Binance Coin

Bitcoin hit a year-to-date high at $31,000 and ETH’s price followed. Which altcoins will be next?

Bitcoin (BTC) and Ether (ETH) are trading above the psychologically important levels of $30,000 and $2,000, respectively, suggesting the crypto winter may be on its last legs. 

Some analysts are calling for an altseason to begin, but it may be too early for that. When most crypto bears turn bullish, Bitcoin will likely turn down sharply and catch the late entrants off guard. That could hurt sentiment in the short term and cause a sell-off in altcoins. After the weak hands are shaken out, the crypto markets may stabilize and begin a sustained uptrend.

Data from on-chain intelligence platform Glassnode suggests that there are significant similarities between the current having cycle and the previous ones. However, Ecoinometrics warned that an economic recession could alter things.

Let’s watch the charts of the top 10 cryptocurrencies to spot the critical resistance levels that may start a pullback.

Bitcoin price analysis

The bears tried to stall the up-move on April 12 but the bulls did not give up. They resumed their purchases on April 13 and cleared the hurdle at $30,550 on April 14.

If buyers sustain the price above $30,550, the BTC/USDT pair may rally to $32,400. The bears are expected to protect this level with all their might.

If the price turns down from this level but does not break below the 20-day exponential moving average (EMA) at $28,542, it will enhance the prospects of a rally above $32,400. If this level is scaled, the pair may zoom toward $40,000.

On the other hand, if the 20-day EMA cracks, it will suggest that the bears are trying to make a comeback. That could clear the path for a possible drop to $25,250.

Ether price analysis

Ether bounced off the 20-day EMA ($1,870) on April 12, indicating that the bulls are vigorously guarding the level.

The buying continued on April 13, with the bulls pushing the price above the psychologically important level of $2,000. That attracted further buying, with the ETH/USDT pair climbing toward $2,200. This is a crucial level for the bears to defend because if they fail to do that, the pair may witness a buying stampede. The pair could then skyrocket to $3,000.

Conversely, if the price turns down from $2,200 and breaks below $2,000, the pair may tumble to the 20-day EMA. This is an important level to keep an eye on because a break below it may pull the pair to $1,680.

BNB price analysis

The bulls did not allow BNB (BNB) to dip below the 20-day EMA ($317) on April 12 and 13. This indicates that the sentiment is turning positive and traders are buying the dips.

The 20-day EMA has started to turn up and the relative strength index (RSI) has jumped above 60, suggesting that the tide is turning in favor of the bulls.

Buyers will try to solidify their position by catapulting the price above the $338 to $346 overhead zone. If they manage to do that, the BNB/USDT pair may pick up momentum and rally to $360 and subsequently to $400.

On the contrary, if the price turns down from the overhead zone, it will suggest that the bears are active at higher levels. That may keep the pair stuck between the 20-day EMA and $346 for some time.

XRP price analysis

Buyers successfully protected the 38.2% Fibonacci retracement level of $0.49. That attracted further buying in XRP (XRP), which pushed the price toward the overhead resistance zone of $0.56 to $0.58.

The upsloping 20-day EMA ($0.49) and the RSI in the positive zone indicate that bulls have a slight edge. If buyers kick the price above $0.58, the XRP/USDT pair may start an up-move that could reach $0.65 and then $0.80.

Contrarily, if the price turns down from the overhead zone, it will suggest that the pair may consolidate between $0.49 and $0.58 for a few days. The trend will favor the bears if they yank the price below $0.49.

Cardano price analysis

Cardano (ADA) soared above the neckline of the inverse head-and-shoulders (H&S) pattern on April 13, completing the reversal setup.

Usually, the price turns down after the breakout from a pattern and retests the breakout level. In this case, the ADA/USDT pair may dip to the neckline. If the price rebounds off this level, it will suggest that the bulls have flipped the level into support. That may start an up-move toward the pattern target of $0.60.

Contrary to this assumption, if the price turns down sharply and breaks below $0.37, it will suggest that the breakout above the neckline was a fake out. The pair may then plunge to $0.30.

Dogecoin price analysis

Dogecoin (DOGE) bounced off the moving averages on April 12, as seen from the long tail on the day’s candlestick.

The bulls tried to drive the DOGE/USDT pair above the 38.2% Fibonacci retracement level of $0.09 but the bears did not budge. This suggests that the sentiment remains negative and traders are selling on rallies.

Buyers must push and sustain the price above $0.09 to indicate that the selling pressure may be reduced. The pair may then ascend to the 61.8% retracement level of $0.10. Usually, a break and close above this level results in a 100% retracement. If that happens, the pair may soar to $0.11.

