BakerySwap, Syscoin and Utrust rally as altcoin season kicks into high gear

BAKE, SYS and UTC have secured triple-digit gains as large and small-cap altcoins capitalize on Bitcoin’s range-bound price action.

Bitcoin’s (BTC) institutional adoption shows no signs of slowing down. This week Latin America’s largest e-commerce company, Mercado Libre, disclosed that it had purchased $7.8 million worth of Bitcoin as part of its treasury strategy. 

Mercado Libre was not only in this decision, as Metromile Inc., a Nasdaq-listed digital insurer also said it plans to buy $10 million worth of Bitcoin in the second quarter of this year. Additionally, Metromile will soon start accepting premiums and paying out insurance claims in Bitcoin.

Crypto market data daily view. Source: Coin360

Data from Glassnode suggests that investors who purchased Bitcoin in late 2020 are HODLing their positions. This shows that investors have not hurried to book profits on their positions after the sharp rally and that they are not dumping their positions on every minor correction.

As Bitcoin attempts to stage a strong comeback, several altcoins continue to rally. Let’s focus on three such tokens that have been short-term outperformers.

BAKE/BUSD

The BakerySwap (BAKE) ecosystem caters to both the decentralized finance participants and the nonfungible token clientele. With over $28 million in NFT trading volume, BakerySwap is the leading NFT marketplace on the Binance Smart Chain.

The protocol announced the launch of Bakery Gallery on April 27 to attract artists and collectors to compete with the NFT platforms on the Ethereum network. The gallery was opened with an exclusive 3D event where 16 artists dropped their artwork. According to the protocol, most of the artwork was sold between $2,400 and $20,000.

BakerySwap launched the CAR initial decentralized exchange offering on May 5. The owners of the CAR token can convert it into a car NFT design and a lucky winner will get an opportunity to win a real Tesla. The token will be listed on BakerySwap AMM after the IDO and can be used for liquidity farming or trading on the NFT supermarket.

BAKE soared from $1.12 on April 25 to $8.49 on May 2, a 658% rally in eight days. Usually, such strong rallies are not sustainable. The relative strength index (RSI) above 88 on May 2 could have attracted profit-booking from traders.

BAKE/BUSD daily chart. Source: TradingView

The first support on the downside is the 38.2% Fibonacci retracement level at $5.67. If this support cracks, the BAKE/BUSD pair could drop to the 50% retracement level at $4.80 and then to the 20-day exponential moving average ($4.14). The deeper the fall, the longer it will take for the next leg of the uptrend to begin.

If the price rebounds off the current level, the bulls will try to push the price above $8.49. If they succeed, the pair could start its journey to $13.04.

Contrary to this assumption, if the bears sink the price below the 20-day EMA, it will signal that supply exceeds demand. The pair could then make a bottoming formation before starting a new uptrend.

SYS/BUSD

Syscoin (SYS) rolled out its Syscoin LUX release on April 30, which is a platform that supports fungible and NFTs including fractionalized NFTs, payments and non-custodial compliance. The protocol claims to support fast transactions at ultra-low costs and with the security of Bitcoin merge-mining.

Syscoin’s Notary feature enables token issuers to build smart contracts using external data sources to ensure the transactions are compliant with the built-in rules before they settle on the blockchain. According to Syscoin, this feature could be used to integrate tokens with existing financial markets.

On April 5, Syscoin announced a partnership with Quan and Elint, the largest blockchain development group in South America. This alliance will focus on business development and regional marketing. Syscoin also announced a collaboration with Klever on April 20, making it the chief mobile wallet of the Syscoin Ecosystem

In addition, the protocol had teased that a major announcement was due on May 6, which could have ignited investor’s interest. The announcement turned out to be an NFT marketplace on Syscoin.

SYS surged from $0.26 on April 25 to $0.90 on May 5, rising 246% in eleven days. The strong rally of the past few days had pushed the RSI above 79, indicating the rally was overextended in the short term.

SYS/BUSD daily chart. Source: TradingView

The bulls tried to resume the uptrend today but could not clear the overhead resistance at $0.90. This could have attracted profit-booking, resulting in a drop to the 50% Fibonacci retracement level at $0.58.

The bulls are currently trying to defend this support. A strong bounce-off it will suggest the sentiment remains positive and the buyers are accumulating on dips. If the bulls thrust the price above $0.90, the SYS/BUSD pair could start its journey to the next possible target at $1.22.

Contrary to this assumption, if the bears sink the price below $0.58, the pair could extend its decline to the 20-day EMA ($0.48). Generally, deep falls like these delay the start of the next leg of the up-move.

UTK/USDT

Cryptocurrencies have gone mainstream with the influx of institutional investors in the past few months. However, the use of cryptocurrencies for paying for goods and services is still limited as merchants are skeptical of the volatility.

Utrust (UTK) has made it attractive for the merchants to accept crypto payments by introducing reverse staking and compound yield, which is expected to go live soon. Uturst will use part of the fees paid by the merchant to buy UTK tokens and lock it up in a staking pool for a year. At the end of the period, whatever is in the pool will be given to the merchant.

If the merchant leaves their earnings with Utrust instead of converting them into fiat and keeping in a bank, they will get a 10% annual percentage yield on the value, which will be bumped to 12% if they opt to get paid in UTK tokens.

Utrust announced on April 20 that it has tied with SwissBorg to be the main partner for the compound yield program. In the past few days, the payment platform has onboarded Belgium-based Independent Tesla dealer Nikola Brussels and travel company Arburton to the Utrust ecosystem.

UTK rallied from $0.33 on April 25 to $1.06 on May 5, a 221% rally in eleven days. Traders seem to be booking profits near the psychological level at $1 as seen from the long wick on the candlestick on May 5 and today.

UTK/USDT daily chart. Source: TradingView

The bears will now try to pull the price down to the breakout level at $0.74. A strong rebound off this level will suggest the bulls have successfully flipped it into support. The buyers will then make one more attempt to resume the uptrend.

If the bulls drive the price above $1.06, the UTK/USDT pair could start the next leg of the up-move that could reach $1.47. The rising 20-day EMA ($0.63) and the RSI near the overbought territory suggest the bulls have the upper hand.

This positive view will invalidate if the bears sink the price below $0.74. Such a move will suggest that traders are no longer buying the dips. That could result in a drop to the 20-day EMA.

The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph. Every investment and trading move involves risk, you should conduct your own research when making a decision.

Price analysis 5/5: BTC, ETH, BNB, DOGE, XRP, ADA, DOT, LTC, BCH, UNI

Bitcoin is trying to stage a comeback in order to catch up with the spectacular price action seen in Ethereum and other altcoins.

Dogecoin (DOGE) skyrocketed above $0.69 today and flipped XRP to become the fourth largest cryptocurrency with a market capitalization of over $88 billion at its highest point. 

Galaxy Digital recently released a report titled “Dogecoin: The Most Honest Sh*tcoin,” and the document highlighted the fact that no updates have been logged in Dogecoin’s GitHub repository since 2017. Even the blockchain’s network security is suboptimal with only 26% of the overall node count running fully synced notes, the report added.

There seems to be a massive mismatch between Dogecoin’s fundamentals and its valuation. The meme coin’s rally is an indication that traders are driven by greed and such phases of frenzy never end well. When the bubble bursts, several investors will be left nursing massive losses.

Daily cryptocurrency market performance. Source: Coin360

Moving away from the Dogecoin frenzy, the latest CoinShares report shows weekly institutional inflows of $489 million for various crypto products. Bitcoin (BTC) accounted for the lion’s share of the investments at $411.7 million.

This shows that institutional investors are viewing the current weakness in Bitcoin as a buying opportunity. The total crypto assets under management is at $64.7 billion, having risen about $7 billion in the past six weeks.

Will Ether (ETH) continue to pull altcoins higher or will Bitcoin make a comeback? Let’s analyze the charts of the top-10 cryptocurrencies to find out.

BTC/USDT

Bitcoin plunged below the moving averages on May 4 but the bears could not capitalize on this weakness. This suggests the bulls have not yet given up and they continue to buy on every dip.

BTC/USDT daily chart. Source: TradingView

The bulls have pushed the price above the moving averages today and they will now try to challenge the downtrend line and the overhead resistance at $58,966.53. A breakout of this resistance zone will clear the path for a possible retest of the all-time high at $64,849.27.

However, the flattish moving averages and the relative strength index (RSI) near the midpoint suggest a balance between supply and demand. This could keep the BTC/USDT pair stuck between $52,323.21 and $58,966.51 for a few days.

The bears may gain the upper hand if the price turns down and plummets below $52,323.21. Such a move will suggest weakness and that could result in a decline to the critical support at $46,985.

ETH/USDT

Ether is in a momentum-driven uptrend. Generally, in such phases of melt-up, the asset may remain overbought for an extended duration and corrections can be sharp but are usually short-lived. After a one-day pullback on May 4, the bulls are trying to resume the up-move today.

ETH/USDT daily chart. Source: TradingView

If buyers propel the price above $3,527.19, the ETH/USDT pair could rally to $4,528.97. However, the farther the price moves away from the moving averages, the greater the risk of a massive correction. Therefore, traders should exercise caution.

If the price reverses direction from $3,500, it will indicate profit-booking at higher levels. The bears will then try to pull the price below $3,165.30, which could result in a decline to the 20-day exponential moving average ($2,731).

A strong rebound off this level will suggest the uptrend remains intact. The bulls then try to resume the up-move. Conversely, a break below the 20-day EMA will suggest the pair has formed a short-term top.

BNB/USDT

Binance Coin’s (BNB) sharp correction on May 4 attracted buyers near the $600 mark. This suggests the sentiment remains bullish and traders are accumulating at lower levels.

BNB/USDT daily chart. Source: TradingView

The rising moving averages and the RSI in the positive territory suggest the path of least resistance is to the upside. If the buyers push the price above $680, the uptrend could resume with the next target objective at $808.57.

This positive view will nullify if the price turns down from the overhead resistance and breaks below the 20-day EMA ($567). Such a move will suggest that supply exceeds demand and the BNB/USDT pair could then drop to the 50-day simple moving average ($436).

DOGE/USDT

Dogecoin is in a strong melt-up. The bulls pushed the price above the $0.45 resistance on May 4, which resulted in a pick-up in momentum. The long wick on May 4 suggested profit-booking by traders near $0.61 but the bears could not maintain the selling pressure.

According to data from Cointelegraph Markets Pro, market conditions for DOGE have been favorable for some time.

The VORTECS™ Score, exclusive to Cointelegraph, is an algorithmic comparison of historic and current market conditions derived from a combination of data points including market sentiment, trading volume, recent price movements and Twitter activity.

VORTECS™ Score (green) vs. DOGE price. Source: Cointelegraph Markets Pro

As seen in the chart above, the VORTECS™ Score for DOGE flipped green on May 2 when the price was $0.38, well before the indication of any rally.

Since then, the VORTECS™ Score has largely remained in the green and DOGE rallied to $0.69 today, an 86% gain in about four days.

DOGE/USDT daily chart. Source: TradingView

The buying resumed today and the DOGE/USDT pair hit a new all-time high at $0.69. However, the long wick on the day’s candlestick suggests profit-booking at higher levels. The pair could now drop to the breakout level at $0.45. A break below this level could pull the price to the 20-EMA ($0.33).

Alternatively, if the bulls flip this level into support, the pair may again try to rise above $0.69. If that happens, the rally may extend to $0.84 and then $1.

Frenzied buying in an asset can result in strong rallies. However, traders should be careful and protect their capital with a trailing stop-loss because vertical rallies can quickly reverse direction, resulting in sharp losses.

XRP/USDT

XRP dropped below the 20-day EMA ($1.39) on May 4 but the bears could not sustain the lower levels. This shows the bulls are defending the 20-day EMA. The price has reached the downtrend line where the bears are likely to mount a stiff resistance.

XRP/USDT daily chart. Source: TradingView

If the price turns down from the downtrend line, the bears will make one more attempt to sink the BNB/USDT pair below the 20-day EMA. If they manage to do that, the pair could slide to the 50-day SMA ($1.05).

On the contrary, if the bulls thrust the price above the downtrend line, the up-move may resume and the bulls may try to push the price to $1.96. A breakout of this resistance will suggest the start of the next leg of the uptrend.

ADA/USDT

Cardano (ADA) broke below the 20-day EMA ($1.29) on May 4 but the bulls defended the 50-day SMA ($1.24). The buyers are currently trying to push the price toward the resistance of the range at $1.48.

ADA/USDT daily chart. Source: TradingView

The ADA/USDT pair is likely to face stiff resistance near the $1.48 to $1.55 zone. If the price turns down from this zone, the pair could again drop to the moving averages and extend the stay inside the range for a few more days.

Contrary to this assumption, if the price turns down and breaks below the 50-day SMA, the pair may gradually drop to $1.03. A strong bounce off this support will suggest that traders continue to buy on dips to the support of the range.

Until the bulls push the price above $1.55 or the bears sink the pair below $0.98, the range-bound action is likely to continue.

DOT/USDT

Polkadot (DOT) plummeted below the 20-day EMA ($36) on May 4 but the bulls did not panic and dump their positions. Rather, they bought the dip and have pushed the price back above the moving averages today.

DOT/USDT daily chart. Source: TradingView

If the bulls sustain the price above $38.30, the DOT/USDT pair may rally to $42.28 and then to $48.36. However, the flat moving averages and the RSI just above the midpoint suggest a balance between supply and demand.

This indicates the pair is likely to hit a wall at $42.28. If the price turns down from this resistance, the range-bound action is likely to continue. The next trending move could start if the price breaks above $50 or plunges below $26.50.

LTC/USDT

Litecoin (LTC) broke above the $335.03 overhead resistance today, indicating the resumption of the uptrend. The 20-day EMA ($271) has turned up and the RSI is in the overbought zone, suggesting the bulls are in command.

LTC/USDT daily chart. Source: TradingView

If the buyers push the price above the resistance line of the ascending broadening wedge pattern, the LTC/USDT pair could pick up momentum and rally to $400 and then $463.31.

However, the bears are likely to have other plans. They will try to stall the up-move at the resistance line. If the price turns down from this resistance, the pair could drop to $308 and then to the 20-day EMA.

A strong rebound off the 20-day EMA will suggest the sentiment remains positive. The bulls will then make one more attempt to resume the uptrend. This bullish view will invalidate if the price turns down and plummets below the support line of the wedge.

BCH/USDT

After days of hesitation near the 61.8% Fibonacci retracement level at $1,012.29, Bitcoin Cash (BCH) soared above the $1,213.51 resistance today, indicating the resumption of the uptrend.

BCH/USDT daily chart. Source: TradingView

If the bulls manage to sustain the price above $1,213.51, the BCH/USDT pair could rally to $1,410.42 and then $1,710.39.

Contrary to this assumption, if the bulls fail to sustain the price above $1,213.51, the pair could drop to $1,050. If the pair rebounds off this level, the bulls will make one more attempt to start the next leg of the uptrend.

However, a break below $1,050 will suggest that supply exceeds demand and that could pull the price down to the 20-day EMA ($926).

UNI/USDT

Uniswap (UNI) rebounded off the $39.60 support on May 5, which shows the bulls are defending this level aggressively. If the buyers propel the price above $45, the next leg of the uptrend could begin. The target objective on the upside is a rally to the resistance line of the ascending channel at $50.

UNI/USDT daily chart. Source: TradingView

The rising 20-day EMA ($38.35) suggests the buyers have the advantage but the negative divergence on the RSI indicates the bullish momentum may be weakening.

A break below the 20-day EMA will be the first sign that the bears are making a comeback. The UNI/USDT pair could then drop to the support line of the channel where buyers may emerge.

A strong bounce off this support will suggest buying at lower levels and the uptrend may remain intact. Conversely, a break below the channel will signal a possible change in trend.

The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph. Every investment and trading move involves risk. You should conduct your own research when making a decision.

Market data is provided by HitBTC exchange.

Gnosis, Balancer and PancakeSwap breakout as Bitcoin looks for direction

A series of protocol upgrades and partnership announcements helped to boost GNO, BAL and CAKE even as Bitcoin price searches for support.

Ether (ETH) continued its stellar run and crossed the $3,500 barrier today. Dogecoin (DOGE) also joined in on the party as its price soared above $0.61 earlier today as Gemini exchanged added support for the coin following a similar step by eToro. 

Traders may be buying DOGE with the expectation that Elon Musk will shill the token during his upcoming appearance as the host of Saturday Night Live.

While the rise of DOGE is tempting, traders should be careful with their bets because barring the jawboning by some popular individuals, the fundamentals of the coin look shaky.

Crypto market data daily view. Source: Coin360

Although altcoins are having a field day, Glassnode recently pointed out that Bitcoin’s (BTC) Stablecoin Supply Ratio had plunged to a 2021 low at 13.4. The SSR is calculated by dividing Bitcoin’s supply by th stablecoin supply and its all-time low is 9.6. Glassnode said the low SSR value was a bullish sign as it showed greater availability of crypto-native capital that could flow into Bitcoin and other crypto-assets.

In the altcoin season, the decentralized finance space has been the star performer. Let’s study the fundamentals and technicals of three DeFi related tokens that have done well in the past few days.

GNO/USD

Decentralized exchanges have risen in popularity in the past few months but they are still plagued with certain shortcomings. One of the problems DEX users face are bots that front-run transactions and cause slippage. According to MEV-Explore more than $477 million in value has been extracted from DEX traders since Jan. 1, 2020.

To solve the problem of MEV and improve the experience of DEX users, Gnosis (GNO) recently announced a partnership integration with Balancer to form the Balancer-Gnosis-Protocol, which plans to blend Balancer’s pool mechanisms with the price-finding mechanism of Gnosis and is expected to go live in mid-June. This could attract several traders who have been avoiding trading on DEXs due to MEV.

During bull markets, several new projects are announced as trader’s appetites are high. However, the price discovery of a new token has been a major issue bogging the crypto space. To address this problem, Gnosis launched a new platform dubbed Gnosis Auction on April 6. The protocol claims the platf will conduct transparent and decentralized batch auctions for any Ethereum project.

VORTECS™ data from Cointelegraph Markets Pro began to detect a bullish outlook for GNO on April 28, prior to the recent price rise.

The VORTECS™ Score, exclusive to Cointelegraph, is an algorithmic comparison of historic and current market conditions derived from a combination of data points including market sentiment, trading volume, recent price movements and Twitter activity.

VORTECS™ Score (green) vs. GNO price. Source: Cointelegraph Markets Pro

As seen in the chart above, the VORTECS™ Score for GNO flipped green on April 28 when the price was $201.15.

From there, the VORTECS™ Score consistently remained in the green barring a brief period and GNO rallied to a high at $258.70 today, netting the traders a 28% return in about seven days.

GNO has been in a steady uptrend and it has rallied from $171.32 on April 25 to an intraday high at $261.30 today, rising 52% in ten days. This sharp rally of the past few days has pushed the relative strength index (RSI) into the overbought territory.

GNO/USD daily chart. Source: TradingView

Usually, when an asset is backed by momentum, it does not give up much ground during corrections. The bulls jump in and buy every minor dip as they expect the rally to continue. The first support on the downside is $224.07 and then the 20-day exponential moving average ($206).

A strong rebound off either support will suggest the sentiment remains positive and traders are buying on dips. The bulls will then try to resume the up-move and push the GNO/USD pair to the next target objective at $282.54 and then $300.

This bullish view will invalidate if the price turns down and breaks below the 20-day EMA. Such a move will suggest that traders are booking profits aggressively and that could pull the price down to the 50-day simple moving average ($174).

BAL/USDT

Automated market maker Balancer (BAL) announced the developer launch of its next big upgrade named Balancer V2 on April 20. The major change in the new version is that all the assets added by all Balancer pools will be held in a single vault.

While the AMM logic will be unique for each pool, the token management will be done by the vault. The protocol claims this will improve gas efficiency and enable drafting of various AMM strategies "without having to worry about low-level token transfers, balance accounting, security checks and smart order routing.”

Balancer’s partnership with Gnosis will form the Balancer-Gnosis-Protocol which will be interoperable with any DEX but will have the maximum gas efficiency when traded against Balancer pools. The steps taken to reduce gas fees and improve user experience may give Balancer an advantage over competitors.

The protocol is also promoting its Liquidity Bootstrapping Pools for projects that want to distribute tokens in a fair and capital-efficient way.

BAL rallied from $44.73 on April 25 to an intraday high at $75.08 today, rising over 67% in ten days. During this period, the price climbed from the support line of the ascending channel to the resistance line of the channel.

BAL/USDT daily chart. Source: TradingView

The bears have defended the resistance line of the channel on two previous occasions, hence the level is likely to act as a major hurdle once again. A drop from the current level is likely to find support at the 50-day SMA ($56.47).

Both moving averages are moving up gradually and the RSI is above 61, suggesting the bulls have the upper hand. If the price rebounds off the moving averages, the bulls will make one more attempt to push the price above the channel.

If they succeed, the BAL/USDT pair could pick up momentum and charge toward the next target objective at $100. The bullish momentum may weaken if the pair plummets below the moving averages. A break below the channel will signal advantage to the bears.

CAKE/USDT

PancakeSwap (CAKE) was featured on Cointelegraph on April 8 when it was trading at $20.91. From there, the token rallied to hit an all-time high at $44.27 on April 30, recording a 111% gain in just over three weeks.

The protocol launched an auto-compounding CAKE syrup pool on April 30, which removes the need to manually re-stake CAKE to get the best yields. The new feature seems to have gained popularity among users as the protocol reported on May 3 that 18.5 million CAKE tokens had been deposited in the said pool.

Recently, data from DappRadar showed that PancakeSwap had completed 2 million transactions in a 24-hour period surpassing the 1.55 million transactions done on the Ethereum network. The growing popularity seems to have enabled the protocol to complete its biggest burn of 5,143,789 CAKE tokens.

PancakeSwap launched the BETA version of Prediction on April 28. This allows traders to bet on the direction of the BNB/USDT pair’s close at the end of a 5-minute live phase. If the chosen direction is correct, the trader wins a reward.

While professional short-term traders may be successful in such predictions, novice traders should be careful as this could become addictive and one could quickly lose a lot of money within a short time.

The latest leg of the up-move in CAKE had pushed the RSI above 81 on April 29, indicating the token was overbought in the short term. That could have attracted profit-booking from the momentum traders, resulting in the current correction.

CAKE/USDT daily chart. Source: TradingView

The first critical support on the downside is the 20-day EMA ($32.75). The bears have not been able to sink and close the price below this support since March 23. Therefore, the bulls are likely to buy the dip to the 20-day EMA.

A strong rebound off this support will suggest the sentiment remains positive. The bulls will then try to push the price above $44.27 and resume the uptrend. If they succeed, the CAKE/USDT pair could climb to $55.

Contrary to this assumption, if the bears sink the price below the 20-day EMA, it will suggest that traders are booking profits aggressively. That could pull the price down to the breakout level at $30.

The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph. Every investment and trading move involves risk, you should conduct your own research when making a decision.

Price analysis 5/3: BTC, ETH, BNB, XRP, DOGE, ADA, DOT, UNI, LTC, BCH

Ethereum and a handful of altcoins have charged higher while Bitcoin struggles to find enough momentum to clear the $58,000 level.

Ether (ETH) has been the star performer among major cryptocurrencies in the past few days as its rally has continued unabated. The second-largest cryptocurrency by market capitalization crossed the $3,300 today sending projects market cap to $381.6 billion. 

Ether has now become the 24th largest asset in the world, vaulting the project above blue-chip names like Mastercard, NVIDIA, Walt Disney, Bank of America and Home Depot, according to data from Infinite Market Cap. This strong performance in Ether has also brought back murmurs of Ethereum flippening Bitcoin (BTC).

Daily cryptocurrency market performance. Source: Coin360

However, Ether has a lot of catching up to do if it wants to flip Bitcoin because its market dominance at 16.4% is much below Bitcoin’s 47%. Still, the rise of Ether is positive for the crypto sector because it is likely to attract the attention of institutional investors.

Fund managers will find it difficult to ignore the top two cryptocurrencies as their market caps surpass popular Wall Street names. This could continue to attract fresh money into the crypto sector and boost prices higher.

Let’s analyze the charts of the top-10 cryptocurrencies to determine their trend and the possible target objectives.

BTC/USDT

Bitcoin has bounced off the 20-day exponential moving average ($55,915) today, suggesting that bulls are accumulating on dips. The buyers will now try to push the price to the $61,825.84 to $64,849.27 overhead resistance zone.

BTC/USDT daily chart. Source: TradingView

However, the wick on today’s candlestick shows that the bulls are struggling to sustain the price above $58,000. If the buyers fail to do that, the bears will make one more attempt to sink the price below the 20-day EMA.

If they succeed, the BTC/USDT pair could start a correction to $52,323.21 and then to $50,460. A bounce off this level could keep the pair range-bound for a few more days.

Alternatively, if the bulls defend the 20-day EMA, it will signal strength. If the buyers can sustain the price above $58,000, the pair could start a gradual climb to the overhead zone. The next leg of the uptrend may start after the pair rises above $64,849.27.

ETH/USDT

Ether had been trading inside an ascending channel for the past few days. The bulls pushed the price above the resistance line of the channel on May 1, resulting in a pick-up in momentum. Ether could now rally to $3,513.

ETH/USDT daily chart. Source: TradingView

Both moving averages are sloping up suggesting that bulls have the upper hand. However, the RSI above 80 suggests the rally is overbought in the short-term and the ETH/USDT pair may soon enter a minor correction or consolidation.

If the bulls do not allow the price to re-enter the channel, it will suggest that traders are buying on dips as they expect the rally to continue. Conversely, if the bears sink and sustain the price below $2,850, the pair could drop to the 20-day EMA ($2,586).

BNB/USDT

After forming a Doji candlestick pattern on May 1 and 2, Binance Coin (BNB) has resumed its uptrend today. Both moving averages are sloping up and the RSI is in the overbought zone, suggesting the bulls have overpowered the bears.

BNB/USDT daily chart. Source: TradingView

If the bulls can sustain the price above $639, the BNB/USDT pair could start its journey toward the pattern target at $808.57.

Contrary to this assumption, if the bulls fail to sustain the price above $639, the bears will try to pull the price down to the 20-day EMA ($552). A bounce off this support will keep the uptrend intact.

However, if the price drops below the 20-day EMA, the pair could decline to the support line of the triangle and then to the 50-day simple moving average ($421).

XRP/USDT

XRP turned down from $1.66 and formed an inside-day candlestick pattern on May 2. That was followed by a Doji candlestick pattern today, indicating indecision among the bulls and the bears.

XRP/USDT daily chart. Source: TradingView

If the uncertainty resolves to the downside, the XRP/USDT pair could correct to the 20-day EMA ($1.36), which is likely to act as a strong support.

A strong rebound off the 20-day EMA will suggest that traders are buying on dips. If the bulls thrust the price above $1.66, the pair could rise to the 78.6% Fibonacci retracement at $1.73 and then retest the 52-week high at $1.96.

The marginally rising 20-day EMA and the RSI near 61 indicate the bulls have the upper hand. This positive view will invalidate if the pair breaks the 20-day EMA support. Such a move will suggest that traders are dumping their positions and that could pull the price down to the 50-day SMA ($1.01).

DOGE/USDT

The uncertainty following the inside-day candlestick pattern on April 29 resolved to the upside on April 30 and the bulls propelled Dogecoin (DOGE) above the $0.34 resistance on May 1.

VORTECS™ data from Cointelegraph Markets Pro began to detect a bullish outlook for DOGE on April 29, prior to the recent price rise.

The VORTECS™ Score, exclusive to Cointelegraph, is an algorithmic comparison of historic and current market conditions derived from a combination of data points including market sentiment, trading volume, recent price movements and Twitter activity.

VORTECS™ Score (green) vs. DOGE price. Source: Cointelegraph Markets Pro

As seen in the chart above, the VORTECS™ Score for DOGE flipped green on April 29 when the price was $0.30.

Since then, the VORTECS™ Score has largely remained in the green, barring a short-term dip below the 60 level. DOGE has rallied above $0.41 today, resulting in a 36% rally in roughly five days.

DOGE/USDT daily chart. Source: TradingView

The rising 20-day EMA ($0.28) and the RSI near the overbought territory suggest the bulls are in control. The DOGE/USDT pair could now retest the all-time high at $0.45.

If the bulls propel the price above this resistance, the uptrend could resume with the next target objective at $0.65.

This positive view will invalidate if the price turns down from the current level or the overhead resistance and breaks the 20-day EMA support,

ADA/USDT

Cardano (ADA) has been sustaining above the 20-day EMA ($1.27) for the past few days, suggesting the bulls are in no hurry to book profits. The altcoin remains on track to resume the up-move and reach the $1.48 to $1.55 resistance zone.

ADA/USDT daily chart. Source: TradingView

The ADA/USDT pair may hit a wall at the overhead resistance zone as the bears will once again try to reverse the direction and keep the price stuck inside the $1.03 to $1.48 range for a few more days.

The marginally rising 20-day EMA and the RSI above 56 suggest the bulls have the upper hand. If they can drive the price above the zone, the pair could start its journey to $2.

On the other hand, if the price turns down from the current level and breaks below the moving averages, the pair may drop to the support of the range at $1.03.

DOT/USDT

After hesitating near the 50-day SMA ($36.94) on May 1 and 2, the bulls pushed Polkadot (DOT) above it today. However, the long wick on today’s candlestick shows the bears have not given up yet and are selling on every rise.

DOT/USDT daily chart. Source: TradingView

Both moving averages are flat and the RSI is just above the midpoint, suggesting a balance between supply and demand. This balance will tilt in favor of the bulls if they can push and sustain the price above the 50-day SMA. That could open the gates for a move to $42.28.

On the contrary, if the price turns down and slips below the 20-day EMA, the DOT/USDT pair may drop to $32.50. The bulls are likely to defend this level aggressively but if the bears overpower them, the pair could drop to support of the range at $26.50.

