Price analysis 4/12: BTC, ETH, BNB, SOL, XRP, DOGE, TON, ADA, AVAX, SHIB

On April 12, Bitcoin (BTC) reached a new low of $65,000, demonstrating that bears are still in control. Yet, this hasn’t stopped large-scale Bitcoin buyers, known as whales, from making more purchases. The Bitcoin halving is just around the corner, with less than eight days remaining.

Based on data from cryptocurrency analysis company CryptoQuant, the desire from significant Bitcoin holders (referred to as “whales”) for more Bitcoin has exceeded the current supply of newly minted coins – a first in Bitcoin’s history. This surge in whale demand, combined with investments into Bitcoin exchange-traded funds (ETFs), could potentially lead to an increase in Bitcoin’s price.

In a conversation with CryptoMoon, Jan van Eck, VanEck CEO, shared that approximately 90% of the funds flowing into Bitcoin ETFs have originated from retail investors so far. He expects institutional investments, particularly from banks and traditional financial firms, to gradually emerge starting next month.

In an interview with CryptoMoon, well-known venture capitalist Tim Draper stated that Bitcoin serves as a reliable refuge against inflation. According to his prediction, Bitcoin’s value could reach $250,000 by the end of this year.

Instead of: “Will Bitcoin reach its record-breaking price again or initiate a downtrend in the upcoming days? Let’s examine the graphs of the leading ten cryptocurrencies for insights.”

Bitcoin price analysis

On April 10, the bulls managed to drive Bitcoin’s price above its downward trendline. However, they failed to maintain this progress and the price fell back again. This incident indicates that investors are selling off during each small price increase.

The 20-day moving average, currently at $68,534, is no longer increasing at an exponential rate, indicating a potential slowdown in price growth. Meanwhile, the relative strength index (RSI) hovers around the midpoint, reflecting that the buying power of the bulls is weakening.

If the price falls and stays below the $66,207 mark represented by the 50-day simple moving average for Bitcoin against the US Dollar, there is a possibility for a more significant drop in value. This correction could potentially reach $60,000 before eventually reaching the 61.8% Fibonacci retracement level at around $54,298.

If the price rises above $73,777, this pessimistic perspective will no longer hold true.

Ether price analysis

Over the last few days, Ether (ETH) has fluctuated between $3,056 and $3,679 on the price charts, reflecting an equilibrium between buyers and sellers.

The price might fall down to $3,056, a robust support point, at which the bulls are expected to enter the market. If the ETH/USDT pair recovers strongly from this level, it could indicate that the price fluctuations may persist for a while longer.

If the price goes in the opposite direction and falls below $3,056, this could indicate the beginning of a more significant decline towards $2,717. For the bulls to regain control, they must push the price above $3,679 instead.

BNB price analysis

On April 10, BNB (BNB) broke through the resistance level of its symmetrical triangle pattern, with buyers successfully keeping the price above it the following day, despite bears’ efforts to drag the price back within the triangle on April 11.

On April 12, buyers caused an increase in price, but the significant wick on the candlestick indicates that bears are fiercely contesting the resistance level at $645. The bears aim to drag the price back into the triangle, potentially misleading bulls who have aggressively bought. This could result in a fall to the triangle’s uptrend line.

If the price goes up instead of down from its current position, this could indicate that buyers are still active and continuing to purchase at lower prices. This would increase the chances of a price surge past $645. The BNB/USDT pair might then reach as high as $692.

Solana price analysis

On April 10, Solana (SOL) rebounded from its $162 support level, yet failed to surpass its 20-day moving average ($177). This suggests that sellers are active during market upswings.

If the price falls further and goes below $162, this may signal a bearish double top formation. This pattern might lead to a more significant drop in price, potentially reaching the next significant support level at $126, and eventually hitting the target of around $119.

If the price of SOL/USDT recovers from $162 and surpasses the 20-day moving average, this could indicate that the pair’s consolidation will continue for a while longer. The next phase of the upward trend might commence once buyers successfully overcome the resistance at $205.

