Bitcoin is struggling to sustain above $70,000, indicating that the long-lasting rally could be tiring out.
Bitcoin’s recovery is showing hesitation near $70,000, but a positive sign is that the bulls have not ceded ground to the bears. Acheron Trading CEO Laurent Benayoun believes the current bull cycle has room to run and could top out between $120,000 and $180,000, buoyed by several factors such as the Bitcoin exchange-traded funds, the upcoming Bitcoin halving, and the likely reduction in interest rates.
Another bullish voice was that of Bitwise chief investment officer Matthew Hougan, who said in a memo to the investment professionals to “keep calm and take the long view.” Hougan believes that if global wealth managers allocate 1% of their portfolio into Bitcoin, that could result in an inflow of roughly $1 trillion into the space.
Although there are several bullish catalysts for Bitcoin to continue its rally in Q2 2024, trading firm QCP Capital cautioned that the current move was showing signs of exhaustion and the bulls may find it challenging to extend the uptrend.
Could Bitcoin and altcoins correct in the near term, or will their rally continue? Let’s analyze the charts of the top 10 cryptocurrencies to find out.
Bitcoin price analysis
Bitcoin has been stuck inside a tight range of $71,770 and $68,359 for the past few days, suggesting indecision between the bulls and the bears.
Generally, a tight consolidation near the highs is a positive sign as it shows that the bulls are holding on to their positions and not rushing to the exit. The rising 20-day exponential moving average ($67,274) and the RSI in the positive zone suggest that bulls have an edge.
The BTC/USDT pair will resume its uptrend if the price breaks above the $71,770 to $73,777 resistance zone. That could open the gates for a rally to $80,000.
Instead, if the price turns down and breaks below the 20-day EMA, it will indicate that the bulls are booking profits. That could sink the pair to the 50-day simple moving average ($61,107).
Ether price analysis
Ether has been trading in a tight range near the $3,678 overhead resistance, suggesting a solid battle between the bulls and the bears.
The flattish 20-day EMA ($3,527) and the RSI near the midpoint do not give a clear advantage either to the bulls or the bears. If the price turns up and breaks above $3,678, the ETH/USDT pair could climb to $4,100. The bears are likely to mount a strong defense at this level, but if the bulls come out on top, the rally could reach $4,500.
Alternatively, if the price turns down and breaks below $3,460, it will signal that the bulls have given up. That could start a decline to the 50-day SMA ($3,324). This level is likely to attract buyers, but a weak bounce off it will enhance the prospects of a drop to $3,000.
BNB price analysis
After struggling near the 61.8% Fibonacci retracement level of $588 for a few days, BNB made a decisive move higher on March 28.
If the price sustains above $588, the BNB/USDT pair could reach the overhead resistance of $645. This level may act as a hurdle, but if bulls overcome it, the pair could start the next leg of the uptrend to $669 and eventually to $692.
Time is running out for the bears. If they want to make a comeback, they will have to fiercely defend the $645 level and yank the pair below the 20-day EMA ($552). That could start a deeper correction toward $495.
Solana price analysis
Solana is facing resistance at the downtrend line, signaling that the bears are trying to make a comeback.
If the price turns down and breaks below the 20-day EMA ($175), it will tilt the short-term advantage in favor of the bears. The SOL/USDT pair could fall to $162 and below it to the 50-day SMA ($141).
If bulls want to prevent the downside, they will have to kick the price above the downtrend line. The pair will then attempt to break above the stiff overhead resistance of $205. If that happens, the pair may start the next leg of the up move to $267.
XRP price analysis
XRP has been trading near the 20-day EMA ($0.62) for several days, indicating uncertainty about the next directional move.
If the price maintains below the 20-day EMA, the XRP/USDT pair could drop to the uptrend line. This is an essential level for the bulls to defend because a break below it could signal an advantage to the bears. The pair could then sink to $0.52.
The flattish 20-day EMA and the RSI near the midpoint indicate a balance between supply and demand. The advantage will tilt in favor of the bulls if they drive the price above $0.69. That could clear the path for a rally to the formidable resistance at $0.74.
Cardano price analysis
The bears are trying to keep Cardano below the breakout level of $0.68, which is a negative sign.
If the price falls below $0.63, it will suggest that the ADA/USDT pair could remain range-bound between $0.68 and $0.57 for a few days. The 20-day EMA ($0.66) has started to slope down, and the RSI is near the midpoint, indicating a balance between buyers and sellers.
The bulls will be in the driver’s seat after the price rises and sustains above $0.70. If that happens, the possibility of a rally to $0.81 increases.
The bears will be back in control on a break below $0.57, as that will complete a bearish head-and-shoulders pattern.
Dogecoin price analysis
Dogecoin has pulled back in an uptrend, suggesting that the traders are booking profits near the overhead resistance of $0.23.
The DOGE/USDT pair could correct to the breakout level of $0.19. If the price rebounds off this level, it will suggest that the bulls have flipped the level into support. That will increase the likelihood of a rally to $0.30.
This positive view will be invalidated if the price dives below $0.19. That could open the doors for a fall to the 20-day EMA ($0.17). This is an important level for the bulls to defend because a break below it may sink the pair to the 50-day SMA ($0.13).
Avalanche price analysis
Avalanche is finding it difficult to bounce off the support line of the pennant, indicating that the bears are keeping up the pressure.
If the price plunges below the 20-day EMA ($53), the AVAX/USDT pair could drop to $50. This level may again attract buyers, but if the bears prevail, the pair could start a deeper correction to the 50-day SMA ($46).
Contrarily, if the price rebounds off the support line, the pair could reach the resistance line of the pennant. A break and close above the pennant will be the first sign of strength. The pair could then retest the stiff overhead resistance of $65.
Shiba Inu price analysis
Shiba Inu’s relief rally is facing selling at the 38.2% Fibonacci retracement level of $0.000032, indicating that the bears are trying to stage a comeback.
If the price turns down and breaks below the 20-day EMA ($0.000028), it will increase the risk of a fall to the 50-day SMA ($0.000021). Such a sharp decline is likely to delay the start of the next leg of the up move.
Conversely, if the price rebounds off the 20-day EMA with strength, it will suggest solid buying at lower levels. The SHIB/USDT pair could then rise to $0.000035 and thereafter to $0.000039.
Toncoin price analysis
Toncoin’s (TON) rebound on March 29 shows that the bulls are trying to defend the 38.2% Fibonacci retracement level of $4.78.
If the rebound sustains, the buyers will try to push the price toward the overhead resistance of $5.69. The upsloping moving averages suggest advantage to buyers, but the negative divergence on the RSI indicates that the bullish momentum may be slowing down.
If the price turns down and breaks below $4.78, the selling could intensify, and the TON/USDT pair may slip to the 20-day EMA ($4.30). This is an important level for the bulls to defend because a close below it will suggest a short-term trend change.
Source: Cointelegraph.com