Polygon price analysis

Polygon (MATIC) slipped below the support line of the symmetrical triangle pattern on April 12 but the long tail on the candlestick shows that the bulls aggressively bought at lower levels.

The MATIC/USDT pair turned up and broke above the 20-day EMA ($1.11) on April 13. That may have trapped the aggressive bears, resulting in a short squeeze. The pair reached the resistance line of the triangle on April 14, where the bears are posing a strong challenge.

If bulls thrust the price above the triangle, the rally may reach the resistance at $1.30. This level may again prove to be a strong hurdle, but if crossed, the up-move could reach $1.60. This positive view will invalidate in the near term if the price turns down and plunges below $1.08.

Related: BTC price targets see $33K next as Bitcoin eyes key resistance flip

Solana price analysis

The bulls have built upon the breakout from the downtrend line in Solana (SOL). This shows demand at higher levels.

The rising 20-day EMA ($21.74) and the RSI near the overbought zone indicate an advantage to buyers. The SOL/USDT pair could rise to $27.12, where the bears may mount a strong defense. If bulls overcome this barrier, the pair may resume its climb toward $39.

On the downside, the downtrend line is the key level to watch out for. The bears must sink and sustain the price below the downtrend line to trap the aggressive bulls. The pair may then collapse to $15.28.

Polkadot price analysis

The long tail on the April 12 candlestick shows that the bulls purchased the dip to the 20-day EMA ($6.32). Polkadot (DOT) continued its northward march and broke above the downtrend line on April 13 but the bulls are facing selling at higher levels.

The DOT/USDT pair turned down from the 61.8% Fibonacci retracement level of $6.85, with the bears trying to tug the price back below the downtrend line. If they do that, the pair may drop to the 20-day EMA. A break below this level may sink the pair to the crucial support at $5.70.

Conversely, if the price turns up and closes above $6.85, it may propel the price to the neckline of the inverse H&S pattern. If bulls pierce this overhead resistance, the pair may start a new uptrend.

Litecoin price analysis

Litecoin (LTC) turned up from the 20-day EMA ($91) on April 13, indicating that the bulls continue to view the dips as a buying opportunity.

The bulls tried to strengthen their position further by pushing the price above the immediate resistance at $96 on April 14 but the long wick on the day’s candlestick shows that the bears are aggressively selling on rallies.

If bears yank the price below the 20-day EMA, it could trap several aggressive bulls. The LTC/USDT pair may then slump to $85. On the other hand, if the price turns up and sustains above $96, it will open the gates for a potential rally to $106.

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.

Today’s CPI report highlighted a slight decline in inflation, a development which could put a strong price floor beneath Bitcoin and select altcoins.

The March consumer price index climbed marginally by 0.1%, below economists’ expectation of a 0.2% increase and February’s advance of 0.4%. Although inflation is showing signs of slowing, the year-on-year CPI increased by 5%, well above the U.S. Federal Reserve’s 2% target. 

The FedWatch Tool shows a 67% probability of a 25 basis point rate hike in the Fed’s May meeting, but by the end of the year, the majority of the market participants have come to expect rates to be lower than the current level.

An expansive monetary policy is usually positive for risky assets. In addition, crypto traders will focus on Bitcoin’s (BTC) halving, which is set to occur next year. That is also likely to be a positive for cryptocurrency prices. While the near-term picture is uncertain, the long term remains bullish.

Will traders book profits in the near term, pulling Bitcoin and altcoins lower, or will the rally extend further?

Let’s study the charts of the top-10 cryptocurrencies to find out.

Bitcoin price analysis

Bitcoin is witnessing resistance near $30,550, but a positive sign is that the bulls have not given up much ground. This suggests that the buyers are not rushing to the exit.

The bears are unlikely to give up without a fight. They will try to yank the price below the 20-day exponential moving average ($28,163), which remains the key support level to keep an eye on. If they are successful, the selling could pick up and the BTC/USDT pair may slump to the support at $25,250.

Conversely, if the price continues to move up from the current level or rebounds off the 20-day EMA, it will signal strong demand at lower levels. That will enhance the prospects of a rally to $32,400, which is likely to behave as a formidable resistance.

Ether price analysis

Ether (ETH) snapped back from the 20-day EMA ($1,831) on April 9, but the bulls could not push the price above the immediate resistance at $1,943.

If the price turns down from the current level and breaks below $1,824, the ETH/USDT pair will form a double top in the short term. That may tug the price down to the strong support at $1,680.