UNI/USDT

Uniswap (UNI) witnessed profit-booking at $44 on April 29 and entered a minor correction. However, the bulls succeeded in flipping the previous resistance at $39.60 into support, which is a positive sign.

UNI/USDT daily chart. Source: TradingView

The uptrend has resumed today and the UNI/USDT pair has risen to a new all-time high at $45. Although the RSI is still warning of a negative divergence, the upsloping 20-day EMA ($37.41) suggests the bulls are in control.

If the bulls sustain the price above $44, the pair could rise to the resistance line of the ascending channel at $50. This bullish view will nullify if the bears sink the price below the 20-day EMA. The pair could then drop to the support line of the channel.

LTC/USDT

After a one-day correction on May 2, Litecoin (LTC) has started its northward journey today. This suggests the sentiment remains bullish and every minor dip is being purchased. The bulls will now try to push the price above the 61.8% Fibonacci retracement level at $286.02.

LTC/USDT daily chart. Source: TradingView

If they succeed, the LTC/USDT pair could rise to the 78.6% retracement level at $307.58 and then to $335.03. The gradually upsloping 20-day EMA ($257) and the RSI above 61 suggest that demand exceeds supply.

This positive view will invalidate if the price turns down from $286.02 and slumps below the 20-day EMA. Such a move will suggest that traders are closing their positions on relief rallies. That could result in a drop to the 50-day SMA ($230).

BCH/USDT

Bitcoin Cash (BCH) turned down from the 61.8% Fibonacci retracement level at $1,012.29 on May 1 but the correction was short-lived as the bulls purchased the dip on May 2. This suggests strong demand at lower levels.

BCH/USDT daily chart. Source: TradingView

However, the long wick on today’s candlestick shows bears are selling on rallies above $1,012.29. If the price turns down from the current level and breaks below $950.46, the pair could drop to the 20-day EMA ($879).

A break below this level will suggest the bullish momentum has weakened and that will open the doors for a possible drop to the 50-day SMA ($703).

Conversely, if the bulls succeed in sustaining the price above $1,012.29, the BCH/USDT pair could rise to $1,100.78 and then retest the 52-week high at $1,213.51. The rising moving averages and the RSI above 62, indicate the path of least resistance is to the upside.

The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph. Every investment and trading move involves risk. You should conduct your own research when making a decision.

Market data is provided by HitBTC exchange.

Top 5 cryptocurrencies to watch this week: BTC, SOL, HT, ETC, AAVE

SOL, HT, ETC and AAVE are pushing toward new highs while Bitcoin trades within a tightening range.

Bitcoin (BTC) price closed the month down 1.98% which according to data from Bybit, was its first negative close in April since 2015.

In the same month Ether (ETH) price soared over 44% to hit a new all-time high close to $3,000. This wide divergence between the top two cryptocurrencies shows that the markets have matured and Bitcoin’s underperformance is not affecting altcoins as much as it did in the past.

Ether’s bullish trend has attracted strong buying from traders. Data from Bybit suggests that Ether futures open interest climbed to $8.5 billion on April 29, rising 52% over the previous month. This increase has been supported by professional traders who seem to have taken a more bullish view on Ether than retail investors, as highlighted by Cointelegraph contributor Marcel Pechman.

Crypto market data daily view. Source: Coin360

The strong performance from the crypto sector continues to attract a wide array of investors. According to the Financial Times, VC firm Andreessen Horowitz plans to tap into this growing demand by raising between $800 million to $1 billion for another fund. The flow of money into various crypto projects shows that investors are bullish for the long term.

T. Rowe Price CEO William Stromberg said in an interview with the Baltimore Business Journal that the crypto space is still in its infancy and it could “take years to really unfold.”

With Ether leading the altcoin charge, let’s look at the top-5 cryptocurrencies that may remain bullish in the short term.

BTC/USDT

Bitcoin soared above its moving averages on April 30 but the bulls have not been able to build on this strength. The Doji candlestick pattern on May 1 and the drop below the 50-day simple moving average ($56,833) today suggests the bears are selling at higher levels and have not given up.

BTC/USDT daily chart. Source: TradingView

If sellers pull the price back below the 20-day exponential moving average ($55,723), the BTC/USDT pair could drop to $52,323.21 and then to $50,460. The flat moving averages and the relative strength index (RSI) near the midpoint suggest a balance between supply and demand. This could keep the pair range-bound for a few more days.

This view will invalidate if the pair rebounds off the 20-day EMA and rises above $58,469.09. Such a move will suggest the bulls are buying on every minor dip. The pair could then rally to $61,825.85 where the bulls are again likely to face stiff resistance from the bears.

Although it is too early to confirm, the pair seems to be making the right shoulder of a possible head and shoulders topping formation. This setup will complete on a break below the neckline. Until then, traders can be watchful but should not jump the gun in anticipation of a breakdown.

BTC/USDT 4-hour chart. Source: TradingView

The 4-hour chart shows the bulls pushed the price above the $57,500 resistance but could not sustain it. The bears pulled the price back below the level and are trying to break the 20-EMA support. If that happens, the pair may drop to the 50-SMA.

A strong rebound off this support could encourage the bulls to make one more attempt to clear the hurdle at $57,500. If they succeed, the pair could start its journey to $61,825.84. Conversely, if the bears sink the price below the 50-SMA, the possibility of a drop to $50,460 increases.

SOL/USDT

Solana (SOL) broke above the $48.64 resistance on May 1 and hit a new all-time high at $49.99 today. However, the $50 psychological level is acting as a resistance and the bears have pulled the price back below $48.64 today.

SOL/USDT daily chart. Source: TradingView

If the bears sustain the price below $48.64 for two days, the SOL/USDT pair could drop to the support at $40.51. A strong rebound off this support will suggest the bulls are accumulating on dips. The bulls will then make one more attempt to clear the $50 resistance.

If they succeed, the pair may start the next leg of the uptrend that could reach $56.77 and then $68.05. The rising moving averages and the RSI near the overbought territory indicate the path of least resistance is to the upside.

This positive view will invalidate if the price breaks below the 20-day EMA ($38). If that happens, the pair could correct to the 50-day SMA ($26).

SOL/USDT 4-hour chart. Source: TradingView

The 4-hour chart shows the bulls are trying to defend the 20-EMA. If they can push the price above the $48.64 to $49.99 overhead resistance zone, the momentum is likely to pick up. The gradually rising 20-EMA and the RSI in the positive territory suggest the bulls have a minor advantage.

Contrary to this assumption, if the price turns down from the overhead resistance once again, it will increase the prospects of a break below the moving averages. The bears may then pull the price down to $40.51. A strong bounce off this support could keep the pair range-bound for a few days.

HT/USDT

Huobi Token (HT) surged above the resistance at $26.89 on May 1 and hit a new all-time high at $29.54 today. However, the bears are trying to pull the price back below the breakout level and trap the aggressive bulls.

HT/USDT daily chart. Source: TradingView

If the price dips and sustains below $26.89 for three days, the HT/USDT pair could gradually drop to $22. A strong rebound off this support could keep the pair range-bound for a few days.

Conversely, if the bulls defend the $26.89 support or do not give up much ground below $25, it will suggest strong buying on every minor dip. A break above $29.54 could resume the uptrend with the next target objective at $36.54.

The 20-day EMA ($20.54) has turned up and the RSI is in the overbought zone, indicating that the bulls are in control.

HT/USDT 4-hour chart. Source: TradingView

The bulls and the bears are battling it out for supremacy near the $26.89 level. Although the bears had pulled the price back to $26.10, they could not sustain the lower levels. This suggests that bulls are buying on dips.

The rising moving averages and the RSI near the overbought zone suggest the bulls have the upper hand. However, the bulls are finding it difficult to push the price to $29.54. This could result in high volatility in the short term.

A break below $26 could pull the price down to the 20-EMA. If the price rebounds off this level strongly, the bulls will make one more attempt to resume the uptrend. Alternatively, a break below the 20-EMA could signal the start of a deeper correction.

ETC/USDT

The bears are trying to stall Ethereum Classic’s (ETC) up-move in the $38 to $41.61 overhead resistance zone. However, the long tail on today’s candlestick suggests that traders are buying at lower levels.

ETC/USDT daily chart. Source: TradingView

The upsloping 20-day EMA ($28.74) and the RSI in the overbought zone indicate advantage to the bulls. If buyers propel the price above the overhead zone, the ETC/USDT pair could resume the uptrend and rally to $53.21.

Contrary to this assumption, if the price turns down from the overhead zone, the bears will try to sink the pair to the 20-day EMA. A break below this support will indicate the bullish momentum has weakened and the pair could then drop to $22.20.

ETC/USDT 4-hour chart. Source: TradingView

The 20-EMA is rising and the RSI is in the overbought zone, suggesting the bulls are in control. However, the bears will not throw the towel easily. They will try to stall the up-move in the overhead zone.

A break below the 20-EMA will be the first sign that the bullish momentum may be weakening. That could pull the price down to the 50-SMA. Such a move could keep the pair stuck inside the range for a few days.

AAVE/USDT

The bulls pushed AAVE above the $489 resistance today. However, they have not been able to sustain the buying at higher levels and the bears have pulled the price back into the $480 to $280 range today. This suggests the bears are attempting to trap the aggressive bulls who may have purchased the breakout from the range.

AAVE/USDT daily chart. Source: TradingView

If the price dips below the 20-day EMA ($415), it will suggest that bulls are not buying on dips. That could pull the price down to the 50-day SMA ($383) and extend the stay of the AAVE/USDT pair inside the range for a few more days.

On the contrary, if the pair rebounds off the 20-day EMA, it will indicate accumulation at lower levels. The bulls will then make one more attempt to push the price to $581.67. A breakout of this level could start the northward journey to $698.

VORTECS™ data from Cointelegraph Markets Pro shows the bullish trend in AAVE has continued from April 25, barring a couple of momentary dips to 63.

The VORTECS™ Score, exclusive to Cointelegraph, is an algorithmic comparison of historic and current market conditions derived from a combination of data points including market sentiment, trading volume, recent price movements and Twitter activity.

VORTECS™ Score (green) vs. AAVE price. Source: Cointelegraph Markets Pro

As seen in the chart above, the VORTECS™ Score for AAVE has consistently remained in the green since April 25 when the price was at $351.40.

The strong VORTECS™ Score could have held back traders from booking profits early and leaving profits on the table. AAVE has rallied to $509.83 today, recording a gain of 45% in just over a week.

AAVE/USDT 4-hour chart. Source: TradingView

The 4-hour chart shows the bulls purchased the dip to the 20-EMA and are again trying to drive the price above the $489 to $512 resistance zone. The rising moving averages and the RSI above 63 suggest the path of least resistance is to the upside.

This bullish view will weaken if the bears pull the price below the 20-EMA. That could suggest that supply exceeds demand. The pair may then drop to the 50-SMA. If this support holds, the pair may consolidate between $420 and $489 for a few days before starting the next trending move.

The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph. Every investment and trading move involves risk, you should conduct your own research when making a decision.

Price analysis 4/30: BTC, ETH, BNB, XRP, ADA, DOGE, DOT, UNI, LTC, BCH

After days of range-bound action, Bitcoin and many altcoins made a strong comeback today, indicating buying at lower levels.

The recent weakness in Bitcoin (BTC) price did not see any panic selling by investors, suggesting the sentiment in the crypto sector remains bullish. After Ether’s (ETH) strong run in the past few days, Bitcoin played catch up today as it reclaimed the $55,000 level. This suggests investors continue to accumulate on dips.

Gaming-focused venture capital fund Bitkraft Ventures, with more than $400 million in assets under management, has tied up with crypto research firm Delphi Digital to invest in crypto-assets and related projects.

The demand from institutions also seems to be picking up in Asia. To cater to this demand, Huobi Asset Management has launched four cryptocurrency-related tracker funds.

Daily cryptocurrency market performance. Source: Coin360

To provide institutional clients with digital assets data and analytics, Fidelity has announced the launch of Sherlock, a product similar to Bloomberg’s Terminal, that will offer both fundamental and technical analysis research for the fund managers.

Along with new entrants, the existing investors are also looking to add to their crypto holdings. MicroStrategy CEO Michael Saylor said in a press release on April 30 that the company “will continue to acquire and hold additional bitcoin as we seek to create additional value for shareholders.”

The resilience of Bitcoin and other major altcoins shows the markets have matured. Let’s analyze the charts of the top-10 cryptocurrencies to determine the direction of the next possible trending move.

BTC/USDT

After hesitating near the 20-day exponential moving average ($55,324) for the past two days, Bitcoin has soared to the 50-day simple moving average ($56,897) today. If the bulls propel the price above the 50-day SMA, an up-move to the $61,825.84 to $64,849.27 resistance zone is possible.

BTC/USDT daily chart. Source: TradingView

The flat moving averages and the relative strength index (RSI) above 53 suggest the selling pressure has subsided. However, the bulls may face stiff resistance at the current level and again at the overhead resistance zone.

If the price turns down from the current level and breaks the $52,500 support, it will suggest that bears are aggressively selling near the 50-day SMA. That could result in a retest of the $50,460 level and then $46,985.02.

The next trending move is likely to start on a break above $64,849.27 or a slide below $46,985.02. Until then, volatile range-bound action is likely to continue.

ETH/USDT

Ether formed a Doji candlestick pattern on April 29 and has made an inside-day candlestick pattern today, indicating hesitation near the resistance line of the ascending channel. However, if the bulls do not give up much ground, the uptrend is likely to resume.

ETH/USDT daily chart. Source: TradingView

A breakout of the channel will suggest the momentum remains strong and that could result in a sharp rally to $3,000. The rising moving averages and the RSI near the overbought territory indicate advantage to the bulls.

However, if the bulls fail to push the price above the channel within the next couple of days, the ETH/USDT pair may witness profit-booking. That could pull the price down to the 20-day EMA ($2,417). A break below the support line of the channel will signal a possible trend reversal.

BNB/USDT

Binance Coin (BNB) broke above the resistance line of the symmetrical triangle on April 29. This suggests the resumption of the uptrend. The pattern target of the breakout from the triangle is $808.57.

BNB/USDT daily chart. Source: TradingView

The rising moving averages and the RSI near the overbought territory indicate the bulls are in control. The buyers may face resistance at $638.57 but if the price does not dip back below the triangle, the BNB/USDT pair remains on target to start the next leg of the uptrend.

This bullish view will invalidate in the short term if the price slips and re-enters the triangle. Such a move could keep the price in a consolidation for a few more days. The pair will signal a trend reversal if the price breaks and sustains below the triangle.

XRP/USDT

XRP formed an inside-day candlestick pattern on April 29, which has resolved to the upside today. The bulls have pushed the price above the 61.8% Fibonacci retracement level at $1.55, signaling strength.

XRP/USDT daily chart. Source: TradingView

If the bulls sustain the price above $1.55, the XRP/USDT pair could rally to $1.73 and then retest the 52-week high at $1.96. The rising 20-day EMA ($1.29) and the RSI near 64 suggest the bulls have the upper hand.

Contrary to this assumption, if the bears pull the price back below $1.55, it will suggest profit-booking at higher levels. A break below the 20-day EMA will indicate the bullish momentum has weakened and that could keep the pair range-bound for a few days.

ADA/USDT

Cardano (ADA) witnessed profit-booking on April 29 at $1.41 but the bulls did not allow the price to dip below the 20-day EMA ($1.25). This is a positive sign and it keeps the altcoin on track to reach the overhead resistance at $1.48.

ADA/USDT daily chart. Source: TradingView

If the price turns down from the $1.48 resistance, the ADA/USDT pair could extend its stay inside the range. The flattish moving averages and the RSI above 58 also point to a consolidation in the near term.

This neutral view will invalidate if the bulls push the price above the $1.48 to $1.55 overhead resistance zone. Such a move will suggest that the bulls have overpowered the bears and a new uptrend is likely. The next target objective on the upside is $2.

The bears could smell an opportunity if the price breaks and sustains below the moving averages. A break below $1.03 will signal a possible change in trend.

DOGE/USDT

Dogecoin (DOGE) turned down from $0.34 on April 29 but the bulls are not giving up much ground, which is a positive sign. The inside-day candlestick pattern on April 29 and today suggests uncertainty among the bulls and the bears.

DOGE/USDT daily chart. Source: TradingView

However, the upsloping 20-day EMA ($0.24) and the RSI above 62, indicate the path of least resistance is to the upside. If the bulls propel the price above $0.34, the DOGE/USDT pair is likely to pick up momentum and rally to $0.42.

Contrary to this assumption, if the price turns down and breaks below $0.29, the pair could drop to the 20-day EMA. A bounce off this support could keep the pair range-bound for a few days. The trend may turn in favor of the bears if the pair breaks and closes below the 20-day EMA.

DOT/USDT

Polkadot (DOT) has formed a Doji candlestick pattern today, suggesting hesitation by the bulls to continue buying near the 50-day SMA ($36.91). However, if the bears fail to sink the price below $32.50 in the next few days, the buying is likely to resume.

DOT/USDT daily chart. Source: TradingView

A break above the 50-day SMA will clear the path for a possible move to $42.28. This level may again act as stiff resistance and if the price turns down from it, the DOT/USDT pair could remain stuck in the $26.50 to $42.28 range for a few more days.

Alternatively, if the price slips below $32.50, sellers may take charge and sink the pair to $26.50 where buying could emerge. The flat moving averages and the RSI near the midpoint suggest a balance between supply and demand.

UNI/USDT

Uniswap (UNI) pierced the resistance line of the ascending channel on April 28 but the bulls could not sustain the momentum. The price turned down and re-entered the channel on April 29, indicating a lack of demand at higher levels.

UNI/USDT daily chart. Source: TradingView

The negative divergence on the RSI remains intact, which warns that the bullish momentum may be waning. If the price dips below $37.50, the UNI/USDT pair could drop to the 20-day EMA ($35.67), which is an important support to watch out for.

A break below this support could result in a decline to the support line of the channel. Conversely, if the price rebounds off the 20-day EMA with strength, it will indicate buying on dips, increasing the possibility of a break above the channel. If that happens, the pair could rise to $50.

LTC/USDT

Litecoin (LTC) witnessed a minor correction on April 28 and 29 but the bulls did not allow the price to drop below the 20-day EMA ($251), This is a positive sign as it suggests that traders are not waiting for a deeper correction to buy.

LTC/USDT daily chart. Source: TradingView

If the bulls can sustain the price above $266.68, the LTC/USDT pair is likely to reach the 61.8% Fibonacci retracement level at $286.02.This level may act as a major hurdle but if the LTC/USDT pair can climb above it, then a rally to $335.03 is possible.

The 20-day EMA has started to turn up and the RSI is gradually moving up, suggesting the buyers are trying to gain control. This positive view will be negated if the price turns down and plummets below $246.96. Such a move could open the gates for a decline to the 50-day SMA ($226).

BCH/USDT

Bitcoin Cash (BCH) formed an inside-day candlestick pattern on April 29, which has resolved to the upside today. The bulls will now try to push the price above the 61.8% Fibonacci retracement level at $1,012.29

BCH/USDT daily chart. Source: TradingView

If they succeed, the BCH/USDT pair could retest $1,213.51. The gradually rising 20-day EMA ($839) and the RSI above 63 suggest the bulls have a minor advantage.

However, if the price turns down from the current level, it will indicate that bears are selling on rallies. They will then try to sink the price below the 20-day EMA. If they manage to do that, the pair could drop to $686.75.

On the contrary, a rebound off the 20-day EMA will suggest the sentiment remains positive. The bulls may then make one more attempt to drive the price above $1,012.29.

The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph. Every investment and trading move involves risk. You should conduct your own research when making a decision.

Market data is provided by HitBTC exchange.

ABBC Coin, AAVE and Fantom (FTM) rally higher after partnership announcements

Network upgrades, liquidity mining and lucrative shopping reward programs back the strong rallies seen in FTM, AAVE and ABBC.

On April 29 Ether's (ETH) price rose to another all-time high, boosting its market capitalization to over $320 billion. With the recent rally, Ether’s market cap has overtaken platinum and PayPal to become the 32nd most valuable asset in the world, according to data from CompaniesMarketCap.

Ether’s market dominance has risen from 10.79% at the start of the year to 15.4% currently, whereas Bitcoin’s (BTC) market cap has dropped from over 70% to 48.2% during the same period.

Crypto market data daily view. Source: Coin360

To cater to the growing popularity of Ether, asset manager WisdomTree launched a physically-backed Ether exchange-traded product on Borse Xetra and Swiss stock exchange SIX.

Even Asia seems to be gradually opening to cryptocurrency funds. According to the Naver News Service, South Korea’s Financial Supervisory Service may approve a crypto-related fund application by Hanwha Asset Management as early as May 2.

However, the wait for a Bitcoin exchange-traded fund in the U.S. was extended as the United States Securities and Exchange Commission deferred its decision on VanEck’s ETF proposal to June 17.

As Bitcoin tries to find direction, let’s look at three tokens that have been running hard in the past few days.

ABBC/USD

U.S.-based Buyaladdin tweeted on April 22 that it will conduct an event for the ABBC Coin (ABBC) in May where winners will be allowed to purchase $100 worth of items with one ABBC coin. This seems to have triggered a buying spree in the coin, launching its current up-move.

Presently, ABBC is not listed on many prominent crypto exchanges. ABBC Foundation CEO Jason Daniel Paul Philip announced on April 25 on Twitter that the team is engaged in talks with several prominent exchanges for listing to “provide more people with access to” the ABBC coin.

Barring that, there does not seem to be much news on the development front. Investors should study the fundamentals and invest in projects that show sustained progress rather than running behind every other pump to make a quick buck.

ABBC had been in a sustained downtrend for the past few months but the bulls are trying to stage a trend reversal. The token has surged from $0.12 on April 21 to a high at $0.42 today, a 250% rally in nine days.

ABBC/USD daily chart. Source: TradingView

The sharp up-move of the past few days has pushed the relative strength index (RSI) above 83, indicating the ABBC/USD pair is overbought in the short term. The pair is likely to witness strong supply in the $0.38 to $0.44 zone.

If the price turns down from this zone, the pair could correct to the 50% Fibonacci retracement level at $0.27. Generally, strong vertical rallies witness sharp corrections, hence the 38.2% Fibonacci retracement level at $0.30 may not hold.

A bounce off $0.27 will suggest that bulls are buying the dips. They will then make one more attempt to clear the hurdle at the overhead zone. If they succeed, the pair could rally to $0.57.

On the contrary, the failure to clear the $0.44 resistance may attract further selling and the pair may drop to the 20-day exponential moving average ($0.23).

FTM/USDT

Fantom (FTM) announced on April 28 that HyperChain Capital, a digital assets management company, has invested $15 million in the Fantom ecosystem through the purchase of FTM tokens. HyperChain had earlier made an investment of $2.5 million in the ecosystem in 2018. Additionally, HyperChain also runs validator nodes on Fantom through its subsidiary Hyperblocks

Other than the investment, Fantom may have also received a boost from its latest network upgrade dubbed Go-Opera on Thursday. The team claims the upgrade will radically improve network performance and reliability with the average time to finality reducing to about one second.

Fantom has announced tie-ups with SuperFarm, Clover, and Orion Protocol in the past few days, which are likely to strengthen its offering in the decentralized finance and non-fungible token space,

The protocol has been making inroads into a few Asian countries. On April 5, Fantom announced that its technology will be used by the Afghanistan Railway Authority to increase efficiency and transparency. That was followed by the announcement of a pilot with the Pakistan Punjab Prisons Department on April 13, where Fantom will implement custom blockchain Enterprise Resource Planning software.

VORTECS™ data from Cointelegraph Markets Pro began to detect a bullish outlook for FTM on April 26, prior to the recent price rise.

The VORTECS™ Score, exclusive to Cointelegraph, is an algorithmic comparison of historic and current market conditions derived from a combination of data points including market sentiment, trading volume, recent price movements and Twitter activity.

VORTECS™ Score (green) vs. FTM price. Source: Cointelegraph Markets Pro

As seen in the chart above, the VORTECS™ Score for FTM flipped green on April 26 when the price was $0.28.

From there, the VORTECS™ Score consistently remained in the green and FTM rallied to a high at $0.70 on April 29, netting the traders a 150% return in about four days.

FTM has risen from an intraday low at $0.33 on April 23 to an intraday high at $0.73 today, recording a 121% return in seven days. However, after the sharp rally of the past few days, traders seem to be booking profits today as seen from the long wick on the candlestick.

FTM/USDT daily chart. Source: TradingView

The FTM/USDT pair could now drop to the support at $0.50. If the pair rebounds off this level, it will suggest that bulls are accumulating on dips. The buyers will then make one more attempt to push and sustain the price above $0.65.

If they succeed, the pair could start the next leg of the uptrend that may reach $0.87 and then $1. Contrary to this assumption, if the bears pull the price below $0.50, the next support could be the 20-day EMA ($0.43).

This is a critical support to watch out for because a break below it could result in a fall to $0.30. A rebound off this support could keep the pair range-bound for a few days.

AAVE/USDT

DeFi has been attracting investors in large numbers in the past few months. However, as the competition heats up, the DeFi protocols have to up their game to gain market share.

To do that, AAVE launched a liquidity mining program on April 27, which is likely to increase borrowing and lending activity, attracting more investors. The current program is set to run till July, after which the community will review and alter the parameters as needed.

The liquidity mining has been introduced only on Aave V2, which may lure investors to migrate from the protocol’s version 1 iteration that still holds a sizable portion of the total value locked.

Along with focusing on DeFi, Aave seems to be pondering about building a social media protocol on top of DeFi, as highlighted in the Cointelegraph newsletter. Although further details are awaited, the experiment may generate interest among investors as the picture clears.

AAVE has been range-bound between $280 and $489 for the past few weeks. The token rallied from $314.75 on April 25 to an intraday high at $486.71 on April 28, rising 54% in four days.

AAVE/USDT daily chart. Source: TradingView

In a range-bound asset, traders generally buy the rebound off the support and close their position near the resistance. The same thing can be seen in the AAVE/USDT pair, which has turned down from the $489 resistance.

The moving averages have been crisscrossing each other without a clear sense of direction, indicating the range-bound action may continue for a few more days. The price may now correct to the moving averages and if this support cracks, a drop to $320 is possible.

This view of a consolidation will invalidate if the bulls push and sustain the price above $489. If that happens, the pair could rally to $581.67 and then to the pattern target at $698.

The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph. Every investment and trading move involves risk, you should conduct your own research when making a decision.

Price analysis 4/28: BTC, ETH, BNB, XRP, ADA, DOGE, DOT, UNI, LTC, BCH

After a sharp relief rally, Bitcoin price encountered resistance near $55,000, leading to a short-term pullback in select altcoins.

Bitcoin (BTC) has slowed down after its sharp relief rally over the past 48 hours, but Ether (ETH) is in no mood to rest as it continues to chase new all-time highs.

The biggest altcoin by market capitalization seems to have received a boost from the news of the launch of a 100-million-euro ($120.8 million) digital bond sale on its network by the European Investment Bank.

Meanwhile, Bitcoin’s institutional adoption has continued to expand. Japanese game developer Nexon disclosed the purchase of 1,717 Bitcoin at an average price of $58,226, for a total consideration of about $100 million. Nexon president and CEO Owen Mahoney said the investment was done to protect shareholder value and maintain the purchasing power of cash assets.

Daily cryptocurrency market performance. Source: Coin360

It is not only the Bitcoin purchases by companies that is catching investor’s attention. Goldman Sachs said that crypto-related stocks have risen 43% this year, outperforming the S&P 500 by a wide margin, which is up over 13% year-to-date. This shows that legacy investors are piling into stocks closely related to cryptocurrencies.

Even Time magazine has acknowledged the rise of crypto companies, naming Coinbase and Digital Currency Group in its Top 100 Most Influential Companies list for 2021. While DCG was listed in the "disrupter" category, Coinbase made the grade under the "titan" category.

Will the strengthening fundamentals result in price appreciation across the crypto market? Let’s analyze the charts of the top 10 cryptocurrencies to find out.

BTC/USDT

Bitcoin’s (BTC) relief rally reached the 20-day exponential moving average ($55,260) on April 27, where it has encountered stiff resistance from the bears. The bears are trying to defend the 20-day EMA and will now attempt to sink the price toward $50,460.

BTC/USDT daily chart. Source: TradingView

However, if the bulls do not give up much ground from the current levels, it will suggest that demand remains strong. That could result in a possible break above the 50-day simple moving average ($56,947). If that happens, the BTC/USDT pair could rally to $61,825 and then to the all-time high at $64,849.27.

Even if the price drops to the $50,460 support but rebounds off it strongly, it will suggest accumulation at lower levels. That will lead the bulls to make one more attempt to clear the hurdle at the moving averages.

This positive view will be invalidated if the bears sink the price below the $46,985.02–$50,460 support zone. That could result in a decline to the critical support at $43,006.77.

ETH/USDT

Ether’s (ETH) rebound off the 20-day EMA ($2,336) picked up momentum on April 26, and the bulls pushed the price to a new all-time high on April 27. That was followed by another up-move on April 28, but the Doji candlestick pattern suggests the rally may be tiring in the short term.

ETH/USDT daily chart. Source: TradingView

The first support on the downside will be $2,500, and if that breaks, the decline could reach the 20-day EMA. A strong bounce off of this support will suggest that traders are aggressively buying on dips.

The rising moving averages and the relative strength index (RSI) near the overbought zone suggest the path of least resistance is to the upside. If the bulls pierce the resistance line of the ascending channel, the ETH/USDT pair could reach $3,000.

Conversely, a break below the 20-day EMA could pull the price down to the support line of the channel. A break below this support could challenge the 50-day SMA ($2,041).

BNB/USDT

Binance Coin (BNB) is gradually moving toward the resistance line of the symmetrical triangle. The rising moving averages and the RSI in the positive territory suggest the path of least resistance is to the upside.

