Price analysis 4/19: BTC, ETH, BNB, SOL, XRP, DOGE, TON, ADA, AVAX, SHIB

On April 19th, reports of escalating geopolitical conflicts between Iran and Israel led Bitcoin (BTC) prices to experience significant volatility. The value momentarily fell below $60,000, but the selling pressure was unable to sustain this decrease. This trend implies that buyers are making an effort to transform the $60,000 mark into a new support level.

According to Julio Moreno, the chief researcher at CryptoQuant, traders’ unrealized profits were nearly nil around the $60,000 mark, suggesting that selling pressure could be easing up. Moreover, Moreno pointed out that the “realized price” has historically functioned as a robust support during bull markets.

Traders are giving greater consideration to Bitcoin’s future possibilities following the halving event. Based on CryptoQuant’s information, over 27,700 Bitcoins were moved to storage wallets, setting a new record within the span of 24 hours between April 16 and April 17. These specific wallets, referred to as accumulation addresses, contain more than 10 Bitcoins and have not previously seen any withdrawals.

Has Bitcoin, along with some prominent altcoins, reached their lowest points for now? Let’s examine the price charts of the top ten cryptocurrencies to make an informed assessment.

Bitcoin price analysis

The prolonged end of Bitcoin’s April 19th candlestick indicates that buyers strongly stepped in to purchase the price drop beneath the $60,775 threshold.

The price of the relief rally has reached the 20-day exponentially weighted moving average at around $66,067. At this point, bears could mount a significant resistance. If the price falls dramatically from this mark, the support level at $60,775 may weaken. A drop below and closing below this price will form a double-top pattern, potentially leading to a decline to $47,773 as the ultimate goal.

If the price of BTC/USDT is pushed higher than its moving averages by buyers, this could indicate that the pair will continue trading within the range of around $60,775 to $73,777 for a period. A break above $73,777 might then push the pair up to around $84,000.

Ether price analysis

The bears made an attempt to push Ether (ETH) down below its April 13 low of $2,852, but the prolonged “shadow” at the bottom of the April 19 candlestick indicates that buyers have been actively purchasing the price declines.

The cost might hit the 20-day moving average ($3,261), where the bulls and bears are expected to engage in a fierce struggle. If the price falls from the moving average, the bears will try once more to push the ETH/USDT pair below $2,852. Should they succeed, the pair could tumble to $2,717, followed by a potential drop to $2,200.

If the 20-day moving average is surpassed by the price, this could indicate that the correction has come to an end. In such a case, the pair may attempt to climb towards the resistance level of $3,679.

BNB price analysis

For the last few days, BNB‘s price has fluctuated between $495 and $635, suggesting that buyers and sellers are uncertain about which way the token will head next.

If the 20-day moving average at $565 is surmounted by buyers, the BNB/USDT pair might advance towards the resistance at $635. This is a crucial level for sellers to protect as a breach above it could pave the way for an uptrend reaching $692. Should this barrier be broken, the pair could potentially hit the projected goal of $775.

Instead, if the price falls and goes below $495, this formation would signal a double top. Subsequently, a decline towards $460 and then $400 might ensue.

Solana price analysis

Over the last few days, Solana’s price has been holding steady around $126, suggesting that buyers have been actively purchasing the cryptocurrency.

The price may rebound and touch the 20-day moving average ($158), which serves as an important marker to watch. Should the price decline sharply from this mark, sellers could attempt to push the SOL/USDT pair below $126 once more. If they manage to do so, the pair may continue its slide towards the significant support level of $100.

Instead of this: “On the contrary, if the price goes on rising and surpasses the 20-day moving average, it will indicate that the bears are weakening their hold. The $162 mark might function as a hurdle, but it’s probably going to be overcome. The pair could then advance toward $185.”

XRP price analysis

Over the last several days, XRP‘s price has fluctuated between approximately $0.46 and $0.52, suggesting an attempt by buyers to initiate a price rise.

The potential bounce back in the market may encounter resistance at the declining 20-day moving average, around $0.55. A significant shift from this mark would indicate that bears are still in control at elevated price points. The XRP/USDT exchange rate could revisit the crucial support level of $0.46.

If the price moves above the 20-day moving average instead, it might indicate that the correction has ended. The pair may then advance towards the 50-day moving average, potentially remaining within the $0.41 to $0.74 range for an extended period.

Dogecoin price analysis

On the Dogecoin (DOGE) price chart from April 19, the extended end of the candle represents the efforts of buyers to defend the $0.14 price level.

The 20-day moving average ($0.17) is an important level to keep an eye on during recovery. If buyers successfully push past this point, there’s a good chance that the DOGE/USDT pair will reach the downtrend line. However, sellers may intensively sell off their holdings at this line.

Between a dollar cent range of 0.14 to 0.12, there’s a high probability that buyers will make significant purchases due to the potential for the price to plummet if the support weakens. The possible consequence could lead to intense selling and cause the pair to approach the robust support level at 0.10.

Toncoin price analysis

On April 18, Toncoin (TON) bounced back from the underlying trendline of its uptrend channel, signaling that buyers are actively trying to maintain this level in the market.

On April 19, the bulls drove the price of TON/USDT up to $7.23. However, the significant bearish engagement close to the resistance line, as indicated by the long wick on the candlestick, implies that bears were fiercely selling. This indicates that the pair might remain trapped within the channel for an extended period.

If a slide appears beneath the chart, it could indicate an imminent shift in trends, potentially pulling the pair down to around $4.70 (the 50-day simple moving average). Conversely, if the chart breaks above the current slide, it might set off a surge towards $8.56 and then possibly even $10.

Cardano price analysis

Despite dipping below the $0.46 support level for several days, the buying force prevented Cardano (ADA) from falling further down to the April 13 minimum price of $0.40.

If the price doesn’t decrease further, it might entice potential buyers to attempt raising the price towards the 20-day Exponential Moving Average (EMA) at $0.52. However, if the price drops significantly from the 20-day EMA, this would suggest that recent rallies were met with selling pressure. Consequently, the price could descend to the support area ranging from $0.46 to $0.40. A drop below this zone might lead to a decline towards $0.35.

Instead, when the price of ADA/USDT rises beyond the 20-day Exponential Moving Average (EMA), it might indicate that the correction has ended. Subsequently, the pair may try to surge towards the 50-day Simple Moving Average ($0.63).

Avalanche price analysis

AVAX’s price action suggests that it is gathering strength for a potential drop, as buyers attempt to halt the current downtrend.

Between $32 and $27, there’s a good chance this area will serve as a robust support for the AVAX/USDT pair. If the price recovers from this support zone with vigor, it could lead to a significant upward trend towards the downtrend line. For the correction to be considered over, buyers must first surmount this hurdle. Subsequently, there’s potential for the pair to aim for $50.

Instead of assuming that the price will continue to rise above $27, a decrease and breaking below this level would signal the bears’ dominance. This could lead to increased selling pressure, potentially causing the pair to fall as low as $20.

Shiba Inu price analysis

The price of Shiba Inu (SHIB) has remained around $0.000022 recently, suggesting that equal numbers of buyers and sellers are in the market.

If the price falls below $0.000020 for SHIB/USDT, it could signal the beginning of a new decline towards $0.000017. This level might offer support, but if selling pressure continues, the pair may drop by half of its recent gain and reach $0.000010 instead.

If the price increases and stays above the downward trendline, the advantage will shift towards the buyers. The currency pair may then gradually climb up to $0.000033, followed by an attempt to surge higher to $0.000039.

2024-04-19 20:18