If bears want to keep the uptrend intact, they will have to protect the 20-day EMA and force the pair above the resistance at $1,943. If they can pull it off, the pair may resume its up-move. The $2,000 level may offer a resistance but it is likely to be crossed. The pair may then rally to $2,200.

BNB price analysis

BNB (BNB) surged above the $318 resistance on April 11, but the long wick on the candlestick shows that the bears are selling near $338.

The 20-day EMA ($315) is flattish and the RSI is turning down toward the center. This indicates a potential range-bound action in the near term. If the price slips below the 20-day EMA, the BNB/USDT pair may oscillate between $338 and the 200-day SMA ($292) for a few days.

Another possibility is that the price rebounds off the 20-day EMA with strength. That will suggest buying on dips. The bulls will then again try to kick the pair above the overhead zone between $338 and $346.

XRP price analysis

The long wick on XRP’s (XRP) April 11 candlestick shows that the bears are trying to stall the recovery at $0.53.

Sellers will try to strengthen their position by pulling the price below the 20-day EMA ($0.49). If they are successful, several short-term bulls may be forced to close their positions. The XRP/USDT pair may then slump toward the next support at $0.43.

Instead, if the price rebounds off the 20-day EMA, it will suggest that bulls continue to view the dips as a buying opportunity. The bulls will have to overcome the stiff resistance at $0.53 to regain the upper hand.

Cardano price analysis

Cardano (ADA) turned down from the neckline of the inverse head and shoulders (H&S) pattern, indicating that the bears are trying to halt the recovery at this level.

The 20-day EMA ($0.38) is an important level to watch out for on the downside. If the price bounces off this level, it will suggest that the sentiment remains positive and traders are buying on dips.

That will increase the likelihood of a break above the neckline. If that happens, the reversal pattern will complete. The ADA/USDT pair may then start a new uptrend toward $0.60.

Conversely, if the pair plummets below the 20-day EMA, it will suggest that the short-term traders are booking profits. That may sink the pair to the 200-day SMA ($0.35).

Dogecoin price analysis

Dogecoin’s (DOGE) rebound off the moving averages could not even reach the 38.2% Fibonacci retracement level of $0.09. This suggests that the bears are selling on every minor rise.

The DOGE/USDT pair has slipped back to the moving averages, which shows that bears are trying to strengthen their position. If they yank the price below the moving averages, the pair may fall to the crucial support at $0.07.

On the other hand, if the price once again rebounds off the moving averages, it will suggest that the bulls are aggressively protecting the level. Buyers will then make one more attempt to push the price toward the $0.11 level.

Polygon price analysis

The bears are trying to sink Polygon (MATIC) below the support line of the symmetrical triangle pattern.

If they succeed, it will suggest that the supply exceeds demand. The MATIC/USDT pair may then descend toward the 200-day SMA ($0.99), which is an important level to keep an eye on. If this level gives way, the pair may start a downtrend.

Contrarily, if the price turns up from the current level and breaks above the 20-day EMA ($1.11), it will suggest that the breakdown may have been a bear trap. The pair may then attempt to rise above the resistance line of the triangle.

Related: Why is Dogecoin (DOGE) price down today?

Solana price analysis

After hesitating for several days, Solana (SOL) finally soared above the downtrend line on April 11. This is the first indication that the downtrend may be ending.

Usually, after breaking out of a significant resistance, the price turns down and retests the level. In this case, the price may dip down to the breakout level. If the price rebounds off the downtrend line, it will suggest that the bulls have flipped the level into support. That will enhance the prospects of a potential rally to $27.12 and thereafter to $39.

This positive view will invalidate if the price turns down and breaks below the downtrend line. Such a move will suggest that the breakout may have been a bull trap. The SOL/USDT pair may then tumble to $15.28.

Polkadot price analysis

Polkadot (DOT) turned down from the downtrend line on April 12, indicating that the bears are fiercely guarding this level.

If the price dips and sustains below the 20-day EMA ($6.24), the DOT/USDT pair may slump to the strong support at $5.70.

On the contrary, if the price turns up from the 20-day EMA, it will suggest that traders are buying the minor dips. The bulls will then again try to thrust the price above the downtrend line. If they manage to do that, the pair is likely to pick up momentum and soar toward the neckline of the H&S pattern.

Litecoin price analysis

Buyers pushed Litecoin (LTC) above the overhead resistance of $96 on April 11 but they could not sustain the higher levels, as seen from the long wick on the day’s candlestick.

