rise above the neckline and complete the inverted head and shoulders (H&S) pattern.
For ADA, the price has reached the 20-day EMA ($0.37), which is a crucial level for the bulls to defend. If the ADA/USDT pair rebounds from the 20-day EMA, buyers will make another attempt to break through the neckline barrier. If they can achieve this, it will indicate the start of a new uptrend. On the contrary, if the price dips below the 20-day EMA, it will indicate that short-term bulls are able to book profits. The pair could then slide as low as the 200-day SMA ($0.35).
Dogecoin (DOGE) price analysis
Investors used Dogecoin (DOGE)’s April 3 rally to ease their positions. This indicates that sentiment continues to be negative and investors are selling on rallies.
The sharp pullback over the past four days indicates that the DOGE/USDT pair will continue to trade in the wide range of $0.07 to $0.11 for a while. The price has reached the moving averages, which can act as a strong support. If the price turns up from the current level, the pair could bounce back to the $0.09 retracement level. Alternatively, if the price breaks below the moving averages, it will give the bears a slight advantage. The pair could decline to $0.07 later.
Polygon (MATIC) price analysis
Polygon (MATIC) has formed a symmetrical triangle pattern between bulls and bears, signaling indecision.
If the price bounces back from the support line of the triangle, it will show that the bulls are holding this level. This may keep the pair inside the triangle for a while. If the price rises above the 20-day EMA ($1.11), the bulls will try to push the MATIC/USDT pair back to the resistance line of the triangle. On the downside, a break and close below the support line of the triangle will indicate that the bears have overpowered the bulls. This could open the doors for a potential drop to the 200-day SMA ($0.98).
Solana (SOL) price analysis
Buyers have been unable to sustain Solana above the 20-day EMA ($20.81) in the past few days, indicating demand is waning at higher levels.
The 20-day EMA is flat and the RSI is just below the midpoint, suggesting that the SOL/USDT pair could stay between the downtrend line and $18.70 for a while. A break below $18.70 will indicate that the bears have reached the top. In this case, the pair could extend its decline to the vital support at $15.28. Conversely, if the price rises from the current level and rises above the downtrend line, it will indicate that the bulls are back in the game. The pair could rally as high as $27.12 later.
Polkadot (DOT) price analysis
The DOT dips below the 20-day EMA ($6.22), indicating that the bulls are losing control. The price could slide towards the strong support at $5.70.
If the price recovers from $5.70, the DOT/USDT pair could attempt a rally to the downtrend line and oscillate between these two levels for a while. A rally above the downtrend line will open the way for a possible rally to the neckline of the emerging inverted H&S pattern. Alternatively, if the price drops below $5.70, the advantage will be in favor of the sellers. The pair could decline to $5.15 later. This is an important level to consider because if it breaks, the pair could drop as low as $4.50.
Litecoin (LTC) price analysis
The failure of the bulls to push Litecoin above $96 has emboldened bears trying to strengthen their positions by pushing the price below the 20-day SMA ($90).
If they are successful, the next stop could be $85. This is an important level to watch out for because a break and close below this level could result in a retest of the 200-day SMA ($75). Another possibility is for the price to bounce back from the current level but fail to exceed $85. In this case, the LTC/USDT pair could stay in the $85 to $96 range for a few days. The 20-day EMA is gradually rising, but the RSI has dropped near the midpoint, indicating a consolidation in the near-term. Buyers will need to break the overhead barrier at $96 to extend the recovery to $106.
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