BNB/USDT daily chart. Source: TradingView

A breakout and close above the triangle will indicate that demand exceeds supply, and that could result in the start of the next leg of the uptrend, which could reach $808.57.

Contrary to this assumption, if the price turns down from the resistance line, it will suggest that bears are active at higher levels. That could keep the BNB/USDT pair stuck inside the triangle for a few more days. A breakdown and close below the triangle will signal a possible trend reversal.

XRP/USDT

XRP surged above the 20-day EMA ($1.24) on April 26, suggesting that selling has exhausted in the short term. However, the altcoin is facing resistance at $1.46, just above the 50% Fibonacci retracement level at $1.42.

XRP/USDT daily chart. Source: TradingView

If the XRP/USDT pair declines below the 20-day EMA, it will suggest that bears are selling on rallies. That could open the doors for a drop to the 50-day SMA ($0.89).

Conversely, if the bulls defend the 20-day EMA and push the price above $1.46, the pair may rally to $1.55. A breakout of this resistance will suggest that bulls are back in the driver’s seat. The pair could then retest the 52-week high at $1.96.

ADA/USDT

Cardano's ADA surged above the moving averages on April 26, and the long tail on today’s candlestick suggests traders bought the dip to the 20-day EMA ($1.23). This is a positive sign, as it shows that buyers are accumulating on dips.

ADA/USDT daily chart. Source: TradingView

The ADA/USDT pair could now attempt a rally to $1.48 where the bears are likely to mount stiff resistance. If the price turns down from this level, the pair is likely to drop to the moving averages and remain range-bound for a few more days.

Contrary to this assumption, if the bulls drive the price above the $1.48–$1.55 overhead resistance zone, the pair could start the next leg of the uptrend, which has a target objective of $2.

DOGE/USDT

For Dogecoin (DOGE), the inside day candlestick pattern on April 26 and a Doji candlestick pattern on April 27 showed indecision among the bulls and the bears. That uncertainty resolved to the upside on April 28, and the bulls pushed DOGE to the overhead resistance at $0.34.

DOGE/USDT daily chart. Source: TradingView

If bulls can clear the hurdle at $0.34, the DOGE/USDT pair could start its journey toward $0.42 and then to the all-time high of $0.45. The rising 20-day EMA ($0.23) and the RSI in the positive zone suggest the bulls are in control.

However, the bears are likely to pose a stiff challenge at the $0.34 resistance. A dip below $0.29 may weaken the bullish momentum. The bears will then smell an opportunity and try to pull the price down to the 20-day EMA. A break below this support could result in a decline to $0.15.

DOT/USDT

Polkadot’s DOT relief rally is facing resistance near the 20-day EMA ($35.54), which suggests that sentiment has turned negative and traders are selling on rallies. The bears will now try to sink the price back toward the critical support at $26.50.

DOT/USDT daily chart. Source: TradingView

The downsloping 20-day EMA and the RSI turning down from the downtrend line suggest that bears are at an advantage. A break below the $26.50 support will complete a large head-and-shoulders pattern, which could signal the start of a deeper correction.

Conversely, if the bulls do not give up much ground from the current level, it will indicate buying on every minor dip. That will enhance the prospects of a breakout of the moving averages, resulting in a rally to $42.28 and then a retest at $48.36.

UNI/USDT

Uniswap's UNI broke above the $39.60 overhead resistance and made a new all-time high on April 27. The up-move continued on April 28, and the bulls pushed the price above the resistance line of the ascending channel.

UNI/USDT daily chart. Source: TradingView

If the UNI/USDT pair sustains above the channel, it will suggest strong momentum. The pair could then rally to $44.88 and then $50. The rising 20-day EMA ($34.50) and the RSI trying to break above the downtrend line suggest the bulls have the upper hand.

Alternatively, if the price fails to sustain above the channel, a drop to $38 is possible. If the bulls flip this level to support, the possibility of a break above the channel increases. This positive view will invalidate if the pair turns down and slips below $35.20.

LTC/USDT

Litecoin’s (LTC) relief rally rose above the 20-day EMA ($247) on April 28, suggesting the near-term selling pressure has eased. However, the bears are unlikely to give up easily.

LTC/USDT daily chart. Source: TradingView

The LTC/USDT pair is facing resistance near the 50% Fibonacci retracement level at $270.89. If the bears sink the price below the 20-day EMA, the pair could drop to the 50-day SMA ($224). This is an important level to watch out for because if it cracks, the correction may deepen to $168.

On the contrary, if the bulls successfully defend the 20-day EMA, it will indicate demand at lower levels. The buyers will then try to push the price above $270.89 and reach the 61.8% Fibonacci retracement level at $286.02.

This level may again act as stiff resistance, but if the bulls drive the price above it, the pair could be on track to retest $335.03.

BCH/USDT

Bitcoin Cash (BCH) broke above the downtrend line on April 26, suggesting the start of a relief rally. The pullback is showing the first signs of resistance near the 50% Fibonacci retracement level at $950.13.

BCH/USDT daily chart. Source: TradingView

The bears will now try to sink the price below the 20-day EMA ($815). If they succeed, the BCH/USDT pair could drop to the 50-day SMA ($661). Such a move will suggest that the sentiment has turned negative and traders are selling on rallies.

Conversely, if the price rebounds off the 20-day EMA and breaks above $950.13, it will indicate that traders are buying on dips. That could push the price toward the 61.8% Fibonacci retracement level at $1,012.29. A break above this level would tilt the advantage in favor of the bulls.

The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph. Every investment and trading move involves risk. You should conduct your own research when making a decision.

Market data is provided by HitBTC exchange.

Waves, Celo, and Injective Protocol (INJ) breakout as DeFi reawakens

Strong future growth prospects and new institutional investments appear to be backing the rally in WAVES, INJ and CELO.

Bitcoin (BTC) extended its relief rally on Tuesday and reclaimed a market capitalization above $1 trillion.

While many traders panicked during Bitcoin’s recent fall below $47,000, fund manager Dan Tapiero said that he spotted a rare TD sequential buy signal during the low. The last time this signal was seen was in March 2020 when Bitcoin price traded near $3,600. Tapiero believes Bitcoin remains on target to reach $100,000 this year.

However, even after the recent rise above $55,000, Bitcoin’s market dominance continues to lag at 49.5%, according to CoinMarketCap data. This shows that crypto investors are focusing on altcoins, with several hitting new all-time highs.

Crypto market data daily view. Source: Coin360

The altcoin season is not entirely driven by retail investors. A recent report by crypto investment advisory firm Two Prime Digital Assets highlights that the eightyfold growth in Ether (ETH) options open interest, from $50 million to $4 billion in a year, points toward hedging by institutional money managers to protect their "net long portfolios against outsized volatility events.” Even the Ether futures market has increased by 20, cementing the involvement of institutional investors.

Keeping the focus on altcoins, let’s study the fundamentals and technicals of three tokens that have done well in the past few days.

WAVES/USDT

Many crypto enthusiasts are interested in investing in digital assets, but they do not have the required trading experience. Therefore, they miss several opportunities or end up leaving money on the table. Others work full time and, therefore, cannot devote time to trading. For such investors, a well-devised algorithmic trading product could be suitable, but it comes with its own risk.

Waves launched a new algorithmic trading investment product called "Lambo Investments" on April 15. The protocol's exchange platform announced it would give away a Lamborghini Huracan to a random investor in the product, which could have lured traders.

Along with decentralized finance (DeFi) and algorithmic trading, Waves has also made a splash in the nonfungible tokens (NFTs) sector. While the overall NFT craze has subsided, select investors continue to focus on them. The first Waves Duck NFT, called "Perfection," was sold for 1 million Neutrino USD (USDN) — an algorithmic stablecoin pegged to the U.S. dollar and collateralized by the native Waves token, WAVES — on Sign Art on April 12.

To further boost growth, Waves founder and CEO Sasha Ivanov recently laid out ambitious plans to reach $10 billion in total value locked by October and average 10 million daily transactions by February 2022. Traders are likely to keep a close watch on the developments, which could decide the level of investors' interest in the project.

WAVES rallied from an intraday low of $11.09 on April 23 to an all-time high of $21.09 on April 27, a 90% gain in five days. However, the long wick on April 27’s candlestick suggests profit-booking at higher levels.

WAVES/USDT daily chart. Source: TradingView

The WAVES/USDT pair could give back some of its gains and drop to the $16–$17 zone. If the bulls can flip this zone into support, it will suggest that sentiment remains positive and traders are accumulating on dips.

The 20-day exponential moving average (EMA) of $14.64 has started to rise, and the relative strength index (RSI) is in the positive zone, indicating the path of least resistance is to the upside.

A strong bounce off the support zone could result in a retest of $21.09. If buyers can drive the price above this resistance, the pair could resume its uptrend and reach $25.

This bullish view will be invalidated if the bears sink the price below the 20-day EMA. Such a move could pull the price down to the 50-day simple moving average (SMA) of $12.65.

INJ/USDT

Injective Protocol recently announced that it secured $10 million in funding from several investors, including Pantera Capital and billionaire Mark Cuban, for its DeFi protocol, which is alleged to have the best of both centralized and decentralized exchanges. Injective’s aim is to build a decentralized competitor to Robinhood.

On the development front, the protocol announced on April 15 that it had achieved “Trezor support for the EIP-712 signature standard,” which will allow Trezor users to access Ethereum-based applications.

Injective has been partnering with several blockchains to improve the experience for its users. Thus far in April, it has announced collaborations with API3, Harmony, Staked, Litentry, Persistence, Big Data Protocol and Klaytn.

Additionally, periodic token drops in Equinox Staking may have been an added attraction to the investors.

Injective's native token, INJ, rose from $10.91 on April 20 to an all-time high at $21.55 on April 22, recording a 97% increase in three days. The bulls could not sustain even higher levels on April 20, as seen from the long wick on the candlestick.

INJ/USDT daily chart. Source: TradingView

This encouraged the bears, who tried to trap the bulls and start a correction. However, the buyers purchased the dip to the 50-day SMA ($13.40) on April 23 and defended the 20-day EMA ($15.26) on April 23. This suggests that the sentiment remains positive and the bulls are accumulating on dips.

The buying momentum picked up on April 26, and the bulls cleared the first hurdle at $18.15. If the bulls can sustain the price above $18.15, the INJ/USDT pair could rise to $21.55. A break above this resistance could start the next leg of an up-move that may reach $26.44.

Contrary to this assumption, if the bears pull the price below $18.15, a drop to the 20-day EMA is likely. A break below this support would signal that the momentum has weakened, and the pair may drop to the 50-day SMA.

CELO/USDT

CELO was previously featured on Cointelegraph on Jan. 26 when its price was $3.24. From there, the token rallied to an all-time high of $7.23 on April 21, a 123% rally in just under three months.

Celo announced on April 20 that Deutsche Telekom made a “significant purchase” of CELO tokens through its strategic investment fund, Telekom Innovation Pool. Although the size of the investment was not disclosed, it is likely to be a major sentiment booster for the token.

A new gas-efficient bridging standard dubbed "Optics," connecting Celo to Ethereum, was announced on April 21. This is the first step toward building an open, connected blockchain ecosystem, which eventually will include Cosmos, Polkadot and others.

The payments platform announced the launch of the stablecoin Celo Euro (cEUR) on the mainnet on April 22. This is the second stablecoin, after Celo Dollar (cUSD) — which was launched on Celo in June 2020. This increases the user base for Celo users who want to send or receive money from relatives and friends.

CELO has been consolidating between $3.50 and $5.76 for the past few days. The bears pushed the price below the support of the range on March 25, but the bulls reclaimed the level on March 26, indicating buying at lower levels.

CELO/USDT daily chart. Source: TradingView

The sharp rally on April 20 and 21 propelled the price above the overhead resistance of the range, but the bulls have not been able to consolidate their advantage. The bears pulled the price back into the range on April 22.

Although the CELO/USDT pair broke below the 20-day EMA ($5.01) on April 23, the bulls purchased the dip to the 50-day SMA ($4.39). The buying momentum picked up again, and the bulls cleared the $5.76 hurdle on April 25 but could not sustain the breakout.

The Doji candlestick pattern on April 26 and the inside day candlestick pattern on April 27 suggest uncertainty among the bulls and the bears. If the bulls sustain the price above $5.76, a retest of $7.23 may be in the cards. A breakout of this resistance could result in a rally to $8.02.

Conversely, if the bears sink the price below the 20-day EMA, it will suggest that the pair could remain range-bound for a few more days.

The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph. Every investment and trading move involves risk, and you should conduct your own research when making a decision.

Price analysis 4/26: BTC, ETH, BNB, XRP, ADA, DOGE, DOT, UNI, LTC, BCH

Altcoins are notching double-digit gains as bulls push Bitcoin price back toward the $55,000 level.

Bitcoin price started the week off with a strong move that propelled the price above $50,000 and at the time of writing, bulls are in pursuit of the $55,000 level. 

On April 21, JPMorgan analysts wrote that the liquidity in the cryptocurrency markets is likely to recover sharply after the recent sell-off in Bitcoin (BTC). According to the analysts, “the worst of the liquidations” could be over “suggesting little overhang to work through.”

Another bullish sign was shown by the Crypto Fear and Greed Index, which quickly dipped from greed in the last week to fear on April 25, indicating that exuberant high leverage traders had likely been washed out. This reset also gave an opportunity for larger-size investors to buy at lower levels.

Daily cryptocurrency market performance. Source: Coin360

Today's breakout seems to have caught the aggressive bears napping, which resulted in the liquidation of $150 million in shorts, according to Moskovski Capital chief investment officer Lex Moskovski.

Data from Bybt shows that the funding rate for Bitcoin is less than 0.01%, which is below the neutral rate. This suggests that there are still shorts in the system which may be squeezed out if the uptrend resumes.

Let’s analyze the charts of the top-10 cryptocurrencies to identify the critical resistance and support levels that will determine the next trend.

BTC/USDT

Bitcoin dipped to a swing low at $46,985.02 on April 25 but the bears could not sustain the lower levels. This suggests that the bulls continue to accumulate on dips. The strong buying has pushed the price back above $50,460 today.

BTC/USDT daily chart. Source: TradingView

The downsloping 20-day exponential moving average ($55,385) and the relative strength index (RSI) at 45 suggest the bears still have the upper hand. The sellers are likely to defend the 20-day EMA aggressively.

If the price turns down from the 20-day EMA, it will indicate that the sentiment remains bearish and traders are selling on rallies. The bears will then try to sink the BTC/USDT pair below $46,985.02 and extend the correction to $43,006.77.

Contrary to this assumption, if the bulls do not give up much ground from the 20-day EMA, it will suggest that traders continue to buy at higher levels. A breakout of the 50-day simple moving average ($56,903) may open the doors for a rally to $61,825.84.

ETH/USDT

Ether (ETH) bounced off the 20-day EMA ($2,259) on April 25 indicating accumulation at lower levels. The bulls will now try to thrust the price above the $2,545.84 to $2,645 resistance zone.

ETH/USDT daily chart. Source: TradingView

If they succeed, the ETH/USDT pair could resume the uptrend, which could reach $3,000. The upsloping moving averages and the RSI above 63 suggest the bulls have the upper hand.

However, if the price turns down from the overhead zone, the bears may again pull the price down to the 20-day EMA. If this support cracks, the pair could drop to $2,040.77. A bounce off this support could keep the pair range-bound between $2,040.77 and $2,645 for a few days.

BNB/USDT

Binance Coin (BNB) is forming a symmetrical triangle, which usually acts as a continuation pattern. The bulls will now try to push the price to the resistance line of the triangle.

VORTECS™ data from Cointelegraph Markets Pro began to detect a bullish outlook for BNB on April 24, even before the rally had started.

The VORTECS™ Score, exclusive to Cointelegraph, is an algorithmic comparison of historic and current market conditions derived from a combination of data points including market sentiment, trading volume, recent price movements and Twitter activity.

VORTECS™ Score (green) vs.BNB price. Source: Cointelegraph Markets Pro

The 7-day chart above shows the VORTECS™ Score for BNB flipped green on April 24 when the price was $500.86.

Although the price dipped to a low of $483.68 on April 26, the VORTECS™ Score continued to remain in the green, avoiding a whipsaw to the traders. The bullish view on the VORTECS™ Score proved correct as BNB rallied to a high of $545.94 on April 26.

BNB/USDT daily chart. Source: TradingView

If the bulls can thrust the price above the triangle, the uptrend is likely to resume. The target objective of this setup is $808.57. The gradually upsloping 20-day EMA ($489) and the RSI above 59 suggest the bulls have a slight advantage.

However, if the price turns down and plummets below the support line of the triangle, the BNB/USDT pair could drop to $348.70. Such a move will suggest that the symmetrical triangle acted as a reversal pattern.

XRP/USDT

XRP has taken support near the 78.6% Fibonacci retracement level at $0.86. The bulls are attempting to start a relief rally today and have pushed the price above the 20-day EMA ($1.20).

XRP/USDT daily chart. Source: TradingView

If the bulls sustain the price above the 20-day EMA, the XRP/USDT pair could gradually rise to $1.46. The bears will try to stall the relief rally at this level. If the price turns down from this level, it will suggest that traders are closing their positions on rallies.

The pair could then drop to the 20-day EMA. A break below this support could result in a drop to the 50-day SMA ($0.86). Contrary to this assumption, if the bulls push the price above $1.46, the pair could move up to $1.74 and then $1.96.

ADA/USDT

Cardano (ADA) plunged below the $1.03 support on April 23 but the bears could not capitalize on this breakdown. The long tail on the day’s candlestick showed the bulls aggressively bought at lower levels.

ADA/USDT daily chart. Source: TradingView

The bears again tried to break the $1.03 support on April 25 but failed. The successful defense of the $1.03 support could have attracted strong buying from the bulls who are attempting to push the price above the moving averages.

If they succeed, the ADA/USDT pair could gradually climb toward the $1.48 resistance. On the contrary, if the price again turns down from the moving averages, the bears will make one more attempt to sink the price below $1.03 and start a new downtrend.

DOGE/USDT

The bears attempted to sink Dogecoin (DOGE) below the 20-day EMA ($0.22) on April 25 but failed, which suggests that the bulls are trying to defend this support. The meme coin has formed an inside day candlestick pattern today, suggesting indecision among the bulls and the bears.

DOGE/USDT daily chart. Source: TradingView

If the buyers propel the price above $0.29, the DOGE/USDT pair could rally to $0.35 where the bears may mount a stiff resistance. If the price turns down from this resistance, the bears will try to pull the price down to the 20-day EMA.

The extent of the fall from $0.35 will determine the next possible move. If the bulls do not give up much ground from $0.35, the possibility of a rise to $0.42 increases. However, if the price drops to the 20-day EMA, then the pair could remain range-bound for a few days.

The selling may intensify if the bears sink and sustain the price below the 20-day EMA. That could open the doors for a drop to the 50-day SMA ($0.11).

DOT/USDT

In a range-bound asset, traders buy near the support and sell at the resistance of the range. Polkadot (DOT) also witnessed buying near the $26.50 support on April 25 and the bulls have extended the relief rally today.

DOT/USDT daily chart. Source: TradingView

The up-move may face selling at the 20-day EMA ($35.79), which is sloping down. If the price reverses direction from the 20-day EMA, the bears will try to sink the DOT/USDT pair below $26.50.

If they succeed, the pair could start a new downtrend. Contrary to this assumption, if the bulls drive the price above the moving averages, the pair could move up to $42.28. This level may again act as a stiff resistance but if the bulls clear the hurdle, the pair could rise to $48.36.

UNI/USDT

Uniswap (UNI) slipped below the 50-day SMA ($31.41) on April 24 but the bears could not hold on to their advantage. The altcoin rebounded sharply on April 25 and rose above both moving averages.

UNI/USDT daily chart. Source: TradingView

The bulls have continued their buying today and have pushed the UNI/USDT pair above $35.20. However, the buyers are likely to counter stiff resistance from the bears in the $38.45 to $39.60 zone.

If the price turns down from this zone but rebounds off the 20-day EMA ($32.83), it will indicate the sentiment is positive and traders are accumulating on dips. That will enhance the prospects of a break above the all-time high at $39.60.

This positive view will invalidate if the price turns down from the current level of the overhead resistance and breaks below $29.80.

LTC/USDT

The bears failed to break and sustain the price below the 50-day SMA ($221) for the past three days. That could have attracted buying from the bulls who are attempting to push Litecoin (LTC) back above the 20-day EMA ($245) today.

LTC/USDT daily chart. Source: TradingView

If they succeed, the LTC/USDT pair could start its journey to $289.62 where the bears may try to stall the relief rally. If the price turns down from this resistance, the pair could again drop to the 20-day EMA and then to the 50-day SMA.

A break below the 50-day SMA could witness panic selling that may pull the price down to $168. On the other hand, if the bulls drive the price above $289.62, the pair could rally to the 52-week high at $335.03.

BCH/USDT

Bitcoin Cash (BCH) dipped and closed below the 20-day EMA ($797) on April 24 but the bears could not leverage this advantage and sink the price to the 50-day SMA ($647). This showed that buyers were accumulating below $750.

BCH/USDT daily chart. Source: TradingView

The bulls have pushed the price above the 20-day EMA and the downtrend line today. If the buyers can sustain the breakout, the BCH/USDT pair could start its journey toward $1,000 where the bears are again likely to pose a stiff challenge.

Contrary to this assumption, if the bulls fail to sustain the breakout, it will show that traders are closing their positions on rallies. That could increase the possibility of a drop to the 50-day SMA.

The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph. Every investment and trading move involves risk. You should conduct your own research when making a decision.

Market data is provided by HitBTC exchange.

Top 5 cryptocurrencies to watch this week: BTC, ETH, BNB, XMR, CAKE

Bitcoin price remains pinned below $50,000 but the drop in BTC dominance could propel ETH, BNB, XMR and CAKE higher over the short term.

Corrections in a bull phase are usually a bullish sign as they reduce the frothy excitement and allow stronger hands to enter the markets. However, the recent correction in Bitcoin (BTC) from its all-time high at $64,849.27 does not seem to have scared novice traders. 

Data from DappRadar shows that decentralized exchange volumes have picked up in the last week as traders may have exited profitable Bitcoin positions to buy altcoins at their current rock bottom prices.

Another sign of interest in altcoins is the sustained high volumes in Dogecoin (DOGE), which remains the fourth most traded cryptocurrency by volume, behind Bitcoin, Ether (ETH), and XRP, according to data from CoinMarketCap.

Crypto market data daily view. Source: Coin360

The recent fall in Bitcoin witnessed selling from the small-to-medium sized whales, who dumped $100,000 to $1 million worth of Bitcoin on the exchanges. However, a positive sign is that the larger-sized whales have continued to accumulate during this period.

While the long-term bullish story remains intact, the near term could see some more downside. Generally, a correction does not end until the retail crowd throws in the towel and a state of fear grips the markets.

In such an uncertain atmosphere, let’s look at the top-5 cryptocurrencies that are likely to outperform the other major cryptocurrencies in the short term.

BTC/USDT

The bulls are trying hard to push the price back above the psychological level of $50,000 but are facing stiff resistance from the bears on every minor rise. This shows that the bears are trying to hold on to their advantage and extend the decline to the next critical support at $43,006.

BTC/USDT daily chart. Source: TradingView

The 20-day exponential moving average ($55,671) is sloping down and the relative strength index (RSI) is close to the oversold territory, suggesting the bears have the upper hand.

The BTC/USDT pair had formed an inside day candlestick pattern on April 24 and today, indicating indecision among the bulls and the bears. If the uncertainty resolves to the downside, the selling could intensify, opening the gates for a decline to $43,006.

On the other hand, if the bulls can push the price above $52,129, the pair could witness a relief rally that is likely to face resistance at the 20-day EMA. If the price turns down from this resistance, the possibility of a break below $47.459 increases.

This negative view will invalidate if the bulls push and sustain the price above the 50-day simple moving average ($56,870).

BTC/USDT 4-hour chart. Source: TradingView

The 4-hour chart shows the bears have been selling on relief rallies to the 20-EMA. With both moving averages sloping down and the RSI trading in the negative zone, the advantage is with the bears.

If the bears sink the price below $48,664.67, the pair could drop to $47,459. A break below this support could resume the down move.

Conversely, a break above the 20-EMA will be the first sign that the selling has dried up and the bulls have a chance to extend the relief rally to the 50-SMA.

ETH/USDT

The bulls have once again defended the 20-day EMA ($2,235), indicating the trend remains strong and the buyers are accumulating on dips. Ether will now try to rally to the $2,545 to $2,645 overhead resistance zone.

ETH/USDT daily chart. Source: TradingView

A breakout of the overhead zone could signal the start of the next leg of the uptrend that may extend to $2,745 and then $3,000. The gradually rising moving averages and the RSI above 57 suggest the path of least resistance is to the upside.

Contrary to this assumption, if the price turns down from the overhead resistance, the bears will again try to sink the ETH/USDT pair below the moving averages. If they succeed, the pair may start a deeper correction to $1,542.

ETH/USDT 4-hour chart. Source: TradingView

The 4-hour chart shows the pair has formed a head and shoulders pattern, which will complete on a break and close below the neckline. Such a move could pull the price down to the pattern target at $1,600.

On the other hand, if the bulls can push the price above $2,375, the pair could retest the all-time high at $2,645. Such a move will invalidate the pattern and the pair is likely to pick up momentum on a break above $2,645.

BNB/USDT

Binance Coin (BNB) is currently consolidating in an uptrend. The bulls are buying the dips to the $480 support while the bears are defending the $600 to $638.57 overhead resistance zone. A range-bound action after a strong uptrend shows that traders are not hurrying to book profits.

BNB/USDT daily chart. Source: TradingView

Both moving averages are sloping up and the RSI above 56 suggests that the bulls have the upper hand. If the buyers can push the price above $530, the BNB/USDT pair could start its journey to the resistance of the range at $600. The bears are again likely to mount a stiff resistance between $600 and $638.57.

If the price turns down from this zone, the range-bound action may continue for a few more days. On the contrary, if the bulls push the price above $638.57, the pair could start its journey to $720 and then $832.

This positive view will invalidate if the bears sink and sustain the price below $480. If that happens, the selling may intensify and the pair may drop to the 50-day SMA ($368).

BNB/USDT 4-hour chart. Source: TradingView

The 4-hour chart shows the price is stuck inside a large symmetrical triangle. Although the price rebounded off the support line of the triangle, the bears are attempting to stall the relief rally at the moving averages.

If that happens and the price turns down from the current level, the bears will sense an opportunity and try to sink the price below the triangle. If they succeed, the pair could start a deeper correction to $348.

Alternatively, if the bulls push the price above the moving averages, the pair could rise to the resistance line of the triangle. A breakout of the triangle may signal the resumption of the uptrend.

XMR/USDT

Monero (XMR) is in a strong uptrend and repeated attempts by the bears to start a correction have failed as the bulls have aggressively bought the dips close to the $288.60 support.

XMR/USDT daily chart. Source: TradingView

The bulls have successfully defended the 20-day EMA ($335) and both moving averages are sloping up, suggesting the buyers have the upper hand. However, the RSI is showing the first signs of a negative divergence, indicating the momentum may be weakening.

If the price turns down from the current level and breaks below the 20-day EMA, it will suggest the possible start of a correction to $288.60. On the other hand, if the bulls push the price above $424.55, the XMR/USDT pair could rally to $498.

XMR/USDT 4-hour chart. Source: TradingView

The 4-hour chart shows that the volatility has picked up in the past few days. The bears have repeatedly broken the 50-SMA but the bulls have aggressively purchased the dip and pushed the price back above the 20-EMA.

If the pair rebounds off the current level and rises above $405.40, a retest of $424.55 is possible. A breakout of this resistance could start the next leg of the uptrend. Conversely, if the bears sink the price below the moving averages, a drop to $288.60 is likely.

CAKE/USDT

PancakeSwap (CAKE) had been facing stiff resistance near the $28 level for the past few days. The bears tried to sink the price below the 20-day EMA ($24) on April 23 but the bulls aggressively purchased the dip, suggesting the sentiment remains positive.

CAKE/USDT daily chart. Source: TradingView

Momentum picked up in the past two days and the CAKE/USDT pair has broken out to a new all-time high today. The upsloping moving averages and the RSI near the overbought zone suggest the path of least resistance is to the upside.

If the bulls sustain the price above $30, the pair could rally to $34.50. This bullish view will invalidate if the bears sink and sustain the price below the 20-day EMA. Such a move will be a significant event as the price has not sustained below the 20-day EMA since March 24.

VORTECS™ data from Cointelegraph Markets Pro began to detect a bullish outlook for CAKE on April 23, just as the rally was getting started.

The VORTECS™ Score, exclusive to Cointelegraph, is an algorithmic comparison of historic and current market conditions derived from a combination of data points including market sentiment, trading volume, recent price movements and Twitter activity.

VORTECS™ Score (green) vs. CAKE price. Source: Cointelegraph Markets Pro

As seen in the chart above, the VORTECS™ Score for CAKE flipped green on April 23 when the price was $25.24.

From there, the VORTECS™ Score consistently remained in the green and CAKE rallied to a high at $31.12 on April 25, recording a gain of 23% in about two days.

CAKE/USDT 4-hour chart. Source: TradingView

The 4-hour chart shows the formation of an inverse head and shoulders pattern. This bullish setup has a pattern target at $34.70. The 20-EMA has started to turn up and the RSI has risen above 65, indicating the bulls have the upper hand.

In case of a correction, the bulls will try to flip the neckline of the pattern into support. If they do that, the uptrend could resume. Conversely, a break below $27.50 may tilt the advantage in favor of the bears, signaling selling at higher levels

The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph. Every investment and trading move involves risk, you should conduct your own research when making a decision.

