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.
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.
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.
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.
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.
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.
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.
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.
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.
Related: Latest Bitcoin price data suggests double top above $200K in 2025
Solana price analysis
Solana (SOL) continues to trade inside a tight range. Usually, periods of low volatility are followed by an increase in volatility.
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.
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.
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.
The views, thoughts and opinions expressed here are the authors’ alone and do not necessarily reflect or represent the views and opinions of Cointelegraph.
This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.
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