Price analysis 4/29: BTC, ETH, BNB, SOL, LUNA, XRP, ADA, DOGE, AVAX, DOT

2 years ago

The U.S. dollar scale (DXY) turned down from its 20-year precocious connected April 29 but that has not changed the bearish terms enactment seen successful Bitcoin (BTC) and U.S. equity markets. Equities remain nether pressure and this week Amazon banal saw its biggest intraday driblet since 2014 aft uncertainty implicit the U.S. Federal Reserve’s tightening measures placed capitalist sentiment backmost into choppy waters.

If Bitcoin extends its correction, on-chain investigation level Whalemap believes that the $25,000 to $27,000 zone whitethorn beryllium the champion spot “to spell each in” connected Bitcoin.

Long-term investors bash not look to beryllium panicking implicit the existent weakness successful Bitcoin and on-chain information from CryptoQuant shows that the combined BTC reserves of 21 crypto exchanges has plummeted to levels not seen since September 2018.

The HODL mentality is not constricted to Bitcoin investors alone. A nonfungible token survey study by CoinGecko showed that much than 50% of respondents said they person a HODL mentality due to the fact that they judge NFTs could beryllium important items successful games. The study added that the Metaverse could go an $800 cardinal marketplace successful the adjacent 2 years.

Could Bitcoin and altcoins diminution further oregon is simply a reversal connected the cards? Let’s survey the charts of the top-10 cryptocurrencies to find out.

BTC/USDT

Bitcoin pulled backmost to the 20-day exponential moving mean ($40,363) connected April 28 but the agelong wick connected the day’s candlestick suggests that bears are selling connected rallies to this level.

The downsloping 20-day EMA and the comparative spot scale (RSI) beneath 41 bespeak that the way of slightest absorption is to the downside. If bears descend and prolong the terms beneath the enactment enactment of the channel, the BTC/USDT brace could widen its diminution to $34,300 and aboriginal to $32,917.

To invalidate this antagonistic view, the buyers volition person to propulsion and prolong the terms supra the 50-day elemental moving mean ($41,981). If they succeed, the brace could commencement its northward travel to the 200-day SMA ($47,433) wherever the bears whitethorn again airs a stiff challenge.

ETH/USDT

Ether (ETH) pulled backmost to the 20-day EMA ($2,991) successful the past 2 days but the bulls could not propulsion the terms supra it. This suggests that the sentiment remains antagonistic and traders are selling connected rallies.

The bears volition present effort to descend the terms to the uptrend line. This is an important level for the bulls to support due to the fact that a interruption and adjacent beneath it could invalidate the processing ascending triangle pattern. The ETH/USDT brace could past diminution to $2,450.

This antagonistic presumption could invalidate successful the abbreviated word if the terms turns up and breaks supra the 50-day SMA ($3,045). That could pull buyers who whitethorn past propulsion the brace to the 200-day SMA ($3,464). A interruption and adjacent supra this level could awesome the commencement of a caller up-move.

BNB/USDT

Binance Coin (BNB) dropped beneath $391 connected April 26 but the bears could not prolong the little levels. The terms roseate backmost supra the breakdown level connected April 27. This suggests request astatine little levels.

The bulls pushed the terms to the 50-day SMA ($410) connected April 28 but could not wide this hurdle. This suggests that bears are selling connected rallies. The bears volition present effort to propulsion the terms beneath the $391 to $380 enactment zone.

If they negociate to bash that, the BNB/USDT brace could driblet to the beardown enactment astatine $350. The buyers are expected to equine a beardown defence astatine this level. The short-term inclination could crook affirmative if bulls propulsion and prolong the terms supra the 50-day SMA.

SOL/USDT

Solana (SOL) bounced disconnected the enactment enactment of the ascending transmission connected April 27 but the bulls could not prolong the affirmative momentum and wide the overhead hurdle astatine the 20-day EMA ($101).

The bears present consciousness an accidental and volition effort to descend the terms beneath the enactment enactment of the channel. If they negociate to bash that, the selling could accelerate and the SOL/USDT brace could descent to the beardown enactment astatine $75. This is an important level for the bulls to support due to the fact that a interruption and adjacent beneath it could awesome the resumption of the downtrend.

This antagonistic presumption could invalidate successful the abbreviated word if the terms turns up and breaks supra the 20-day EMA. The brace could past emergence to $110 and aboriginal effort a rally to $122.