Price analysis 4/23: BTC, ETH, BNB, XRP, DOGE, ADA, DOT, UNI, LTC, BCH

Bitcoin price continues to come under pressure from sellers while Ether and BNB are attempting to buck the trend.

As Bitcoin price crashed below $50,000, mainstream media highlighted that the selling across the market could have been triggered by reports that the Biden administration proposed increasing the capital gains tax to 39.6% from the current 20% for people earning more than $1 million a year.

In other news, there was an apparent exit scam carried out by Thodex exchange owner Faruk Fatih Özer, which has affected about 391,000 users of the Turkish crypto exchange. Rumors are afloat that the owner may have fled the country with nearly $2 billion worth of crypto assets.

Daily cryptocurrency market performance. Source: Coin360

U.S. equity markets also sold off on April 22 as the tax hike rumors rattled investors but the S&P 500 has bounced back sharply today, indicating that market participants have discounted the news.

After the fall, the next big question on the minds of investors is whether the correction will deepen or is this the opportune time to open new positions.

Let’s analyze the charts of the top-10 cryptocurrencies to identify the critical support and resistance levels that will indicate the start of a trending move.

BTC/USDT

The 50-day simple moving average ($56,793) has flipped to resistance and the bulls could not push and sustain the price above it on April 19 and April 20. That may have resulted in profit-booking by short-term traders, which pulled Bitcoin’s (BTC) price below the psychological $50,000 mark today.

BTC/USDT daily chart. Source: TradingView

The moving averages have completed a bearish crossover and the relative strength index (RSI) is near the oversold level, indicating a possible change in sentiment. This is the first time the RSI has plunged below 40 since the start of the bull trend in October of 2020.

If the bears can sustain the price below $50,460, the BTC/USDT pair could continue to slump towards the next critical level at $43,006.77 where buyers are likely to step in aggressively. The extent of the rebound from this level will give better insight into whether the correction has ended or not.

This negative view will invalidate if the price rebounds off the current level and rises above the moving averages. The next leg of the uptrend could start after the bulls push the price above $64,849.27.

ETH/USDT

Ether (ETH) broke above $2,545.84 on April 22 and hit a new all-time high at $2,645. However, the long wick on the daily candlestick shows that the bulls could now sustain the breakout. This may have trapped aggressive breakout traders, who might have been stopped out of their positions today.

ETH/USDT daily chart. Source: TradingView

The selling continued and the ETH/USDT pair dropped to $2,102.24 today. However, the long tail on the day’s candlestick suggests the bulls aggressively purchased the dip close to $2,040.77. This indicates the sentiment remains positive and the buyers are accumulating at lower levels.

The acid test for the bulls will be in the $2,500 to $2,645 resistance zone. If the price again turns down from this level, the pair could consolidate between $2,500 and $2,040.77 for a few days.

On the other hand, a break above $2,645 could resume the uptrend that may reach $2,745 and then $3,000. This positive view will invalidate if the bears sink the price below $1,900.

BNB/USDT

Binance Coin (BNB) turned down from the $600 to $638.56 resistance zone on April 21, indicating that the bears are active at higher levels. The sellers pulled the price below the 20-day exponential moving average ($479) today but could not sustain the lower levels.

BNB/USDT daily chart. Source: TradingView

The long tail on today’s candlestick suggests the bulls continue to buy the dips to the 20-day EMA. The buyers will now again try to push the price to $600 and challenge the overhead resistance zone.

If they can thrust the price above $638.56, the BNB/USDT pair may start the next leg of the uptrend, which could reach $832.

However, if the price turns down from the overhead resistance zone, the pair could remain range-bound for a few days. The first sign of weakness will be if the price dips and sustains below the 20-day EMA. Such a move could result in a drop to the 50-day SMA ($357).

XRP/USDT

The failure of the bulls to build upon the rebound off the 20-day EMA ($1.22) on April 21 shows a lack of buyers at higher levels. The bears pounced on this opportunity and broke the 20-day EMA today, pulling XRP to the 78.6% Fibonacci retracement level at $0.86.

XRP/USDT daily chart. Source: TradingView

The bulls purchased the dip today but they are likely to counter stiff resistance at the 20-day EMA. If the price turns down from the 20-day EMA, the possibility of a break below the 50-day SMA increases. That could pull the price down to $0.56.

Alternatively, if the bulls push the price above the 20-day EMA, the XRP/USDT pair could rise to $1.46. If the price turns down from this resistance, the pair may remain range-bound for a few days. The bulls may be back in command if the price rises and sustains above $1.46.

DOGE/USDT

Vertical rallies unless backed by strong fundamentals witness waterfall declines and that is what was seen in Dogecoin (DOGE) price. The altcoin broke the 20-day EMA (0.20) support today and dipped to $0.15, just above the 78.6% Fibonacci retracement level at $0.14.

DOGE/USDT daily chart. Source: TradingView

Traders purchased at lower levels today and the DOGE/USDT pair has risen above the 20-day EMA. If the bulls sustain the price above the 20-day EMA, the pair may attempt to rise to $0.35.

However, the flat 20-day EMA and the RSI below 57 indicate the bulls have lost their advantage. If the pair loses ground and closes below the 20-day EMA, the selling could intensify further and a drop to the 50-day SMA ($0.10) is possible.

ADA/USDT

Cardano (ADA) turned down from the 20-day EMA ($1.24) on April 21, suggesting the sentiment has turned negative and traders are selling on rallies. The bears broke the $1.03 support today but have not been able to sustain the lower levels.

ADA/USDT daily chart. Source: TradingView

The bulls are currently trying to keep the price above $1.03. If they manage to do that, the ADA/USDT pair could again rise to the moving averages. If the bulls push the price above the 20-day EMA, the pair could rally to $1.48.

On the contrary, if the price again turns down from the 20-day EMA, the bears will attempt to sink the pair to $0.80 and then to $0.70. Such a move will suggest the start of a new downtrend.

DOT/USDT

Polkadot’s (DOT) recovery attempt hit a barrier at the 50-day SMA ($37) on April 22, suggesting the sentiment has turned negative and traders are offloading their positions on rallies.

DOT/USDT daily chart. Source: TradingView

The selling picked up momentum today and the DOT/USDT pair dropped to the $26.50 support. However, the sharp bounce off this support suggests the bulls are defending this level aggressively.

If the bulls sustain the recovery, the pair could remain range-bound for a few more days. A breakout of the moving averages will be the first sign of strength while a break below $26.50 will signal the possible start of a new downtrend.

UNI/USDT

Uniswap (UNI) rose above the $35.20 overhead resistance on April 21 and again on April 22. However, on both occasions, the altcoin met with stiff resistance at higher levels as seen from the long wick on the day’s candlestick.

UNI/USDT daily chart. Source: TradingView

The failure to sustain the breakout above $35.20 may have trapped the aggressive bulls who dumped their positions today. If the UNI/USDT pair closes below the 50-day SMA today, the decline could extend to $25.52 in the next few days.

A strong rebound off this support will suggest that traders are defending this level aggressively. That could keep the pair range-bound for a few more days. On the other hand, if the $25.52 support cracks, the down move could extend to $20.

This neutral to negative view will invalidate if the price turns up from the current level and rises above $35.20.

LTC/USDT

The bulls tried to resume the up-move on April 21 and 22 but met with stiff resistance at higher levels as seen from the long wick on the candlesticks. The bears continued their selling today and pulled Litecoin (LTC) below both moving averages.

LTC/USDT daily chart. Source: TradingView

The long tail on today’s candlestick suggests the bulls are buying at lower levels and trying to stage a recovery. However, they are likely to face stiff resistance near the 20-day EMA ($250.)

If the price turns down from the 20-day EMA, it will suggest that the sentiment has turned negative and traders are selling on rallies. That will increase the possibility of a break below the 50-day SMA. If that happens, the LTC/USDT pair could plunge to $168.

This negative view will invalidate if the price turns up from the current level and rises above $246.96.

BCH/USDT

The relief rally in Bitcoin Cash (BCH) reversed direction from $998.49 on April 21 and the selling intensified today when the bears broke the 20-day EMA ($797) support. However, the bulls are attempting to stage a recovery from the intraday lows as seen from the long tail on the candlestick.

BCH/USDT daily chart. Source: TradingView

If the BCH/USDT pair sustains the recovery, it will suggest buying at lower levels. The bulls will then try to push the price above the downtrend line. If they succeed, the pair could again rise to $1,000 where the bears will mount stiff resistance.

The flat 20-day EMA and the RSI near the midpoint suggest the bulls have lost their advantage. If the price turns down from the downtrend line, the bears will make one more attempt to sink the price to the 50-day SMA ($629).

Such a deep fall is likely to delay the next leg of the uptrend and keep the pair range-bound for a few days.

The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph. Every investment and trading move involves risk. You should conduct your own research when making a decision.

Market data is provided by HitBTC exchange.

Data shows traders rushed to buy altcoins during Bitcoin’s dip to $50K

Bitcoin price may be stuck in a rut but this hasn't stopped traders from loading up on LINK, BAND and Qtum.

Bitcoin’s (BTC) recent downturn temporarily pulled its dominance rate down to 49.5% which is the lowest level since August 2018. This has led a growing number of traders to predict that altcoins will outperform Bitcoin in the short term.

Over the past few months, the price action from altcoins seems to be disengaging from Bitcoin. Take for example, Ether (ETH), which hit a new all-time high today even as Bitcoin price is down 20% from its all-time high.

Crypto market data daily view. Source: Coin360

The major factor that could have tilted the scale in favor of altcoins is the massive rise in the popularity of the decentralized finance space. New York Stock Exchange president Thomas Farley pointed out in an interview with CNBC that “DeFi exchanges are doing as much volume if not more than Coinbase today.”

Let’s look at the fundamentals and technicals of three tokens that have been on the rise in the past few months.

LINK/USDT

Chainlink (LINK) is one of the most popular decentralized oracle solutions. To support the rapid pace of innovation in the crypto industry, Chainlink outlined its vision for the future in its new whitepaper dubbed Chainlink 2.0 on April 15.

The whitepaper presents a new architecture for building hybrid smart contracts where second-layer networks called Decentralized Oracle Networks store and compute the data off-chain before feeding the input on the blockchain. This new concept could empower developers to build hybrid smart contracts quickly, similar to application programming interfaces (APIs) that developers build in the web world.

Another positive for LINK investors came as Grayscale announced the addition of the altcoin to its Digital Large Cap Fund on April 6. Although the allocation is only 0.87%, the inclusion could bring it into the focus of institutional investors.

On April 2 Polkadot and Chainlink announced that Chainlink’s price feeds woul be available as Substrate oracle pallet, enabling projects in the Polkadot ecosystem to integrate Chainlink oracles through a simplified library.

LINK is currently correcting from its sharp rise from $23.61 on March 24 to the all-time high at $44.33 on April 15. Although the price plunged below the moving averages on April 18, the bulls aggressively bought at lower levels as seen from the long tail on the day’s candlestick.

LINK/USDT daily chart. Source: TradingView

Since then, the bears and the bulls have been battling it out at the 20-day exponential moving average ($35.89). The bulls are attempting to defend the 20-day EMA support and launch the next leg of the up-move while the bears are trying to extend the correction by breaking the support.

The marginally rising 20-day EMA and the relative strength index (RSI) above 57 indicate a minor advantage to the buyers. If the bulls can push and sustain the price above $40, the LINK/USDT pair could retest $44.33. A breakout of this resistance could start the next leg of the uptrend, which could reach $50 and then $55.72.

This bullish view will invalidate if the bears sink and sustain the price below the 20-day EMA. Such a move could pull the price down to the 50-day simple moving average ($31.42) and delay the start of the next leg of the uptrend.

BAND/USDT

Band Protocol (BAND) was featured by Cointelegraph on Feb. 2 when its price was at $11.14. Since then the price h rallied to an all-time high at $23.30 on April 15, a gain of 109% in about two and half months.

The protocol announced on April 15 that its oracle data is live on Google Cloud Public Data, which can be used to build traditional, hybrid blockchain and cloud applications. Band said that the integration into Google Cloud Public Data was the first among many use-cases being explored with partners “to bridge traditional enterprises and blockchain applications.”

Band has continued to build partnerships to increase its market share. In the past month, it has announced partnerships with Krystal, Equilibrium, and Polygon. Additionally, one of the biggest financial institutions in Thailand, SCB 10X partnered with Band as a node validator.

BAND is currently trading inside a large range between $11.50 and $20.62. The bulls had pushed the price above the overhead resistance of the range on April 15 and 16 but they could not build up on the breakout.

BAND/USDT daily chart. Source: TradingView

This suggests that bears are active at higher levels. The sellers pulled the price back into the range on April 17, trapping the aggressive bulls. Long liquidations could be one of the reasons for the sharp fall on April 18 that momentarily dropped below the $11.50 support.

However, the positive sign was that the bulls aggressively bought the dips on April 18 as seen from the long tail on the candlestick.

After staying between both moving averages for the past three days, the BAND/USDT pair has broken above the 20-day EMA ($17.04) today. The pair could once again move up to $20.62 where the bears are again likely to mount a stiff resistance.

The flat moving averages and the RSI just above the midpoint suggest that the range-bound action may continue for a few more days. A breakout and close above $21 could open the gates for the resumption of the uptrend. The next target on the upside could be $29.74.

QTUM/USDT

Qtum (QTUM) was covered by Cointelegraph on Feb. 11 when its price was at $7.59. The token took off and made an all-time high at $20.72 on April 19, rallying 173% in just over two months.

The most eagerly awaited development is the transition from 128-second block average to 32-second block average that is expected to take place via a hard fork on April 30.

On March 31 Qtum founder Patrick Dai said that the protocol was working to enable smart contracts for Filecoin through the Qtum network. On the same day, Dai teased that non-fungible tokens are also making their way on Qtum.

QTUM’s Doji candlestick pattern on April 19 indicated that the uptrend could be losing steam. The short-term weakness was confirmed further when the price continued lower on April 20.

QTUM/USDT daily chart. Source: TradingView

The bulls are currently attempting to defend the 20-day EMA ($15.08). A strong bounce off this support will indicate that the sentiment remains positive and the bulls are accumulating on dips.

The buyers will likely try to push the price to $18.63 and then $20.72. A breakout of this resistance will signal the resumption of the uptrend.

However, the negative divergence on the RSI suggests the momentum may be weakening. If the bears sink the price below the 20-day EMA, the QTUM/USDT pair could slump to the 50-day SMA ($10.47) where the buyers may step in to stall the decline.

A strong rebound off the 50-day SMA could keep the pair range-bound for a few days while a break below the support will suggest the bears are back in the game.

The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph. Every investment and trading move involves risk, you should conduct your own research when making a decision.

Price analysis 4/21: BTC, ETH, BNB, XRP, DOGE, ADA, DOT, UNI, LTC, BCH

Although Bitcoin is struggling to recover from its recent crash, Ethereum is pushing toward a new high and prompting several altcoins to rally.

JPMorgan strategist Nikolaos Panigirtzoglou believes that if Bitcoin (BTC) does not break above $60,000 within the next few days, the momentum signals could weaken “for several months, given their still-elevated level.” 

Another bearish voice was that of Guggenheim chief investment officer Scott Minerd who said in an interview with CNBC on April 20 that Bitcoin looked frothy and was at risk of a correction to $20,000 to $30,000.

Minerd said that such a massive fall will be part of a normal market cycle and that will not alter his long-term target of $400,000 for Bitcoin.

Daily cryptocurrency market performance. Source: Coin360

However, several analysts, including statistician Willy Woo, countered the bearish forecasts of technical traders with on-chain indicators. Woo pointed out that 14% of Bitcoin’s supply last moved above the $1 trillion market capitalization, hence this becomes a strong support and makes Bitcoin less likely to drop below $53,000.

A recent survey by Gemini crypto exchange showed that 13% of the respondents planned to invest in cryptocurrencies in 2021. Extrapolating the numbers to the U.S. population, Gemini said that 19.3 million adults may join the crypto bandwagon this year, which “would nearly double the current crypto investor population of 21.2 million adults.”

Let’s analyze the charts of the top-10 cryptocurrencies to spot the trends and then identify the paths of least resistance.

BTC/USDT

The bulls are buying the dips to the $54,000 level as seen from the long tail on the candlesticks of the past three days. However, the buyers have not been able to clear the hurdle at the 50-day simple moving average ($56,769), which has flipped to resistance.

BTC/USDT daily chart. Source: TradingView

The 20-day exponential moving average ($58,280) has started to turn down and the relative strength index (RSI) is trading below 43, indicating that the bears have a slight edge.

If the price turns down from the moving averages, it will increase the possibility of a break below $54,000. If that happens, the BTC/USDT pair could drop to $50,460. The bulls are likely to defend this level aggressively.

A strong rebound off $50,460 could keep the pair range-bound for a few days. However, if the bears sink the price below $50,460, the sentiment could sour and the pair may plummet to $43,006.77.

This negative view will invalidate if the bulls can drive the price above $60,000. Such a move will suggest that traders continue to buy at lower levels. A breakout of the all-time high at $64,849.27 could attract momentum traders, starting the next leg of the up-move.

ETH/USDT

Ether (ETH) strongly bounced off the $2,040.77 level on April 20, indicating aggressive buying by the bulls at lower levels. The successful retest of the breakout level at $2,040.77 is likely to attract further buying from short-term traders.

ETH/USDT daily chart. Source: TradingView

The upsloping moving averages and the RSI in the positive zone suggest that bulls are in control. If the bulls can propel the price above the all-time high at $2,545.84, the ETH/USDT pair could pick up momentum and rally toward the next target objective at $2,745 and then $3,000.

Contrary to this assumption, if the price turns down from the overhead resistance, then a few days of consolidation between $2,040.77 and $2,545.84 is possible. The advantage will tilt in favor of the bears if the pair slips and sustains below $1,900.

BNB/USDT

The failure of the bears to sustain Binance Coin (BNB) below the 20-day EMA ($476) on April 18 attracted buying on April 19. The momentum picked up further on April 20 and the bulls are now trying to thrust the price above the all-time high at $638.56 and resume the uptrend.

VORTECS™ data from Cointelegraph Markets Pro began to detect a bullish outlook for BNB on April 20 at 20:30 UTC, just as the relief rally was picking up strength.

The VORTECS™ Score, exclusive to Cointelegraph, is an algorithmic comparison of historic and current market conditions derived from a combination of data points including market sentiment, trading volume, recent price movements and Twitter activity.

VORTECS™ Score (green) vs.BNB price. Source: Cointelegraph Markets Pro

The 7-day chart above shows the VORTECS™ Score for BNB flipped green on April 20 when the price was $527.05.

While the market was still contemplating the direction of the next move, the VORTECS™ Score picked up strength and BNB also followed higher, hitting $608.31 about 16-hours later.

BNB/USDT daily chart. Source: TradingView

If they succeed, the BNB/USDT pair could start its journey toward the next target objective at $832. The upsloping moving averages and the RSI near the overbought territory suggest the path of least resistance is to the upside.

However, the bears are unlikely to give up easily. They will try to mount a stiff resistance in the $600 to $638.56 resistance zone. If the bulls do not cede much ground, it will enhance the prospects of a breakout of the resistance zone.

Conversely, if the price dips back below $520, then the bears may make one more attempt to break the 20-day EMA. A break below $428 could result in a deeper correction.

XRP/USDT

The bulls are aggressively attempting to defend the 20-day EMA ($1.26). This suggests the sentiment in XRP remains positive. The gradually upsloping moving averages and the RSI in the positive zone indicate a minor advantage to the bulls.

XRP/USDT daily chart. Source: TradingView

The XRP/USDT pair may now rally to $1.56 where the bears are likely to again mount stiff resistance. If the price turns down from this resistance, the bears will make one more attempt to sink the price below the 20-day EMA.

If they succeed, the pair could extend its decline to the 61.8% Fibonacci retracement level at $1.10. Conversely, a break above $1.56 could put the bulls back in the driver’s seat.

DOGE/USDT

The bulls attempted to resume the uptrend in Dogecoin (DOGE) on April 19 but they could not clear the hurdle at the all-time high of $0.45. The price turned down sharply from $0.43, indicating that traders are booking profits on rallies.

DOGE/USDT daily chart. Source: TradingView

The DOGE/USDT pair has formed an inside-day candlestick pattern today, suggesting indecision among the bulls and the bears. If the price turns down and breaks the $0.27 support, the pair could decline to the 20-day EMA ($0.19).

A strong rebound off the 20-day EMA will suggest that the bulls continue to buy at lower levels. However, after such a deep correction, the next leg of the uptrend could be delayed.

If the 20-day EMA support cracks, the selling could intensify as several traders who are stuck at higher levels may book their losses. The price could then drop to the 78.6% Fibonacci retracement level at $0.14.

ADA/USDT

Cardano (ADA) dipped below the 50-day SMA ($1.20) on April 20 but the bulls staged a swift recovery. This shows that the bulls continue to buy at lower levels. If the buyers push and sustain the price above the 20-day EMA ($1.27), a rally to $1.48 is possible.

ADA/USDT daily chart. Source: TradingView

On the other hand, if the price turns down from the 20-day EMA, the ADA/USDT pair could drop to the support of the range at $1.03.

The flat moving averages and the RSI near the midpoint suggest the pair could remain range-bound between $1.03 and $1.48 for a few more days.

The next trending move could start if the bulls drive the price above the $1.48 resistance or the bears sink the pair below the $1.03 support.

DOT/USDT

Polkadot (DOT) bounced off $31.55 on April 20 but the buyers are struggling to build upon the initial recovery today, indicating hesitation to buy at higher levels.

DOT/USDT daily chart. Source: TradingView

The downsloping 20-day EMA ($38.96) and the RSI in the negative territory indicate that the bears have the upper hand. If the price turns down from the moving averages, it will suggest that traders are selling on rallies.

That will increase the likelihood of a break below $31.55. If that happens, the decline could extend to $26.50.

This negative view will invalidate if the bulls push the price above the moving averages. Such a move will open the gates for a rally to $42.28 and then to the all-time high at $48.36.

UNI/USDT

The long tail on the candlesticks of the past three days shows strong accumulation by the bulls at lower levels. The buying picked up momentum today and the bulls are attempting to push and sustain Uniswap (UNI) above the $35.20 resistance.

UNI/USDT daily chart. Source: TradingView

If they manage to do that, the UNI/USDT pair could retest the all-time high at $39.60. A breakout of this resistance could signal the start of the next leg of the uptrend, which may reach $44.88 and then $50.

The 20-day EMA ($32.62) has started to turn up and the RSI has risen above 58, indicating advantage to the bulls.

This positive view will invalidate if the price turns down from the current level and slips below the 20-day EMA. Such a move could keep the pair range-bound for a few more days.

LTC/USDT

Litecoin (LTC) slipped below the 20-day EMA ($252) on April 20 but the bulls arrested the decline at $234.43. The long tail on the day’s candlestick suggests strong buying at lower levels. The buyers are currently attempting to sustain the price above the 38.2% Fibonacci retracement level at $270.12.

LTC/USDT daily chart. Source: TradingView

If they succeed, the LTC/USDT pair could rally to the 50% retracement level at $282.51 and then to the 61.8% retracement level at $294.91. The marginally rising 20-day EMA and the RSI above 58 suggest a slight advantage to the bulls.

On the contrary, if the price turns down from $270.12, it will suggest that the sentiment has turned negative and the bears are selling on rallies. That will increase the possibility of a drop to the 50-day SMA ($216).

BCH/USDT

The bulls have successfully defended the support at the 50% Fibonacci retracement level at $828.24. Bitcoin Cash (BCH) could now rally to $1,041.70 where the bears may again mount a stiff resistance.

BCH/USDT daily chart. Source: TradingView

However, the upsloping moving averages and the RSI in the positive territory suggest the path of least resistance is to the upside. If the bulls can drive the price above $1,041.70, the BCH/USDT pair could retest the 52-week high at $1,213.51.

Contrary to this assumption, if the price turns down from the current level and breaks below the 20-day EMA ($797), it will increase the likelihood of a deeper correction. The 61.8% Fibonacci retracement level at $737.31 may act as a support but if it cracks, the pair could drop to the 50-day SMA ($618).

The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph. Every investment and trading move involves risk. You should conduct your own research when making a decision.

Market data is provided by HitBTC exchange.

Exchange tokens bounce from key support levels as COIN looks for direction

Bitcoin’s sharp correction to $50,000 brought Binance Coin, FTX Token, OKex and Huobi Token to their lower support levels but data shows there is still a bullish case for exchange tokens.

A lot of hype was built up before the Coinbase listing on the Nasdaq on April 14 and several cryptocurrencies rallied in the run-up to the event.

However, traders usually buy the rumor and sell the news. In this case, they bought until the event, and then several investors seem to have booked profits aggressively. This resulted in a correction in several major cryptocurrencies, including Bitcoin (BTC).

Crypto market data daily view. Source: Coin360

In the run-up to the Coinbase listing, several exchange tokens rallied as traders bid up their price in relation to Coinbase's $100 billion valuation. Now that COIN has been trading on Nasdaq for nearly a week, let's take a look at how exchange tokens are performing since the listing.

BNB/USDT

Binance Coin (BNB) was quoting at $256.72 on Feb. 19 and from there, it rallied to an all-time high at $638.56 on April 12, giving 148.73% returns to investors.

VORTECS™ data from Cointelegraph Markets Pro began to detect a bullish outlook for BNB on April 2, before the rally picked up momentum.

The VORTECS™ Score, exclusive to Cointelegraph, is an algorithmic comparison of historic and current market conditions derived from a combination of data points including market sentiment, trading volume, recent price movements and Twitter activity.

VORTECS™ Score (green) vs.BNB price. Source: Cointelegraph Markets Pro

As seen from the one-month chart above, the VORTECS™ Score for BNB flipped green on April 2 when the price was close to $335.

Barring small periods, the VORTECS™ Score remained in the green all through the rally to $601 on April 13. Thus the indicator could have assisted traders in sticking with the rally even while other analytical methods may have warned of overbought levels.

The coin witnessed profit booking above $600 and corrected to the 20-day exponential moving average ($463) on April 18. However, a positive sign is that the bulls did not allow the price to hang below the 20-day EMA.

BNB/USDT daily chart. Source: TradingView

Both moving averages continue to slope up and the relative strength index (RSI) is above 68, indicating that the bulls are in control. Buyers may face resistance at $600 but if they can clear this hurdle, the BNB/USDT pair could march up to $638.56.

The bears will again try to stall the uptrend in the $600 to $638.56 zone. If the price turns down from this zone, it could once again dip to $428 and the pair may remain range-bound for a few days.

However, if the bulls drive the price above the all-time high, the pair could pick up momentum and rally toward $832. This bullish view will invalidate if the bears sink and sustain the price below $428.

Such a move will suggest that supply exceeds demand and that could pull the price down to $348.69. 

FTT/USDT

FTX Token (FTT) rallied from $28.82 on Feb. 19 to an all-time high at $59.59 on April 14, clocking gains of 106.76%. Since then, the token has been in a corrective phase but the positive sign is that the bulls have not allowed the price to sustain below the 20-day EMA ($48.70). This suggests strong buying on dips.

The news of the FTX exchange burning over $6.4 million worth of FTT, $2 million more than their previous record, is likely to attract buyers as it shows the exchange has been doing robust business. As more tokens are burned, the supply will reduce and with increasing demand, the price is likely to move higher.

FTT/USDT daily chart. Source: TradingView

If the bulls can push the price above $52.55, the FTT/USDT pair could rally to $59.59. If the bulls can thrust the price above this resistance, the momentum is likely to pick up and the pair could rally to $71.89.

However, if the bulls fail to propel the price above $52.55, it will suggest that demand dries up at higher levels. That could strengthen the bears and they will then try to sink the price to the 50-day simple moving average ($41.32).

This is an important support to watch out for because the price has not closed below it since mid-November of last year. Therefore, a break below it will suggest a change in trend and open the gates for a deeper correction to $32.

HT/USDT

Huobi Token (HT) was trading at $18.94 on Feb. 19 and from there it moved up to an all-time high at $26.89 on Feb. 20, but since then, it has not been able to come close to the level.

The token witnessed a sharp correction after hitting the all-time high and it dropped to an intraday low at $12.13 on March 25, losing about 55% from the highs.

HT/USDT daily chart. Source: TradingView

Generally, after a deep fall the price consolidates in a range before starting the next trending move. The same thing happened with the HT/USDT pair as well. The pair traded between $12.13 and $18 until the bulls pushed the price above the resistance on April 10.

However, the bulls could not sustain the breakout as the price turned down from $22.76 on April 12 and re-entered the range on April 18.

The bulls are trying to defend the 50-day SMA ($16) but are struggling to sustain the price above $18. This shows selling at higher levels. If the price turns down and breaks below the 50-day SMA, the pair could drop to $12.13 where buyers may step in.

Contrary to this assumption, if the bulls can sustain the price above $18, the pair could rally to $22.76. A break above this resistance could challenge $26.89. The bulls will have to clear this resistance to resume the uptrend.

OKB/USDT

OKEx (OKB) jumped up from $12.50 on Feb. 19 to an all-time high at $24.74 on April 12, a gain of 98%. However, it was not a one-way move but a roller coaster ride for the investors.

The coin had hit an intraday high at $23.80 on Feb. 22 but it witnessed a sharp fall and dipped to $12 on March 25, losing about 50% from the highs. However, instead of forming a range, the price quickly started a V-shaped recovery.

OKB/USDT daily chart. Source: TradingView

Although the bulls cleared the $23.80 hurdle on April 12, they could not sustain the higher levels. The OKB/USDT pair again witnessed a sharp decline and hit an intraday low at $13.92 on April 18.

The bulls are currently attempting to start a relief rally but have hit a wall at the 20-day EMA ($17.98). This suggests the sentiment has turned negative and traders are selling on rallies. If the price turns down and breaks below $14, the pair could drop to $12.