XRP price analysis

XRP’s recent trading activity has kept it close to its average price levels, suggesting a lack of clear signs for where the asset may head next.

The moving averages of the XRP/USDT chart have lost their slope, and the Relative Strength Index (RSI) hovers around the middle line, implying a potential period of price stabilization. It’s likely that the pair will fluctuate between $0.56 and $0.69 for some days to come.

Spending more time within a particular price range can lead to a larger price movement when the asset eventually breaks out of it. For instance, if buyers manage to push the price above $0.69, the pair may experience significant upward momentum towards the resistance level at $0.74. Conversely, a selloff causing the price to fall below $0.56 could result in a substantial downward move towards $0.48.

Dogecoin price analysis

Dogecoin’s price has surpassed the significant resistance point at $0.19, implying that buyers aim to transform this barrier into a new foundation for gains.

With a gradually rising 20-day moving average at $0.19 and the RSI in positive territory, there’s a slight edge for buyers in the DOGE/USDT market. This pair could potentially climb to $0.21, opening up an opportunity for a retest of $0.23 if it manages to surpass this level.

Despite their intentions, bears might manipulate the price downward. They aim to push it under the 20-day Exponential Moving Average. If they accomplish this, the pair may descend towards the 50-day Simple Moving Average ($0.16), a significant mark to keep an eye on. A breach and closing below this support could potentially lead to a further decline to $0.12.

Toncoin price analysis

On April 11, Toncoin (TON) surpassed and sealed above its rising trendline, indicating a potential breakout from the channel. However, the buying pressure waned on April 12, preventing the bulls from sustaining the upward momentum.

Bears aim to drag the price back towards the channel’s boundaries. Should they succeed, some bulls could find themselves in unfavorable positions, potentially causing the price to drop to $6.29 and then to the channel’s underlying support line. Buyers are anticipated to put up a strong resistance at this level.

If the price goes above $7.67 after currently being at this level, it’s a sign that every small decrease is being bought up. This increases the possibility of a rise to $8.56, followed by further progression towards $10.

Cardano price analysis

The bulls failed to advance past the bounce at $0.57 on April 10, implying that there wasn’t enough demand to push Cardano (ADA) higher. The bears took advantage of this and pushed the price below $0.57 again on April 12.

If the price finishes its daily trade below the $0.57 mark, the bearish head-and-shoulders chart pattern will be fully formed. The descending 20-day moving average, currently at $0.60, and the RSI displaying negative values indicate that it’s more likely for the price of ADA/USDT to decrease further. This pair may fall towards the next significant support level at $0.46.

If the price rises and surpasses its 20-day moving average in the coming days, this pessimistic perspective will no longer hold true. The pair could potentially reach $0.68 as a result.

Avalanche price analysis

The price of Avalanche (AVAX) is currently lower than its moving averages, and bears are making efforts to take advantage of this trend by pushing the value down towards $42.

The $42 mark is crucial for buyers, and they will likely defend it strongly. If they can’t hold this level, the AVAX/USDT pair may experience a more significant decline, potentially reaching $35. This level could act as a strong support once again.

If the chart forms an upturn by surpassing the downtrend line, this will mark the initial indication of the pair’s resilience. Following this breakthrough, the price may gather momentum and possibly leap beyond the $50 threshold. Subsequently, it could advance to reach $60 and even touch $65.

Shiba Inu price analysis

For the past several days, the price of Shiba Inu (SHIB) has remained close to its 20-day moving average, which is at $0.000028. This suggests that the market is in a neutral zone, where the number of buyers and sellers is relatively equal.

An interruption in the downtrend with a break and climb over the support line indicates that the buyers are making an attempt to initiate an uptrend. At present, there’s a minor barrier at $0.000033. Should this hurdle be surpassed, the SHIB/USDT pair may advance towards $0.000039.

Instead of assuming that the price will hold above the 61.8% Fibonacci retracement level of $0.000023, a decrease below this level could signal bearish control taking over. The pair might then fall as low as $0.000017.

2024-04-12 22:35