The bears have used the opportunity to pull the price back to the 20-day EMA ($90). This is an important level to watch for because a break and close below it could sink the LTC/USDT pair to the support at $85. A bounce off this level may keep the pair stuck inside the $96-to-$85 range for a few days.

If bulls want to retain their edge, they will have to drive the price above $96. That will open the doors for a possible up-move to $106. On the other hand, a break below $85 could tug the pair to $75.

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.

Bitcoin’s failure to clear the overhead resistance at $30,000 is attracting profit-booking in select altcoins.

Bitcoin (BTC) has been trading below $29,000 for the past several days. The analyst community remains divided on the near-term prospects of Bitcoin. While some believe that Bitcoin could rise to $30,000, others are of the opinion that a local top has been made.

Bloomberg Intelligence senior macro strategist Mike McGlone said that cryptocurrencies, along with the stock market, crude oil and copper may find it difficult to sustain the recent bounce because bank liquidity levels remain tight.

On the other hand, SkyBridge Capital founder Anthony Scaramucci, while speaking with Yahoo Finance, said that Bitcoin’s bear market may be over, but he added that it was a guess. However, Scaramucci highlighted that Bitcoin has repeatedly outperformed other asset classes over the long term.

Will Bitcoin turn down from the current level, or will bulls regroup and push the price above $30,000? Let’s study the charts of the top 10 cryptocurrencies to find out.

Bitcoin price analysis

Bitcoin (BTC) has formed a symmetrical triangle near $29,000, which suggests uncertainty among the bulls and the bears about the next directional move.

The upsloping 20-day exponential moving average (EMI) ($27,406) and the relative strength index (RSI) above 58 suggest that bulls have a slight edge. If the price rebounds off the support line, the buyers will attempt to thrust the BTC/USDT pair above the triangle.

If they manage to do that, the pair may start the next leg of the up-move. The pattern target of a breakout from the triangle is $31,280.

Conversely, a break below the support line will tilt the short-term advantage in favor of the bears. The pair may then plummet to the breakout level of $25,250. Buyers are expected to protect the level with all their might.

Ether price analysis

Ether’s (ETH) rally turned down from $1,943 on April 5, indicating that the bears are guarding the psychological level at $2,000 with vigor.

The first support is at $1,857. If this level gives way, the ETH/USDT pair could pull back to the 20-day exponential moving average (EMA) ($1,794). This remains the key level for the bulls to defend if they want to keep the up-move intact.

If the price rebounds off the 20-day EMA, the bulls will again try to overcome the obstacle at $2,000. If they do that, the pair may ascend to $2,200.

On the other hand, if the price breaks below the 20-day EMA, it may tempt short-term traders to book profits. The pair may then tumble to $1,743 and later to $1,680.

BNB price analysis

BNB (BNB) is turning down from the 20-day EMA ($314), indicating that the bears are fiercely defending the level.

The gradually downsloping 20-day EMA and the RSI just below the midpoint signal a minor advantage to the bears. If the $306 support cracks, the BNB/USDT pair could slide to $300 and then to the 200-day SMA ($291).

If bulls want to prevent the downward move, they will have to drive the price above the immediate resistance at $318. That could open the gates for a rise to the overhead resistance zone between $338 and $346.

XRP price analysis

XRP (XRP) has stayed above the 38.2% Fibonacci retracement level of $0.49 for the past few days, indicating that the bulls are buying on shallow dips.

The upsloping 20-day EMA ($0.47) and the RSI in the positive territory indicate that bulls have the upper hand. Buyers will next try to propel the price to the overhead resistance zone of $0.56 to $0.58. A close above this zone will signal the start of the next leg of the recovery.

Contrarily, if the price fails to break above the overhead zone, it will suggest that bears remain active at higher levels. Sellers will then try to tug the price below the 20-day EMA. If that happens, the pair may plunge to $0.43.

Cardano price analysis

The bears did not allow Cardano’s ADA (ADA) to break above the neckline and complete the inverse head-and-shoulders (H&S) pattern.

The price has reached the 20-day EMA ($0.37), which is a crucial level for the bulls to defend. If the ADA/USDT pair rebounds off the 20-day EMA, the buyers will make one more attempt to overcome the barrier at the neckline. If they can pull it off, it will suggest the start of a new uptrend.

On the contrary, if the price falls below the 20-day EMA, it will suggest that the short-term bulls may be booking profits. The pair could then decline to the 200-day SMA ($0.35).