A break below this level could intensify the selling and the pair could drop to $8. The 20-day EMA has started to turn down and the RSI is just below the midpoint, suggesting a slight advantage to the bears.

This negative view will invalidate if the bulls push and sustain the price above the 20-day EMA. Above this resistance, the pair could move up to the 61.8% Fibonacci retracement level at $20.60. This level is again likely to act as stiff resistance but if it is scaled the pair could retest $24.74.

The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph. Every investment and trading move involves risk, you should conduct your own research when making a decision.

Price analysis 4/19: BTC, ETH, BNB, XRP, DOGE, ADA, DOT, LTC, BCH, UNI

After the initial oversold bounce, traders are struggling to sustain the momentum of the relief rally in Bitcoin and most altcoins, a signal that selling could intensify at higher levels.

During strong uptrends, the best practice is to buy on significant dips as profits are produced when the price quickly rebounds from oversold conditions.  This appears to be what happened on April 18 as traders jumped at the opportunity to buy Bitcoin and altcoins at lower levels.

However, no market can keep going up in a straight line and periodic corrections and phases of consolidation are needed as they drive away the speculators who only jump in and use high leverage when they sense an opportunity to get rich quickly.

The sharp rise in Dogecoin’s (DOGE) price and the huge addition of subscribers in Dogecoin and other cryptocurrency subreddits last week indicate that there is an influx of novice traders who are dreaming of making easy riches.

Daily cryptocurrency market performance. Source: Coin360

This class of trader is usually the last to enter an uptrend and the irrational buying typically results in a spike, which culminates in a short-term top as smart money view this as a signal to book profits. The inexperienced trader continues to buy on the way down and as the losses mount, they eventually panic sell the entire position right at the bottom.

On the other hand, the experienced long-term investors wait patiently until the excesses are cleared from the system and then start buying. Traders should be on the lookout for the right opportunity to enter rather than get sucked into trades due to FOMO.

Let’s study the charts of the top-10 cryptocurrencies to identify the critical support and resistance levels, which may signal the start of the next trending move.

BTC/USDT

Bitcoin’s (BTC) strong recovery from $50,447.50 on April 18 shows traders are aggressively buying the dips. However, the failure of the bulls to sustain the price above the 50-day simple moving average ($56,486) today suggests that there is hesitation to buy at higher levels.

BTC/USDT daily chart. Source: TradingView

The 20-day exponential moving average ($58,775) is turning down and the relative strength index (RSI) is in the negative territory, indicating the bears are trying to make a comeback. The longer the price trades below the moving averages, the greater the possibility of a retest of $50,460.

If the price rebounds off the $50,460 support, the BTC/USDT pair could remain range-bound for a few days. On the other hand, if the bears sink the price below $50,460, the selling could intensify as the bulls who purchased the dip on April 18 may be forced to cover their positions. The pair could then drop to $43,006.77.

Conversely, the first sign of strength will be a break above the 20-day EMA. Such a move will enhance the prospects for a retest of the all-time high at $64,849.27.

ETH/USDT

Ether (ETH) plunged close to the 50-day SMA ($1,899) on April 18 but the bulls purchased the dip aggressively, resulting in a recovery that pushed the price back above the 20-day EMA ($2,154).

ETH/USDT daily chart. Source: TradingView

However, the bulls are struggling to build upon the recovery today as the bears are again trying to sink the price below the 20-day EMA. If they manage to do that, the ETH/USDT pair could slide to $2,040.77 and then to the 50-day SMA. A break below the 50-day SMA could intensify selling that could result in a fall to $1,542.

Contrary to this assumption, if the pair rebounds off the current levels, it will suggest strong buying on dips. The bulls will then try to push the price to the all-time high at $2,545.84. A break above this resistance could start the next leg of the up-move.

BNB/USDT

In strong uptrends, the bulls generally buy the dips to the 20-day EMA ($454) and that is what happened on April 18. Binance Coin (BNB) bounced off the 20-day EMA and the bulls attempted to build on the recovery today.

BNB/USDT daily chart. Source: TradingView

However, the long wick on today’s candlestick suggests the bears are aggressively defending the $550 resistance. If the price turns down and breaks below the $428 support, the decline could extend to $348.69.

Conversely, if the price rebounds off the 20-day EMA and the buyers thrust the price above $550, the BNB/USDT pair could rally to $600 and then to $638.56. A breakout of this resistance may start the next leg of the uptrend that could reach $832.75.

XRP/USDT

XRP rebounded from just below the 20-day EMA ($1.23) on April 18 as the bulls accumulated at lower levels. However, the buyers are finding it difficult to extend the recovery today, indicating selling on rallies.

XRP/USDT daily chart. Source: TradingView

If the bears sink the price below the 20-day EMA, a drop to the 61.8% Fibonacci retracement level at $1.10 is possible. A break below this level could intensify selling and pull the XRP/USDT pair down to the 78.6% Fibonacci retracement at $0.86.

Contrary to this assumption, if the bulls propel the price above $1.56, the pair could rise to $1.80 and then to $1.96. The bears may defend this level aggressively but if the bulls can clear the hurdle, the pair could start the next leg of the up-move.

DOGE/USDT

After Dogecoin’s massive rally on April 16, traders booked profits on April 17, which dragged the price down $0.23, just below the 50% Fibonacci retracement level at $0.25. The bears tried to extend the decline on April 18 but the bulls again purchased the dip to $0.23.

DOGE/USDT daily chart. Source: TradingView

The bulls have continued with their recovery today and are attempting to drive the price above the all-time high at $0.45. If they succeed, the DOGE/USDT pair could start the next leg of the rally that could reach $0.63.

However, the bears are likely to defend the $0.45 level aggressively. If the price turns down from this resistance and dips back below $0.35, it will suggest that traders are selling on rallies. The pair could then remain stuck in a range for a few days. The trend will favor the bears if they can sink and sustain the price below $0.23.

ADA/USDT

Cardano (ADA) broke below the moving averages and dropped to an intraday low at $1.08 on April 18. However, the bulls purchased this dip aggressively and pushed the price back above the 50-day SMA ($1.20).

ADA/USDT daily chart. Source: TradingView

The bulls tried to extend the recovery by pushing the price above the 20-day EMA ($1.28) today but the higher levels are attracting selling from the bears. If the price dips and sustains below the 50-day SMA, the ADA/USDT pair could slide to $1.03. A break below the support of the range will signal a change in trend.

Alternatively, if the bulls buy the drop to $1.03 aggressively, it will suggest that lower levels continue to attract buyers. The pair could then remain range-bound for a few more days. The bulls will gain the upper hand on a break above $1.55.

DOT/USDT

Polkadot (DOT) hit a new all-time high at $48.36 on April 17 but the bulls could not sustain the higher levels. The long wick on the candlestick suggests that traders aggressively booked profits, which pulled the price back below $42.28.

DOT/USDT daily chart. Source: TradingView

The selling continued on April 18 and the DOT/USDT pair slipped below the moving averages, hitting an intraday low at $32. Although the bulls staged a strong recovery, they are struggling to sustain the price above the 50-day SMA ($37.45) today.

This suggests that bears are selling on rallies. If the bears sink the price below $32, the pair could decline to $26.50. The 20-day EMA ($39.784) has started to turn down and the RSI is below 41, indicating the sellers have the upper hand.

This negative view will invalidate if the bulls push the price above the $42.28 resistance. A breakout of this level could result in a retest at $48.36.

LTC/USDT

Litecoin (LTC) formed a shooting star candlestick pattern on April 17, which usually acts as a reversal pattern. The altcoin witnessed another sharp selling on April 18 and the price plunged to a low at $230.

LTC/USDT daily chart. Source: TradingView

Although the bulls purchased the dip on April 18, they have not been able to sustain the rebound. This suggests that the bears are trying to gain the upper hand. Renewed selling has pulled the LTC/USDT pair down to the support at $246.96 today.

If the bears sink the price below $246.96, the correction could deepen to the 50-day SMA ($213). Such a move could delay the start of the next leg of the uptrend.

Contrary to this assumption, if the price rebounds off $246.96, the bulls will try to start a relief rally. A break above the 61.8% Fibonacci retracement level at $294.91 will indicate that the bulls are back in the driver’s seat.

BCH/USDT

Bitcoin Cash (BCH) rallied from $442.96 on March 24 to a high at $1,213.51 on April 17. The altcoin is currently correcting the sharp up-move. On April 18, the price dipped to $800, just below the 50% Fibonacci retracement level at $828.24 but the long tail on the day’s candlestick showed strong buying at lower levels.

BCH/USDT daily chart. Source: TradingView

However, the bulls are struggling to build upon the strong recovery today. This shows that the bears have not given up and they are selling on rallies. The bears will try to sink the price below the 20-day EMA ($762) and gain the upper hand.

On the contrary, the bulls will try to buy the dips and drive the price above $1,060. If they do that, the BCH/USDT pair could retest $1,213.51. A break above this resistance could start the next leg of the uptrend that has a target objective at $1,570.55.

UNI/USDT

The failure of the bulls to sustain Uniswap (UNI) above $35.20 could have aggravated selling on April 18. The altcoin dropped below both moving averages and hit an intraday low at $26.97. However, the bulls quickly purchased the dip as seen from the long tail on the day’s candlestick.

UNI/USDT daily chart. Source: TradingView

The recovery seems to have hit a wall at the 20-day EMA ($32.24) today. This suggests that traders are selling on rallies to the 20-day EMA, indicating a possible change in sentiment. If the bears sustain the price below the 50-day SMA ($30.66), the selling could pick up momentum and the UNI/USDT pair could slump to the critical support at $25.52.

A strong rebound off this level will suggest that the bulls continue to buy the dips. That could keep the pair range-bound between $25.52 and $38 for a few days. However, a break below $25.52 could result in a drop to $20. This negative view will invalidate if the bulls can push and sustain the price above the 20-day EMA.

The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph. Every investment and trading move involves risk. You should conduct your own research when making a decision.

Market data is provided by HitBTC exchange.

Top 5 cryptocurrencies to watch this week: BTC, VET, SOL, EOS, FTT

The bulls are trying to stabilize Bitcoin price and if they succeed, VET, SOL, EOS and FTT could quickly bounce back to their local highs.

Bitcoin (BTC) price witnessed a sharp dump to $50,900 on April 18, which some analysts attribute to a drop in hash rate and rumors of possible action by United States regulators against unnamed “financial institutions” alleging crypto-related money laundering.

While it is difficult to pinpoint a single reason, the sale of roughly $5 billion worth of COIN stock by Coinbase executives could have also played a major role in the fall. Insider selling, especially just a few days after a high-profile listing is considered a bearish sign.

Crypto market data daily view. Source: Coin360

After this most recent pullback, investors will be on the fence on whether they should buy the dips or close their positions in anticipation of further decline? Traders should keep a close watch on the strength in the recovery as that will provide an insight about the next possible move.

Let’s study the technicals of the top-5 cryptocurrencies that could attempt to lead the recovery in the next few days.

BTC/USDT

Bitcoin’s failure to rebound off the 20-day exponential moving average ($59,053) on April 17 showed the lack of buying on dips. The selling picked up pace today after the price slipped below the 50-day simple moving average ($56,264).

BTC/USDT daily chart. Source: TradingView

However, the long tail on today’s candlestick suggests that buyers are attempting to stall the decline at $50,460. If the rebound sustains, the bulls will again try to resume the uptrend but they are likely to face stiff resistance between $61,825.84 and $64,849.27. A breakout of this resistance zone will suggest that the current fall was only a pullback to shake out the weak hands.

On the other hand, the failure to sustain the rebound or build upon the bounce in the next few days will indicate that demand dries up at higher levels. That is likely to invigorate the bears who will then try to assert their dominance and break the $50,460 support.

If they manage to do that, selling could intensify as the short-term speculators and traders may also dump their positions. That could pull the price down to $43,006.77. This is an important level to watch out for because a break below it will suggest that the BTC/USDT pair has topped out in the short term.

BTC/USDT 4-hour chart. Source: TradingView

The 4-hour chart shows the bulls purchased the drop to $50,460 aggressively but the recovery is facing resistance at $56,500. This suggests that traders stuck at higher levels are closing their positions on rallies.

However, the positive sign is that the bulls have not given up the fight. They are trying to defend $53,000 support. This could result in a tight consolidation between $53,000 and $56,500 for a few days.

If the price breaks above $56,500, the pair could rally to the 20-EMA, which is again likely to act as a resistance. If the price turns down from this level, the pair could retest $53,000 and then $50,460.

The downsloping moving averages and the relative strength index (RSI) near the overbought territory show the bears have the upper hand.

VET/USDT

VeChain’s (VET) sharp rally on April 16 had pushed the RSI above 87, indicating the rally was getting overheated in the short term. The altcoin tried to extend its up-move on April 17 but the long wick on the day’s candlestick showed that traders booked profits at higher levels.

VET/USDT daily chart. Source: TradingView

The selling continued today and the VET/USDT pair slumped to $0.169, just above the 61.8% Fibonacci retracement level at $0.16. However, the long tail on today’s candlestick shows strong buying at lower levels.

If the bulls can sustain the rebound, the pair will once again attempt to rise to the overhead resistance at $0.279. A breakout of this resistance could resume the uptrend. The next target objective on the upside is $0.362.

On the other hand, if the price turns down from $0.279, the pair could remain stuck in a range for a few days. This positive view will invalidate if the bears sell on rallies and sink the price below the $0.16 support.

VET/USDT 4-hour chart. Source: TradingView

The 4-hour chart shows the bulls purchased the drop to the 50-SMA but the recovery hit a wall at $0.227. The bears tried to resume the correction but the bulls again purchased the dip below the 20-EMA. This shows bears are selling on rallies and bulls are buying on dips.

The bulls are currently attempting to sustain the price above the downtrend line but are facing stiff resistance from the bears. If they can overpower the bears and keep the price above the downtrend line, the pair could rally to $0.253 and then to $0.279.

Conversely, if the bears again sink the price below the 20-EMA, the pair could drop to the 50-SMA. A break below this level will tilt the advantage in favor of the bears.

SOL/USDT

Solana (SOL) had been in a corrective phase since hitting an all-time high at $29.92 on April 12. Although the price plunged below the 20-day EMA ($24.49) today, the bears could not capitalize on the advantage. The altcoin has quickly bounced back above the 20-day EMA, indicating strong demand at lower levels.

SOL/USDT daily chart. Source: TradingView

The upsloping moving averages and the RSI in the positive territory suggest that bulls have the upper hand. If they can drive the price above $29.92, the SOL/USDT pair could resume the uptrend and rally to $38.72.

Contrary to this assumption, if the price turns down from the overhead resistance and breaks below the 20-day EMA, it will suggest that traders are closing their positions on rallies. The pair could then decline to $21 and later to the 50-day SMA ($18.60).

SOL/USDT 4-hour chart. Source: TradingView

The 4-hour chart shows that the break below $24.70 attracted sharp selling but the bears could not sustain the lower levels. The pair rebounded strongly and climbed back above the $24.70 level.

If the bulls can propel the price above $28.64, a retest of $29.92 is possible. The 20-EMA is turning up and the RSI has jumped above 55, indicating the bulls have a slight advantage in the short term.

However, if the price turns down from the current level and breaks below $24.70, the next stop could be $21.10. Such a move will suggest that bears have overpowered the bulls, which could result in a deeper correction.

EOS/USDT

EOS turned down from the stiff overhead resistance at $8.69 after the bulls failed to push and sustain the price above it on April 16 and 17. The sharp selling pulled the price down to $5.86, just above the breakout level at $5.60.

EOS/USDT daily chart. Source: TradingView

If the bulls can flip $5.60 into support, the EOS/USDT pair could again try to move up to $8.69. A break above $8.69 may start the next leg of the uptrend that could reach $11. Alternatively, if the price turns down from $8.69, the pair could remain range-bound for a few days.

This positive view will be negated if the bears sell on rallies and sink the price below the breakout level at $5.60. Such a move could pull the price down to the 50-day SMA ($4.98), signaling that bears are back in the driver’s seat.

EOS/USDT 4-hour chart. Source: TradingView

The 4-hour chart shows the bulls are trying to start a relief rally. If they can sustain the price above $6.93, the pair could rally to the 20-EMA where the bears are likely to offer a stiff resistance.

If the price turns down from the 20-EMA, the pair may again drop to $6.17 and then to $5.60. Such a move will suggest that sentiment has turned negative and the bears are selling on rallies.

Conversely, if the bulls can push the price above the 20-EMA, the momentum could pick up and the pair could rally to $8.69.

FTT/USDT

FTX Token (FTT) has been in a corrective phase since topping out at $59.57 on April 14. The price plummeted below the 20-day EMA ($48) today but the long tail on the candlestick shows strong buying at lower levels.

FTT/USDT daily chart. Source: TradingView

If the bulls can sustain the price above the 20-day EMA, it will indicate that the uptrend remains intact. The bulls will then try to resume the uptrend by pushing the price above the $59.57 resistance.

If they succeed, the FTT/USDT pair could start its northward march toward the next target objective at $71.89.

Contrary to this assumption, if the bears sustain the price below the 20-day EMA, the selling could intensify, which could pull the price down to the 50-day SMA ($40). A break below this support will suggest that the pair has topped out in the short term.

FTT/USDT 4-hour chart. Source: TradingView

The 4-hour chart shows the bulls are trying to stall the correction between the 50% Fibonacci retracement level at $45.62 and the 61.8% retracement level at $42.33. The relief rally is likely to face stiff resistance from the 20-EMA.

If the price turns down from the 20-EMA, it will suggest that traders are selling on rallies. The bears will then try to sink the price below $44. If they succeed, the pair could slump to $40 and then to $37.

On the contrary, if the bulls can push the price above the 20-EMA, the pair may rally to $54.62 and then to $59.57.

The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph. Every investment and trading move involves risk, you should conduct your own research when making a decision.

Price analysis 4/16: BTC, ETH, BNB, XRP, DOGE, ADA, DOT, LTC, UNI, LINK

Bitcoin’s weakness and Dogecoin’s epic pump are signals that the market could be overheating and in need of a short-term correction.

Dogecoin’s (DOGE) massive rally to $0.45 propelled it to a market capitalization of over $54 billion to make it the fifth most valuable cryptocurrency by market cap.

This lofty market cap comes as a surprise to many since the project has no active developers and is only a meme coin, thus the current rally brings back memories of the excesses seen during the ICO boom in 2017.

Rallies like the one seen in Dogecoin indicate that several traders have entered the fray and are looking to get rich overnight. The only positive sign is that the mania has not spread to other coins. If it does, then the crypto markets are likely to witness a sharp correction in order to shake out the weak hands.

CNBC host Jim Cramer has become one of the first well-known people to reveal that he closed half of his Bitcoin (BTC) position. While Cramer’s selling is an isolated event, it does warn that not all professional investors who have recently turned Bitcoin believers are going to be long-term HODLers.

Daily cryptocurrency market performance. Source: Coin360

If the institutional investors rush to the exit, it could cause a huge correction in several cryptocurrencies. Traders should be mindful of irrational exuberance and avoid being sucked into FOMO-driven trades as it's better to stick to a trading plan and think long-term rather than dream of overnight riches.

Let’s study the charts of the top-10 cryptocurrencies to identify the critical support levels and outline various bullish and bearish scenarios.

BTC/USDT

The bulls could not capitalize and build upon the breakout of the overhead resistance zone at $60,000 to $61,825.84 on April 13. Bitcoin price turned down on April 14 after hitting an all-time high at $64,849.27 and the bulls are currently attempting to flip the $60,000 level to support.

BTC/USDT daily chart. Source: TradingView

If they manage to do that, the BTC/USDT pair may make one more attempt to resume the uptrend. A breakout of $64,849.27, could start the next leg of the uptrend that could reach $69,540 and then $79,566.

However, the negative divergence on the relative strength index (RSI) is warning of a possible correction. Interestingly, the price reversed direction when the RSI had reached close to the downtrend line.

If the price dips below the 20-day exponential moving average ($59,427), it will be the first sign that buyers may be losing their grip. The break below the 50-day simple moving average ($55,814) will further cement the view that a deeper correction is likely.

The bulls may attempt to arrest the decline near $50,460.02 but if this level cracks, the pair could drop to the critical support at $43,006.77.

ETH/USDT

Ether (ETH) extended its uptrend and hit an all-time high at $2,545.80 today. Profit-booking by traders pulled the price down to $2,300 but the long tail on the day’s candlestick suggests that bulls continue to buy on dips.

ETH/USDT daily chart. Source: TradingView

If the price recovers and the bulls push the price above $2,545.8, the ETH/USDT pair could start the next leg of the uptrend. The next target objective on the upside is $2,745 and then the psychological level at $3,000.

The upsloping 20-day EMA ($2,131) and the RSI near the overbought territory suggest the path of least resistance is to the upside. This bullish view will be invalidated if the price turns down and breaks below the 20-day EMA. Such a move could pull the price down to $1,925.10.

BNB/USDT

Binance Coin (BNB) formed a Doji candlestick pattern on April 14 and that was followed by an inside day candlestick pattern on April 15. Both these setups indicate indecision among the bulls and the bears. This uncertainty resolved to the downside today.

BNB/USDT daily chart. Source: TradingView

However, a minor positive is that the bulls are defending the 38.2% Fibonacci retracement level at $483.95, as seen from the long tail on the day’s candlestick. The bulls will now try to push the BNB/USDT pair above the all-time high at $638.56 and resume the uptrend.

Conversely, a break below $483.95 could pull the price down to the 20-day EMA ($437). A break below this support will suggest that the traders are rushing to the exit and that could result in a drop to the breakout level at $348.69.

XRP/USDT

XRP is currently correcting the sharp rally. The bulls are attempting to defend the first support at the 38.2% Fibonacci retracement level at $1.48, as seen from the long tail on the day’s candlestick.

XRP/USDT daily chart. Source: TradingView

The XRP/USDT pair may now consolidate between $1.48 and $1.96 for a few days before starting the next trending move.

A break above $1.96 could start the next leg of the uptrend that could reach $2.54. The rising moving averages and the RSI in the overbought zone suggest the bulls have the upper hand.

Contrary to this positive assumption, if the bears sink the price below the $1.48 support, the pair could drop to the 20-day EMA ($1.18). Such a move will suggest the bullish momentum has weakened and that could delay the next leg of the uptrend.

DOGE/USDT

Dogecoin’s momentum has been picking up since the past three days and that has resulted in the massive pump today. This shows that more and more traders are getting sucked into the trade due to FOMO.

DOGE/USDT daily chart. Source: TradingView

Usually, such buying frenzies end in a major top formation. After the last bull has purchased, the price reverses direction and the waterfall decline starts. It is difficult to predict a top during such a frenzy but the psychological $0.50 level may act as a hurdle.

The decline after the DOGE/USDT pair tops out is likely to be vicious. The usual 38.2% Fibonacci retracement level may not hold and the pair is likely to drop to the 61.8% Fibonacci retracement level at $0.20.

Traders should control the urge to get into such trades even at the risk of missing out on some profits.

ADA/USDT

Cardano (ADA) has been facing a tough battle between the bull and the bears near $1.48 for the past two days. Although the bulls managed to push the price above $1.48 today, the bears have been quick to pull the price back below the level.

ADA/USDT daily chart. Source: TradingView

After the third unsuccessful attempt to sustain the price above $1.48, the bulls seem to have dumped their positions today, resulting in the formation of an outside day candlestick pattern.

However, the long tail on today’s candlestick suggests the bulls bought the dips to the 20-day EMA ($1.28) aggressively. The bulls may now make one more attempt to drive the price above the $1.48 to $1.55 resistance zone.

If they manage to do that, the ADA/USDT pair could resume the uptrend and start the journey toward $2. Conversely, a break below the moving averages could offer the bears an opportunity to sink the price to $1.03.

DOT/USDT

The bulls pushed Polkadot (DOT) above the $42.28 level on April 13 but could not challenge the all-time high at $46.80. This shows a lack of demand at higher levels. The altcoin has dropped below $42.28 today and the bears will now try to sink the price below the 20-day EMA ($40).

DOT/USDT daily chart. Source: TradingView

If they succeed, the selling could pick up further as the bulls may rush to cover their positions. Such a move could sink the DOT/USDT pair to $32.50 and then to the critical support at $26.50.

Contrary to this assumption, if the price again rebounds off the 20-day EMA, it will suggest that bulls have not given up. They will make one more attempt to thrust the price above the $46.80 resistance and resume the uptrend.

LTC/USDT

Litecoin (LTC) is in a strong uptrend. The bears had tried to start a correction today but the bulls purchased the dips aggressively as seen from the long tail on the day’s candlestick. The reversal may have caught several aggressive bears on the wrong foot, which could be the reason for the pick-up in momentum.

LTC/USDT daily chart. Source: TradingView

The LTC/USDT pair has broken out of the target objective at $307.42, clearing the path for a rally to $374. However, the RSI above 76 signals caution because, in the past, the pair has repeatedly entered a correction when the RSI level reaches close to 80.

The critical support to watch on the downside is the 20-day EMA ($241). A break below this support will be the first sign that the bulls are tiring and a deeper correction is likely.

UNI/USDT

Uniswap (UNI) broke out to a new all-time high on April 15 but the bulls are struggling to sustain the higher levels. When the price fails to follow up higher after breaking out of a significant resistance, it indicates exhaustion.

UNI/USDT daily chart. Source: TradingView

However, the long tail on the day’s candlestick suggests the bulls continue to buy on dips. If the buyers can propel the price above the all-time high at $39.60, the UNI/USDT pair could rally to $43.43 and then $50.

On the other hand, if the price again turns down and breaks below the 20-day EMA ($32), several aggressive bulls who had purchased the breakout of $35.20 may bail out of their positions. The long liquidation could pull the price down to $27.97.

LINK/USDT

Chainlink (LINK) surged above the $36.93 overhead resistance on April 14, signaling the resumption of the uptrend. The altcoin hit an all-time high at $44.33 where profit-booking set in.

LINK/USDT daily chart. Source: TradingView

However, the long tail on the day’s candlestick suggests that the bulls aggressively purchased the dip to $38.52 today. This indicates that the sentiment remains positive and the bulls are buying at lower levels.

The buyers will now try to resume the uptrend by pushing the price above $44.33. If they succeed, the LINK/USDT pair could rally to $50.

Contrary to this assumption, if the price again turns down and breaks below the $36.93 support, the pair could drop to the 20-day EMA ($34). If this support cracks, the decline could extend to the 50-day SMA ($30).

The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph. Every investment and trading move involves risk. You should conduct your own research when making a decision.

Market data is provided by HitBTC exchange.

Zcash (ZEC), Horizen (ZEN) and Hedget (HGET) soar as altcoins lift off

New partnerships and protocol upgrades back the strong rallies seen in Horizen, Hedget and Zcash over the past few months.

Three of Cathie Wood’s ARK exchange-traded funds bought nearly $246 million worth of Coinbase Global Inc. (COIN) shares on its listing day. Another fund, Amplify Transformational Data Sharing ETF (BLOK) also purchased COIN stock. These purchases show that ETFs are eager to buy into the crypto growth story.

Crypto market data daily view. Source: Coin360

However, Blackrock CEO Larry Fink has a different point of view. Fink said that institutional investors were fascinated by crypto but that did not translate into demand from institutions worldwide.

One of the reasons for the fascination not turning into demand could be the sharp rally in Bitcoin and other cryptocurrencies. A new survey of professional investors by Bank of America shows that 74% of the respondents believe Bitcoin (BTC) is in a bubble.

Such criticisms are not new to cryptocurrencies. Traders who ignore the noise and purchase fundamentally strong coins generally tend to make huge returns in the long term.

Let’s retouch on three tokens which Cointelegraph analyzed earlier this year to see if they have continued their upward trajectory.

ZEN/USDT

Horizen (ZEN) was featured on Cointelegraph on Jan. 12 when the price of the token was at $28. The token sustained its momentum and has hit an intraday high at $108.77 today, a gain of 288% in just three months. Let’s look at some of the important developments that have taken place with Horizen in the past few weeks.

Recently Horizen said that development on the Zendoo mainnet release, which is due in the third quarter, is on track. The team claims Zendoo will offer improved scalability and flexibility suitable for commercial applications.

Decentralized finance has also opened a plethora of opportunities to investors. Horizen’s partnership with liquid staking platform StakeHound allows ZEN investors to participate and benefit from the Ethereum-based DeFi ecosystem.

Additionally, a string of partnerships with APIS, IOTA, DIA and Copper were announced in the past few weeks to expand the Horizen sidechain ecosystem. These developments seem to have attracted users as the company said its community had grown 13.2% in Q1 2021.

ZEN rallied from $52.54 on April 4 to an intraday high at $108.77 on April 15, a 107% rally in 12 days. Although the bears offered a stiff resistance at $86, the bulls have cleared the hurdle with force today. The first target objective on the upside is $119.45 and then $162.

ZEN/USDT daily chart. Source: TradingView

The sharp rally of the past few days has pushed the relative strength index (RSI) above 83, indicating the ZEN/USDT pair is overbought in the near term. This could result in a minor correction or consolidation within the next few days.

If the bulls can flip the $86 level into support during the next correction, it will suggest that sentiment remains positive and traders are accumulating on dips. The bulls will then make another attempt to resume the uptrend.

This positive view will invalidate if the bears sink the price below $86. In such a case, the pair could drop to the 20-day exponential moving average ($71). A break below this support will signal the start of a deeper correction.

HGET/USDT

Hedget (HGET) was at $3.20 when it was highlighted by Cointelegraph on Jan. 14. Since then, the token rallied to an intraday high at $11.25 on March 31, a 251% return in about two and a half months.

The protocol has been forging partnerships to increase its user base. Hedget announced a tie-up with Fire Protocol on March 8 to issue HGET tokens on the HECO chain and integrate Hedget options within the Fire Protocol ecosystem. This will open the possibility for Hedget to provide options-based insurance mechanisms for the lending protocols on the HECO chain.

