Price analysis 4/18: BTC, ETH, BNB, XRP, SOL, ADA, LUNA, AVAX, DOGE, DOT

2 years ago

Bitcoin (BTC) and astir large altcoins person started the caller week connected a brushed enactment and the Crypto Fear and Greed Index has dropped into the “extreme fear” zone, suggesting that investors are inactive nervous.

Bitcoin has declined astir 17% year-to-date portion the Nasdaq 100 has dropped astir 16% during the aforesaid period, indicating a choky correlation betwixt the two. In comparison, gold has risen much than 10% successful 2022 and its 50-day correlation coefficient with Bitcoin “is astir minus 0.4, the lowest since 2018," according to writer Colin Wu.

Although the crypto terms enactment has remained bearish, the declining equilibrium of Bitcoin connected the crypto exchanges indicates that semipermanent investors are unperturbed and proceed to accumulate astatine each disposable opportunity. Data from on-chain analytics steadfast CryptoQuant suggests that the Bitcoin equilibrium of 21 large exchanges dropped to its lowest level since July 2018 astatine 2.274 cardinal Bitcoin arsenic of April 17.

Could buying look astatine little levels oregon volition bears physique upon their vantage and descend prices lower? Let’s survey the charts of the top-10 cryptocurrencies to find out.

BTC/USDT

Bitcoin has been trading wrong an ascending transmission signifier for the past respective days. The bulls defended the intelligence level astatine $40,000 for the past fewer days but could not execute a beardown rebound disconnected it. This suggests that request dries up astatine higher levels.

The bears pulled the terms beneath the contiguous enactment astatine $39,200 contiguous but the agelong process connected the candlestick indicates bulls are buying astatine little levels.

If the terms rises backmost supra $40,000, the bulls volition marque 1 much effort to wide the 50-day elemental moving mean ($42,167). If they succeed, the brace could emergence to $43,900 and aboriginal effort a rally to the 200-day SMA ($48,109).

Conversely, if the betterment falters astatine $40,000, it volition suggest that bears person flipped this level into resistance. That volition heighten the prospects of a driblet to the enactment enactment of the channel. The bulls are expected to support this level with each their mightiness due to the fact that a interruption beneath it could unfastened the doors for a imaginable driblet to $32,917.

ETH/USDT

Ether’s (ETH) choky scope trading betwixt the 20-day exponential moving mean ($3,103) and the 50-day SMA ($2,991) resolved to the downside today. The bulls person pulled the terms beneath the contiguous enactment astatine $2,950.

The downsloping 20-day EMA and the comparative spot scale (RSI) beneath 40 bespeak that bears are successful control. If the terms sustains beneath the 50-day SMA, the ETH/USDT brace could descent to $2,817 and past to the uptrend line.

Contrary to this assumption, if the terms turns up and rises supra the 50-day SMA, it volition suggest that the bulls are attempting to trap the assertive bears. A interruption and adjacent supra $3,150 could suggest that the correction whitethorn beryllium over.

BNB/USDT

Binance Coin (BNB) turned down from the 20-day EMA ($417) and broke beneath the 50-day SMA ($407) contiguous but the agelong process connected the regular candlestick suggests buying astatine little levels.

The bulls volition effort to trap the assertive bears and propulsion the BNB/USDT brace supra the portion betwixt the 20-day EMA and $427. If they negociate to bash that, the brace could commencement its northward march toward $445.

Conversely, if the terms turns down from the existent level oregon the 20-day EMA, it volition suggest that bears are progressive astatine higher levels. The sellers volition past effort to descend the terms beneath $391 and situation the beardown enactment astatine $350.

XRP/USDT

The nonaccomplishment of the bulls to prolong Ripple (XRP) supra the 50-day SMA ($0.78) connected April 16 could person attracted selling by traders who whitethorn person purchased astatine little levels. The terms turned down and broke beneath the 20-day EMA ($0.76) connected April 17.

If the terms sustains beneath the 20-day EMA, the bears volition effort to descend the XRP/USDT brace to the beardown enactment astatine $0.69. This is an important level for the bulls to support due to the fact that if it cracks, the selling could intensify and the brace whitethorn driblet to $0.60.

The 20-day EMA has started to crook down and the RSI is successful the antagonistic territory, suggesting that bears person a flimsy advantage. This antagonistic presumption volition invalidate if the terms turns up from the existent level and breaks supra $0.80. That could wide the way for a determination to $0.85.

SOL/USDT

Solana (SOL) attempted to emergence supra the 20-day EMA ($106) connected April 17 but the agelong wick connected the day’s candlestick suggests that bears are selling connected rallies to this level. The selling picked up momentum contiguous and the bears person pulled the terms beneath the 50-day SMA ($100).

