Bitcoin (BTC) appears to be headed for a steep decline of around 9% by the end of the week, leading some traders to take profits due to the possibility of a continued downtrend. Analysts predict that Bitcoin will drop to the $26,600–$25,000 range, where it may find increased buying activity.
When a security comes out of a bear market, it attempts to create higher lows on its way up. These points serve as robust support during future corrections. This recent decline could end up establishing a higher base for Bitcoin, which may act as a starting point for the next surge.
If long-term investors think that a bottom has been reached, then it is not a wise idea to be in a state of panic and sell during every downward movement. On the contrary, each decline could be an opportunity to construct a portfolio.
The drop in Bitcoin’s price has caused several other cryptocurrencies to decline as well. However, a few major cryptos are still performing well according to the charts. Therefore, let us analyze the charts of five cryptos that could potentially rise in value.
Bitcoin price analysis
Buyers are attempting to prevent Bitcoin’s correction from dropping further by holding it at the 50-day simple moving average ($26,983), however the weak recovery indicates that the bears are not ready to concede.
The 20-day exponential moving average (EMA) has declined to $28,606, and the relative strength index (RSI) is in bearish territory, indicating that bears have the upper hand. If the 50-day simple moving average breaks, the selling could intensify.
The BTC/USDT pair might then drop to the level of $25,250, which is a key point to observe, as if this support is broken, the pair could fall to $20,000.
Buyers need to keep the price above the 20-day EMA to demonstrate a revival. That may draw in buyers and propel the price to the $31,000–$32,500 range of resistance.
The pair jumped to $27,125 and hit the 20-day EMA, which is the initial obstacle that bulls must overcome in order to initiate a powerful rebound. Once they pass this, they may reach the 50-day SMA, where the bears may attempt to put up a strong resistance.
If the price drops below the current level of $27,125, it is an indication that sentiment is still negative and traders are selling on any slight upward movement. This could result in a decrease to $26,500 and possibly even $25,250.
BNB price analysis
BNB (BNB) is currently facing a fierce competition between buyers and sellers. Those selling are active above $338, while those buying are fiercely protecting the 50-day SMA ($316).
The BNB/USDT pair bounced back from the 50-day SMA on April 21, and the bulls are attempting to overcome the obstacle at $338. If they succeed, it increases the likelihood of a surge above $346. The pair could then ascend towards $400. The 20-day EMA ($325) is inclining gradually and the RSI is in positive territory, which implies that the bulls have a slight advantage.
If bears want to stop the price from rising, they must push it back below the 50-day Simple Moving Average. This could trigger additional selling and drive the pair down to $300 and potentially even $280.
The four-hour chart indicates that the cost has recovered from the support around $316 and has reached the 50-SMA. If the bulls can surpass this barrier, the pair could attempt to ascend to $338 and then to $346. If this level is surpassed, it may result in a surge in bullish energy.
If the 20-day EMA fails to provide support, it may indicate that the pair will be range-bound between $315 and $335 for a period. If the $315 support level is breached, it would benefit the bears.
Cardano price analysis
Cardano’s ADA (ADA) experienced a decrease and dropped beneath the neckline of the inverse head-and-shoulders (H&S) pattern on April 20, indicating that the bears are attempting to ensnare the assertive bulls. There is a minor advantage for the purchasers as they are endeavoring to protect the 50-day SMA ($0.37).
The 20-day EMA has dropped to $0.40, and the RSI is just below the midpoint, showing that sellers are attempting to take control. If the price falls below the 50-day SMA, this would indicate that the bears have taken over. The ADA/USDT pair could then potentially drop to $0.30.
If buyers want to remain in control, they must push the price back above the neckline rapidly. If they are successful, strong buying could be seen. The pair could then rise to $0.46.
The four-hour chart reveals that the bears have pushed the price below the uptrend line and are attempting to convert the level into a resistance point upon a retest. The 20-EMA that is sloping downwards and the RSI in the negative range signify that the bears possess the advantage. If the cost drops beneath $0.38, the selling could become more intense, and the pair could decrease to $0.34.
This outlook will be disproved in the near future if purchasers drive the cost back above the rising trend line. This would indicate that the recent decrease may have been a false alarm. The rebound is apt to gain impetus once the price is pushed beyond the 50-SMA.
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Monero price analysis
Monero (XMR) declined from the neckline of the forming inverse head and shoulders pattern, however, the sharp rebound from lower levels implies that there is strong buying when the price dips.
Buyers have managed to drive the price back up above the 20-day EMA ($157), and will attempt to break through the neckline. Should this level be breached, it would complete the bullish formation, opening the door for a possible climb to $185 and beyond to the pattern’s projected mark of $199.
If the price drops from its current level or the neckline, it will indicate that bears are selling on the upswings. If there is a break and close below $149, this will demonstrate that bears have taken control. The XMR/USDT pair might then plunge to $145 and eventually $140.
The pair is trading within a descending channel on the four-hour chart. The rebound from the channel’s support line indicates strong purchasing at lower levels. If buyers can keep the price above the 50-SMA, the pair could increase to the resistance line of the channel.
If the price continues to decline and drops below the 20-EMA, it indicates that the pair may stay within the channel for a longer period. If the channel is breached, the bears will take control.
Toncoin price analysis
Toncoin (TON) has established a bearish descending triangle formation, yet there is a positive indication that is in favor of the buyers, as the cost has been close to the resistance line of the triangle for the past few days.
The bulls will attempt to push and maintain the cost above the resistance line, which would render the bearish setup ineffective. A breakdown of a bearish pattern usually leads to an increase in price due to traders who had gone short in the expectation of a decrease covering their positions.
Bull traders who had been avoiding the market due to the unfavorable conditions enter to purchase. If the TON/USDT pair rises above the resistance line, it could potentially climb to $2.64 and later to $2.90.
This optimistic outlook will become invalid if the price decreases and goes below $2.20 in the near future.
The four-hour chart displays a pattern of the pair ascending within an ascending channel. In the short-term, the bears are attempting to keep the $2.33 level stable, yet the bulls are actively pushing against it.
If the $2.33 level breaks, the pair could begin its ascent to the resistance line of the channel close to $2.45. On the other hand, if the price declines from $2.33 again, the bears may attempt to drive the pair to the support line of the channel.
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