Following the recent crash, Bitcoin found support above $60,000. Thus, giving altcoins the green light to rise in the short term. According to experienced crypto analyst Rakesh Upadhyay, 4 altcoins that look strong on their charts may lead the recovery.
Binance Coin (BNB) price analysis: The target for the altcoin is $635!
Binance Coin’s price movement over the past few days has formed a wide range. This indicates indecision between bulls and bears. The altcoin price dropped near the $495 range support on April 13. However, the long tail on the candlestick indicates aggressive buying at lower levels. The bulls will try to maintain the momentum and move BNB towards the overhead resistance at $635. Sellers will likely try to maintain this level vigorously. Important supports to watch on the downside are $495 and then $460. Buyers will defend this support zone fiercely. Because it is possible that a break below this will start a downward trend towards $400.
Toncoin (TON) price analysis: Buyers have an advantage!
Toncoin (TON) is rising in a rising channel formation. This shows that the bulls continue to buy on dips. The bears pulled the price below the channel on April 12 and 13. However, the long tail on the candlesticks indicates strong buying near the support line. The failure to sustain lower levels may have attracted buyers who tried to push the altcoin price towards the resistance line near $7.50. Both moving averages are upward sloping and RSI is in positive territory. This shows that buyers have the advantage. This optimistic view will be negatively affected if TON falls sharply and closes below the support line. It is possible that this could start a decline towards the 50-day SMA ($4.28).
VeChain (VET) price analysis: Rise is possible for the altcoin!
VeChain has been consolidating in a wide range between $0.036 and $0.051 for several days. This shows that there is a balance between supply and demand. Usually, traders buy the dip towards the support of the range and sell near the overhead resistance. The long tail on the April 13 candlestick indicates that the bulls are trying to protect the $0.036 support. If the price continues to rise and breaks above the moving averages, it will indicate that the range-bound movement may extend for a few more days. Instead, if VET declines sharply and breaks below $0.035, it would indicate that the bears are trying to gain control. This is likely to start a bearish move towards the main support at $0.025.
Bitget Token (BGB) price analysis: Bears may fall into the trap!
BGB lost height in a strong uptrend. This pointed to profit booking by short-term traders. The bears pulled the price below the 20-day EMA ($1.17) on April 13. However, they are having a hard time reducing the altcoin price to the 50-day SMA ($1.02). This shows that the bulls continue to buy the dips. If the buyers push the price above the 20-day EMA again, it is possible that they will trap the aggressive bears. BGB is then likely to initiate a rally towards the stiff overhead resistance of $1.38. If the price turns down from this level, BGB could consolidate between the 20-day EMA and $1.38 for a few days.
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