Bitcoin (BTC) remains pinned below the psychologically crucial level of $30,000 as cryptocurrency investors search for positive triggers. That has not stopped business intelligence firm MicroStrategy from adding 1,045 Bitcoin to its kitty, which has now swelled to 140,000 Bitcoin.
Even after the sharp recovery from November 2022 low, monitoring resource Material Indicators believes the current up-move is a bear market rally.
Usually, a bear market rally does not turn around until the last bear has thrown in the towel. This suggests that Bitcoin’s recovery may have some more legs before it turns down to shake out the weaker hands.
A survey conducted by financial services firm Brown Brothers Harriman shows that institutional investors remain interested in the cryptocurrency space despite the crypto winter. It found that 74% of institutional investors were “extremely/very interested” in adding exposure to exchange-traded-funds with cryptocurrency related exposure.
Will Bitcoin continue its northward march and rise above $30,000? Will that move boost the altcoins higher? Let’s study the charts of the top-10 cryptocurrencies to find out.
Bitcoin price analysis
The bulls again tried to drive Bitcoin above $29,000 on April 5 but the long wick on the candlestick shows aggressive selling by the bears at higher levels.
The bears will try to build upon their advantage by pulling the price below the 20-day exponential moving average ($27,273), which is an important level to watch out for. If this support cracks, several short-term bulls may exit their positions. That could open the gates for a retest of the neckline of the inverse head and shoulders (H&S) pattern at $25,250.
Conversely, if the price rebounds off the 20-day EMA, it will suggest that bulls continue to defend this level with all their might. That may enhance the prospects of a break above the overhead resistance at $29,185. If that were to occur, the BTC/USDT pair may climb to $30,000 and later to $32,500,
Ether price analysis
Ether (ETH) rebounded off the 20-day EMA ($1,778) on April 3 and broke above the overhead resistance at $1,857. This suggests the start of the next leg of the up-move.
The path is clear for a potential rally to $2,000. This level is likely to act as a strong resistance but if bulls flip the $1,857 level into support during the next decline, it will suggest that buyers are in command. The ETH/USDT pair could then attempt a rally to $2,200.
Time is running out for the bears. If they want to make a comeback, they will have to halt the rally and pull the price below $1,857. If they manage to do that, the aggressive bulls may get trapped. The pair could first drop to the 20-day EMA and subsequently to $1,680
BNB price analysis
BNB’s (BNB) fall below the $306 support was aggressively purchased by the bulls as seen from the long tail on the April 3 candlestick.
The bulls are trying to strengthen their position further by pushing the price above the overhead resistance of $318. If they manage to do that, it will suggest that the corrective phase may be over. The BNB/USDT pair could first rise to $330 and subsequently to the strong resistance at $338.
On the contrary, if the price fails to clear the obstacle at $318, it will suggest that the bears are using every minor rally to sell. That may pull the pair down to the 200-day SMA ($291) which is likely to act as a strong support.
XRP price analysis
XRP (XRP) dipped below the 38.2% Fibonacci retracement level of $0.49 on April 3 but the long tail on the candlestick shows solid buying at lower levels.
The price turned up on April 4 and the bulls tried to push the price toward the overhead resistance at $0.56 but the long wick on the April 5 candlestick shows that sellers are offering a formidable challenge to the bulls near $0.53.
If the price continues lower, the bears will again try to sink the price below the 20-day EMA ($0.47). If this level gives way, the XRP/USDT pair may slide to $0.43.
On the other hand, if buyers thrust the price above the $0.56 to $0.58 overhead zone, the pair may surge to $0.65 and then to $0.80.
Cardano price analysis
Cardano’s (ADA) price is getting squeezed between the 20-day EMA ($0.37) and the neckline of the inverse H&S pattern.
The upsloping 20-day EMA and the RSI above 59 indicate that bulls are in command. A break and close above the neckline will complete the reversal pattern. The ADA/USDT pair could then start a new uptrend which has a pattern target of $0.60.
If bears want to seize control, they will have to pull the price back below the moving averages. If they do that, several short-term bulls may close their positions, resulting in a long liquidation. The pair may then slump to $0.30.
Dogecoin price analysis
Dogecoin (DOGE) bounced off the 20-day EMA ($0.08) on April 3 and skyrocketed above the strong resistance at $0.10.
The long wick on the April 3 and 4 candlestick shows that the bears are trying to defend the $0.10 level with vigor. A minor positive in favor of the buyers is that they have not ceded ground to the bears.
If the price stays above $0.09, the possibility of a rally to $0.11 increases. This is the last major barrier for the bulls because a break above it could open the doors for a potential rally to $0.16.
Alternatively, if the price turns down from $0.11, it will suggest that the bears are active at higher levels. The DOGE/USDT pair may then oscillate inside a large range between $0.11 and $0.07 for a while longer.
Polygon price analysis
Polygon’s (MATIC) tight consolidation near the 20-day EMA ($1.11) resolved to the upside on April 4 but the bulls are struggling to build upon this advantage.
The bears will try to tug the price back below the 20-day EMA and trap the aggressive bulls. If they succeed, the MATIC/USDT pair could decline to $1.05 and thereafter to the vital support at the 200-day SMA ($0.98).
Instead, if the price rebounds off the 20-day EMA, it will suggest that the bulls are trying to flip this level into support. There is a minor resistance at $1.17 but if bulls overcome this barrier, the MATIC/USDT pair could ascend to $1.25 and thereafter to $1.30.
Solana price analysis
Solana (SOL) continues to trade inside a tight range. Usually, periods of low volatility are followed by an increase in volatility.
If the price breaks and closes above the downtrend line, it will suggest that the bulls have overpowered the bears. That could start a new up-move, which could first rise to $27.12. If this level is scaled, the SOL/USDT pair is likely to pick up momentum and soar toward $39.
Another possibility is that the price turns down from the downtrend line or fails to sustain above it. In that case, the bears will try to sink the price below $18.70 and challenge the critical support near $15.28.
Polkadot price analysis
Polkadot (DOT) has continued to grind higher toward the 61.8% Fibonacci retracement level of $6.85. This level could see strong selling by the bears.
The 20-day EMA ($6.22) remains an important level to keep an eye on. If the price turns down from $6.85 but rebounds off the 20-day EMA, it will suggest that the sentiment has turned positive and traders are buying the dips.
That will increase the possibility of a break above $6.85. The DOT/USDT pair may then attempt a rally to the neckline of the inverse H&S pattern. Sellers will have to sink the price below $5.70 to gain the upper hand.
Litecoin price analysis
Litecoin (LTC) jumped off the 20-day EMA ($89) on April 1 and rose above the downtrend line. However, the bulls are facing strong resistance from the bears at higher levels as seen from the long wick on the April 3 and April 5 candlesticks.
The upsloping 20-day EMA and the RSI in the positive territory indicate advantage to buyers. There is a minor resistance at $96 but if that is crossed, the LTC/USDT pair may climb to the stiff overhead resistance at $106.
If bears want to prevent the up-move, they will have to quickly yank the price back below the 20-day EMA. The pair could then drop to $85. This is an important level to keep an eye on because a break below it will indicate that the bears are back in the game.
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