Bitcoin BTC $28,266 has been subject to volatile price fluctuations in the past three days. The increase in volatility indicates that buyers and vendors are competing for dominance.
Bitcoin rebounded significantly on April 18, but its gains were lost on April 19. The recent decline may have been precipitated by the United Kingdom’s high inflation rate and the United States’ regulatory uncertainty. Profit booking was not restricted to Bitcoin alone, as most significant altcoins declined.
Despite the possibility of a significant correction, Glassnode reported on April 17 that several on-chain indicators point to the end of the bear market. Long-term investors may view the declines as purchasing opportunities if this is the case.
What are the significant support levels that bulls are likely to defend? Let’s find out by analyzing the charts of the top cryptocurrencies.
Bitcoin price analysis
Bulls and bears are engaged in fierce combat at the 20-day exponential moving average ($29,092) in Bitcoin. Bears are attempting to push the price below the 20-day exponential moving average, while bulls are attempting to initiate a robust rebound.
If the price recovers from the 20-day exponential moving average, traders view price declines as purchasing opportunities.
The bulls will then endeavour again to overcome the resistance zone between $31,000 and $32,000. If they are successful, this will signal the resumption of the upward trend. The BTC/USDT exchange rate may then surge to $40.000.
The animals may have other intentions. If they pull the price below the 20-day exponential moving average, selling could accelerate, and the pair could fall to $27,800 and then $26,500.
Ether price analysis
On April 18, bulls attempted to recommence the uptrend in Ether ETH$1.942, but bears remained sellers near the resistance level at $2,200.
The ETH/USDT pair has retreated to the 20-day exponential moving average ($1,949), just below the psychological support of $2,000. This is crucial support for the bulls to defend, as a break and close above it could give the sellers the upper hand. The pair may initially decline to $1,800 and then to $1,700.
In contrast, a price rebound off the 20-day exponential moving average will indicate that bulls are attempting to convert the $2,000 level into support. If they are successful, the tandem may rise to $2,200. A breach and close above this level would pave the way for a rally to $3,000.
BNB price analysis
On April 17 and 18, buyers defended the $338 level but failed to drive the price above the $350 resistance. This emboldened bears, who pushed BNB $319 below the 20-day exponential moving average ($325) on April 19.
If this level is breached, selling pressure could intensify, and the BNB/USDT pair could plummet to its 200-day simple moving average (currently $294). Bulls are likely to engage in robust purchasing at this level.
Another possibility is that the price rapidly rises above the 20-day exponential moving average. If this occurs, it will indicate that buyers are purchasing pullbacks. They will then endeavour to increase the price above $350. If they are successful, the pair may reach $400.
Cardano price analysis
Cardano ADA$0.403 is experiencing a retracement that has reached the breakout level of the inverse H&S pattern’s neckline.
If the price resurfaces from the neckline, it will indicate that the bulls have converted the level into support. This will increase the likelihood of a break above $0.46. The ADA/USDT pair may begin its ascent toward the pattern’s $0.60 target. The $0.52 level may be a barrier, but it will likely be overcome.
Contrary to this assumption, if bears manage to drag the price below the neckline, it would indicate that the breakout may have been a bull trap. The pair may then decline to the 200-day simple moving average ($0.35), where investors may attempt to halt the decline.
Dogecoin price analysis
Dogecoin DOGE$0.08 had been trending upwards, but the traders ran into resistance near the 61.8% Fibonacci retracement level of $0.10.
The bears pushed the price below the 20-day exponential moving average ($0.09) but could not sustain the decline. As indicated by the long tail on the April 19 candlestick, bulls purchased the dip and initiated a recovery.
If buyers continue to exert buying pressure and drive the price above $0.10, the DOGE/USDT pair could reach the crucial $0.11 resistance level. Alternately, a breach below the 200-day simple moving average ($0.08) could keep the pair rangebound between $0.11 and $0.07 for some time.
Polygon price analysis
After a few days of trading near the resistance line of the symmetrical triangle pattern, Polygon MATIC$1.0500 reversed direction and reached the support line.
The flattening 20-day exponential moving average ($1.13) and the below-50 RSI indicate that the bulls may be losing control. If the price breaks below the support line, the bears will have the advantage in the short term. The MATIC/USDT pair may decline to the 200-day simple moving average ($1), where purchasers will likely mount a vigorous defence.
A breach and close above the resistance line will be the initial sign of strength. This may pave the way for a rally to $1.30.
Solana price analysis
The inability of bulls to push Solana SOL$22 above the $27.12 resistance level may have prompted short-term bulls to book profits.
The SOL/USDT pair fell below the 20-day exponential moving average ($22.82) on April 19, the extended tail on the candlestick suggests the bulls are attempting to defend the level. If the price rises from its current level, buyers will attempt to push the pair above $27.12 and begin the voyage toward $39 if the trend continues.
Alternatively, if the price breaks below the 200-day SMA ($21.02), the pair may consolidate for a few days between $27.12 and $15.28.
Polkadot price analysis
On April 18, Polkadot $6.12 rebounded off the 20-day exponential moving average ($6.49), but bears continued to defend the 61.8% Fibonacci retracement level of $6.85.
On April 19, bearish selling pressure pushed the price below the 20-day exponential moving average (EMA), but bulls are attempting to protect the uptrend line. If the price reverses direction from the uptrend line, buyers will attempt to recommence the uptrend and push the DOT/USDT pair to the neckline of the inverse H&S pattern.
In contrast, if the uptrend line breaks, the bulls will attempt to push the pair to $5.70. This is an important level to monitor, as a decline below it could send the pair to $5.15.
Litecoin price analysis
Litecoin LTC$89.89 surpassed the immediate resistance of $96 on April 14 and reached $103 on April 18, but the bulls could not maintain those levels.
Bears’ aggressive profit-taking pushed the price below the $96 support level. This indicates that bears may be fleeing the market. Selling could accelerate if the price drops and sustains below the 20-day exponential moving average ($94). The LTC/USD pair could fall to $85 in the future.
In contrast, a price increase from the present level indicates that bulls continue accumulating at lower prices. The bulls will then attempt to drive the price to the $106 overhead resistance, representing a formidable barrier.
