Bitcoin’s price retreated close to $61,000 on April 17, signaling weaker demand at elevated levels. Based on data from Farside Investors, Bitcoin-backed exchange-traded funds (ETFs) experienced net withdrawals on April 12 and 15. As per Ki Young Ju, the CEO of CryptoQuant, the desire for Bitcoin ETFs has shown little growth over the past month.
Despite this setback, a reassuring sign for the bulls is that the large Bitcoin holders, as indicated by data from research firm Santiment, have not been selling during weakness but rather have been buying more since March.
The whales appear to be staying put, optimistic about Bitcoin’s future growth. According to Bitwise Asset Management’s statement in a recent post, Bitcoin’s price has historically shown softness for a month following each of the three previous halvings. However, within a year after these events, Bitcoin’s price experienced significant double-digit gains.
Instead of “Will Bitcoin and altcoins deepen their correction or remain range-bound for a few more days? Let’s analyze the charts of the top 10 cryptocurrencies to find out,” you could say:
Bitcoin price analysis
On April 17, bears are making an effort to push Bitcoin’s price downwards towards the $60,775 mark of support, aiming to form a double-top pattern in the process.
If they successfully accomplish that task, the Bitcoin-USD Tether pair could potentially see a drop in price. First, it might reach the 50% Fibonacci retracement level at approximately $58,017. Following this, it may continue downward to hit the 61.8% retracement level around $54,298. The bulls are expected to put up a fight in this region, but if the bears gain control, the pair could slide further towards the pattern target of $47,773.
If the price rises above its current level and surpasses the moving averages, this pessimistic outlook will no longer hold true. This could potentially catch some bears off guard, leading to a short squeeze and boosting the chances of a rally beyond $73,777.
Ether price analysis
On April 15, Ether (ETH) failed to hold above its 20-day exponential moving average, which was at $3,301. The following day, on April 16, the price dropped below the previous support level of $3,056.
If the Ethereum-USD Dollar (ETH/USDT) price stays under $3,056, it could potentially slide down to $2,852. This is an important support area for buyers to protect as a breach below it might trigger more sellers to join in. The pair could then decline further to $2,717 and possibly even reach $2,200.
In other words, if the price recovers from $2,852 with force, it will indicate strong buying opportunities at lower prices. The bulls will then try to push the pair above its 20-day moving average. If they manage to do so, the pair may attempt to surge towards $3,679.
BNB price analysis
Following a three-day stretch of trading within the moving averages, BNB‘s (BNB) price dipped below its 50-day simple moving average, which now stands at $541, on April 17. This downward move suggests that bearish forces have recently gained the upper hand over bullish ones.
The price of BNB relative to USDT might drop down to a significant support point at $495. If this support fails, the BNB/USDT pair could potentially slide further to $460 and eventually reach $400.
If the price breaks and climbs above the 20-day moving average ($565), it will be an initial indication of the market’s strength. After that, the pair may aim for a rise towards the resistance level of $635. However, the bears could make an effort to halt the upward trend at this point.
Solana price analysis
On April 15, Solana (SOL) dropped from a high of $156 to hit a crucial support level at $126. This indicates that each time the price attempts to rebound, there’s significant selling pressure from bearish investors.
The moving averages have crossed paths in a downward direction, while the relative strength index (RSI) now lies below zero, suggesting that it’s more likely for the price of SOL/USDT to decrease further. If the support at $126 gives way, selling pressure could increase significantly, potentially causing the pair to drop as low as $100.
On the contrary, if the price turns up sharply from the current level, it will suggest solid demand at lower levels. The pair may then rise to $162. A break and close above this resistance will signal that the bulls are back in the game.
XRP price analysis
The upward trend for XRP (XRP) came to a halt at approximately $0.52 on April 15, suggesting that bears continue to dominate the market and sell off even during brief price increases.