On March 9, Hedget announced a partnership with Clover Finance to build and test a two-way bridge between Binance Smart Chain and the Polkadot blockchain. Hedget said it will deploy its platform on the Clover Ecosystem, which will make it the first options trading platform in the Polkadot ecosystem.

On March 17, Hedget partnered with APYSwap to offer Vault token holders an opportunity to use options to reduce their impermanent loss.

These partnerships by Hedget show that the protocol is widening its user base, which is a long-term fundamental positive.

HGET has been in a corrective phase for the past few days. The token slipped from an all-time high at $10.95 on March 31 to $8.51 on April 11, a 22.28% correction in 12 days. In an uptrend, corrections to strong support levels offer a low-risk buying opportunity to traders.

HGET/USDT daily chart. Source: TradingView

The HGET/USDT pair has twice taken support on the 50-day simple moving average ($8.17) in the past few weeks. This suggests that the bulls are buying the dips to the 50-day SMA aggressively.

The pair has been trading just below the 20-day EMA ($8.93) for the past few days. However, the bears have not been able to capitalize on this weakness and challenge the 50-day SMA. This suggests that selling dries up at lower levels.

Both moving averages have flattened out and the RSI is just below the midpoint, indicating a balance between supply and demand.

This equilibrium is unlikely to remain for long. If the bulls can drive the price above the 20-day EMA with force, the pair could retest the all-time high. A breakout of this resistance could start the next leg of the uptrend that could reach $12.39 and then $15.

This bullish view will invalidate if the bears sink and sustain the price below the 50-day SMA. Such a move could pull the price down to $7 and then to $5.18.

ZEC/USDT

Zcash (ZEC) was one of the tokens that was covered by Cointelegraph on Jan. 14 when it was trading at $109.93. Since then, the token has continued its northward march and hit an intraday high at $252.89 today, a 130% return in about three months.

Electric Coin Co., the company behind Zcash, announced the next set of upgrades dubbed Harlo Arc, set to release on Oct. 1 of this year, in conjunction with the activation of Network Upgrade 5 (NU5) and unified addresses.

Halo Arc will include updates to Zcashd, the ECC Reference Wallet apps and the ECC wallet SDKs. NU5 will move Zcash from zk-SNARKs to the Halo proving system and unified addresses will improve usability, increase the ease of interoperability and support shielding Zcash by default.

ZEC price has been in a strong uptrend. It has risen from $162.52 on April 7 to an intraday high at $252.89 today, a rise of 55% in nine days. The sharp rally of the past few days has pushed the RSI into the overbought zone, indicating the possibility of a minor correction or consolidation.

ZEC/USDT daily chart. Source: TradingView

The first major support on the downside is the 20-day EMA ($194). The bulls are defending this support in the current leg of the rally as seen from the strong bounce on April 8.

If the ZEC/USDT pair again rebounds off the 20-day EMA, the bulls will try to resume the uptrend. If they succeed, the pair could start its journey toward $350.

Contrary to this assumption, if the bears sink the price below the 20-day EMA and the $190 support, it will suggest the start of a deeper correction to the 50-day SMA ($155) and then $120.

The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph. Every investment and trading move involves risk, you should conduct your own research when making a decision.

Price analysis 4/14: BTC, ETH, BNB, XRP, ADA, DOT, UNI, LTC, DOGE, LINK

Today's Coinbase (COIN) listing is likely to remain a focal point that will dictate the short-term price action in Bitcoin and altcoins.

Coinbase (COIN) listing on Nasdaq could eventually boost cryptocurrency adoption and attract droves of institutional investors. However, that is unlikely to happen immediately. In the first few days after the listing, volatility could be high as Wall Street tries to value Coinbase. This could also increase the volatility in cryptocurrencies. 

Sharp movements in the price of Bitcoin (BTC) could also result in liquidations of leveraged positions in the derivatives market. The massive $27 billion in Bitcoin futures open interest and $8 billion in Ether (ETH) futures open interest indicate that a spike in volatility could chop several traders.

Daily cryptocurrency market performance. Source: Coin360

PlanB, the analyst behind the popular stock-to-flow price model for Bitcoin, cited the monthly Relative Strength Index (RSI) indicator and said that the current reading of above 92 is high but falls short of the 95 levels hit in the previous bull markets of 2017, 2013 and 2011.

According to PlanB’s calculation, Bitcoin’s price would have to rise to $92,000 by the end of April to push the RSI to 95.

Traders will keep a close watch on the price action in COIN and that is likely to determine the short-term sentiment. Let’s study the charts of the top-10 cryptocurrencies to identify the critical support and resistance levels.

BTC/USDT

Bitcoin broke above the stiff overhead resistance at $61,825.84 on April 13, indicating the resumption of the uptrend. The sharp rally also completed the breakout from the inverse head and shoulders pattern that has a target objective at $69,540.

BTC/USDT daily chart. Source: TradingView

The upsloping 20-day exponential moving average ($58,713) and the RSI above 63 suggest the bulls have the upper hand. However, the BTC/USDT pair is unlikely to run away vertically.

Usually, after the breakout from a critical level, the price retraces and retests the level. In this case, the pair could drop to $60,000. If the bulls can flip this level into support, the pair could resume its uptrend.

On the contrary, if the bears sink the price below the 20-day EMA, it could catch several aggressive bulls off guard. That could intensify the selling and the pair may even crack the 50-day simple moving average ($55,241). Such a move will increase the possibility of a deeper correction.

ETH/USDT

Ether broke above the $2,200 resistance on April 13, which resumed its uptrend. The upsloping 20-day EMA ($2,040) and the RSI above 70 suggest the path of least resistance is to the upside.

ETH/USDT daily chart. Source: TradingView

The bulls will now try to push the ETH/USDT pair toward the next target objective at $2,618.14.

Contrary to this assumption, if the pair turns down from the current level, it could drop to the 20-day EMA. If the price rebounds off this support, it will suggest that the bulls are buying on dips as they anticipate the rally to rise further.

Alternatively, a break below the 20-day EMA will suggest that traders are booking profits in a hurry. That may pull the price down to the trendline.

BNB/USDT

Binance Coin (BNB) is currently in a corrective phase following the sharp uptrend that took it from $233.81 on March 26 to $638.56 on April 12, a 173% rally in a short time. The first strong support on the downside is the 38.2% Fibonacci retracement level at $483.95.

BNB/USDT daily chart. Source: TradingView

If the price bounces off $483.95, it will suggest the sentiment remains positive and the bulls are accumulating on dips. The buyers will try to resume the uptrend by thrusting the price above $638.56. If they succeed, the BNB/USDT pair could start its journey toward $888.70.

The Doji candlestick pattern today suggests indecision among the bulls and the bears. If this uncertainty resolves to the downside and the bears sink the price below $483.85, the pair could drop to the 20-day EMA ($417), which is likely to act as a strong support.

XRP/USDT

The strong up-move in XRP continued with a breakout above $1.50 on April 13 and reached an intraday high at $1.96 today. However, the price has reversed sharply, which suggests the bears are aggressively defending the psychological level at $2.

XRP/USDT daily chart. Source: TradingView

The first support on the downside is the 38.2% Fibonacci retracement level at $1.43. A strong rebound off this support will indicate that the sentiment remains bullish and traders are buying on dips. The bulls will then again try to resume the up-move by pushing the price above $1.96.

On the other hand, a break below $1.43 could pull the price down to the 20-day EMA ($1.05). Such a deep fall will suggest that traders are dumping their positions in a hurry, which may delay the next leg of the rally.

ADA/USDT

Cardano (ADA) pierced the $1.48 overhead resistance today and climbed to an intraday high at $1.55. However, the bulls have not been able to sustain the breakout as seen from the long wick on the candlestick.

ADA/USDT daily chart. Source: TradingView

The bears have pulled the price back into the $1.48 to $1.03 range. They will now try to sink the ADA/USDT pair to the 20-day EMA ($1.24).

If the price rebounds off the 20-day EMA, the bulls may make one more attempt to push the pair above the overhead resistance at $1.55. If they succeed, the pair could rally to $2.

On the contrary, if the bears sink the price below the moving averages, a drop to $1.03 is possible.

DOT/USDT

The tight range trading in Polkadot (DOT) resolved to the upside on April 13 and the bulls pushed the price above the $42.28 overhead resistance. However, the price has again dipped back below $42.28 today, indicating selling at higher levels.

DOT/USDT daily chart. Source: TradingView

If the bears pull the price below the 20-day EMA ($39.78), the selling could intensify and the DOT/USDT pair could drop to $32.50.

On the contrary, if the price rebounds off the 20-day EMA, the bulls will again try to clear the overhead hurdle at $46.80. If they succeed, the pair could start the next leg of the uptrend that could reach $53.50 and then $57.

UNI/USDT

Uniswap (UNI) broke out to a new all-time high on April 12 but the bulls are finding it difficult to sustain the momentum. The altcoin formed an inside day candlestick pattern on April 13 and has extended its correction today.

UNI/USDT daily chart. Source: TradingView

If the price turns up from the current level and breaks above $38.16, the UNI/USDT pair could start the next leg of the uptrend. The first target on the upside is $43.43 and if this resistance is crossed, the pair could march toward the psychological mark at $50.

On the contrary, if the bears sink the price below $33, the pair could lose momentum as the bulls who bought the breakout on April 12 may rush to the exit. That could pull the price down to the 20-day EMA ($31) and keep the pair range-bound for a few more days.

LTC/USDT

Litecoin (LTC) flipped the breakout level at $246.96 into support on April 11 and 12. This reignited buying from the bulls and the altcoin resumed its uptrend on April 13. The next target objective to watch on the upside is $307.42.

LTC/USDT daily chart. Source: TradingView

The 20-day EMA ($227) is rising and the RSI is close to the overbought territory, suggesting the bulls are in command.

However, the long-legged Doji candlestick pattern today shows indecision among the bulls and the bears. If the price slips below $255, the LTC/USDT pair could drop to the $239 to $246.96 support zone.

A strong rebound off this zone will suggest the bulls are accumulating on dips while a break below it could drag the price down to the 20-day EMA.

DOGE/USDT

Dogecoin (DOGE) broke above the stiff overhead resistance at $0.087 on April 13, indicating the resumption of the uptrend. The breakout has been followed by further buying today, which has propelled the price to an all-time high at $0.145.

DOGE/USDT daily chart. Source: TradingView

The sharp rally of the past few days has pushed the RSI above 85, which suggests the rally is getting overheated in the short term. The bears may try to stall the up-move at $0.15. If they manage to do that, the DOGE/USDT pair could enter a minor correction or consolidation.

The first support on the downside is the 38.2% Fibonacci retracement level at $0.112. A bounce off this support will suggest strength. The bulls will then again try to resume the uptrend. If they can propel the price above $0.145, the pair could move up to $0.20.

On the other hand, a break below $0.112 could result in a drop to the breakout level at $0.087.

LINK/USDT

The bulls have propelled Chainlink (LINK) above the $36.93 overhead resistance today, indicating the resumption of the uptrend. If the bulls can sustain the price above $36.93, the altcoin could continue its march toward $50.

LINK/USDT daily chart. Source: TradingView

The 20-day EMA ($32) has turned up and the RSI has risen above 65, suggesting the bulls are back in the driver’s seat.

However, if the bulls fail to sustain the price above the $36.93 level, then it will indicate aggressive selling by the bears at higher levels. That could result in a drop to the 20-day EMA. A strong rebound off this level will suggest the sentiment remains positive.

Conversely, if the bears sink the LINK/USDT pair below the 20-day EMA, it will suggest that the current breakout was a bull trap.

The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph. Every investment and trading move involves risk. You should conduct your own research when making a decision.

Market data is provided by HitBTC exchange.

Price analysis 4/12: BTC, ETH, BNB, XRP, ADA, DOT, UNI, LTC, LINK, XLM

Altcoins continue to press higher while Bitcoin bulls work on holding the $60,000 level as support.

Bloomberg Intelligence senior commodity strategist Mike McGlone equated the current consolidation in Bitcoin (BTC) price to that of a “caged bull, well-rested to escape.” When compared with the rallies a year after the previous two Bitcoin halvings in 2012 and 2016, the strategist called the current price action “tame.’

According to McGlone, Bitcoin is “still in price-discovery mode” and its plateau is still far away.

While Bitcoin remains in focus, altcoins have continued to steal the show. Bitcoin’s market dominance, which stood closer to 70% on Jan. 4 has continued to slide even though its price has risen more than 104% year-to-date. The current market dominance at 54.3% is the lowest since April 2019 according to data from CoinMarketCap. This suggests that several altcoins are outperforming Bitcoin by a large margin.

Daily cryptocurrency market performance. Source: Coin360

However, approval of a Bitcoin exchange-traded fund could tilt the advantage back in favor of Bitcoin. Mike Novogratz’s Galaxy Digital became the latest to file an application with the United States Securities and Exchange Commission for a Bitcoin ETF on Monday. The growing list of candidates applying to launch a Bitcoin ETF shows that there is still huge demand for the digital asset

Will Bitcoin continue to trade sideways while altcoins rally or will it resume its uptrend and lead from the front. Let’s analyze the charts of the top-10 cryptocurrencies to find out.

BTC/USDT

Bitcoin formed an inside day candlestick pattern on April 11, indicating indecision among the bulls and the bears. The bulls tried to resolve this uncertainty to the upside today by piercing the all-time high at $61,825.84, but the bears had other plans. They again successfully defended the overhead resistance.

BTC/USDT daily chart. Source: TradingView

Although the bears are defending the overhead resistance, they have not been able to sink the price further away from $60,000. This suggests the bulls are not closing their long positions in a hurry as they anticipate the uptrend to continue.

If the bulls can drive and sustain the price above $61,825.84, the BTC/USDT pair will complete a bullish inverse head and shoulders pattern. That could result in a rally to the pattern target at $69,540. If the momentum sustains, the next target to watch out for is $79,566.

This bullish view will invalidate if the pair turns down and breaks below the 50-day simple moving average ($54,7823). Such a move could signal the start of a deeper correction.

ETH/USDT

Ether (ETH) has been trading above the breakout level at $2,040.77 for the past three days, but the up-move lacks momentum. The long wick on the April 10 candlestick and the inside day candlestick pattern on April 11 suggests hesitation by the bulls to push the price higher.

ETH/USDT daily chart. Source: TradingView

If the price does not pick up momentum within the next few days, the bears will try to pull the price back below $2,040.77. If the ETH/USDT pair breaks below the 20-day exponential moving average ($1,985), the next stop could be the trendline. A break below this support could signal the start of a deeper correction.

However, the upsloping 20-day EMA and the relative strength index (RSI) above 61 indicate advantage to the bulls. If the bulls punch the price above $2,200 with force, the pair may start the next leg of the uptrend that could reach $2,618.14.

BNB/USDT

Binance Coin (BNB) is in a strong uptrend, but the up-move of the past two days is showing signs of a melt-up. The long wick on today’s candlestick suggests some traders are booking profits at higher levels.

BNB/USDT daily chart. Source: TradingView

Although the 20-day EMA ($385) is sloping up, the RSI above 84 indicates the rally is overheated in the short term. This could result in a minor correction or consolidation for the next few days. In strong uptrends, the corrections generally do not last for more than three days.

The first support on the downside is the 38.2% Fibonacci retracement level at $483.95. If the price rebounds off this support, it will suggest the sentiment remains positive and bulls are buying on dips. They will then try to resume the uptrend by pushing the price above the all-time high at $638.56.

If they succeed, the next leg of the uptrend could begin, which may propel the BNB/USDT pair to $888.70. On the contrary, if bears sink the price below $483.95, the pair could drop to the 20-day EMA.

XRP/USDT

The volatility contraction on April 9 was resolved to the upside on April 10 and XRP rallied above $1.11. The bulls continued their purchase on April 11 and pushed the price to $1.50. However, the long wick on the day’s candlestick suggests traders booked profits at higher levels.

XRP/USDT daily chart. Source: TradingView

The bears could not build up on the advantage today and start a correction. The bulls tried to resume the uptrend but failed, resulting in the formation of a Doji candlestick pattern. This suggests indecision among the bulls and the bears about the next directional move.

If the buyers can propel the price above $1.50, the XRP/USDT pair could rally to $2. Contrary to this assumption, if the price turns down and dips below $1.30, the pair could start a correction.

The major support on the downside is $1.11. If the buyers can flip this level into support, the pair will make one more attempt to rise above $1.50. On the other hand, a break below $1.11 may result in a drop to the 20-day EMA ($0.89).

ADA/USDT

The bulls successfully held Cardano (ADA) above the 50-day SMA ($1.17) in the past few days and are currently attempting to start an up-move. However, the long wick on today’s candlestick suggests that buying dries up above $1.33.

ADA/USDT daily chart. Source: TradingView

If the bulls fail to sustain the price above $1.33, the aggressive bears may again try to sink the price below the 50-day SMA. If they manage to do that, the ADA/USDT pair could drop to the $1.03 to $0.98 support zone.

A rebound off this zone could keep the pair range-bound for a few more days. Alternatively, if the bears sink the price below the zone, the pair could decline to $0.80.

This negative view will invalidate if the pair sustains the price above $1.33. That could push the price to $1.48. A break above this resistance could start the next leg of the uptrend that may reach $2.

DOT/USDT

Polkadot (DOT) has been sandwiched between the 20-day EMA ($39.30) and the overhead resistance at $42.28 for the past few days. However, this tight range trading is unlikely to continue for long.

DOT/USDT daily chart. Source: TradingView

If the bulls can propel the price above $42.28, the DOT/USDT pair could rally to $46.80. The bears may again offer resistance at this level but if the bulls can overcome the barrier the pair could climb up to $53.50 and then $57.

The marginally upsloping 20-day EMA and the RSI above 54 suggest only a minor advantage to the bulls. If the bears can sink the price below the moving averages, it will open the gates for a decline to $32.50 and then $26.50.

UNI/USDT

Uniswap (UNI) has soared above the all-time high at $36.80 today. Although the moving averages are yet to turn up, the RSI has risen close to the overbought territory, indicating a pick-up in momentum.

UNI/USDT daily chart. Source: TradingView

If the bulls can sustain the price above $35.20, it will suggest strong demand at higher levels. The UNI/USDT pair could then march up to $43.43 and if this level also gets taken out, the up-move may hit $50.

Contrary to this assumption, if the bulls fail to sustain the price above $35.20, it will suggest that traders are booking profits at higher levels. If the price dips and sustains below $35.20, the range-bound action in the pair could continue.

LTC/USDT

Litecoin’s (LTC) volatility contraction on April 8 and 9 was followed by an expansion in favor of the bulls. The buyers pushed the price above $246.96 on April 10 and have successfully managed to sustain the price above it since then.

LTC/USDT daily chart. Source: TradingView

The upsloping 20-day EMA ($218) and the RSI above 63 suggest the path of least resistance is to the upside. If the buyers can drive the price above $262.93, the LTC/USDT pair could rally to its next target objective at $307.42.

This bullish view will invalidate if the price breaks and sustains below $246.96. Such a move will suggest that traders booked profits at higher levels. The critical support to watch on the downside is the 20-day EMA.

A strong bounce off it will suggest the sentiment remains positive and the bulls will once again try to resume the uptrend. Conversely, a break below the 20-day EMA could pull the price down to $170.

LINK/USDT

Chainlink (LINK) is stuck between $24 and $36.93. The marginally rising 20-day EMA ($30.92) and the RSI above 55 suggest the bulls have a slight edge. However, the failure of the bulls to challenge the $36.93 overhead resistance indicates that demand dries up at higher levels.

LINK/USDT daily chart. Source: TradingView

The bears are currently trying to sink the price below the $32 support. If they can accomplish that, the possibility of a break below the moving averages increases. Such a move could pull the price down to $24.

Contrary to this assumption, if the price bounces off the 20-day EMA, the bulls will make one more attempt to drive the price above $36.93. If they succeed, the LINK/USDT pair could resume its uptrend and rally toward $40 and then $50.

XLM/USDT

The bulls are attempting to resume the uptrend in Stellar Lumens (XLM) but they are facing stiff resistance at the $0.60 level. The bulls pushed the price above the overhead resistance on April 11 and today but they could not sustain the breakout.

XLM/USDT daily chart. Source: TradingView

If the bulls do not allow the price to slip below $0.55, it will suggest accumulation on dips. The upsloping 20-day EMA ($0.47) and the RSI near the overbought territory suggest the bulls are in control.

A breakout and close above $0.60 will be the first sign that bulls have overpowered the bears. If that happens, the XLM/USDT pair could resume the uptrend and rally to $0.72 and then $0.85.

On the other hand, if the bears sink the price below $0.55, the pair could drop to the 20-day EMA.

The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph. Every investment and trading move involves risk. You should conduct your own research when making a decision.

Market data is provided by HitBTC exchange.

Top 5 cryptocurrencies to watch this week: BTC, XLM, MIOTA, XMR, XTZ

Traders appear to be waiting for a trigger to start the next leg of Bitcoin's uptrend and if that happens, XLM, MIOTA, XMR and XTZ could join the party.

Bitcoin’s (BTC) hesitation near the all-time high suggests that the bulls and the bears are waiting for a trigger to start the next trending move.

The bulls are searching for a positive catalyst to thrust the price above the overhead resistance. On the contrary, the bears may be standing by in anticipation of any signs of weakness that could confirm a short-term top.

The event that may act as a trigger is the Nasdaq listing for Coinbase's COIN stock on April 14. A successful listing is likely to be cheered by the crypto bulls because that could signal increased crypto adoption by traditional investors in the future. Conversely, a tepid reception to the Coinbase listing could embolden the bears.

Crypto market data daily view. Source: Coin360

Onchain indicator HODL waves suggests that both the long-term investors and the short-term speculators are not booking profits as they expect higher levels in the future. An increase in the number of HODLers is generally a bullish sign but could become an overhang if fresh money dries up and the market starts to reverse direction.

If that happens, the short-term speculators are likely to panic first and dump their positions. That may hit stops of the swing traders and intensify the selling, paving way for a deeper correction.

As markets wait for a trigger, let’s analyze the charts of the top-5 cryptocurrencies that could benefit from a bullish sentiment.

BTC/USDT

Bitcoin soared above the $60,000 overhead resistance on April 10 and reached $61,301.21, just short of the all-time high at $61,825.84. However, the bulls continue to find difficulty in keeping the price above $60,000, indicating stiff resistance from the bears.

BTC/USDT daily chart. Source: TradingView

The price has yet to close above $60,000 which means the inverse head and shoulders pattern is still not complete.

The bears will try to capitalize on the small window of opportunity and pull the price down to the 20-day exponential moving average ($57,513). A strong bounce off this support will increase the possibility of a break above $61,825.84.

If that happens, the BTC/USDT pair could start the next leg of the uptrend that could push the price to $69,540 and then $79,566.

On the other hand, if the bears sink the price below the 20-day EMA, the pair could challenge the critical support at the 50-day simple moving average ($54,723). A break below this support will be the first indication of a possible change in trend.

BTC/USDT 4-hour chart. Source: TradingView

The 4-hour chart shows the bears are active above $60,000. However, the positive sign is that the bulls have not allowed the price to sustain below the 20-EMA. This means the bulls are buying on every minor dip.

If the bulls can once again push the price above $60,000, the pair may challenge the all-time high. On the contrary, if the bears sink the price below the 20-EMA, a drop to $57,600 is possible. If this support cracks, the next stop could be $55,600.

XLM/USDT

Stellar Lumens (XLM) broke above the $0.60 resistance today and rose to a new 52-week high at $0.65. Whenever an asset hits a new 52-week high, it is a sign of strength because it shows that traders are in a hurry to buy as they expect the price to rise further.

XLM/USDT daily chart. Source: TradingView

The upsloping 20-day EMA ($0.46) and the relative strength index (RSI) in the overbought territory suggest the bulls have the upper hand. If the bulls can propel the price above $0.65, the XLM/USDT pair could start the next leg of the uptrend that could reach $0.72 and then $0.85.

However, the long wick on today’s candlestick suggests that the bears have other plans. They are trying to trap the aggressive bulls and pull the price back below $0.60. If the bulls do not allow the price to dip below $0.55, it will suggest accumulation on dips. That will keep the sentiment positive.

Contrary to this assumption, if the bears sink the price below $0.55, a drop to the 20-day EMA is possible. A break below this support will indicate that the bulls have lost their grip.

XLM/USDT 4-hour chart. Source: TradingView

The 4-hour chart shows the pair closed above $0.60 but the bulls could not build upon this strength. The bears pounced on the opportunity and have pulled the price back below the breakout level at $0.60.

However, if the bears fail to sink the price to the 20-EMA, it will suggest the bulls are accumulating on dips. That will increase the possibility of the resumption of the up-move. Conversely, a break below the 20-day EMA may tilt the advantage in favor of the bears.

MIOTA/USDT

IOTA (MIOTA) is in an uptrend. The bulls pushed the price above the psychologically important level at $2 on April 10. If bulls can sustain the breakout, the up-move could reach the next target objective at $2.35 and then $2.60.

MIOTA/USDT daily chart. Source: TradingView

The upsloping 20-day EMA ($1.66) and the RSI near the overbought zone suggest the bulls have the upper hand.

However, if the bulls fail to sustain the price above $2, the bears may try to pull the price down to the 20-day EMA. The bulls have successfully defended this support since the start of the current leg of the rally in March.

Hence, if the price again rebounds off the 20-day EMA, it will suggest the sentiment remains positive and the bulls are buying on dips. Alternatively, a break below the 20-day EMA will suggest that the bears are making a comeback.

MIOTA/USDT 4-hour chart. Source: TradingView

The 4-hour chart shows profit-booking above $2. The MIOTA/USDT pair could now drop to the 20-EMA, which is sloping up. If the price rebounds off this level, it will enhance the prospects of the resumption of the uptrend.

On the contrary, if the bears sink the price below the 20-EMA, the pair could extend its decline to the 50-SMA. Such a deep correction could delay the start of the next leg of the up-move.

XMR/USDT

Monero (XMR) broke above the $268.60 resistance on April 10, indicating the possible resumption of the uptrend. If the bulls can sustain the breakout, the altcoin could rally to the next target objective at $334 and then $384.

XMR/USDT daily chart. Source: TradingView

The rising 20-day EMA ($258) and the RSI above 75 suggest the path of least resistance is to the upside.

However, if the bulls fail to sustain the price above $288.60, the XMR/USDT pair could drop to the 20-day EMA. A strong bounce off this support will suggest the sentiment remains positive and the bulls are buying on dips. The bulls will then make one more attempt to resume the uptrend.

On the other hand, if the bears sink the price below the 20-day EMA, it will suggest a possible change in sentiment. That could result in a drop to the 50-day SMA ($232).

XMR/USDT 4-hour chart. Source: TradingView

The 4-hour chart shows the bears attempted to stall the rally near the psychological resistance at $300 but the bulls did not give up much ground. They purchased the dip to the 20-EMA and pushed the price above $300.

The rising moving averages and the RSI near the overbought zone suggest the bulls are in control.

This positive view will invalidate if the price turns down and breaks below the moving averages. Such a move will indicate the demand has dried up and traders are booking profits. That could pull the price down to $250.

XTZ/USDT

Tezos (XTZ) is in a strong uptrend. It broke above the stiff overhead resistance at $5.64 on April 5 and completed a successful retest of the breakout level on April 7 and 8. The altcoin resumed its uptrend and made a new all-time high at $7.21 on April 10.

XTZ/USDT daily chart. Source: TradingView

The 20-day EMA ($5.42) is sloping up and the RSI is near the overbought territory, indicating advantage to the bulls. In a strong uptrend, corrections usually last between one to three days as traders buy every minor dip aggressively.

The long tail on today’s candlestick suggests traders are buying at lower levels. If they can drive the price above $7.21, the XTZ/USDT pair could rally to the next target objective at $8.14.

The major support on the downside is the 20-day EMA. If the price rebounds off this support, it will suggest the sentiment remains bullish. The buyers will then again try to push the price above $7.21. Conversely, a break below the 20-day EMA will suggest the bullish momentum has weakened.

XTZ/USDT 4-hour chart. Source: TradingView

The 4-hour chart shows the bulls are trying to arrest the pullback at the 20-EMA. If they can push the price above $6.85, a retest of $7.21 is possible. A breakout of this resistance will start the next leg of the up-move.

Contrary to this assumption, if the pair breaks and sustains below the 20-EMA, it may drop to the 50-SMA. The bulls are likely to defend this support aggressively because the price has not dipped below the 50-SMA since March 29.

However, if the bulls fail to arrest the decline at the 50-SMA, the slide could extend to $5.40 and then to $4.60.

The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph. Every investment and trading move involves risk, you should conduct your own research when making a decision.

Price analysis 4/9: BTC, ETH, BNB, XRP, ADA, DOT, UNI, LTC, LINK, THETA

The rally in Bitcoin and select altcoins seems to have hit a wall as bears continue to aggressively push back at key overhead resistance levels.

Hong Kong tech company Meitu revealed on April 8 that it had added $10 million worth of Bitcoin (BTC) to its holdings which were purchased at an average rate of $57,000 per coin. After the latest purchase, Meitu’s total cryptocurrency portfolio consists of $49.5 million worth of Bitcoin and $50.5 million worth of Ether (ETH). This acquisition shows that institutional investors are confident that the rally in Bitcoin is still in its early stages.

Tom Jessop, Fidelity’s head of the crypto division, believes that Bitcoin has reached a tipping point and that traditional finance companies will continue to adopt cryptocurrency aggressively in the next few years. Jessop believes the massive monetary stimulus from governments and central banks has accelerated institutional adoption and this is a trend that could extend for at least another year.

Daily cryptocurrency market performance. Source: Coin360

It is not only institutional investors who are rushing into cryptocurrencies. Data shows that the number of retail investors trading cryptocurrency has also increased. Popular trading app Robinhood reported on April 8 that crypto trading on its platform surged to 9.5 million users in Q1 2021, a six-fold increase over Q4 2020.

