Leading crypto analysts have announced critical trading levels for DOGE, MATIC, SOL, BTC and these 6 coins! Here are the details…
Cryptocurrency analysts analyzed DOGE, MATIC, SOL, BTC and these 6 coins!
Bitcoin and Ethereum are trading above the psychologically significant $30,000 and $2,000 levels, respectively. This suggests that the crypto winter may be in its last legs.
Some analysts are calling for the alt season to begin, but it may be too early for that. With most crypto bears on the rise, Bitcoin is likely to fall sharply, catching late entrants off guard. This could hurt sentiment in the short term and lead to altcoins selling. Once the weak hands are shaken, the crypto markets may stabilize and start a sustained uptrend.
cryptocoin.com As we have reported, data from the on-chain data analytics platform Glassnode shows that there are significant similarities between the current cycle and the previous ones. But Ecoinometrics warns that an economic recession could turn things around. With that, experts commented on popular altcoins! Here are the details…
Bitcoin (BTC) price analysis
For Bitcoin (BTC), the bears tried to stop the upside on April 12, but the bulls did not give up. They continued their purchases on April 13 and broke the $30,550 barrier on April 14.
The BTC/USDT pair could rise as high as $32,400 if buyers hold the price above $30,550. The bears are expected to maintain this level with all their might. If the price drops from this level but fails to break below the 20-day EMA ($28,542), it will increase the likelihood of a rally above $32,400. If this level scales, the pair could converge towards $40,000. On the other hand, if the 20-day EMA cracks, it will indicate that the bears are trying to make a comeback. This could open the way for a possible drop to $25,250.
Ethereum (ETH) price analysis
Ethereum (ETH) bounced off the 20-day EMA ($1,870) on April 12, showing that the bulls are fiercely holding this level.
Buying continued on April 13 and the bulls pushed the price above the psychologically important $2,000 level. This brought more buying and the ETH/USDT pair started climbing towards $2,200. This is a crucial level for the bears to defend because if they fail to do so, the pair could witness a buying confluence. The pair could skyrocket to $3,000 later. Conversely, if the price drops from $2,200 and breaks below $2,000, the pair could drop to the 20-day EMA. This is an important level to consider as a break below it could take the pair to $1,680.
Binance Coin (BNB) price analysis
The bulls did not allow BNB to drop below the 20-day EMA ($317) on April 12 and 13. This indicates that sentiment has turned positive and investors are buying the dips.
The 20-day EMA has started to rise and the RSI has climbed above 60, indicating that the tide is turning in favor of the bulls.
Buyers will try to consolidate their positions by launching the price above the $338 to $346 overhead zone. If they do, the BNB/USDT pair could gain momentum and rally to $360 and then to $400. Conversely, if the price turns down from the overhead zone, it will indicate that the bears are active at higher levels. This could cause the pair to be stuck between the 20-day EMA and $346 for a while.
Ripple (XRP) price analysis
For XRP, buyers successfully defended the 38.2 percent Fibonacci retracement level of $0.49. This prompted more buying in XRP and pushed the price towards the overhead resistance zone of $0.56 to $0.58.
The rising 20-day EMA ($0.49) and the RSI in the positive zone suggest that the bulls have a slight advantage. If buyers push the price above $0.58, the XRP/USDT pair could start a bullish move that could reach $0.65 and then $0.80. Conversely, if the price turns down from the overhead zone, it will indicate that the pair could consolidate between $0.49 and $0.58 for a few days. The trend will be in favor of the bears if they pull the price below $0.49.
Cardano (ADA) price analysis
Cardano (ADA) completed a reversal setup on April 13 by breaking above the neckline of an inverted H&S pattern.
Usually, after a breakout from a pattern, the price turns down and retests the breakout level. In this case, the ADA/USDT pair could drop to the neckline. If the price rebounds from this level, it will indicate that the bulls have turned the level to support. This could start a bullish move towards the $0.60 pattern target. Contrary to this assumption, if the price drops sharply and dips below $0.37, a break above the neckline will indicate that it is fake. The pair could then decline as low as $0.30.
Dogecoin (DOGE) price analysis
Dogecoin (DOGE) has bounced off the moving averages as seen from the long tail on the day’s candlestick on April 12.
The bulls tried to push the DOGE/USDT pair above the 38.2 percent Fibonacci retracement level of $0.09 but the bears did not budge. For DOGE, this shows that sentiment remains negative and investors are selling on rallies. Buyers will have to push and sustain the price above $0.09 to indicate that selling pressure may ease. The pair could later rally to the 61.8% retracement level of $0.10. Usually, a break and close above this level results in a 100 percent retracement. If this happens, the pair could rally as high as $0.11.
Polygon (MATIC) price analysis
Polygon (MATIC) broke below the support line of the symmetrical triangle formation on April 12, but the long tail on the candlestick indicates that the bulls are buying aggressively lower.
The MATIC/USDT pair turned bullish on April 13 and broke above the 20-day EMA ($1.11). This may have trapped the aggressive bears and caused a short squeeze. On April 14, the pair reached the resistance line of the triangle, where the bears pose a strong challenge. If the bulls push the price above the triangle, the rally could reach the $1.30 resistance. This level could again be a strong hurdle, but if surpassed, the rise could reach $1.60. This positive view will be invalidated in the near term if the price declines and sinks below $1.08.
Solana (SOL) price analysis
The bulls built on the breakout from the downtrend line in Solana (SOL). This indicates higher levels of demand.
The rising 20-day EMA ($21.74) and the RSI near the overbought zone point to the advantage for buyers. The SOL/USDT pair could rise as high as $27.12, where the bears can make a strong defense. If the bulls break this barrier, the pair could continue its climb towards $39. On the downside, the downtrend line is the key level to watch out for. The bears will have to push and sustain the price below the downtrend line to trap the aggressive bulls. The pair could then decline to as low as $15.28.
Polkadot (DOT) price analysis
The long tail on the April 12 candlestick indicates that the bulls have bought the dip to the 20-day EMA ($6.32). Polkadot (DOT) continued its northward march and broke above the downtrend line on April 13, but the bulls are facing selling at higher levels.
The DOT/USDT pair has bounced back from the 61.8% Fibonacci retracement level of $6.85 and the bears are trying to push the price below the downtrend line. If they manage to do so, the pair could drop to the 20-day EMA. A break below this level could drop the pair to the key $5.70 support. Conversely, if the price rises and closes above $6.85, it could push the price towards the neckline of the inverse H&S pattern. If the bulls break this overhead resistance, the pair could start a new uptrend.
Litecoin (LTC) price analysis
Litecoin (LTC) turned up from the 20-day EMA ($91) on April 13, indicating that the bulls continue to view the dips as a buying opportunity.
The bulls tried to further strengthen their positions by pushing the price above the immediate resistance of $96 on April 14, but the long wick on the day’s candlestick indicates that the bears are selling aggressively in the rallies. If the bears pull the price below the 20-day EMA, it could trap a few aggressive bulls. In this case, the LTC/USDT pair can drop as low as $85. On the other hand, if the price rises and stays above $96, it will open the doors for a potential rally to $106.
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