Dogecoin price analysis

Traders used Dogecoin’s (DOGE) rise on April 3 to lighten their positions. This shows that the sentiment remains negative and traders are selling on rallies.

The sharp pullback in the past four days suggests that the DOGE/USDT pair will continue to trade inside the large range of $0.07 to $0.11 for some more time. The price has reached the moving averages, which may act as a strong support. If the price turns up from the current level, the pair may recover to the 50% Fibonacci retracement level of $0.09.

Alternatively, if the price plummets below the moving averages, it will suggest a slight advantage to the bears. The pair may then slump to $0.07.

Polygon price analysis

Polygon’s MATIC (MATIC) has formed a symmetrical triangle pattern, indicating indecision among the bulls and the bears.

If the price rebounds off the support line of the triangle, it will suggest that the bulls are protecting this level. That could keep the pair inside the triangle for a while longer. If the price climbs above the 20-day EMA ($1.11), the bulls will again try to propel the MATIC/USDT pair to the resistance line of the triangle.

On the downside, a break and close below the support line of the triangle will indicate that the bears have overpowered the bulls. That could open the doors for a potential drop to the 200-day SMA ($0.98).

Related: XRP price eyes 30% upside after key resistance area breaks

Solana price analysis

Buyers could not sustain Solana’s SOL (SOL) above the 20-day EMA ($20.81) in the past few days, indicating that demand dries up at higher levels.

The 20-day EMA is flattish, and the RSI is just below the midpoint, indicating that the SOL/USDT pair may stay between the downtrend line and $18.70 for some time. A break below $18.70 will indicate that bears have come out on top. The pair may then extend its decline to the vital support at $15.28.

Conversely, if the price turns up from the current level and breaks above the downtrend line, it will suggest that the bulls are back in the game. The pair may then ascend to $27.12.

Polkadot price analysis

Polkadot’s DOT (DOT) has slipped below the 20-day EMA ($6.22), indicating that the bulls are losing their grip. The price could slide to the strong support at $5.70.

If the price rebounds off $5.70, the DOT/USDT pair may attempt a rally to the downtrend line and oscillate between these two levels for some time. A rally above the downtrend line will clear the path for a possible rally to the neckline of the developing inverse H&S pattern.

Alternatively, if the price breaks below $5.70, the advantage will tilt in favor of the sellers. The pair may then slump to $5.15. This is an important level to keep an eye on because if it cracks, the pair may tumble to $4.50.

Litecoin price analysis

The failure of the bulls to push Litecoin (LTC) above $96 has emboldened the bears who are trying to strengthen their position by dragging the price below the 20-day SMA ($90).

If they succeed, the next stop could be $85. This is an important level to watch out for because a break and close below it may result in a retest of the 200-day SMA ($75).

Another possibility is that the price turns up from the current level but fails to cross $85. In that case, the LTC/USDT pair may stay range-bound between $85 and $96 for a few days.

The 20-day EMA is sloping up gradually, but the RSI has dropped near the midpoint, suggesting a consolidation in the near term. Buyers will have to clear the overhead hurdle at $96 to extend the recovery to $106.

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.

Magazine: Best and worst countries for crypto taxes — Plus crypto tax tips

Bitcoin continues to face resistance near $29,000 and Ether has decided to take charge of the wider crypto markets’ bullish momentum.

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 treasury, which has now swelled to 140,000 Bitcoin.

Even after the sharp recovery from the 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 that 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.

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.

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.

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.

Signs of easing inflation could push Bitcoin and select altcoins above their respective overhead resistance levels in the short term.

Data from the Personal Consumption Expenditures (PCE) index showed an uptick of 0.3% in February, lower than the 0.5% increase in January. Economists had projected a rise of 0.4%, and the PCE data suggests that inflation is gradually decreasing. 

Risky assets rallied in response to the data, and some analysts expect the Federal Reserve to start cutting rates by the end of the year. The FedWatch Tool shows a 33% probability of a 50 basis point cut by December 2023.

The cryptocurrency space is trying to come out of a prolonged bear phase. This has improved sentiment, and analysts are focusing on the long-term prospects of cryptocurrencies and blockchain technology.

Citibank stated in its “Money, Tokens and Games” March report that blockchain-based tokenization of real-world assets could soar to between $4 and $5 trillion by 2030. Although the lack of legal and regulatory framework, and the skepticism of industry players may pose a challenge in the short term, the investment bank believes they will be overcome eventually.

Could Bitcoin (BTC) and select altcoins extend their up-move or is it time for the rally to stall? Let’s study the charts of the top 10 cryptocurrencies to find out.

