cryptocoin.com As we have reported, leading crypto analysts have announced the critical buy-sell levels for DOGE, MATIC, SOL and these 7 coins! Here are the details…
The critical levels for DOGE, MATIC, SOL and these 7 coins have been announced!
The March consumer price index rose marginally by 0.1 percent, below economists’ expectations for an increase of 0.2 percent and a 0.4 percent increase in February. Although inflation showed signs of slowing down, annual CPI increased by 5 percent, well above the US Federal Reserve’s 2 percent target. The FedWatch Tool shows the probability of a 25bps rate hike at the Fed’s May meeting as 67 percent, but by the end of the year, the majority of market participants expect rates to be lower than the current level.
An expansionary monetary policy is generally positive for risky assets. In addition, crypto investors will focus on Bitcoin’s halving next year. This is also likely to be positive for cryptocurrency prices. Although the short-term picture is uncertain, the rise continues in the long-term. So, what about the levels for altcoins? Here are the details…
Bitcoin (BTC) price analysis
Bitcoin is facing resistance around $30,550, but a positive sign is that the bulls haven’t given up much. This shows that buyers are not in a rush to exit.
The bears are unlikely to give up without a fight. They will try to push the price below the 20-day exponential moving average ($28,163), which remains the key support level to consider. If they are successful, selling could increase and the BTC/USDT pair could drop to the $25,250 support. Conversely, if the price continues to rise from the current level or recovers from the 20-day EMA, it will signal strong demand at lower levels. This would increase the possibility of a rally to $32,400, which is likely to act as a tough resistance.
Ethereum (ETH) price analysis
Ethereum bounced back from the 20-day EMA ($1,831) on April 9, but the bulls failed to push the price above the immediate resistance of $1,943.
If the price turns down from the current level and sinks below $1,824, the ETH/USDT pair will form a double top in the short term. This could push the price towards the strong support at $1,680. If the bears want to keep the uptrend intact, they will need to maintain the 20-day EMA and force the pair above the $1,943 resistance. If they manage to do so, the pair could continue its upward move. The $2,000 level could offer a resistance but it is likely to be surpassed. The pair could rally to $2,200 later.
Binance Coin (BNB) price analysis
Binance Coin (BNB) broke above the $318 resistance on April 11, but the long wick on the candlestick shows bears selling around $338.
The 20-day EMA ($315) is flattening and the RSI is turning down towards the centre. This signals a potential range-bound move in the near term. If the price breaks below the 20-day EMA, the BNB/USDT pair could oscillate between $338 and the 200-day SMA ($292) for a few days. Another possibility is that the price is recovering strongly from the 20-day EMA. This will suggest buying on the dips. The bulls will then try to push the pair back above the general zone between $338 and $346.
Ripple (XRP) price analysis
The long wick on XRP’s April 11 candlestick indicates that the bears are trying to stop the recovery at $0.53.
Sellers will try to strengthen their positions by pulling the price below the 20-day EMA ($0.49). If they are successful, they may have to close a few short-term bullish positions. The XRP/USDT pair could then decline towards the next support at $0.43. Instead, if the price rebounds from the 20-day EMA, it will indicate that the bulls continue to view the dips as a buying opportunity. The bulls will need to overcome the stiff resistance at $0.53 to regain the upper hand.
Cardano (ADA) price analysis
Cardano’s inverted head and shoulders (H&S) pattern turning down from the neckline indicates that the bears are trying to stop the recovery at this level.
The 20-day EMA ($0.38) is an important level to watch out for on the downside. If the price bounces off this level, it will indicate that sentiment remains positive and traders are buying on dips. This will increase the likelihood of a break above the neckline. If this happens, the reversal pattern will be complete. The ADA/USDT pair could then start a new uptrend towards $0.60. Conversely, if the pair breaks below the 20-day EMA, it will indicate that short-term traders are booking profits. This could push the pair down to the 200-day SMA ($0.35).
Dogecoin (DOGE) price analysis
Dogecoin (DOGE) has not even recovered from the moving averages to reach the 38.2% Fibonacci retracement level of $0.09. This shows that the bears are selling on every small rise.
The DOGE/USDT pair fell to the moving averages, which indicates that the bears are trying to strengthen their positions. If they pull the price below the moving averages, the DOGE pair could drop to the key $0.07 support. On the other hand, if the price rebounds from the moving averages once again, it will indicate that the bulls are aggressively holding the level. Buyers will then make another attempt to push the price towards the $0.11 level.
Polygon (MATIC) price analysis
The bears are trying to pull Polygon (MATIC) below the support line of the symmetrical triangle formation.
If they are successful, this will show that supply exceeds demand. The MATIC/USDT pair could then slide towards the 200-day SMA ($0.99), which is an important level to consider. If this level gives way, the pair could start a downtrend. Conversely, if the price turns up from the current level and rises above the 20-day EMA ($1.11), this will indicate that the breakdown could be a bear trap. The pair may then attempt to break above the resistance line of the triangle.
Solana (SOL) price analysis
After a few days of hesitation, Solana finally broke above the downtrend line on April 11. This is the first indication that the downtrend may be coming to an end.
Usually, after breaking out of a key resistance, the price drops and retests the level. In this case, the price may fall as low as the breakout level. If the price rebounds from the downtrend line, it will indicate that the bulls have turned the level to support. This would increase the likelihood of a potential rally to $27.12 and then to $39. This positive view will be invalidated if the price turns down and breaks below the downtrend line. Such a move will indicate that the breakout could be a bull trap. The SOL/USDT pair could then drop as low as $15.28.
Polkadot (DOT) price analysis
Polkadot (DOT) turned down from the downtrend line on April 12, showing that the bears are fiercely holding this level.
If the price breaks below the 20-day EMA ($6.24) and continues, the DOT/USDT pair could drop to the strong support at $5.70. Conversely, if the price turns up from the 20-day EMA, it will indicate that traders are buying small dips. The bulls will then try to push the price back above the downtrend line. If they do, the pair is likely to gain momentum and move higher towards the neckline of the H&S pattern.
Litecoin (LTC) price analysis
Buyers pushed Litecoin above the overhead resistance of $96 on April 11, but were unable to sustain higher as seen by the long wick on the day’s candlestick.
The bears took the opportunity to pull the price back to the 20-day EMA ($90). This is an important level to watch as a break below this level and closing could drop the altcoin LTC/USDT pair to the $85 support. A bounce from this level could keep the pair in the $96 to $85 range for a few days. If the bulls want to maintain their advantage, they will have to push the price above $96. This will open the doors for a possible rise to $106. On the other hand, a break below $85 could take the pair to $75.
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