While crypto adoption is on the rise, some legacy finance firms are still taking an anti-crypto approach. HSBC has reportedly blacklisted MicroStrategy stock and will not allow customers on its HSBC InvestDirect platform to buy shares from the company.

Will Bitcoin and major altcoins extend their uptrend and attract more buyers or will they enter a corrective phase? Let’s analyze the charts of the top-10 cryptocurrencies to find out.

BTC/USDT

The bears could not capitalize on Bitcoin’s break below the 20-day exponential moving average ($57,043) on April 7. Their failure to break the 50-day simple moving average ($54,572) support could have attracted buying from the aggressive bulls, resulting in the rebound on April 8.

BTC/USDT daily chart. Source: TradingView

However, today's Doji candlestick suggests the bulls are struggling to sustain the momentum at higher levels.

The BTC/USDT pair has formed an inverse head and shoulders pattern that will complete on a breakout and close above $60,000. This bullish setup has a target objective at $69,540. If the bulls sustain the momentum and clear this hurdle, the uptrend may reach the next target at $79,566.

Contrary to this assumption, if the price turns down from the current level, the bears will once again try to break the critical support at the 50-day SMA. If they succeed, the selling could intensify as short-term traders may rush to the exit. That could pull the pair down to $50,460.02 and then $43,006.77.

ETH/USDT

Ether’s (ETH) drop on April 7 was arrested at the 20-day EMA ($1,933), which shows the bulls are accumulating on dips. The price rebounded sharply on April 8 and rose above the resistance at $2,040.77.

ETH/USDT daily chart. Source: TradingView

The bulls will now make one more attempt to climb above the all-time high at $2,150. If they manage to do that, the ETH/USDT pair could resume its uptrend and march toward the next target objective at $2,618.14.

However, the bears are likely to have other plans. They will try to pull the price below the 20-day EMA. If that happens, several aggressive bulls may get trapped. That could intensify the selling, resulting in a drop to the trendline. A break below this support will suggest a change in trend.

BNB/USDT

Binance Coin (BNB) continues to be in a strong uptrend. The bulls flipped the $348.69 level to support on April 7 and followed that up with a breakout to a new all-time high on April 8. This shows a strong appetite from the bulls.

BNB/USDT daily chart. Source: TradingView

The upsloping moving averages and the relative strength index (RSI) above 75 indicate that the bulls are in command. The next target objective on the upside is the $500 to $530 zone where the bears may mount a stiff resistance.

On any correction, the first support to watch out for is the 20-day EMA ($334). A strong rebound off this support will suggest the sentiment remains bullish and traders are buying on dips.

However, if the BNB/USDT pair dips below the 20-day EMA, it will suggest that the bullish momentum is weakening.

XRP/USDT

XRP made successive inside day candlestick formations on April 7 and April 8. The current price action is pointing to another inside-day candlestick pattern today. The drop in daily volatility shows the altcoin is still digesting the recent gains.

XRP/USDT daily chart. Source: TradingView

This tightening of the intraday range usually ends with a strong breakout. If the uncertainty resolves to the upside and the bulls drive the price above $1.11, the XRP/USDT pair could start the next leg of the rally that could take it to $1.34 and then $1.66.

Alternatively, if the indecision resolves to the downside, it will suggest that supply exceeds demand and traders have dumped their positions. If that happens, the pair could drop to the 20-day EMA ($0.72). A break below this level could pull the price down to $0.65.

ADA/USDT

Cardano (ADA) dipped below the 20-day EMA ($1.18) on April 7 but the bulls did not allow the price to slip below the 50-day SMA ($1.16). This shows the bulls are defending the moving averages aggressively.

ADA/USDT daily chart. Source: TradingView

The buyers will now try to push the price above $1.33. If they manage to do that, the ADA/USDT pair could rise to $1.48. This is an important level to watch out for because the pair has returned from it on two previous occasions.

If the price again reverses direction from $1.48, it will suggest that the range-bound action may continue for a few more days. On the other hand, if the bulls can drive the price above $1.48, the pair could resume the uptrend toward the next target objective at $2.

A break below the moving averages will be the first sign of weakness and that could result in a drop to the $1.02 support. If this level breaks down, the bears could start a deeper correction to $0.80.

DOT/USDT

Polkadot (DOT) bounced off the 20-day EMA ($38.68) on April 7, indicating buying on dips. The bulls will now try to push the price above the overhead resistance at $42.28.

DOT/USDT daily chart. Source: TradingView

If they succeed, the DOT/USDT pair will retest the all-time high at $46.80. A breakout and close above this level could start the next leg of the rally that has a target objective at $53.50 and then $57.

The gradually upsloping 20-day EMA and the RSI in the positive territory suggest the bulls have the upper hand.

However, if the price turns down from the current level and breaks below the moving averages, it will indicate that traders are closing their positions on rallies. That could result in a fall to $32.50 and then $26.50.

UNI/USDT

The bulls successfully held the $27.97 support on April 7, which is a positive sign as it shows accumulation on dips. Uniswap (UNI) bounced back above the 20-day EMA ($29.65) on April 8 and the buyers will now try to push the price above $32.50.

UNI/USDT daily chart. Source: TradingView

If they succeed, the UNI/USDT pair could rally to the $35.20 to $36.80 overhead resistance zone. The bears are likely to defend this zone aggressively. If the price turns down from this resistance, the pair may extend its stay inside the range for a few more days.

Contrary to this assumption, if the price turns down from the current level, the bears will make one more attempt to pull the price below the $27.97 to $25.50 support zone. If they manage to do that, the pair could start a deeper correction to $20.74.

LTC/USDT

Litecoin (LTC) successfully completed the retest of the breakout level from the symmetrical triangle on April 7. That was followed by a rebound on April 8, but the bulls are struggling to pick up momentum.

LTC/USDT daily chart. Source: TradingView

This shows hesitation to buy at higher levels. If the bulls do not overcome the hurdle at $246.96 within the next few days, the possibility of a break below the 20-day EMA ($207) increases. In such a case, the LTC/USDT pair could drop to the support line.

Contrary to this assumption, if the bulls sustain the momentum and propel the price above $246.96, the pair could start the next leg of the uptrend that may reach $307.42. The gradually rising 20-day EMA and the RSI above 59 suggest a minor advantage to the bulls.

LINK/USDT

Chainlink’s (LINK) sharp reversal on April 7 could not break below the 20-day EMA ($30.29). This shows the sentiment remains positive and the bulls are buying on dips. The rebound on April 8 rose above the $32 resistance but the bulls are struggling to build on this strength today.

LINK/USDT daily chart. Source: TradingView

If the price turns down and breaks below the moving averages, it will suggest that supply exceeds demand at higher levels. That could pull the price down to the critical support at $24.

On the other hand, if the bulls again defend the 20-day EMA, the LINK/USDT pair could rise to the all-time high at $36.93. A breakout and close above this resistance will suggest the bulls have absorbed the supply and that may indicate the start of the next leg of the uptrend.

However, if the price again turns down from $36.93, the pair could extend its stay inside the range for a few more days.

THETA/USDT

After the large range day on April 7, THETA made an inside day candlestick pattern on April 8 and has followed it up with another one today. This shows indecision among the bulls and the bears about the next directional move. While the bears are defending the overhead resistance, the bulls are buying on every minor dip.

THETA/USDT daily chart. Source: TradingView

The upsloping 20-day EMA ($11.33) and the RSI above 62 suggest a minor advantage to the bulls. The buyers will have to clear the hurdle at $14 to signal the start of the next leg of the uptrend. If they manage to do that, the THETA/USDT pair could rally to $17.65 and then $22.50.

On the contrary, if the bears sink the price below the 20-day EMA, it will be the first sign of a possible change in sentiment. It will suggest that the bulls are no longer buying the dips to the 20-day EMA. The next critical support to watch will be $10.35. If this level is taken out, a deeper correction to the 50-day SMA may start.

The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph. Every investment and trading move involves risk. You should conduct your own research when making a decision.

Market data is provided by HitBTC exchange.

1inch, Celsius (CEL) and PancakeSwap (CAKE) rally as traders return to DeFi

Lucrative staking pools and reduced transaction fees are luring DeFi investors to 1inch, Celsius and PancakeSwap.

Bitcoin’s (BTC) range-bound action since its breakdown at the $61,000 level has confused analysts. Some are projecting that a sharper correction could be in development while others remain steadfast in their belief that the uptrend will resume shortly.

According to data from Ecoinometrics, history suggests that Bitcoin price breaks out between 300 and 350 days following a supply halving. Currently, 329 days have passed since the latest halving, and if history repeats itself Bitcoin could soon witness a breakout.

Crypto market data daily view. Source: Coin360

An encouraging sign from this most recent market-wide sell-off is traders are viewing this as an opportunity to buy rather than panicking. This suggests that the sentiment remains bullish. Data from Glassnode shows that $476 million worth of stablecoins were deposited to exchanges, possibly with the intent to buy the dip.

While Bitcoin’s next move hangs in flux, several altcoins have been trending upward. Let’s have a look at three tokens that could outperform the markets in the short term.

1INCH/USDT

The decentralized finance boom has produced a nearly uncountable number of projects and for investors, it can be difficult to check each one before jumping in.

This is where a DEX aggregator like 1inch (1INCH) comes in handy because the platform sources the lowest available swap (transaction costs) for investors. The team claims that the third iteration of its Aggregation Protocol has made it cheaper to use 1inch when compared to using Uniswap or 0x directly.

The protocol’s expansion to Binance Smart Chain on Feb. 25 was another positive as it reduced transaction costs for its users and added the BSC-based DEXes to the aggregation protocol.

In the past few days, 1inch launched liquidity programs with ARCx, Ren, Vesper, and Opium. All these steps seem to have paid out as 1inch reported that it had surpassed $30 billion in total trading volume.

Additionally, Coinbase announced support for 1INCH on April 7 and that has given a further boost to the token.

1INCH has risen from an intraday low at $3.56 on March 25 to an intraday high at $6.56 today, a gain of 84% in 15 days. The bulls pushed the price above the overhead resistance at $6.33 today but have not been able to sustain the breakout, which shows the bears are defending this level aggressively.

1INCH/USDT daily chart. Source: TradingView

However, the 20-day exponential moving average ($4.75) has started to turn up and the relative strength index (RSI) is near the overbought zone, indicating the path of least resistance is to the upside.

If the bulls do not give up much ground from the current levels, it will indicate strength. That will increase the possibility of a break and close above $6.33. If that happens, the 1INCH/USDT pair could resume the uptrend with the next target objective at $8.42.

This positive view will invalidate if the bears pull the price back below $5. Such a move will point to a possible range-bound action for a few more days.

CEL/USD

Celsius (CEL) is attempting to disrupt the traditional banking industry. Some of the loans on the protocol charge interest rates as low as 1%, which is much lesser than the banks. Low rates of lending and high interest rates on deposits have boosted its growth to 500,000 users. In a tweet on March 11, the Celsius team said that it handles more than $10 billion worth of digital assets.

In November 2020, Celsius had paid over $80 million to its depositors and that figure surged to more than $250 million in February. The protocol claims this has been possible because it shares 80% of the revenue generated with the community.

Celsius was recently awarded the “best cryptocurrency wallet” at the fifth-annual FinTech Breakthrough Awards. This could further boost the confidence in the protocol. The team has also teased the upcoming soft launch of their Webapp.

CEL price soared from an intraday low at $4.70 on April 2 to an intraday high at $7.71 today, a 64% increase within seven days. The token picked up momentum after the price broke above the resistance line of the symmetrical triangle. This setup has a pattern target at $8.47.

CEL/USD daily chart. Source: TradingView

However, the one-way rally has pushed the RSI above 84, indicating the CEL/USD pair could be overbought in the near term. If the price turns down from the current level or the target objective, it could drop to $6.80.

If the bulls can flip this level into support, it may act as a launchpad for the next leg of the uptrend. If that happens, the pair could rally to $10.

Contrary to this assumption, if the price plummets below $6.80, the drop could extend to the 20-day EMA ($5.74). Such a deep fall could delay the start of the next leg of the uptrend.

CAKE/USDT

With most banks and bonds offering negligible returns to the investors, it is no surprise that DeFi has been a major hit among investors who are not afraid of risk. However, skyrocketing gas fees on the Ethereum network can eat a major portion of the gains accrued by the small investors.

Therefore, several investors migrated to projects on competing blockchains that offered low transaction costs. This helped PancakeSwap (CAKE) as it is on the Binance Smart Chain.

A recent report from Delphi Digital found a correlation between higher gas fees on the Ethereum network and the increase in activity on PancakeSwap. Additionally, the protocol could have also benefited from the vast network effect of Binance, which is one of the largest crypto exchanges.

According to DeFi Llama, PancakeSwap’s total value locked has surged to $6.15 billion, just below Uniswap’s TVL of $7.43 billion.

VORTECS™ data from Cointelegraph Markets Pro began to detect a bullish outlook for CAKE on March 22, just as the rally was getting started.

The VORTECS™ score, exclusive to Cointelegraph, is an algorithmic comparison of historic and current market conditions derived from a combination of data points including market sentiment, trading volume, recent price movements and Twitter activity. A recent test of the system found that investment returns as high as 1,497% were generated using specific strategies outlined in the report.

VORTECS™ Score (green) vs. CAKE price. Source: Cointelegraph Markets Pro

As seen in the chart above, the VORTECS™ Score for CAKE flipped green on March 22, when the price was $10.13.

From there, the VORTECS™ Score consistently remained in the green and CAKE rallied to a high at $19 on March 31, resulting in an 87.5% gain within 10 days.

CAKE rallied from an intraday low at $9.68 on March 21 to an intraday high at $21.25 today, a 119% rally in 19 days. The bulls are currently attempting to sustain the breakout above the overhead resistance at $19.

CAKE/USDT daily chart. Source: TradingView

If they manage to do that, it will suggest the start of a new uptrend that has a target objective at $28.50. The upsloping 20-day EMA ($16) and the RSI above 66 suggest the bulls are still in control.

However. If the bulls fail to sustain the breakout, the CAKE/USDT pair could drop to the 20-day EMA. A strong rebound off this support will suggest that investor sentiment has turned bullish and it will increase the chance that the uptrend will continue.

On the contrary, if the bears sink the price below the 20-day EMA, the pair could extend its stay inside the current range for a few more days.

The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph. Every investment and trading move involves risk, you should conduct your own research when making a decision.

Price analysis 4/7: BTC, ETH, BNB, XRP, ADA, DOT, UNI, LTC, LINK, THETA

Altcoins retraced to key lower support levels after Bitcoin price dropped below $56,000, but will traders view the dip as a buying opportunity?

According to CoinShares, the institutional inflow into crypto products hit $4.5 billion in Q1, which is 11% higher than the intake seen in Q4 2020. This shows that institutional interest is on the rise but the quarter-on-quarter growth has slowed down from the 240% recorded in Q4 2020. 

As Bitcoin price moves higher, more funds are needed to sustain the levels. Therefore, if institutional inflows do not pick up in the next few days, Bitcoin (BTC) and other altcoins could witness a major correction.

Daily cryptocurrency market performance. Source: Coin360

The next correction could test the resolve of institutional investors and even though these investors have deep pockets, some may have jumped into crypto only for quick speculative gains. There is always the possibility that investors may dump their positions if Bitcoin starts a correction.

While this may accelerate the fall, lower levels are likely to attract investors who may have missed the bus earlier. If this assumption plays out, volatility throughout the market may remain high in the next few days.

Let’s analyze the charts of the top-10 cryptocurrencies to see if it also projects a possible correction.

BTC/USDT

Bitcoin’s failure to cross the stiff overhead resistance zone at $60,000 to $61,825.84 seems to have attracted profit-booking from short-term momentum traders. This has pulled the price back below the 20-day exponential moving average ($56,863) today.

BTC/USDT daily chart. Source: TradingView

If the price sustains below the 20-day EMA, the bears may sense an opening and are likely to challenge the critical support at the 50-day simple moving average ($54,333). If this support cracks and the bears manage to sustain the price below the 50-day SMA, the selling could intensify.

The next support on the downside is $50,460. If this level also gives way, the BTC/USDT pair could plummet down to $43,006.77. The flattening moving averages and the relative strength index (RSI) dropping below 52 suggest that the bulls may be losing their grip.

Contrary to this assumption, if the price rebounds off the 50-day SMA, the bulls will make one more attempt to push the pair to a new all-time high. If they succeed, the pair could start its journey to the next target objective at $69,540 and then $79,566.

ETH/USDT

Ether (ETH) broke to a new all-time high on April 2 but could not take off and continue its climb. This showed hesitation among the bulls and even though they managed to push the price to a new all-time high at $2,150 on April 6 the rally has since stalled.

ETH/USDT daily chart. Source: TradingView

That may have frustrated the momentum traders who seem to have dumped their positions today, resulting in a drop to the 20-day EMA ($1,904). If the ETH/USDT pair rebounds strongly from the 20-day EMA, it will indicate demand at lower levels.

The bulls will then make one more attempt to drive the price above $2,150. If they succeed, the pair could start its journey to the next target objective at $2,618.14.

This positive view will invalidate if the bears sink and sustain the price below the 20-day EMA. Such a move will suggest a possible change in sentiment and that could drag the price down to the trendline.

BNB/USDT

Binance Coin (BNB) is in a strong uptrend. The bears tried to pull the price back below the breakout level at $348.69 today but the long tail on the candlestick shows the bulls purchased this dip aggressively.

BNB/USDT daily chart. Source: TradingView

The rising moving averages and the RSI near the overbought zone suggest the bulls are firmly in command. If the buyers can flip $348.69 into support, then the BNB/USDT pair could start the next leg of the uptrend that could take it to $500 and then $530.

On the other hand, if the price dips below $348.69, it will suggest that higher levels are attracting profit-booking from traders. The bullish momentum may weaken if the bears sink the price below the 20-day EMA ($314).

XRP/USDT

XRP’s breakout above $0.65 on April 5 completed an inverse head and shoulders pattern, which had a target objective at $1.11. The altcoin met this target on April 6 when it reached an intraday high at $1.11.

XRP/USDT daily chart. Source: TradingView

Traders who follow technical analysis seem to have booked profits near the target objective, resulting in a sharp pullback today.

The bulls are attempting to stall the correction near the 50% Fibonacci retracement level at $0.84 as seen from the long tail on the candlestick. If the buyers can sustain the rebound, it will suggest accumulation at lower levels and keep the prospects of a break above $1.11 alive.

On the other hand, if the XRP/USDT pair breaks below $0.84, the correction could deepen to the 61.8% Fibonacci retracement level at $0.77. Such a deep correction may delay the start of the next leg of the uptrend.

ADA/USDT

Cardano (ADA) attempted an up-move on April 6, but the long wick on the day’s candlestick suggests a lack of demand at higher levels. The bears have latched on to the opportunity today and are attempting to sink the price to $1.03.

ADA/USDT daily chart. Source: TradingView

The bulls are likely to defend the $1.03 support aggressively. If the price rebounds off this level strongly, the bulls will try to push the price above the moving averages. If they can do that, the ADA/USDT pair could remain range-bound for a few more days.

The flat 10-day EMA ($1.18) and the RSI near the midpoint suggest a balance between supply and demand.

This neutral view will invalidate if the $1.03 support cracks. In such a case, the pair could start its journey toward the support at $0.80 and then $0.70.

DOT/USDT

The failure of the bulls to push the price above the all-time high at $146.80 on April 5 and 6 could have attracted profit-booking from the short-term traders. That may have pulled Polkadot (DOT) back below the breakout level at $42.28 today.

DOT/USDT daily chart. Source: TradingView

The bulls are currently attempting to defend the 20-day EMA ($38). If they can achieve a strong rebound off this support, it will suggest accumulation at lower levels. The buyers may then make one more attempt to clear the all-time high. If they succeed, the DOT/USDT pair could rally to $53.50.

On the contrary, a weak rebound will suggest weakness and a lack of urgency among traders to buy aggressively. That will open the chances for the bears to pull the price below the moving averages. If that happens, the pair could drop to $26.50.

UNI/USDT

Uniswap (UNI) attempted to rise above the $32.50 resistance but failed. This shows a lack of buyers at higher levels. The bears are now attempting to sink the pair below the $27.97 to $25.50 support zone.

UNI/USDT daily chart. Source: TradingView

If they succeed, the UNI/USDT pair could start its journey toward the next support at $22 and then $18.

However, the flat 20-day EMA ($29.59) and the RSI near the midpoint suggest a balance between supply and demand. If the bulls can defend the support zone, the pair is likely to extend its range-bound action for a few more days.

LTC/USDT

Litecoin (LTC) broke above the resistance line of the symmetrical triangle on April 5 and followed it up with another up-move on April 6 that took the price to the stiff resistance at $246.96.

LTC/USDT daily chart. Source: TradingView

The failure of the bulls to clear the hurdle at $246.96 may have attracted profit-booking from short-term traders and selling by aggressive bears. That pulled the price down to the breakout level from the triangle today.

If the LTC/USDT pair rebounds off this level aggressively, it will suggest that the bulls are accumulating on dips. The buyers will then make one more attempt to climb the wall at $246.96. If they manage to do that, the pair could start its journey to $307.42.

On the contrary, if the bears sink the price below the moving averages, the pair could drop to the support line of the triangle.

LINK/USDT

Chainlink (LINK) broke above the $32 resistance on April 5 and followed it with another up-move on April 6 but the bulls could not challenge the all-time high at $36.93. This suggests the bears have not given up and are active at higher levels.

LINK/USDT daily chart. Source: TradingView

The LINK/USDT pair has dipped back below the $32 level today. The bulls are attempting to defend the 20-day EMA ($29.85). If they manage to do that and push the price back above $32 within the next couple of days, it will suggest accumulation at lower levels.

The bulls may then again try to propel the price above $36.93. Conversely, if the bears sink the price below the moving averages, it will suggest that the recent breakout above $32 was a bull trap. The pair could then drop to $24.

THETA/USDT

After trading in a tight range for the past few days, THETA surged today and attempted to break out of the $14 to $14.96 overhead resistance. However, the bears thwarted this attempt as seen from the long wick in today's candlestick.

THETA/USDT daily chart. Source: TradingView

If they succeed, the THETA/USDT pair could start the next leg of the uptrend that has a target objective at $17.65 and then $22.50. The 20-day EMA ($11.13) has started to turn up once again and the RSI has risen above 68, suggesting the momentum favors the bulls.

However, the bears are unlikely to give up easily. They will try to stall the uptrend in the overhead resistance zone. If they manage to do that, the pair could extend its stay inside the range for a few more days.

The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph. Every investment and trading move involves risk. You should conduct your own research when making a decision.

Market data is provided by HitBTC exchange.

Celer (CELR), Cartesi (CTSI) and Compound (COMP) rally as DeFi heats up

Aiming to reduce the cost of transacting within DeFi is attracting developers and investors to Celer Network, Cartesi and Compound.

Bitcoin bulls are still struggling to push the price to a new high but the positive sign is that BTC has not corrected sharply in the past few days and the top-ranked cryptocurrency has held a market capitalization above $1 trillion since March 26. 

While many are wondering what Bitcoin’s next move will be, a Bloomberg Intelligence report by senior commodity strategist Mike McGlone projects that BTC will rally to $80,000 in the second quarter rather than slump to the $40,000 level.

Crypto market data daily view. Source: Coin360

Bitcoin’s consolidation has not held back altcoins, which have continued their march higher over the past few weeks. Cointelegraph recently reported that the number of cryptocurrencies commanding a $1 billion market capitalization has doubled in the past two months to hit the 100 mark.

Decentralized finance assets have also rallied significantly as the total value locked in DeFi reached $100 billion on April 6 according to data from DeFi Llama. At the start of the year, the TVL metric was only $20.74 billion, which shows there has been a massive amount of growth in the space.

Keeping the focus on altcoins, let’s analyze the fundamentals of three tokens that have done well in the past few days.

CELR/USDT

Celer Network’s CELR token was featured on Cointelegraph on March 16 when the price was at $0.059. Since then the token has continued its uptrend and hit a new all-time high at $0.103 on March 28, a further 74% rally in a short time.

The DeFi space has been in focus in the past few months for its mouth-watering yields. However, surging Ethereum network fees have limited these benefits to larger players and retail-sized investors with less capital have missed out on many great investing opportunities.

To address this problem, Celer announced the launch of Layer2.finance on Feb. 18, which claims to tremendously cut the cost of accessing DeFi. According to the team, the project is in its final stages of an audit and is expected to launch soon. If this succeeds, Celer could address one of the main problems that may is limiting the rise of DeFi.

CELR has been in a correction since topping out at $0.103 on March 28. The pullback has reached the 20-day exponential moving average ($0.071) but the bulls are struggling to defend this level.

CELR/USDT daily chart. Source: TradingView

This suggests that the bullish sentiment has weakened and traders are not rushing to buy the dips. The flattening 20-day EMA and the relative strength index (RSI) below 54 points to a possible range-bound action in the short term.

If the buyers defend the $0.065 support, the CELR/USDT pair could attempt to resume the up-move but it is likely to meet stiff resistance at $0.087 and then $0.095. However, if the bulls propel the price above $0.103, the pair could rally to $0.122 and then $0.155.

On the downside, if the bears sink the price below $0.065, the decline could extend to the next support at the 50-day simple moving average ($0.047). Such a deep correction usually delays the start of the next leg of the uptrend.

CTSI/USDT

Cartesi (CTSI) aims to take the traditional tools used by the developer community and merge them with decentralized tools. This could attract several developers to decentralization who are currently held back due to the different programming languages being used for blockchain. Additionally, the team believes that their technology could increase the computational power of certain applications by 10,000%.

In the past couple of months, Cartesi has announced partnerships with Injective, Travala, IOTA, Polygon, Elrond, and Avalanche. Over the next few weeks and months, the crypto community will keenly watch Cartesi’s layer-2 technology to see if it can enhance computational throughput and implement processing-intensive applications without compromising security.

CTSI has been in an uptrend for the past few weeks. It rallied from an intraday low at $0.077 on Feb. 8 to an intraday high at $0.896 on April 4, a 1,063% rally within two months.

CTSI/USDT daily chart. Source: TradingView

However, after the sharp rally of the past few days, the CTSI/USDT pair is currently witnessing profit-booking. The bears have pulled the price below the 38.2% Fibonacci retracement level at $0.583 and the next support is the 50% retracement level at $0.486.

If the pair rebounds off the $0.486 level, it will be a bullish sign as it will show that the previous resistance of $0.466 has flipped to support. The bulls will then try to resume the uptrend but are likely to be met with heavy selling near $0.65.

If the price turns down from this resistance, the pair could remain range-bound for a few days. A breakout and close above $0.65 will be the first indication that the bulls are attempting a comeback. On the other hand, a break below $0.466 could signal a possible change in trend.

COMP/USDT

Compound (COMP) continues to grow stronger despite setbacks in the DeFi sector. On Feb. 21, the protocol reported a total supply of $10 billion, which has since then surged to over $15 billion on April 3. The protocol continues to lead the DeFi rankings with a total value locked at $9.53 billion.

On March 1, Compound announced the launch of Gateway, a Substrate blockchain, which the team believes will eventually evolve into the backbone of a global interest rate market that is capable of supporting any asset.

on March 26 Compound Labs founder and CEO Robert Leshner tweeted that he had given a DeFi presentation to Federal Reserve staff. This is a major first step as it shows that the leading central bank in the world is interested to know m about DeFi.

On April 3, Compound received 629,000 Ether ($1.3 billion) from an anonymous whale and many suspect that this is proof that major institutions are jumping into DeFi.

COMP rallied from an intraday low at $330 on March 25 to an intraday high at $562.85 on April 4, a 70% rally within a short time. The bears are aggressively defending the overhead resistance zone between $558 and $573.

COMP/USDT daily chart. Source: TradingView

The COMP/USDT pair is stuck inside a large range between $320 and $558. The current pullback could find support at the 20-day EMA ($444), which has started to turn up. If the pair rebounds off this level, the bulls will once again try to push the price above the overhead zone.

If the bulls succeed, the pair could start the next leg of the uptrend which has a target objective at $796.

Contrary to this assumption, if the price slips below the moving averages, it could extend the decline and reach the support at $320. A break below this critical support could intensify selling and pull the price down to $200.

The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph. Every investment and trading move involves risk, you should conduct your own research when making a decision.

Price analysis 4/5: BTC, ETH, BNB, DOT, ADA, XRP, UNI, LTC, LINK, THETA

Bitcoin and most major altcoins have bounced off their immediate support levels, indicating an increase in bullish sentiment.

The total crypto market capitalization reached the important milestone of $2 trillion on April 5. As cryptocurrencies increase in value, they are likely to attract further investments from institutional investors because they can no longer afford to neglect it. 

Less than three months ago, the crypto market had reached the $1 trillion in market cap for the first time ever. This rate of growth shows that investors are hugely bullish on the potential of the sector and the ones who delay their investment decisions may have to enter at much higher levels.

Ark Invest founder and CEO Cathie Wood is well known for identifying disruptive technologies and the firm is backing Bitcoin (BTC) to do just that. Yassine Elmandjra, a crypto asset analyst at Ark, said Bitcoin was “100 times better” than gold, hence he believes Bitcoin will rise 10-fold from the current market capitalization of $1 trillion to match gold’s $10-trillion market cap.

Daily cryptocurrency market performance. Source: Coin360

For Bitcoin to continue its northward journey, the institutions will have to continue pumping money into it. Purpose Bitcoin ETF, Canada’s first licensed Bitcoin exchange-traded fund (ETF) launched two months ago and currently, it holds 16,462 BTC.

If a Bitcoin ETF gets the approval of the regulators in the United States, it could attract huge investments, dwarfing the inflows into the Purpose Bitcoin ETF.

