Bitcoin price spike gives rise to BNB, TON, VET and BGB – will it last?

Bitcoin Price Spike Gives Rise To Bnb, Ton, Vet And Bgb - Will It Last?


After holding up for a large part of the week, Bitcoin (BTC) fell on April 12th and April 13th. The crash resulted in $2.5 billion worth of cryptocurrency liquidation in the long run over the short run. The decline took a heavy toll on short leveraged long positions, who expect the rally to continue until Bitcoin halves and beyond.

Bitcoin's fall has had a major impact on altcoins, with some of the top 20 currencies by market capitalization falling nearly 20%. That sent Bitcoin's market cap to 56.3% on April 12, the highest level in three years.

Daily View of Crypto Market Data. Source: Coin360

Although Bitcoin's fall has upset short-term traders, a good sign is that the price has not even broken below the critical support of $60,000. This shows that the drop is a normal pullback in the bull phase. Traders should be cautious, but there seems to be no reason to panic.

What are important support levels in Bitcoin that need to hold for the rally to start? Let's examine the top 5 currencies that look strong on the charts and could potentially boost the recovery.

Binance

Bitcoin price analysis

Bitcoin was volatile but the range was bound between $60,775 and $73,777 for several days. This indicates indecisiveness about the next directional movement.

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BTC/USDT Daily Chart. Source: TradingView

The BTC/USDT pair slipped below the 50-day moving average ($66,743) on April 13 and fell below the $60,775 support. However, the long tail on the candle shows that the bulls are waiting for the $60,775 level.

Any retracement attempt could face selling at the 20-day exponential moving average ($67,807). If the price breaks from this resistance, the bears will try again to dip the pair below $60,775. Alternatively, a break above the 20-day EMA would clear the way to a rally at $73,777.

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BTC/USDT 4-Hour Chart. Source: TradingView

The descending 20-EMA and the Relative Strength Index (RSI) indicate that bears are in command in the negative zone. The rally is sold at the 20-EMA. If the price breaks below the 20-EMA, the bears will have another go at the $60,775 support. If this level is broken, the pair may start a downward journey towards the 61.8% Fibonacci retracement level towards $54,298.

On the other hand, a rise above the 20-EMA would be the first sign that the pair could swing between $60,775 and $73,777 for some time. The bulls need to break above $73,777 to signal the start of the next leg of the downtrend to $80,000 and then $84,000.

Binance Coin Price Analysis

The price action of Binance Coin (BNB) over the past few days has formed a large range, indicating indecision between bulls and bears.

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BNB/USDT Daily Chart. Source: TradingView

The price dropped near the range support at $495 on April 13, but the long tail on the candlestick indicates strong buying at lower levels. The bulls will try to maintain the momentum and push the BNB/USDT pair towards the $635 resistance. Sellers can effectively defend against this level.

Crucial support to look at on the downside is $495 and then $460. Buyers are expected to defend this support zone tightly as a break below it could begin a decline towards $400.

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BNB/USDT 4-hour chart. Source: TradingView

The 4-hour chart shows that the bears have pulled the price below the ascending triangle pattern. That destroyed the value of the bullish setup, which is a negative sign. The price dropped to $508 but quickly bounced back, indicating strong buying at lower levels. The recovery may face selling on the uptrend line.

If the price falls sharply on the higher line, it indicates that the bears have reversed the level to resistance. This could lead to a fall of $495. On the contrary, a break above the high line opens the door to a move higher towards $600 and then $635.

Token price analysis

Toncoin (TON) is trending in an ascending channel pattern, indicating that bulls will continue to buy on dips.

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TONS/USDT Daily Chart. Source: TradingView

The bears pulled the price below the channel on April 12 and 13, but the long tail on the candlesticks indicates strong buying near the support line. The failure to maintain lower levels may attract buyers, who may be trying to push the price towards the defense line of $7.50.

Both moving averages are rising, and the RSI is in the positive zone, which suggests that buyers should take the edge. This optimism will be canceled if the TON/USDT pair declines sharply and closes below the support line. That could start moving down towards the 50-day SMA ($4.28).

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TON/USDT 4-hour chart. Source: TradingView

A retracement on the 4-hour chart may face a sell-off at the 20-EMA and again at the lower line. If the price declines from the resistance above and breaks below $5.71, the pair may drop to $5.

On the contrary, if the bulls drive the price above the lower line, it indicates that the correction may pass. The pair can attempt a strong upside rally at $7.67.

Related: Solana drops open interest to $440M as price falls 11%

VeChain price analysis

VeChain (VET) has been consolidating in a large range between $0.036 and $0.051 for several days, indicating a balance between supply and demand.

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VET/USDT Daily Chart. Source: TradingView

Often, traders buy dips to the range's support and sell near the top resistance. The long tail on the April 13 candlestick shows that the bulls are trying to maintain the $0.036 support. If the price continues higher and breaks above the moving averages, it indicates that range-bound action may be extended for a few more days.

Instead, if the VET/USDT pair declines sharply and breaks below $0.035, it indicates that the bears are trying to take control. That could start a decline towards key support at $0.025.

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VET/USDT 4-hour chart. Source: TradingView

The 20-EMA is falling, and the RSI is in negative territory, which indicates that it is beneficial for sellers. If the price breaks from the current level or the 20-EMA, the bears will make another attempt to dip the pair below the $0.036 support. If successful, the pair may start a new downtrend.

On the other hand, if the price is above the 20-EMA, it indicates strong buying at lower levels. The pair may then remain with a range between $0.036 and $0.051 for some time.

Bitget Token price analysis

Bitget Token (BGB) has pulled back amid strong growth, indicating profit booking by short-term traders.

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BGB/USDT Daily Chart. Source: TradingView

The bears dropped below the 20-day EMA ($1.17) on April 13, but are struggling to push the BGB/USDT pair down to the 50-day SMA ($1.02). This indicates that bulls will continue to buy dips.

If buyers drive the price back above the 20-day EMA, it could trap aggressive bears. The pair can try for $1.38 a stiff head guard rally. If the price declines from this level, the pair may consolidate between the 20-day EMA and $1.38 for a few days.

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BGB/USDT 4-hour chart. Source: TradingView

The 4-hour chart shows that the pair has started a bearish move below the $1.20 to $1.38 range. The downtrending 20-EMA and RSI suggest that bears are dominant in negative territory.

If the price drops below $1.20 and breaks below $1.11, the next stop could be $1. If the price breaks above the 20-EMA, this negative view is worthless in the near term. That could clear the way for a rally to $1.28 and then $1.35.

This article does not contain investment advice or recommendations. Every investment and business activity involves risk, and readers should do their own research when making a decision.

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