Altcoins Looking to Gain Bullish Momentum Bitcoin Holds $75,000
Key Points:-
Buyers bought aggressively during the dip in Bitcoin, showing positive sentiment. This raises the possibility of a rally to $84,000.
Several major altcoins have returned to their support levels, suggesting that bears are sellers on rallies.
Bitcoin (BTC) corrected at the end of the week but is finding buyers at lower levels, which shows positive sentiment. According to SoSoValue data, US spot BTC exchange-traded funds recorded $996 million in revenue last week, the best weekly performance since early January.
The cryptocurrency's recovery could be in jeopardy if the U.S. and Iran do not reach an agreement before the two-week ceasefire expires Wednesday, or if the ceasefire is not extended. “The intensification of hostilities could moderate the harsh measures taken over the past few weeks,” investment firm Mosaic Assets said in a news release.
However, short-term uncertainty hasn't stopped Michael Saylor's strategy from adding more BTC to his portfolio. The BTC treasury company bought 34,164 BTC worth $2.54 billion between April 13 and April 19, according to an 8-K filing with the US Securities and Exchange Commission on Monday. That bought the strategy's holdings to 815,061 BTC for $61.56 billion.
Can buyers continue the rally in BTC and major altcoins? Let's examine the charts of the top 10 cryptocurrencies to find out.
S&P 500 index price forecast
The S&P 500 Index ( SPX ) rallied sharply last week, rising to a new all-time high of 7,147 on Friday.
The sharp upward move pushed the Relative Strength Index (RSI) into overbought territory, suggesting that the index faces little risk of consolidation or reversal in the short term. The first support on the downside is at the 7,002 breakdown level, followed by the 20-day EMA (6,828). If the price bounces back from the 20-day EMA, it indicates that the breakout remains intact.
Sellers have an uphill task ahead of them. To signal a reversal, the price must quickly decline below the moving averages.
US dollar index price forecast
The US Dollar Index (DXY) fell sharply from its 20-day EMA (98.73) on April 13 and dropped to support at 97.74 on Friday.
The index is trying to start a rally but is expected to face selling pressure at the 20-day EMA. If the price rebounds from the 20-day EMA, the possibility of a break below the 97.74 level increases. That could sink the price towards the 96.21 support.
The index may remain in the range of 95.55 to 100.54 for some time. The next bullish move is expected to start soon above the 100.54 resistance or below the 95.55 support.
Bitcoin price prediction
BTC has broken the 20-day EMA ($72,832), which bulls are seeing as buying opportunities.
The bears will not give up easily and will try to stop the recovery in the $76,000 to $78,333 zone. If the price of BTC changes from the main zone and breaks below the moving average, it indicates that the market has declined.
On the other hand, a break and close above the resistance zone above indicates a resumption of the upward movement. The BTC/USD pair may rise towards the $84,000 and eventually the $92,000 pattern target.
Ether price prediction
Buyers tried to push Ether (ETH) above the $2,415 level on Saturday, but the bears held their ground. That has started to move back to the 20-day EMA ($2,252).
Buyers should strongly defend the 20-day EMA and close above the $2,415 level to signal the resumption of the rally. If they do that, the ETH/USDT pair could go towards the $2,800 level.
Sellers may have other plans. They will try to press the price of ETH below the moving average, keeping the pair in the range of $1,916 to $2,415 for some time.
BNB price prediction
BNB (BNB) continues to fluctuate between $570 and $687, which shows the balance between supply and demand.
Flat moving averages and an RSI near the midpoint do not show the advantage for either the bulls or the bears. If the price of BNB breaks above $650, the next target could be $687.
Instead, if the price breaks below the 20-day EMA, the BNB/USDT pair may drop to the support range at $570. The next trending move is expected to start above $687 or below $570.
XRP price prediction
XRP (XRP) has been consolidating between $1.27 support and $1.61 resistance for several days.
Flat moving averages and an RSI above the midpoint suggest that range-bound action may extend for a few more days. Buyers should move above the lower line to signal a possible trend reversal. XRP price may rise to $2.
On the downside, a break and close below the $1.27 level would indicate that the bears are back in the driver's seat. There is support at the $1.11 level, but that could be broken. The XRP/USDT pair may fall to the support line of the descending channel pattern.
Solana price forecast
Solana (SOL) fell below its moving average on Sunday, suggesting that higher levels are attracting sellers.
Flat moving averages and an RSI near the midpoint indicate that range-bound action is likely to continue for some time. If the price stays below the moving averages, the bears will try to push the SOL/USDT pair towards the $76 support.
To open the door to the $98 resistance, buyers need to push the SOL price above the $90 level. A close above the $98 level suggests the start of a sustained recovery towards the $117 level.
Related: Bitcoin Daily Gains 3%, Oil Drops As Stocks Ignore US-Iranian War Threats
Dogecoin price prediction
Dogecoin (DOGE) rejected the $0.10 psychological level on Friday and fell to the moving averages.
Flat moving averages and an RSI near the midpoint do not provide a clear advantage to either buyers or sellers. If the price of DOGE rallies below the moving averages, the $0.09 support could be tested. A break below $0.09 could initiate the next downward move to $0.08 and then to $0.06.
Buyers are expected to maintain strength by pushing the price above the $0.10 level. The DOGE/USDT pair may rise to the $0.12 resistance level, where bears are expected to move in.
High Liquidity Price Prediction
HyperLiquid (HYPE) fell below the $43.76 breakout level after a multi-day high.
The bulls are trying to stop the pullback at the 20-day EMA ($41.03), but the bears continue to apply pressure. If the 20-day EMA gives way, the HYPE/USDT pair may drop to the 50-day SMA ($38.09) and then to $34.45.
Conversely, the breakout of the 20-day EMA suggests that lower levels will continue to attract buyers. The bulls will try to drive the HYPE price above the $45.77 level again. If they succeed, the pair could rise to the $50-$51.43 zone.
Cardano price prediction
Cardano (ADA) rose above the 50-day SMA ($0.26) on Friday, but the bulls could not sustain the higher levels.
The ADA/USDT pair turned lower on Saturday, falling below $0.25. Sellers will attempt to consolidate their position by driving the ADA price below $0.23. If they manage to do that, the pair could continue its downtrend towards $0.22 and later the support line of the descending channel pattern.
To signal a short-term trend reversal, buyers should push the price above the low line and hold it there. The pair may rise to $0.32, then $0.37.
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