The crypto story has widened beyond Bitcoin. Data from business analytics firm CB Insights showed crypto and blockchain technology-focused startups received $2.6 billion in funding in Q1 2021. This is way above the total funding of $2.3 billion received in 2020, indicating the growing interest in the sector.

So the question on the minds of most investors is whether or not the crypto market will be able to sustain its current momentum. Let’s analyze the charts of the top-10 cryptocurrencies to find out.

BTC/USDT

Bitcoin has bounced off the 20-day exponential moving average ($56,750) today, which suggests that the sentiment remains positive and the bulls are buying on every minor dip.

BTC/USDT daily chart. Source: TradingView

The buyers will now try to push the price above the $60,000 to $61,825.84 overhead resistance zone. If they succeed, it could open the doors for a rally to $69,540 and then $79,566.

However, the bears are unlikely to give up easily. They will once again try to stall the rally in the resistance zone. If that happens, the possibility of a break below the 20-day EMA increases.

That could result in a drop to the critical support at the 50-day simple moving average ($53,978). If the bears sink the price below the 50-day SMA, the pair could drop to the next support at $50,460.02.

ETH/USDT

Ether (ETH) made a new all-time high at $2,144.59 on April 2. However, the bulls could not build upon this move as the bears sold aggressively and pulled the price back below the breakout level at $2,040.77 on April 3.

ETH/USDT daily chart. Source: TradingView

Since then, both the bulls and the bears have been battling it out near $2,040.77. While the bulls are attempting to flip this level into support, the bears are trying to pull the price below it and trap the bulls.

The rising 20-day EMA ($1,872) and the relative strength index (RSI) above 65 suggest the bulls have the upper hand. If the buyers succeed in pushing the price above $2,144.59, the ETH/USDT pair could start the next leg of the uptrend that may reach $2,618.14.

Contrary to this assumption, if the bears pull the price below $1,977, the pair could drop to the 20-day EMA. A break below this level will suggest the bullish momentum has weakened and could result in a decline to the trendline.

BNB/USDT

Binance Coin (BNB) cleared the $348.69 to $356.98 overhead resistance zone today and made a new all-time high. Whenever an asset class hits a new all-time high, it is a sign of strength because it shows that traders are buying at higher levels as they expect the rally to extend further.

BNB/USDT daily chart. Source: TradingView

Both moving averages are sloping up and the RSI has risen into the overbought territory, indicating the path of least resistance is to the upside. The BNB/USDT pair could now rally to its target objective at $400 and then $430.

This positive view will invalidate if the price reverses direction and breaks below the 20-day EMA ($297). Such a move will suggest that traders are aggressively booking profits at higher levels and supply exceeds demand.

That could pull the price down to the 50-day SMA ($258) and a crack below this support may extend the decline to $220.

DOT/USDT

The bears tried to trap the bulls on April 3, as seen from the long wick on the day’s candlestick. However, the bulls were not ready to surrender their advantage and they again pushed Polkadot (DOT) above $42.28 on April 4.

DOT/USDT daily chart. Source: TradingView

There is a tough tussle between the bulls and the bears near the $42.28 level. The buyers are trying to flip this level to support and launch the next leg of the uptrend, which could reach $53.50.

The upsloping 20-day EMA ($37.30) and the RSI near the overbought territory suggest the path of least resistance is to the upside.

This bullish view will invalidate if the bears can pull the price back below $40. If that happens, the ADA/USDT pair could drop to the moving averages and a break below the 50-day SMA ($35.34) could start a deeper correction to $26.50.

ADA/USDT

Cardano (ADA) has been trading near the 20-day EMA ($1.17) for the past few days. Attempts by the bulls to start an up-move on April 2 and 3 did not find buyers at higher levels as seen from the long wick on the candlesticks.

ADA/USDT daily chart. Source: TradingView

Usually, every low volatility phase is followed by a sharp increase in volatility but it is difficult to predict the direction of the breakout. Therefore, it is better to wait for the breakout to happen before initiating any trades.

If the bulls can push and sustain the price above $1.30, the ADA/USDT pair may challenge the stiff resistance at $1.48. This will be the third attempt to clear the overhead resistance, hence the possibility of a break above it is high. The next target objective is $2.

On the other hand, if the indecision resolves to the downside, the bears will try to sink the price below $1.03 and start a deeper correction to $0.80 and then $0.70.

XRP/USDT

XRP broke above the stiff overhead resistance at $0.65 today, which completed an inverse head and shoulders pattern. The altcoin picked up momentum and cleared the minor resistance at $0.75 and $0.78.

XRP/USDT daily chart. Source: TradingView

The sharp pace of the rally suggests that several bears may have been caught off guard, resulting in a massive short squeeze. This opens the possibility for a rally to the pattern target at $1.11.

The rising 20-day EMA ($0.57) and the RSI above 80 suggest the bulls are back in command.

However, the XRP/USDT pair may not rally to the target objective in a straight dash as short-term traders may book profits after the sharp rally today. That may pull the price down to the $0.75 to $0.65 support zone.

The strength of the rebound off this support zone will give a better insight into the next leg of the rally.

UNI/USDT

Uniswap (UNI) rose above the 20-day EMA ($29.52) on April 2 but the bears did not allow the price to run away. They sold at higher levels and pulled the price back to the 20-day EMA on April 3.

UNI/USDT daily chart. Source: TradingView

The positive sign is that the bulls have held the 20-day EMA successfully for the past three days. If the bulls can drive the price above $32.50, the UNI/USDT pair could rally to the $35.20 to $36.80 resistance zone.

The flattish 20-day EMA and the RSI below 56 suggests a lack of strong momentum in favor of the bulls. This could keep the pair range-bound for a few more days. The next trending move could start on a break above $36.80 or a break below $25.52.

LTC/USDT

Litecoin (LTC) had broken out of the resistance line of the symmetrical triangle on April 3 but the bulls could not sustain the higher levels. The altcoin quickly reversed direction and dropped back into the triangle.

LTC/USDT daily chart. Source: TradingView

However, the positive sign is that the buyers did not allow the price to break below the moving averages. This shows that the bulls are accumulating on dips. They will again attempt to push and sustain the price above the triangle.

If they succeed, the LTC/USDT pair could rally to $230 and then to $246.96. Above this level, the pair could rise to the pattern target at $307.42.

Conversely, if the price once again turns down from the resistance line, then the possibility of a break below the moving averages increases. If that happens, the pair could drop to the support line of the triangle.

LINK/USDT

Chainlink (LINK) broke above the $32 resistance on April 2 but the bulls could not build upon this breakout and the bears pulled the price back into the range on April 3. This suggests the bears are aggressively defending the overhead resistance at $32.

LINK/USDT daily chart. Source: TradingView

However, the strong rebound off the 20-day EMA ($29) on April 4 shows the bulls are buying the dips. The bulls will now try to thrust the price above the $32 to $33.17 overhead resistance zone.

If they can achieve that, the LINK/USDT pair may retest the all-time high at $36.93. If this level is also conquered, the rally may extend to $40.

On the contrary, if the price again turns down from the overhead resistance zone and plummets below the moving averages, it will suggest that the range-bound action may continue for a few more days.

THETA/USDT

THETA has been stuck inside the $10.35 to $14 range for the past few days. The bears are trying to sink the price to the support of the range but the bulls have not allowed the altcoin to dip below $11.20.

THETA/USDT daily chart. Source: TradingView

The 20-day EMA ($10.81) is gradually flattening out and the RSI has dropped below 61, pointing to a possible range-bound action in the next few days.

Contrary to this assumption, if the bulls can drive the price above $12.58, the THETA/USDT pair could rally to $14. A breakout of this resistance will be the first sign that bulls have the upper hand.

However, if the pair turns down from the current level and slips below $11.20, a drop to $10.35 is possible. A break below this support could intensify selling.

The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph. Every investment and trading move involves risk. You should conduct your own research when making a decision.

Market data is provided by HitBTC exchange.

Top 5 cryptocurrencies to watch this week: BTC, ETH, BNB, DOT, EOS

The bullish price action from ETH, BNB, DOT and EOS show that altcoins have capitalized on Bitcoin’s range-bound trading below the $60,000 level.

Historical trends act as a gauge for traders to assess the possibilities for the future. April has been a bullish month for Bitcoin (BTC) with eight monthly closes in the green and only two instances of negative returns. 

Danny Scott, the CEO of the Bitcoin exchange CoinCorner, said that Bitcoin could rally to $83,000 if it emulates its average April return of 51% as it had over the past 10 years.

This could be one of the reasons why miners have started holding their positions instead of selling at the current levels. Lex Moskoviski, the CIO at Moskoviski Capital, recently highlighted that miners had hoarded 4,380 Bitcoin on April 2 and 4,494 Bitcoin on April 3.

Crypto market data daily view. Source: Coin360

While Bitcoin remains the undisputed leader, a positive is that some mainstream companies have started to explore opportunities in different sectors of the crypto sector.

Shopify CEO Tobi Lutke indicated that his company was exploring ways to integrate with decentralized finance. On April 3, Lutke tweeted a question to the DeFi community asking for ideas on what role the company could play in the space. If something concrete comes of this it could give a big boost to the entire crypto ecosystem.

Let’s study the charts of top-5 cryptocurrencies that may outperform the other major cryptocurrencies in the short term.

BTC/USDT

Bitcoin’s repeated failure to break above the $60,000 level in the past few days could have attracted profit-booking from short-term traders. That resulted in a drop to the 20-day exponential moving average ($56,518) today.

BTC/USDT daily chart. Source: TradingView

The moderating of the slope of the moving averages and the failure of the relative strength index (RSI) to rise above the downtrend line shows that bears are aggressively defending the $60,000 to $61,825.84 resistance zone.

If the bulls can thrust the price above this zone, it could trap the bears, resulting in a possible short squeeze. That could boost momentum, launching the BTC/USDT pair toward the target objective at $69,540 and then $79,566.

On the other hand, if the bulls again fail to clear the hurdle at $60,000, then the possibility of a break below the 20-day EMA increases. The pair could then retest the 50-day simple moving average ($53,771). This is an important support to watch out for because a break below it will indicate a possible change in the short-term trend.

BTC/USDT 4-hour chart. Source: TradingView

The 4-hour chart shows the formation of a possible inverted head and shoulders pattern that will complete on a breakout and close above $60,000. This bullish setup has a pattern target of $69,540.

However, the 20-EMA has started to turn down, indicating the bears are trying to gain the upper hand. If the price turns down from the 20-EMA, the pair could extend its decline to $54,700. A break below this level could open the doors for a decline to $50,460.02.

ETH/USDT

The range-bound action in Ether (ETH) resolved to the upside on April 2 and the price surged to a new all-time high at $2,144.59. However, the bulls could not sustain the higher levels as the price again dipped back below the breakout level at $2,040.77.

ETH/USDT daily chart. Source: TradingView

The bulls are currently attempting to push the price back above the $2,040.77 to $2,144.59 overhead resistance zone. If they succeed, the ETH/USDT pair could pick up momentum and start its journey to $2,618.14.

The upsloping 20-day EMA ($1,849) and the RSI in the positive zone indicate the bulls have the upper hand.

However, if the price turns down from the overhead zone and dips below the 20-day EMA, it will suggest that the bullish momentum has weakened. A break below the 50-day SMA ($1,751) could keep the pair range-bound between $1,289 and $2,040.77.

ETH/USDT 4-hour chart. Source: TradingView

The 4-hour chart shows the pullback in the pair has found support at the 20-EMA, which suggests the uptrend is intact. However, the bears are unlikely to give up easily. They will again try to stall the current rally in the $2,093.45 to $2,144.59 overhead resistance zone.

If they succeed, the pair may again drop to the 20-EMA. A break below this support will be the first indication that supply exceeds demand.

On the contrary, if the bulls can sustain the rebound and catapult the price above the resistance zone, the uptrend may resume.

BNB/USDT

Binance Coin (BNB) broke out to a new all-time high on April 2 but the bulls could not sustain the higher levels and the price dipped back below $348.69. This suggests that the bears tried to trap the aggressive bulls.

BNB/USDT daily chart. Source: TradingView

However, the bulls did not allow the price to break below the $315 support. This is a positive sign as it indicates that bulls are accumulating on every minor dip and are not waiting for a deeper correction to buy.

If the bulls can thrust the price above the all-time high at $356.98, the BNB/USDT pair could start the next leg of the uptrend that may reach $400 and then $430. The rising moving averages and the RSI near the overbought territory suggest the path of least resistance is to the upside.

On the contrary, if the price turns down from the current level or the overhead resistance and slides below $315, it will suggest that the bullish momentum is weakening.

BNB/USDT 4-hour chart. Source: TradingView

The 4-hour chart shows the bears are aggressively defending the overhead resistance zone between $348.69 and $356.98. They had even pulled the price below the 20-EMA but could not break the $315 support.

The bulls will now make one more attempt to push the price above $356.98 and if they succeed, the pair could pick up momentum.

On the other hand, even if the price turns down from the overhead resistance zone but stays above $315, it will indicate strength. The bears could gain the upper hand in the short term if the price breaks and sustains below $315.

DOT/USDT

Polkadot (DOT) broke above the downtrend line on April 2 and made a new all-time high at $46.80 on April 3. However, the higher levels attracted profit-booking as seen from the long wick on the day’s candlestick.

DOT/USDT daily chart. Source: TradingView

The bears could not build upon their advantage as the bulls purchased at lower levels and have pushed the price back above $42.28 today.

The 20-day EMA ($36.57) has turned up and the RSI has risen into the overbought zone, indicating the bulls are in control.

If the bulls can now drive the price above $46.80, the DOT/USDT pair could resume the uptrend and rally to the target objective at $53.50.

This positive view will invalidate if the price turns down and breaks below the moving averages.

DOT/USDT 4-hour chart. Source: TradingView

The moving averages are sloping up and the RSI is in the positive zone, indicating that the short-term trend is bullish. The strong rebound off the 20-EMA indicates that the bulls are aggressively accumulating on dips. This increases the possibility of a break above $46.80.

However, if the price turns down from the current levels and breaks below the 20-EMA, it will suggest that supply exceeds demand. Such a move could pull the price down to the 50-SMA.

EOS/USDT

EOS broke above the $5.60 overhead resistance on April 1 and closed at $6.25 on April 2, its highest close since June 29, 2019. This shows that the altcoin is once again generating interest among investors.

EOS/USDT daily chart. Source: TradingView

The bears dragged the price back below the breakout level of $5.60 on April 3, but the positive sign is that the bulls have not allowed the bears to assert their dominance. They have again pushed the price back above $5.60.

If buyers can sustain the price above $5.60 for three days, it will suggest the start of a new uptrend. The EOS/USDT pair is likely to pick up momentum after the bulls propel the price above $6.50. If they can do that, the pair could rally to $7.64 and then $8.69.

The 20-day EMA ($4.68) has started to turn up and the RSI is in the positive territory, indicating the bulls have the upper hand.

EOS/USDT 4-hour chart. Source: TradingView

The 4-hour chart shows the bears attempted to trap the bulls when they pulled the price back below the 20-EMA and $5.40. However, the buyers did not give up and they successfully defended the $5.20 level.

This shows the bulls are buying on dips. The 20-EMA has started to turn up and the RSI is in the positive zone, suggesting advantage to the bulls. If they can sustain the price above $5.60, the possibility of a breakout of $6.48 increases.

Contrary to this assumption, if the price turns down and breaks below $5.20, it will suggest that the breakout above $5.60 was a bull trap.

The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph. Every investment and trading move involves risk, you should conduct your own research when making a decision.

Price analysis 4/2: BTC, ETH, BNB, ADA, DOT, XRP, UNI, LTC, LINK, THETA

Select altcoins could rally higher if Bitcoin and Ethereum hold on to their recent gains.

According to a recent research note by JPMorgan, institutional investors have withdrawn about $20 billion from their gold investments since mid-October and during the same time frame, institutional inflows into Bitcoin (BTC) have increased by $7 billion. 

The bank said, “any such crowding out of gold as an 'alternative' currency implies big upside for Bitcoin over the long term."

JPMorgan believes that Bitcoin’s declining volatility could increase adoption from institutional investors. If that happens, the value of the private investments in Bitcoin may mirror that of gold and this gives Bitcoin an upside target of $130,000 in the long term, added the bank.

Daily cryptocurrency market performance. Source: Coin360

In other news, billionaire investor Mark Cuban said his crypto portfolio consists of 30% Ether (ETH) because he believes it is the closest thing to being a true currency. Cuban said the remainder of his crypto portfolio consists of 60% Bitcoin and 10% in other crypto investments.

CryptoQuant CEO Ki Young Ju recently highlighted that 400,000 Ether had left Coinbase, a sign that institutional investors may have started accumulating the top altcoin.

The increased adoption of cryptocurrencies by legacy financial institutions and investors is a positive sign but will this newsflow act as a tailwind and boost the price of the top-10 cryptocurrencies?

Let’s analyze the charts to find out.

BTC/USDT

Bitcoin formed a Doji candlestick pattern on March 31 and April 1, which suggests indecision among the bulls and the bears. However, the positive sign is that the bulls have not given up much ground. The bulls are again trying to push the price above the $60,000 resistance.

BTC/USDT daily chart. Source: TradingView

A strong breakout above the $60,000 to $61,825.84 overhead resistance zone will suggest that bulls are back in the driver’s seat. That could signal the start of the next leg of the uptrend, which has a target objective at $69,279 and then $79,566.

Traders can keep an eye on the relative strength index because a break above the downtrend line will indicate a pick-up in momentum.

Contrary to this assumption, if the price once again reverses direction from the overhead resistance zone, the BTC/USDT pair could drop to the 50-day simple moving average ($53,362). A break below this critical support could attract profit-booking from short-term traders and that could pull the price down to $50,460.02 and then $43,006.77.

ETH/USDT

Ether broke out of the symmetrical triangle on March 31 and has continued its journey higher. Today, the bulls have pushed the biggest altcoin above the all-time high at $2,040.77.

ETH/USDT daily chart. Source: TradingView

The 20-day exponential moving average ($1,798) has turned up and the RSI is near the overbought territory, indicating advantage to the bulls.

If the buyers can sustain the price above $2,040.77, the ETH/USDT pair could start the next leg of the up-move. The pattern target of the breakout from the triangle is $2,618.14.

Contrary to this assumption, if the price turns down from the current level, a drop to the 20-day EMA is possible. A strong bounce off it will signal strength and the bulls will again try to resume the uptrend.

This bullish view will invalidate if the bears sink the price below the trendline. Such a move could pull the price down to $1,289.

BNB/USDT

After some hesitation on March 31, Binance Coin (BNB) broke above the $315 resistance on April 1 and has followed it up with a breakout above the all-time high at $348.69 today. If the bulls can sustain the breakout, the altcoin could rally to $400 and then $430.

BNB/USDT daily chart. Source: TradingView

The upsloping moving averages and the RSI in the overbought territory suggest that bulls are in command.

However, if the bulls fail to defend the price above $348.69, the BNB/USDT pair could drop to $315. If the bulls can flip this level into support, it will increase the possibility of the resumption of the uptrend.

This bullish view will invalidate if the pair turns down and breaks below the moving averages. Such a move will suggest that the current breakout was a bull trap.

ADA/USDT

Cardano (ADA) has been stuck in a tight range for the past few days but the positive sign is that the bulls have not allowed the price to dip below the 20-day EMA ($1.17). This suggests a lack of buying but does not show an urgency among traders to dump their positions.

ADA/USDT daily chart. Source: TradingView

The bulls may now attempt to push the price above $1.30. If they succeed, the ADA/USDT pair could rally to $1.48. This is an important resistance because the price had turned down from it on Feb. 27 and March 18.

If that happens once again, the pair could extend its stay inside the range for a few more days. However, if the bulls propel the price above $1.48, the pair could resume its uptrend that may reach $2. This bullish view will invalidate on a break and close below $1.03.

DOT/USDT

Polkadot (DOT) had turned down from the downtrend line on April 1 but the bulls did not give up much ground. This shows that traders did not close their positions in a hurry. The buyers have pushed the price above the downtrend line today.

DOT/USDT daily chart. Source: TradingView

The 20-day EMA ($35.06) has started to turn up and the RSI is in the positive zone, indicating advantage to the bulls. If the buyers can sustain the price above the downtrend line, the DOT/USDT pair could challenge the all-time high at $42.28.

A breakout and close above $42.28 could resume the uptrend with the next possible move to $53.50. This bullish view will invalidate if the price turns down from the current level or the all-time high and slips below the moving averages. That could pull the price down to $26.50.

XRP/USDT

After hesitating near $0.60 for the past few days, the bulls are currently attempting to propel XRP to the $0.65 overhead resistance. This level is likely to act as a stiff resistance because the price has turned down from it on five previous occasions.

XRP/USDT daily chart. Source: TradingView

However, the rising 20-day EMA ($0.53) and the RSI above 65 suggest the path of least resistance is to the upside. If the bulls can push and sustain the price above $0.65, the XRP/USDT pair could rally to $0.78 and then $1.

This bullish view will invalidate if the price turns down and breaks below the moving averages. Such a move will indicate that traders are selling on rallies. That could keep the pair range-bound between $0.42 and $0.65 for a few more days.

UNI/USDT

Uniswap (UNI) has been stuck between both the moving averages for the past few days. The bears could not sink and sustain the price below the 50-day SMA ($27.59) on March 31 and the bulls could not sustain the price above the 20-day EMA ($29.13) on April 1.

UNI/USDT daily chart. Source: TradingView

The flat 20-day EMA and the RSI just above the midpoint suggest a balance between supply and demand.

This neutral view could tilt in favor of the bulls if they propel and sustain the price above $30.31 today. If that happens, the UNI/USDT pair could start to move up toward the $35.20 overhead resistance.

On the other hand, if the price turns down and breaks below $25.50, the pair could witness increased selling pressure, which may pull the price down to $18.

LTC/USDT

Litecoin (LTC) recovered sharply from its intraday low on March 31 and broke above the 50-day SMA ($197) on April 1. The bulls will now try to push the price above the resistance line of the symmetrical triangle.

LTC/USDT daily chart. Source: TradingView

If they manage to do that, the LTC/USDT pair could rally to $230 and then to $246.96. The pattern target of the breakout from the triangle is $307.42. However, the marginally rising 20-day EMA ($193) and the RSI at the downtrend line suggest a weak bullish momentum.

If the price turns down from the resistance line, the pair may extend its stay inside the triangle for a few more days. The bears will gain the upper hand on a break below the trendline of the triangle.

LINK/USDT

Chainlink (LINK) reversed course from $26.18 on March 31 and rose above the downtrend line of the descending triangle. This move invalidates the bearish setup and the bulls will now try to propel the price above the overhead resistance at $32.

LINK/USDT daily chart. Source: TradingView

If they succeed, the LINK/USDT pair could start its march toward the all-time high at $36.93. The 20-day EMA ($28.45) has started to turn up and the RSI has risen above 59, indicating a minor advantage to the bulls.

However, if the bulls fail to propel the price above $32, then the pair could drop to the moving averages. If the price rebounds off the moving averages, it will indicate that traders are buying on minor dips. The bulls will then make one more attempt to push the price above $32.

Contrary to this assumption, if the price turns down from the overhead resistance and breaks below the moving averages, then the pair could remain stuck inside the $24 to $32 range for a few more days.

THETA/USDT

THETA is currently range-bound in an uptrend. The price action of the past few days has formed a symmetrical triangle, which usually acts as a continuation pattern.

THETA/USDT daily chart. Source: TradingView

Both moving averages are sloping up and the RSI is at 63, indicating the path of least resistance is to the upside.

If the bulls can propel the price above the triangle, the THETA/USDT pair could rally to the all-time high at $14.96 and then to the pattern target at $17.85.

This bullish view will invalidate if the price turns down and breaks below the triangle. Such a move will increase the possibility of a break below the critical support at $10.35, signaling a deeper correction.

The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph. Every investment and trading move involves risk. You should conduct your own research when making a decision.

Market data is provided by HitBTC exchange.

Altcoins move to new all-time highs while Bitcoin struggles below $60K

Bitcoin price might be pinned below $60,000, but that’s not stopping THORChain, Akropolis and Helium from chasing after new all-time highs.

According to data from, Bitcoin’s (BTC) Q1 2021 performance was the best since 2013. With strong tailwinds, Bitcoin now enters Q2 which historically has been a good period for BTC price.

Data shows that BTC has only closed Q2 in the red twice and both times the decline was less than 10%. If history repeats itself, Bitcoin investors may witness sharp gains in the next six months. 

Crypto market data daily view. Source: Coin360

Altcoins have also participated in the current bull run and this has propelled the total crypto market capitalization to $1.99 trillion which is just short of the $2 trillion milestone.

Let’s take a look at some of the top-performing tokens to see which may continue to rally higher in the short term.

RUNE/USDT

The decentralized finance boom has attracted numerous new players. However, one of the problems facing investors is that the protocols are built on different blockchains.

This necessitates the need for a cross-chain protocol, enabling traders to swap tokens across the blockchains in a decentralized way and THORChain (RUNE) is attempting to do just that.

On March 26 the protocol teased that its multichain Chaosnet, which supports native cross-blockchain swapping across five chains is expected to go live soon.

This feature could attract several new investors who may lock their assets in THORChain for greater yields. If that happens, the total value of assets locked in THORChain could surge from the current $553 million TVL and add further benefit to RUNE investors.

Successful implementation of this feature could increase the demand for RUNE. On Feb. 23, Crypto investment firm Multicoin Capital also revealed a large position in RUNE.

RUNE rallied from an intraday low at $4.50 on March 25 to an intraday high at $8.93 today, a 98.44% rally in eight days. However, the long wick on today’s candlestick suggests profit-booking at higher levels.

RUNE/USDT daily chart. Source: TradingView

The RUNE/USDT pair may retest the breakout level at $6.76. If the bulls can flip this level to support, it may act as a launchpad for the next leg of the uptrend that may reach $10.26.

The upsloping moving averages and the relative strength index (RSI) in the overbought zone suggest bulls are in command.

If the bears sink the price below $6.76, the pair may drop to the 20-day exponential moving average ($6.24). A bounce off this support will indicate the sentiment remains positive and it may keep the uptrend intact.

This positive view will invalidate if the bears sink the price below the 20-day EMA. Such a move could pull the price down to the 50-day SMA ($5.36) and then to $4.50.

AKRO/USDT

The DeFi space is crowded and projects will have to think out of the box and introduce attractive products to stay ahead in the game. However, for the past few weeks, there have not been any major announcements from the Acropolis (AKRO) team.

High Ethereum gas fees continue to be a burden on users and that may have taken a toll. These could be some of the reasons why the protocol's TVL is only at $37.31 million, according to a weekly update on March 31.

The team did mention that it is working on new vault strategies but it did not dish out too many specifics. In a bull market, almost everything rises, but projects that do not have a distinct advantage over their competitors struggle when the next downturn happens. Therefore, crypto investors should analyze the fundamentals of the projects and hold the ones that offer an edge over the others.

AKRO has risen from an intraday low at $0.042 on March 25 to $0.088 today, a rally of 109.50% in eight days. The token’s break above $0.072 completed a bullish ascending triangle pattern that has a target objective at $0.127.

AKRO/USDT daily chart. Source: TradingView

However, the long wick on today’s candlestick suggests profit-booking at higher levels. The bears will now try to sink the price back below the breakout level at $0.072. If they succeed, the AKRO/USDT pair could drop to the 20-day EMA ($0.060).

If the price rebounds off this level, the bulls will once again try to push the price above $0.072 and resume the up-move.

Conversely, if the bears sink the price below the 20-day EMA, the pair may drop to the trendline of the triangle. A break below this support will invalidate the bullish setup and signal a possible change in trend.

HNT/USDT

Helium (HNT) was featured by Cointelegraph on Feb. 9 when it was trading at $3.96. From there, the token rallied to $12.09 on March 28, a 205% rally in just under two months.

The protocol aims to build a decentralized wireless network and connect IoT devices at a fraction of the cost of the current cellular service providers. Since early February, the number of active hotspots has increased from 18,000 to 24,572.

This number is likely to increase as one of its third-party HNT miner suppliers said that it had shipped 2,000 miners to customers in China on March 31. If HNT's popularity increases in China, the number of hotspots could continue to rise.

Helium recently partnered with Streamr, a decentralized platform for real-time data, which can help users transport, broadcast, and monetize data. Helium has also forged partnerships with several firms that provide various types of IoT solutions.

VORTECS™ data from Cointelegraph Markets Pro turned positive just as HNT was starting the rally on March 25.

The VORTECS™ Score, exclusive to Cointelegraph, is an algorithmic comparison of historic and current market conditions derived from a combination of data points including market sentiment, trading volume, recent price movements and Twitter activity.

VORTECS™ Score (green) vs.HNT price. Source: Cointelegraph Markets Pro

As seen in the chart above, the VORTECS™ Score for HNT was in the green on March 25, just as the token started its rally from $7.09 to $11.38 on March 28.

The VORTECS™ Score again turned green on March 31 just before the start of the rally and it has remained in the green since then. HNT pric rallied from $9.67 to $11.98 during the period.

Currently, HNT is in an uptrend but the bears are trying to stall the up-move at $12. The bears had pulled the price down from this level on March 28 but the bulls purchased the drop to the 20-day EMA ($8.66) on March 31, indicating accumulation on dips.

HNT/USDT daily chart. Source: TradingView

The rising moving averages and the RSI in the overbought territory suggest the path of least resistance is to the upside. If the bulls can sustain the price above $12, the next leg of the uptrend could start. The next target objective on the upside is $14.56 and then $17.64.

Contrary to this assumption, if the price again turns down from $12, the bulls will try to sink the HNT/USDT pair below the 20-day EMA. If they succeed, the pair could drop to the 50-day SMA ($6.04).

The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph. Every investment and trading move involves risk, you should conduct your own research when making a decision.