In summary, the altcoin market is showing mixed signs as some coins like Ethereum (ETH), Near Protocol (NEAR), Arweave (AR), and Core (CORE) are trying to recover from their recent declines, while others like Bonk (BONK) are facing resistance at key levels. The overall trend remains bearish, but the bulls are attempting to stage a comeback in some coins. It is important for investors to keep an eye on the moving averages and the relative strength index (RSI) to gauge the strength of the trend. Traders should also be prepared for sharp price swings as the market remains volatile.
Bitcoin (BTC) made an effort to bounce back this week but encountered significant resistance around $67,000, resulting in a potential 2% decrease in value by the week’s end.
Expert Rekt Capital expresses concern that Bitcoin has entered a potentially risky period following its halving event, which could result in a price decrease within the next fortnight. Additionally, there’s been a recent trend of investors withdrawing funds from Bitcoin exchange-traded funds (ETFs). Farside Investors noted an outflow of $218 million on April 25, following a $120 million withdrawal the day prior.
As a crypto investor, when I observe the price moving in a wide range, it becomes challenging to determine which way the breakout will head with absolute confidence. To manage this uncertainty, I could consider buying coins near the support level and selling at the resistance, all while setting an appropriate stop loss to limit potential losses. Another alternative is to remain patient and wait for the price to make a clear breakout before entering the market.
Will Bitcoin and altcoins stay above their respective support levels and start a relief rally?
Let’s study the top 5 cryptocurrencies that look strong on the charts and may start the recovery.
Bitcoin price analysis
For several days now, Bitcoin has fluctuated between the prices of $59,600 and $73,777, reflecting a lack of consensus among investors regarding the cryptocurrency’s future price trend.
As a crypto investor, I follow the common trading strategy of buying around support levels and selling near resistance levels within a specific price range. In this case, I’m keeping a close eye on the $59,600 level as bulls are expected to fiercely protect it. A potential break below this level could lead to a deeper correction down to the 61.8% Fibonacci retracement level at $54,298. This correction may postpone the beginning of the next upward trend in the market.
If the price goes against its current downtrend and rises above the support at $59,600, it’s a sign that buyers are still in control at lower levels. The BTC/USDT pair could then surge towards $67,250 and eventually reach the resistance at $73,777. A successful break and close above this level would mark the beginning of the next phase of the bull trend, potentially taking it up to $84,000.
With the relatively flat shifting averages and RSI hovering slightly below the midpoint, it indicates a fairly even distribution of supply and demand forces. The initial indication of market dominance may surface as a breach above the downward trendline, potentially paving the way for advancement towards $68,000 and subsequently $71,500.
If the price falls from its current position or breaches the downtrend line at $62,300, this would be a sign that bears are dominating the market. The pair might then decline towards the significant support level at $59,600, which could attract buyers.
Near Protocol price analysis
On April 25, Near Protocol (NEAR) surpassed its descending trendline, implying a potential shift in the downtrend.
As a crypto investor, I’ve noticed that despite the recent bullish trend, bears are still active in the market. They’re aggressively selling near the resistance level at $7.70. If the price falls back into the established channel, it might be an indication that the breakout was just a trap to lure us in before another bearish move. This could potentially push the price down to around $5.90.
If the price surpasses $7.70, this could indicate that the bulls are gaining control. Subsequently, the NEAR/USDT pair may try to advance towards $9. However, the bears might put up significant resistance at this level.
The moving averages are on an upward trend, while the RSI remains positive, signaling that the buying power is slightly stronger than selling pressure. Potential buyers may encounter resistance around the price range of $7.70 to $8.10. However, if they manage to break through this barrier, the rally could potentially advance towards $9.
With an optimistic outlook, a decline in price and dipping below $6.60 would contradict this perspective. This downward trend would signal that bears are still active, selling during market upticks. Subsequently, the pair could potentially slide further down to reach $5.90.
Arweave price analysis
On April 25, Arweave’s price broke through its moving averages, indicating that the buyers are making an effort to regain control in the market.
As an analyst, I’ve observed that the bears made an attempt to push the price down towards our 20-day Exponential Moving Average (EMA) at $32.19 on April 27. However, the bulls seized this opportunity and bought the dip, indicating a shift in market sentiment from selling during rallies to purchasing during dips. Although there’s a minor resistance level around $40, if we manage to surmount it, our AR/USDT pair is likely to experience a strong upward trend that could potentially reach the significant overhead resistance at $47.52.
Should bears aim to halt the ongoing rally, they must swiftly pull the price under the 20-day Exponential Moving Average (EMA). If accomplished, the pair could potentially plummet down to $22.
As a researcher studying financial markets, I’ve identified a noteworthy development in the price action of this particular asset pair. Specifically, I’ve noticed the formation of an inverse head-and-shoulders pattern. This technical configuration is characterized by two notable features: a left shoulder, a head that forms lower than the left shoulder, and a right shoulder, which is lower than the head but higher than the left shoulder. The neckline is the trendline connecting the left and right shoulders.
If the price can’t hold above the neckline, it might indicate that demand is decreasing at higher prices. The pair may then fall towards the significant support at $30. Dropping beneath this point would shift the power to the bearish side.
Core price analysis
As a researcher observing the CORE stock’s price movements, I’ve noticed that it has found support at the 20-day Exponential Moving Average (EMA), specifically at $2.23, on two separate occasions recently. This pattern suggests a bullish outlook for the stock.
Should the price move past its present value and reach $2.91 or more, this action would indicate a regained control by the buyers. Consequently, the CORE/USDT pair might gain traction and advance towards $4.
If the price goes against this belief and falls below the 20-day Exponential Moving Average, it indicates that the bears are not ready to surrender. This might lead to a decline towards the 50-day Simple Moving Average, which is priced at $1.72.
On the 4-hour timeframe, the currency pair appears to be trading within a range of $1.83 to $2.91. Neither the evened out moving averages nor the Relative Strength Index (RSI) close to the midpoint provide a definitive signal for buyers or sellers.
As an analyst, I would interpret this as follows: Should the price surpass my moving averages, the buying forces will attempt to propel the pair towards $2.91. The selling forces, however, are anticipated to mount a strong resistance at this level due to the potential commencement of a new uptrend.
If the price goes down and falls below $2.10, the pair could drop towards the robust support at $1.83 instead.
Bonk price analysis
As a crypto investor, I’ve noticed an intriguing development with Bonk (BONK). On April 23, this digital asset managed to surpass its moving averages. This is an encouraging sign for me, suggesting that the recent correction phase could be coming to an end.
As an analyst, I’ve noticed that despite the bears’ attempts to drag the price beneath the moving averages, the bulls have managed to keep it afloat. This indicates that the bulls are attempting to transform those averages into support levels. If the price rebounds from its current position and surpasses $0.000030, the BONK/USDT pair will form an inverted Head and Shoulders (H&S) pattern. This bullish setup carries a target of approximately $0.000048.
Despite their intentions, bears might thwart expectations and drag down the price. If they manage to do so, the pair could plummet as low as $0.000019 and potentially drop further to $0.000015.
On the 4-hour timeframe, the bulls encounter significant resistance at $0.000030. The bears aim to seize control by pushing the price under the moving averages. Should they succeed, a Head and Shoulders pattern would form, potentially leading to a decline towards $0.000019.
If the price rises from its current level or surpasses the 50-day Simple Moving Average (SMA), it suggests that buyers are still active in the market and purchasing at lower prices. A successful breakout and closing above $0.000030 will be a promising sign of strength for the pair, potentially leading to a jump towards $0.000036.
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2024-04-29 01:51