The downsloping 20-day EMA and the RSI successful the antagonistic territory suggest that bears person the precocious hand. If the terms breaks beneath the enactment enactment of the ascending channel, the SOL/USDT brace could driblet to $86 and thereafter to $75.

Conversely, if the terms rebounds disconnected the enactment enactment of the channel, the buyers volition again effort to propulsion the brace supra the 20-day EMA. If they succeed, it volition suggest that the bears whitethorn beryllium losing their grip. The brace could past emergence to $122.

ADA/USDT

Cardano (ADA) repeatedly tried to emergence supra the intelligence level astatine $1 successful the past fewer days but the bears held their ground. This suggests that the bears person successfully flipped the level into resistance.

The selling resumed contiguous and the bears person pulled the terms beneath the contiguous enactment astatine $0.91. If the terms sustains beneath this level, the ADA/USDT brace could diminution to the captious level astatine $0.74.

The bulls are expected to support this level with each their mightiness due to the fact that if they neglect successful their endeavor, the downtrend could resume and the adjacent halt whitethorn beryllium $0.68.

Contrary to this assumption, if the terms rises from the existent level and breaks supra $1, it volition suggest a deficiency of selling astatine little levels. The brace could past emergence to $1.10 and aboriginal to $1.26.

LUNA/USDT

Terra’s LUNA token sharply rebounded disconnected the beardown enactment astatine $75 today, indicating assertive buying astatine this level. The bulls volition present effort to propulsion the terms to the 20-day EMA ($90) wherever they are apt to brushwood beardown selling by the bears.

If the terms turns down from the 20-day EMA, it volition summation the anticipation of a interruption beneath the beardown enactment astatine $75. If that happens, the brace could retest the captious enactment astatine the 200-day SMA ($67). This is an important level to support an oculus connected due to the fact that a interruption beneath it could accelerate selling.

On the different hand, a interruption and adjacent supra the 20-day EMA volition beryllium the archetypal motion that the correction whitethorn beryllium over. The buyers volition past effort to propel the brace to the intelligence level astatine $100.

AVAX/USDT

Avalanche (AVAX) bounced disconnected the uptrend enactment connected April 15 but the nonaccomplishment to propulsion the terms supra the moving averages whitethorn person attracted selling by the short-term traders. That pulled the terms beneath the uptrend enactment today.

If the terms sustains beneath the uptrend line, the ascending triangle signifier volition invalidate and the AVAX/USDT brace could driblet to $65. If the terms rebounds disconnected this support, the brace could stay range-bound betwixt $65 and $99 for a fewer much days.

The downsloping 20-day EMA ($81) and the RSI adjacent 39 bespeak that the way of slightest absorption is to the downside.

Conversely, if the terms rises and sustains supra the uptrend line, it volition suggest that the ascending triangle signifier remains intact. The bulls volition past marque 1 much effort to propulsion the terms supra the moving averages.

DOGE/USDT

Dogecoin (DOGE) turned down from $0.15 connected April 15 indicating a deficiency of buying astatine higher levels. The terms dipped backmost beneath the 20-day EMA ($0.14) connected April 17 and has reached the 50-day SMA ($0.13).

If bears descend the terms beneath the 50-day SMA, the DOGE/USDT brace could driblet to the beardown enactment astatine $0.12 and aboriginal to the intelligence level astatine $0.10. The RSI has dipped into the antagonistic zone, indicating a flimsy vantage to sellers.

Alternatively, if the terms rebounds disconnected the existent level and rises supra $0.15, the brace could effort a rally to the 200-day SMA ($0.18). A interruption and adjacent supra this level could awesome the commencement of a caller up-move.

DOT/USDT

Polkadot (DOT) turned down from the overhead absorption astatine $19 connected April 17, indicating that bears are selling connected rallies to this level. The bears volition present effort to descend the terms to the beardown enactment astatine $16.

The 20-day EMA ($19) is sloping down and the RSI is beneath 40, suggesting that the momentum favors the bears. A interruption and adjacent beneath $16 volition beryllium a immense antagonistic arsenic that could unfastened the doors for a imaginable driblet to $14.

On the contrary, if the terms rebounds disconnected $16, the bulls volition again effort to propulsion the DOT/USDT brace supra $19. If they negociate to bash that, the brace could proceed its range-bound enactment betwixt $16 and $23 for immoderate much time.

The views and opinions expressed present are solely those of the writer and bash not needfully bespeak the views of Cointelegraph. Every concern and trading determination involves risk. You should behaviour your ain probe erstwhile making a decision.

Market information is provided by HitBTC exchange.

View source