Leading cryptocurrency analysts have announced the trading levels for MATIC, ADA, DOGE and these 7 coins! Here are the details…
Cryptocurrency analysts reported critical levels for MATIC, ADA, DOGE and these 7 coins!
Bitcoin’s tight consolidation near its local top indicates that investors are waiting for a catalyst to kick off the next trend move. Consumer Price Index data on April 12 and producer price index data on April 13 may provide insight into the Federal Reserve’s future rate hikes and wake investors from their slumber. The dull price action in Bitcoin has not dampened interest in it. According to Ahrefs search data, Bitcoin remains the most searched term on Google in the United States, followed by the keywords “Donald Trump” and “breaking news”.
Another noteworthy point is that the circulating supply of Bitcoin continues to decrease. Citing Glassnode data, investor Anthony Pompliano pointed out that 53 percent of Bitcoin’s circulating supply has not moved in the past two years. So what are the next levels for Bitcoin and these altcoins?
Bitcoin (BTC) price analysis
Bitcoin bounced off the 20-day EMA ($27,692) on April 9, showing buying at lower levels. The gradually rising 20-day EMA and RSI in the positive zone point to the advantage for buyers.
For Bitcoin, $29,200 is the key level to watch on the upside. If the bulls pierce this resistance, the BTC/USDT pair could climb to $30,000. The bears will try to stop the rally at this level, but a break above it is likely. The pair could rally as high as $32,200 later. Conversely, if the price turns lower at $29,200 once again, it will indicate that the bears are active at higher levels. Sellers will then make another attempt to push the price below the 20-day EMA. If they are successful, the pair could drop as low as $25,250.
S&P 500 index
The S&P 500 index (SPX) rallied after a two-day correction on April 6, showing that sentiment remains positive and investors are buying on small dips.
The upward sloping 20-day exponential moving average (EMA) (4.035) and the relative strength index (RSI) in the positive zone increase the probability of a rise to 4,200. While this level has acted as a formidable barrier in the past, it is likely to scale on the third try. In such a case, the index can push the 4300 resistance. This level may be the scene of aggressive selling by the bears. The first important support to watch on the downside is the 20-day EMA. If this support is broken, the index could retest vital support at the 200-day simple moving average (SMA) ($3,944).
US dollar index
The US Dollar Index continues to trade below the 20-day EMA (102.73), indicating that the short-term trend remains bearish. Sellers are likely to defend the 20-day EMA during the current relief rally.
If the price turns down from the 20-day EMA, the index could drop to the vital support of 100.82. The bulls are expected to hold this level with all their strength, as breaking below this level will complete a head and shoulders (H&S) pattern. The index could then start the next leg of the downtrend. Another possibility is for the price to recover from the 100.82 support and move above the 20-day EMA. If this happens, it will mean that the index could oscillate between 100.82 and the 200-day SMA (106.47) for a while.
Ethereum (ETH) price analysis
Traders successfully defended the 20-day EMA ($1,813) on April 9, showing that the trend remains positive in Ethereum.
The bulls will attempt to break the $1,943 barrier and push the price to $2,200. Sellers are likely to fiercely defend the $2,000 to $2,200 zone. If the price turns down from this zone but fails to break below the 20-day EMA, it will indicate that the rally could be prolonged. This positive view will be invalidated in the near term if the price declines and breaks below the 20-day EMA. The ETH/USDT pair could then descend into the strong support zone of $1,743 to $1,680.
Binance Coin (BNB) price analysis
cryptocoin.com As we reported, Binance Coin (BNB) has been trading below the 20-day EMA ($313) for the past few days, but the bulls did not allow the price to drop below the immediate support of $306. This indicates that the selling pressure is decreasing at lower levels.
The bulls will take advantage of this and try to push the price above the overhead resistance of $318. If they do, the BNB/USDT pair could gain momentum and rally to $338 and later to $346. Conversely, if the price turns down from the current level, it will indicate that the bears are selling on every small relief rally. If the $306 level is breached, the pair could decline to the 200-day SMA ($292).
Ripple (XRP) price analysis
XRP has been trading above the 38.2 percent Fibonacci retracement level of $0.49 for the past few days, suggesting that buyers are not waiting for a deeper correction to buy.
The bulls will try to strengthen their position by pushing the price into the general zone of $0.56 to $0.58. This remains the key region to consider because a break above it could open the doors for a potential rally to $0.65 and later to $0.80. Instead, if the price drops and dips below the 20-day EMA ($0.48), it will indicate that short-term traders are able to book profits. This could push the XRP/USDT pair to the crucial support at $0.43.
Cardano (ADA) price analysis
Cardano (ADA) has been trading above the 20-day EMA ($0.37) for the past few days, but the bulls are struggling to clear the neckline of an inverse H&S pattern. This shows that the bears are fiercely defending this level.
Usually a tight consolidation is followed by a sharp breakout. The rising 20-day EMA and the RSI in the positive zone suggest that a breakout could occur to the upside. A close above the neckline will complete the reversal setup and mark the start of a new uptrend towards the $0.60 target. This bullish outlook will be adversely affected if the price declines and falls below the 20-day EMA. The ADA/USDT pair could then drop to the 200-day SMA ($0.35). This level is likely to attract strong buys by the bulls.
Polygon (MATIC) price analysis
Sellers tried to push Polygon’s native coin below the support line for MATIC on April 9 and 10, but the bulls held their ground. This shows that it is possible to buy at lower levels.
The bulls will try to push the MATIC price above the 20-day EMA ($1.11). If they are successful, the MATIC/USDT pair could rise to the resistance line of the symmetrical triangle. A break and close for MATIC above the triangle will show that the bulls are overtaking the bears. This will open the way for a possible rally to $1.30. Instead, if the price turns below the 20-day EMA and breaks below the support line, it will indicate that the bears are in control. The pair could then retest the vital support at the 200-day SMA ($0.99).
Dogecoin (DOGE) price analysis
DOGE successfully held the moving averages on April 8, but the shallow bounce on April 9 indicates that demand has dwindled at higher levels.
Both moving averages have flattened out and the RSI is just above the midpoint, suggesting a balance between supply and demand. A bounce from the current level could face selling at $0.09, the 38.2 percent Fibonacci retracement level. If the price turns down from this level, the DOGE/USDT pair could oscillate between the $0.09 and the moving averages for a while. A break below the moving averages could drop the pair to the strong support at $0.07, while a rise above $0.09 would increase the likelihood of a rise to the $0.11 level.
Solana (SOL) price analysis
The trading range on Solana’s SOL has narrowed further, pointing to the uncertainty between the bulls and bears.
The flat 20-day EMA ($20.64) and the RSI just below the midpoint do not give the bulls or bears a clear advantage. Therefore, it is better to wait for a breakout to occur before placing big bets. If the price rises and pierces the downtrend line, it could attract strong buys by the bulls. The SOL/USDT pair could then rally to $27 and then to $39. On the other hand, selling could intensify if the price drops below $18.70. The pair may decline to $15.28 later on.
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