Bitcoin price analysis

The bulls propelled Bitcoin above $29,000 on March 30, but the long wick on the candlestick shows that the bears have not yet given up and are selling on rallies.

When a level proves too difficult to cross, usually, the price retraces back before making the next attempt. In this case, if the price again fails to cross $29,000, the BTC/USDT pair may pull back to the 20-day exponential moving average ($26,707). A strong bounce off this level will suggest that the sentiment remains positive and traders are buying on dips. That will increase the possibility of a break above $29,185.

If buyers succeed in their endeavor, the pair may soar to the $30,000–$32,500 resistance zone. The first sign of weakness will be a fall below the 20-day EMA. Such a move will suggest that the bulls may be booking profits. That may result in a rest of the breakout level of $25,250. Below this level, the pair could slide to the 200-day simple moving average ($20,342).

Ether price analysis

Ether (ETH) faces resistance near $1,857, indicating that bears are trying to protect this level with all their might. A positive sign in favor of the bulls is that they have not ceded ground to the bears.

The rising 20-day EMA ($1,736) and the relative strength index (RSI) in positive territory enhance the prospects of a break above $1,857. If that happens, the ETH/USDT pair may resume its up-move and reach the overhead resistance zone between $2,000 and $2,200.

Contrary to this assumption, if the price trips below the 20-day EMA, it will suggest that the bulls have given up. That could pull the price to the strong support at $1,680. A break below this level could indicate that bears have seized control. The pair may then descend to $1,600 and, after that, to $1,461.

BNB price analysis

BNB’s (BNB) relief rally faces selling in the zone between the 20-day EMA ($316) and the downtrend line, but the bulls are hanging on.

The 20-day EMA has flattened out, and the RSI is near the midpoint, indicating that the selling pressure may be reducing. The aggressive bears may get trapped if the price rises above the downtrend line. That may result in a short squeeze, which could propel the price to the overhead resistance zone between $338 and $346.

Conversely, if the price turns down from the downtrend line and plummets below $305, it will suggest that bears are back in the driver’s seat. The BNB/USDT pair may then drop to the 200-day SMA ($290).

XRP price analysis

The long wick on XRP’s (XRP) March 29 candlestick shows that the bears are aggressively defending the resistance at $0.56.

The XRP/USDT pair formed an inside-day candlestick pattern on March 30, indicating uncertainty among the bulls and the bears. If the price slips below $0.52, the pair may retest the breakout level of $0.49. This is an important level to watch because a break below it could extend the correction to the 20-day EMA ($0.45).

Another possibility is that the price rises from the current level and breaks above the $0.56 to $0.59 resistance zone. If that happens, the pair may skyrocket to $0.65 and $0.80.

Cardano price analysis

After hesitating for two days, the bulls have pushed Cardano (ADA) above the minor resistance at $0.39. The price has reached the vital resistance at the neckline of the inverse head and shoulders (H&S) pattern.

The rising 20-day EMA ($0.36) and the RSI in the positive territory indicate that the path of least resistance is to the upside. If buyers thrust the price above the neckline, it will complete the reversal setup. The ADA/USDT pair could then surge toward the pattern target of $0.60.

On the other hand, if the price turns down from the neckline, the bears will try to sink the pair to the moving averages. This is a critical level to watch because a slide below it could open the gates for a possible fall to $0.30.

Dogecoin price analysis

Dogecoin (DOGE) has traded near the 20-day EMA ($0.07) for the past few days, indicating indecision among the bulls and the bears.

The flat 20-day EMA and the RSI near the midpoint do not give an advantage either to the bulls or the bears. This uncertainty will clear if the price breaks above the 200-day SMA or plummets below $0.07.

If the price rises above the 200-day SMA, the DOGE/USDT pair could pick up momentum and rally toward the $0.10 to $0.11 resistance zone. The bears are likely to defend this zone with vigor. On the downside, a break below $0.07 could result in a retest of the support near $0.06.

Polygon price analysis

Polygon (MATIC) nudged above the 20-day EMA ($1.12) on March 29 and 30, but the bears held their ground. Sellers will now try to sink the price to the strong support at $1.05.

The 20-day EMA continues to slope down, indicating an advantage to bears, but the RSI just below the midpoint suggests that the bulls are attempting a comeback. This state of uncertainty may not continue for long.

If the price breaks and sustains above the 20-day EMA, the MATIC/USDT pair may attempt a rally to the overhead resistance of $1.30. On the other hand, if the price tumbles below the 200-day SMA ($0.97), the selling could intensify, and the pair may nosedive to $0.69.

