Price analysis 4/24: BTC, ETH, BNB, SOL, XRP, DOGE, TON, ADA, AVAX, SHIB
Bitcoin’s ( BTC ) rally to a new all-time high, and the subsequent consolidation suggests that the bulls are not rushing to the exit as they anticipate another leg higher. According to an X post by Santiment, the rise has been supported by the Bitcoin whales holding between 1,000 and 10,000 Bitcoin who have “accumulated 266K more $BTC since the start of 2024.”
It is not only the whales who are buying. The spot Bitcoin exchange-traded funds have enabled traditional finance companies to invest in Bitcoin. Bloomberg analyst Eric Balchunas said in a X post that two United States financial advisers invested $20 million each in the Fidelity Wise Origin Bitcoin Fund (FBTC), overtaking the previous high investment of $17 million put by an adviser in BlackRock's iShares Bitcoin Trust (IBIT).
Although analysts are bullish for the long term, the short term looks uncertain. Fidelity Digital Assets believes that Bitcoin is no longer “cheap” and is trading at fair value . The company downgraded its medium-term outlook for Bitcoin from “positive” to “neutral.” The investment firm’s director of research, Chris Kuiper, said in a X post that Bitcoin is at the “halfway point” of the market cycle. He added that a large portion of the gains are historically seen “in the latter half of the cycle.”
What are the important resistance levels that Bitcoin and altcoins need to cross to signal an end to the corrective phase? Let’s analyze the charts of the top 10 cryptocurrencies to find out.
Bitcoin price analysis
Bitcoin rose above the 20-day exponential moving average ($65,855) on April 22, but the bears stalled the recovery at the 50-day simple moving average ($67,509).
Both moving averages have flattened out, and the relative strength index (RSI) is just below the midpoint, indicating a balance between supply and demand. If the price sustains below the 20-day EMA, the BTC/USDT pair could slump to $60,775. Buyers are expected to defend this level as a break below it may clear the path for a collapse to the 61.8% Fibonacci retracement level of $54,298.
Contrarily, if the price turns up and breaks above the 50-day SMA, it will suggest that lower levels are attracting buyers. The pair may then climb to $73,777. Buyers will have to overcome this barrier to catapult the pair to $84,000.
Ether price analysis
Ether ( ETH ) tried to break above the 20-day EMA ($3,237) on April 24, but the long wick on the candlestick shows that the bears are not relenting.
If the price maintains below the 20-day EMA, the ETH/USDT pair risks a breakdown below $3,056. If that happens, the pair may retest the critical support at $2,852. This is a vital support to watch out for because a break below it may sink the pair to $2,700.
If the price turns up from the current level or $3,056 and breaks above the 20-day EMA, it will suggest that the selling pressure is reducing. That could push the pair to the 50-day SMA ($3,466) and then to $3,679.
BNB price analysis
BNB ( BNB ) has been gradually moving toward $635 where the bulls are expected to face strong selling by the bears.
If the price turns down sharply from $635, it will suggest that the BNB/USDT pair may extend its stay inside the range for some more time. The pair could drop to the moving averages and thereafter to $495.
If buyers want to seize control, they will have to overcome the obstacle at $635. If they do that, it will suggest the start of the next leg of the uptrend to $692 and eventually to the pattern target of $775.
Solana price analysis
Solana ( SOL ) has reached the overhead level of $162, where the bulls are likely to encounter strong resistance from the bears.
If the price turns down sharply from $162, it will suggest that the bears are fiercely defending the level. That could keep the SOL/USDT pair stuck between $162 and $126 for a few more days.
Alternatively, if the price breaks above $162, it will suggest that the correction may be over. The bullish momentum could pick up, and the pair may attempt a rally to $205. On the downside, a break below $126 could start a new downtrend to $100.
XRP price analysis
XRP ( XRP ) rose above the 20-day EMA ($0.54) on April 22, but the bulls could not sustain the higher levels.
The price turned down sharply and broke below the 20-day EMA on April 24, suggesting that the bears are active at higher levels. The XRP/USDT pair could drop to $0.50 and subsequently to the solid support at $0.46.
If buyers want to gain the upper hand, they will have to push the price back above the 20-day EMA. That will increase the likelihood of the pair remaining inside the large range between $0.46 and $0.74 for some more time.
Dogecoin price analysis
Dogecoin ( DOGE ) has been trading near the 20-day EMA ($0.16) for the past few days, indicating a tough battle between the bulls and the bears.
The bulls are finding it difficult to propel the price above the overhead resistance zone between the 20-day EMA and the downtrend line. If the price continues lower, the bears will again try to sink the DOGE/USDT pair to $0.13.
On the contrary, if bulls shove the price above the overhead zone, it will signal that the correction may be over. The pair could then attempt a rally to $0.21, where the bears may pose a substantial challenge.
Toncoin price analysis
Toncoin (TON) broke below the ascending channel pattern on April 22, suggesting that the uptrend may be over.
The bulls will make one more attempt to push the price back into the channel. If they do that, it will suggest that the breakdown may have been a bear trap. That could result in a short squeeze, pushing the price toward $7.23.
Instead, if the price turns down from the breakdown level from the channel, it will suggest that the bears are trying to flip the level into resistance. The selling could accelerate on a slide below $5.42, and the TON/USDT pair may reach the 50-day SMA ($5.01).
Related: Why is Bitcoin price stuck?
Cardano price analysis
Cardano’s ( ADA ) recovery stalled at the 20-day EMA ($0.51) on April 22, indicating that the bears continue to sell at higher levels.
The bears will try to pull the price to $0.46. This is an important level to watch out for because if the support gives way, the ADA/USDT pair could descend to $0.40. The bulls are likely to defend this level with vigor because a break below it will signal the start of a deeper correction toward $0.35.
The first sign of strength will be a break and close above the 20-day EMA. If this resistance is crossed, it will suggest a short-term trend change. The pair may then rise to $0.57.
Avalanche price analysis
Avalanche ( AVAX ) is likely to face resistance in the zone between the 20-day EMA ($40) and the breakdown level of $42.
If the price turns down sharply from the current level, it will suggest that the bears remain in command. The AVAX/USDT pair could slump toward the $32 to $27 support zone. Buyers are expected to defend this zone with all their might because if they fail in their endeavor, the pair may tumble to $20.
Instead, if bulls push the price above $42, it will suggest the start of a sustained recovery. The pair may climb to $50, where the bears may again mount a strong defense.
Shiba Inu price analysis
Shiba Inu ( SHIB ) rose above the downtrend line on April 21, but the bulls failed to overcome the barrier at the 50-day SMA ($0.000028).
If the price pierces the 50-day SMA, it will suggest that the corrective phase may be over. The SHIB/USDT pair could rise to $0.000033 and thereafter attempt a rally to the solid resistance at $0.000039.
Conversely, if the price turns down sharply and breaks below the 20-day EMA, it will suggest that the breakout above the downtrend line may have been a bull trap. The pair may then slide toward $0.000020.
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.
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
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