Bitcoins (BTC) bounced back strongly from its weekly lows, and it’s expected to end the “halving week” with a small loss of around 1%. Based on Farside Investors’ data, Bitcoin spot exchange-traded funds experienced an influx of $30.4 million just prior to the halving event, putting a stop to the consecutive five days of outflows.
The Grayscale Bitcoin Trust (GBTC) has experienced more withdrawals, while the BlackRock iShares Bitcoin Trust (IBIT) has been drawing in investments consistently. According to Eric Balchunas, an ETF analyst at Bloomberg Intelligence, IBIT has had “69 consecutive days of investment inflows.”
In simpler terms, the number of investments in Bitcoin ETFs is expected to increase significantly by the end of 2024. According to Bitwise CEO Hunter Horsley, many wealth management firms are planning to add Bitcoin ETFs to their portfolios. He noted that these firms will only hold Bitcoin through these ETFs and will be a significant new player in the Bitcoin market.
Can Bitcoin and alternative coins break through their current price ceilings? Let’s examine the top five cryptocurrencies with promising chart patterns that could potentially achieve this.
Bitcoin price analysis
The price of Bitcoin is currently bouncing back and has touched the significant mark of $65,850 which serves as its 20-day exponentially weighted moving average. Keeping this benchmark in view remains crucial.
If the cryptocurrency price significantly drops below its moving averages, this might indicate that bears are capitalizing on rallies. This sell-off could potentially push the BTC/USDT pair back towards the support area ranging from $60,775 to $59,600. Defenders of this zone are anticipated to put up a strong resistance as a breach could intensify selling pressure. Subsequently, the pair may slide further down to hit the 61.8% Fibonacci retracement level at approximately $54,298.
If the price goes beyond its moving averages, however, it could indicate that the pair might stay within the range of $60,775 to $73,777 for a while. The bulls would need to push the price above the existing resistance for a potential surge towards $84,000.
On the 4-hour chart, the simple moving averages have crossed paths in an upward direction, indicating that bulls hold the upper hand for now. However, the pair might encounter resistance around $67,000 to $68,000. If this resistance is overcome, the next potential target could be $71,000.
If the price takes a pessimistic turn and falls beneath the moving averages, this optimistic outlook will be disproven. This could indicate strong selling efforts during rallies. The pair might then decrease in value to reach $63,000, followed by a potential drop to $60,775.
Binance Coin price analysis
Over the last few days, Binance Coin (BNB) has been trading within a price band of $495 to $635, reflecting an equal give-and-take between buyers and sellers.
On April 20th, buyers managed to drive up the BNB/USDT price above its moving averages, suggesting that selling pressure was decreasing. This pair might then advance towards the resistance level of $635, where sellers are anticipated to be more active. In case of a significant downward turn from $635, the price action may continue staying within a range for some time.
The price of the next popular investment may surge past $635 or drop below $495 as the next significant move. Should the $635 resistance be breached, the asset might climb up to $692. Conversely, if it falls beneath $495, it could potentially plummet to $460.
On the 4-hour chart, the 20-day moving average has shifted upward, while the RSI shows positive values, suggesting that buyers are making a recovery attempt. A minor hurdle exists at $585, but surmounting this level could lead the pair to hit $600 and potentially reach $635. However, sellers might put up considerable resistance around $635.
If the price takes a negative turn and falls beneath the moving averages, the optimistic outlook will no longer hold. The pair could potentially drop to $540 first, followed by a further decline to $510.
Near Protocol price analysis
The Near Protocol (NEAR) price has been moving downwards within a channel, suggesting that the bearish trend is more likely to continue.
The stock price has moved above its 20-day moving average ($6.15), indicating potential decrease in selling pressure for now. The NEAR/USDT pair could then attempt a climb towards the resistance level, but sellers may become active here and put up strong resistance. If the price falls significantly from this resistance level, it might indicate that the pair will continue to trade within its current range.
If buyers aim to take control, they need to push the price above the moving average line. This action would indicate a shift in the short-term trend, potentially causing the price to rise towards $8 and subsequently $9.
Following a tough battle, the duo surpassed the $5.90 threshold, suggesting that the buying side holds a slight advantage. A potential pullback to $5.90 could occur, but if this level is transformed into a support area by the bulls, the pair might advance towards the resistance mark.
If the price drops significantly and falls below its moving averages, this might indicate that the breakout above $5.90 was actually a false signal for a bull trend. This could potentially lead to a decrease in price to $5, followed by a touch of the support line of the channel.
Mantle price analysis
On April 20, Mantle (MNT) surpassed its 20-day Exponential Moving Average (EMA) of $1.18, having previously remained within the moving averages’ range for an extended period. This indicates a possible shift in market control towards the bulls.
Despite the long wick on the April 21 candlestick, indicating bears’ ongoing efforts, they have not succeeded in dragging the price beneath the 20-day Exponential Moving Average (EMA). Should they manage to do so, it could potentially catch out bulls with aggressive positions and cause a slide towards the 50-day SMA ($1.09). A fall below this mark might push the MNT/USDT pair down to $1.
Instead of pushing the price down, the 20-day moving average acting as support indicates that the bulls are successfully defending it. The pair might then advance towards the 61.8% Fibonacci retracement level at $1.32, and if this level is breached, further gains could lead to $1.51.
The price has broken above the symmetrical triangle chart pattern formed by the bulls, suggesting that the recent correction could be over. If the price bounces off the 20-day moving average, it would strengthen the chance of a surge past $1.25. Subsequently, the pair could climb up to $1.32.
In the meantime, bears could be intending to disrupt the trend. They aim to pull the price back towards the triangle. This potential move might catch the bulls off guard, causing a breakdown below the triangle. If this occurs, the power would shift to the bears, possibly leading the pair down to $1.
Render price analysis
Recently, RNDR has experienced a correction and has been moving below its trendline for some time. However, buyers are currently attempting to regain control by causing the price to rise above this resistance level.
The 20-day moving average (at $8.90) no longer has a clear downward trend, while the RSI has reached the halfway mark, hinting that the sellers may be losing control. If the price stays above this moving average, it’s probable that the RNDR/USDT pair will advance to the 50-day moving average ($9.95) and subsequently reach $12.
If the price falls and remains beneath the 20-day moving average, this could indicate that the breakout was a misleading signal. In such a case, the bears might attempt to drive the price down to $7, followed by $6.
The interaction between moving averages signifies a bullish trend, favoring buyers. Nevertheless, sellers could present a significant obstacle near $9.50. If the price reverses from resistance but finds support at the 20-day moving average, it would indicate shifting market sentiment from selling during uptrends to purchasing during downturns. This development could potentially lead to an upswing towards $10.50.
Instead of assuming that the price will continue to rise after breaking above the moving averages, a reverse situation with a break and drop beneath these averages indicates that the previous breakout was likely a false signal or “bull trap.” In such a scenario, the pair could potentially decline in value, possibly reaching a level around $7.
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2024-04-21 22:27