Related: Solana overcomes FTX fiasco — SOL price gains 100% in Q1

Solana price analysis

Buyers pushed Solana (SOL) above the 20-day EMA ($20.88) on March 29, but the bulls could not clear the overhead hurdle at the downtrend line.

The 20-day EMA is flat, and the RSI is just below the midpoint, indicating a state of equilibrium between the buyers and sellers. The SOL/USDT pair may continue to swing between the support at $18.70 and the downtrend line for a while longer.

Usually, when the price gets squeezed between two levels, it is followed by a sharp breakout. If the price breaks below $18.70, the pair could slump to $15.28.

Alternatively, a rally above the downtrend line will signal a potential trend change. The pair may then start its northward march toward $39.

Polkadot price analysis

Polkadot (DOT) broke above the 20-day EMA ($6.13) on March 29, with the bulls thwarting attempts by the bears to pull the price back below the level on March 30.

The 20-day EMA has flattened out, and the RSI is just above the midpoint, indicating a balance between supply and demand. The DOT/USDT pair could oscillate between $5.70 and $6.70 for a few days.

A break and close above the $6.70 resistance will open the doors for a potential rise to the neckline of the inverse H&S pattern. Contrarily, if the price turns down and slips below $5.70, the pair may decline to $5.15.

Litecoin price analysis

The bulls once again defended the 20-day EMA ($87) on March 30, indicating strong demand for Litecoin (LTC) at lower levels.

Buyers will have to propel the price above $96 to signal that the short-term corrective phase may be over. The LTC/USDT pair will then try to rally to $106, where the bulls will likely encounter strong resistance from the bears.

Alternatively, if the price turns down from the current level or the downtrend line, it will suggest that bears are unwilling to give up. That will increase the prospects of a break below the 20-day EMA. The pair may then slump to $75.

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.

Bitcoin and select altcoins are close to breaking out of their overhead resistance levels, indicating that bulls remain in control of the crypto market.

Bitcoin (BTC) is up about 71% in Q1 2023, which is the first positive quarter after four consecutive quarters of negative returns in 2023, according to data from Coinglass. This shows that the sentiment has turned positive and the bulls are trying to put a bottom in Bitcoin.

When the undercurrent is bullish, negative news results in shallow corrections. That is what happened after the United States Commodity Futures Trading Commission slapped a lawsuit against Binance and its CEO, Changpeng Zhao, for trading violations. This news pulled the markets marginally lower but did not start a strong down move.

Another thing that happens in a bullish environment is that cryptocurrencies move up without any specific catalyst. That happened on March 29 when Bitcoin and several major altcoins turned up sharply.

Could Bitcoin and select altcoins start the next leg of the uptrend? And where is the rally likely to face resistance? Let’s study the charts of the top-10 cryptocurrencies to find out.

Bitcoin price analysis

In an uptrend, traders typically buy the pullbacks to the 20-day exponential moving average ($26,371). The long tails on the March 27 and 28 candlestick show just that.

The rising 20-day EMA and the relative strength index (RSI) above 63 indicate that bulls are in control. The buyers will try to cement their dominance further by thrusting the price above $28,868.

If they succeed, the BTC/USDT pair is likely to soar to $30,000 and then continue the rally to the critical resistance at $32,500. The bears will try to halt the up-move in this zone because a rally above $32,500 could clear the path for a sharp rally to $40,000.

Time is running out for the bears. They will have to first pull the price below the 20-day EMA and then retest the breakout level of $25,250. If this level also fails to hold up, the pair may plummet to the 200-day simple moving average ($20,281).

Ether price analysis

Ether (ETH) bounced off the $1,680 support on March 28, signaling that lower levels are attracting buyers. This keeps the price stuck between $1,680 and $1,857.

The upsloping 20-day EMA ($1,720) and the RSI near 58 suggest that the bulls have the upper hand. If buyers nudge the price above $1,857, the ETH/USDT pair could rally to $2,000 and thereafter make a dash to $2,200.

On the contrary, if sellers want to prevent this bullish move, they will have to quickly yank the price below the $1,680 support. If that happens, the pair could skid to $1,600 and subsequently nosedive to $1,461.

BNB price analysis

BNB (BNB) sank below the 20-day EMA ($316) on March 26 but the bears could not maintain the selling pressure. The bulls purchased the dip and pushed the price above the 20-day EMA on March 29.