Based on the current market conditions, the decreasing 20-day moving average, priced at $0.56, and the Relative Strength Index (RSI) close to the oversold threshold indicate that bears are currently dominating the trend. For sellers to initiate a more significant drop, they need to push the price below the important support level at $0.41, which is located around $0.46. Buyers, on the other hand, are expected to put up a strong resistance in defense of this support zone.
Attempting to bounce back, the XRP/USDT pair might encounter selling pressure at around $0.52, and once more near the 20-day moving average. A successful break above this resistance level would imply that the pair could continue oscillating between approximately $0.41 and $0.74 for some time.
Dogecoin price analysis
The upward trend of Dogecoin (DOGE) came to a halt near its 50-day Simple Moving Average, which is at $0.17, on April 15. This suggests that bears are still actively selling the cryptocurrency each time it tries to rise.
The 20-day moving average (MAvg) of $0.17 is now decreasing, while the RSI indicates negative values, suggesting bears are currently in control. They may attempt to push down the DOGE/USDT price towards the important support at $0.12. This level could draw buying interest as a significant drop below it might lead to further declines, potentially reaching $0.08.
An essential level to keep an eye on for potential resistance in an uptrend is the downward-sloping line. Should buyers manage to surmount this hurdle, the pair could potentially advance to $0.20 and subsequently reach $0.23.
Toncoin price analysis
On April 15, Toncoin (TON) failed to break through its resistance line within the ascending channel and instead dropped towards its support line.
With a 20-day moving average of $5.92 on the rise and the RSI indicators in positive territory, it seems the bulls are back in control. Buyers aim to push the price further towards the resistance mark. If this barrier is broken, the TON/USDT pair may gain significant momentum, potentially reaching $8.56, followed by a potential advance to $10.
If the price takes a pessimistic turn and falls beneath the channel, this positive outlook will be disproven, leading the way for a potential decline towards the $4.54 mark representing the 50-day Simple Moving Average.
Cardano price analysis
If the bulls don’t initiate a significant recovery for Cardano (ADA) at the $0.46 mark, there’s a higher chance that the price could drop down to $0.40 instead.
The $0.40 level is strongly held by buyers, as a drop below this price could trigger more selling and potentially cause the ADA/USDT exchange rate to fall to $0.35. The declining 20-day moving average ($0.54) and oversold RSI suggest that bears are currently dominating the market.
If the price falls below $0.40 but then rebounds, this indicates that demand exists at lower prices. Bulls will grow more confident as the price rises above $0.50. The pair might then advance to reach the 20-day moving average and potentially go up to $0.62. However, bears could present a significant resistance at this level.
Avalanche price analysis
The price of Avalanche (AVAX) failed to bounce back above the significant resistance point at $42 during its recovery, indicating that buyers were not showing enough eagerness to push the price up.
The downsloping 20-day EMA ($43) and the RSI near the oversold territory indicate that bears are in charge. The support to watch on the downside is $29 and then $27. If this zone cracks, the selling could intensify and the AVAX/USDT pair could plummet to $20.
If the relief rally reaches the downtrend line, it may encounter significant selling pressure. However, if the pair manages to break and close above this resistance level, it would signal that the bulls are regaining strength. Subsequently, the pair might try to advance towards the $50 mark.
Shiba Inu price analysis
For the previous three days, SHIB, the cryptocurrency known as Shiba Inu, has shown minimal price fluctuation, suggesting that there’s been little intense selling or purchasing activity at its current levels.
The bears are anticipating another attempt to push down the price of SHIB/USDT to around $0.000017. If this level gives way, selling pressure may intensify, potentially causing a significant drop in price towards the next significant support at $0.000010. This would mark a complete reversal of the recent rally’s gains.
Instead, if the price breaks above the downward trendline, it could signal that the bearish pressure is weakening. The pair might then reach $0.000033, at which point the bears are predicted to put up a substantial resistance.
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2024-04-17 22:57