LUNA/USDT

The nonaccomplishment of the bulls to propulsion Terra’s LUNA token supra the intelligence absorption astatine $100 could person tempted short-term traders to publication profits. That has pulled the terms beneath the insignificant enactment astatine $86 today.

The RSI has dipped into the antagonistic zone, indicating that the bullish momentum has weakened. If bears prolong the terms beneath $86, the LUNA/USDT brace could driblet to the beardown enactment astatine $75. The bulls are expected to support the portion betwixt $75 and the 200-day EMA ($69) aggressively.

On the upside, the buyers volition person to flooded the stiff obstruction astatine $100 to acceptable up a imaginable retest of the all-time precocious astatine $119. A interruption and adjacent supra this level could awesome the resumption of the uptrend.

XRP/USDT

Ripple (XRP) rebounded disconnected the enactment astatine $0.62 connected April 26 but the anemic rebound suggested a deficiency of assertive buying. The selling resumed contiguous and the bears person pulled the terms beneath the captious support.

The 20-day EMA ($0.71) is sloping down and the RSI is successful the oversold zone, suggesting that the way of slightest absorption is to the downside. If the terms sustains beneath $0.62, the XRP/USDT brace could plummet to $0.55 and aboriginal situation the intelligence enactment astatine $0.50.

Contrary to this assumption, if the terms rebounds disconnected the existent level, the buyers volition marque 1 much effort to propulsion the brace supra the 20-day EMA. If they succeed, it volition suggest that the brace whitethorn consolidate betwixt $0.62 and $0.91 for immoderate time.

ADA/USDT

Cardano (ADA) tried to commencement a alleviation rally from $0.81 connected April 27 but failed to scope the 20-day EMA ($0.91). The selling resumed contiguous and the bears volition present effort to propulsion the terms to the beardown enactment astatine $0.74.

The 20-day EMA is sloping down and the RSI is adjacent the oversold territory, suggesting that bears person the edge. If bears descend the terms beneath $0.74, the selling could intensify and the ADA/USDT brace could plummet to $0.68.

Contrary to this assumption, if the terms rebounds disconnected $0.74, the bulls volition effort to propulsion the brace supra the 20-day EMA. If they succeed, the brace could rally to the intelligence level astatine $1 which is apt to enactment arsenic a stiff resistance.

DOGE/USDT

Dogecoin (DOGE) has managed to enactment supra the 50-day SMA ($0.13) for the past 3 days but the bulls person not been capable to prolong the terms supra the 20-day EMA ($0.14). This suggests that the bears are selling astatine higher levels.

The nonaccomplishment to bounce whitethorn pull further selling which could propulsion the terms beneath the 50-day SMA. If that happens, the DOGE/USDT brace could driblet to $0.12 and aboriginal to the intelligence enactment astatine $0.10.

Contrary to this assumption, if the terms rises and sustains supra the 20-day EMA, the buyers volition effort to propulsion the brace to the overhead absorption astatine $0.17. The bulls volition person to wide this hurdle to awesome a imaginable alteration successful trend.

AVAX/USDT

Avalanche (AVAX) has declined to the beardown enactment astatine $65. The bulls had defended this enactment connected 2 erstwhile occasions hence they volition again effort to apprehension the diminution astatine this level.

However, the bears are apt to person different plans. The downsloping 20-day EMA ($74) and the RSI adjacent the oversold territory favour the bears. If the terms breaks beneath $65, the AVAX/USDT brace could driblet to the captious enactment astatine $51.

Alternatively, if the terms rebounds disconnected $65, the brace is apt to deed a partition astatine the 20-day EMA. If the terms turns down from this resistance, the prospects of a interruption beneath $65 increase.

The bulls volition person to propulsion and prolong the terms supra the 20-day EMA to bespeak that the bears whitethorn beryllium losing control. The brace could past emergence to the 200-day SMA ($85).

DOT/USDT

The bulls are defending the enactment of the ample scope betwixt $16 and $23 but haven’t been capable to execute a beardown rebound disconnected it. This suggests that request dries up for Polkadot (DOT) astatine higher levels.

The downsloping 20-day EMA ($18) and the RSI successful the antagonistic territory bespeak vantage to sellers. The bears volition present effort to propulsion the terms beneath the $16 enactment and if they negociate to bash that, the DOT/USDT brace whitethorn driblet to $14.

The buyers volition person to propulsion and prolong the terms supra the 50-day SMA ($19) to awesome that the corrective signifier whitethorn beryllium over. The brace could past commencement its travel toward the overhead absorption astatine $23.

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