Buyers will next try to overcome the obstacle at the downtrend line. If they can pull it off, the BNB/USDT pair may climb to the overhead resistance zone between $338 and $346. The bears are expected to defend this zone with all their might because if it gives way, the pair could soar toward $400.

Contrarily, if the price reverses direction from the current level or the downtrend line, it will suggest that the sentiment remains negative and bears are selling on rallies. The pair may then collapse to the 200-day SMA ($290).

XRP price analysis

XRP (XRP) picked up momentum on March 27 and broke above the immediate resistance zone of $0.49 to $0.51 on March 28.

The bulls continued their buying spree on March 29 and sent the XRP/USDT pair flying above the crucial resistance at $0.56. If bulls sustain the price above $0.56, it will indicate the start of a new uptrend. The pair may rally to $0.65 and then to $0.80.

The long wick on the March 29 candlestick shows that bears are selling the rally above $0.56. If the price turns down and plunges below $0.49, it will indicate that the current breakout may have been a bull trap. The pair could then fall to $0.43.

Cardano price analysis

Cardano (ADA) broke below the 20-day EMA ($0.35) on March 27 but it proved to be a bear trap. The price turned up and soared above the moving averages on March 28.

The bulls have overcome the immediate resistance at $0.39, clearing the path for a potential rally to the neckline of the inverse head and shoulders (H&S) pattern. If bulls sustain the momentum and thrust the price above the neckline, it will complete the bullish setup. That may start a new up-move which has a pattern target of $0.60.

On the downside, a break and close below $0.33 will be a warning sign that bears are back in the game. That may sink the ADA/USDT pair to the vital support at $0.30.

Dogecoin price analysis

Dogecoin (DOGE) remains stuck between the 200-day SMA ($0.08) and $0.07. This consolidation could act as a launchpad for the next directional move.

A break and close above the 200-day SMA will be the first sign that the bulls have absorbed the selling. That could attract further buying and catapult the price to the overhead resistance zone between $0.10 and $0.11.

Another possibility is that the price turns down from the 200-day SMA and plunges below the support at $0.07. If that happens, it will suggest that bears have overpowered the bulls. The DOGE/USDT pair could then drop to $0.06.

Polygon price analysis

Polygon (MATIC) rebounded off the strong support at $1.05 on March 28, indicating that the bulls are fiercely protecting this level.

The bulls extended the recovery on March 29 by shoving the price above the 20-day EMA ($1.12). If buyers sustain the breakout, it will clear the path for a possible rally to the overhead resistance zone between $1.25 and $1.30.

Conversely, if the price turns down and breaks below the $1.05 support, it will suggest that the bears are selling on relief rallies. The MATIC/USDT pair may then slide to the 200-day SMA ($0.97). This is an important support to keep an eye on because if it cracks, the next stop could be $0.69.

Related: ‘Definitely not bullish’ — 7% Bitcoin price gains fail to convince traders

Solana price analysis

Solana (SOL) has been trading between the downtrend line and the horizontal support of $18.70 for the past few days.

The bulls have been buying the dips to $18.70 but they have failed to propel the price above the downtrend line. This indicates that bears are active at higher levels. This state of uncertainty is unlikely to remain for long.

If buyers force the price above the downtrend line, it will suggest a potential trend change. The SOL/USDT pair could first rise to $27.12 and later attempt a rally to $39. Contrarily, a break below $18.70 could stretch the fall to $15.28.

Polkadot price analysis

Polkadot (DOT) closed below the 200-day SMA ($5.95) on March 27, but the bears could not build upon the advantage and sink the price below $5.70.

The bulls purchased at lower levels and pushed the price back above the 200-day SMA on March 28. Buyers boosted their strength further by kicking the price above the 20-day EMA ($6.11). The DOT/USDT pair could next climb to $6.70. This is an important short-term resistance for the bulls to overcome.

If they succeed in doing that, the pair may attempt a rally to the neckline of the inverse H&S pattern. This positive view will be negated if the price plummets below the $5.70-to-$5.15 support zone.

Litecoin price analysis

Litecoin (LTC) slipped below the 20-day EMA ($87) on March 28, but the long tail on the candlestick shows solid buying at lower levels.

The bulls continued their purchases on March 29 and are trying to push the price above the immediate resistance of $96. If they manage to do that, the LTC/USDT pair could surge to the strong overhead resistance at $106. The rising 20-day EMA and the RSI near 55 indicate a minor advantage to buyers.

If bears want to gain the upper hand, they will have to pull the price below the uptrend line. If that happens, the pair could slump to the strong support at $75.

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.