Bitcoin (BTC)’s failure to hold above $40,000 has caused investors to aim for extremely low levels currently in the $25,000 region. This is definitely a huge downside for most altcoins. Crypto analytics platform Whalemap believes that if Bitcoin extends its correction, the price could dip into the $25,000 to $27,000 region. Could major altcoins like Bitcoin and Dogecoin (DOGE) fall further or will the momentum reverse? What are the key levels to consider? What are the key levels to consider? As Kriptokoin.com, we convey analyst opinions and price analysis.
Here are the price analyzes for Bitcoin, Dogecoin and these 8 altcoins:
Bitcoin (BTC) and Ethereum (ETH)
Bitcoin (BTC), 20-day exponential movement on April 28 The average (EMA) ($40,363) has receded, but the long wick on the day’s candlestick indicates that the bears are selling on rallies at this level. If the bears sink and sustain the price below the support line of the channel, the BTC/USDT pair could extend its decline to $34,300 and later to $32,917. To invalidate this negative view, buyers will need to push and sustain the price above the 50-day simple moving average (SMA) ($41,981). If successful, the pair could begin its upward journey to the 200-day SMA ($47,433), where the bears could pose a tough challenge again.
Ethereum (ETH) has retreated to the 20-day EMA ($2.991) in the last two days, but the bulls have been unable to push the price above it. This indicates that sentiment remains negative and investors are selling on rallies. The bears will now try to push the price down to the uptrend line. This is an important level for the bulls to defend, as a break and close below it could invalidate the emerging ascending triangle pattern. The ETH/USDT pair could drop to $2,450 later. This negative outlook could be invalidated in the short term if the price rises and rises above the 50-day SMA ($3,045). This could attract buyers who can later push the pair to the 200-day SMA ($3,464). A break and close above this level could mark the start of a new bullish move.
BNB and Solana (SOL)
BNB dropped below $391 on April 26, but the bears failed to sustain the lows. The price rallied again above the April 27 breakout level. This indicates that demand is at lower levels. The bulls pushed the price to the 50-day SMA ($410) on April 28 but failed to clear this hurdle. This shows that the bears are selling in the rallies. The bears will now try to push the price below the $391 to $380 support zone. If they manage to do so, the BNB/USDT pair could drop to the strong support at $350. Buyers are expected to put up a strong defense at this level. The short-term trend could turn positive if the bulls push the price above the 50-day SMA and sustain it.
Solana (SOL) bounced off the support line of the ascending channel on April 27, but the bulls failed to sustain the positive momentum and clear the overall hurdle at the 20-day EMA ($101). The bears are now sensing an opportunity and will try to push the price below the support line of the channel. If they manage to do so, the sell-off could accelerate and the SOL/USDT pair could slide to the strong support at $75. This is an important level for the bulls to defend, as a break and close below it could signal a resumption of the downtrend. This negative outlook could be invalidated in the short term if the price rises and rises above the 20-day EMA. The pair could then rally to $110 and then attempt a rally to $122.
Terra (LUNA) and Ripple (XRP)
The failure of the bulls to push LUNA above the psychological resistance of $100 could encourage short-term investors to take profits. This dragged the price below the minor support at $86. The RSI indicator fell into the negative territory and showed that the bullish momentum is weakening. If the bears hold the price below $86, the Luna/USDT pair could decline to the strong support at $75. The bulls are expected to aggressively defend the zone between $75 and the 200-day EMA ($69). On the upside, buyers will have to overcome the stiff $100 barrier to establish a potential retest of the all-time high at $119. A break and close above this level could signal a resumption of the uptrend.
Ripple (XRP) rebounded from $0.62 support on April 26, but the weak recovery indicated a lack of aggressive buying. Selling resumed and bears pushed the price below critical support. The 20-day EMA ($0.71) is sloping down and the RSI is in the oversold zone, indicating that the path of least resistance is to the downside. If the price stays below $0.62, the XRP/USDT pair could drop to $0.55 and later challenge the psychological support of $0.50. Contrary to this assumption, if the price bounces back from the current level, buyers will make another attempt to push the pair above the 20-day EMA. If they are successful, it will suggest that the pair could consolidate between $0.62 and $0.91 for a while.
Cardano (ADA) and Dogecoin (DOGE)
Cardano (ADA) tried to start a relief rally on April 27 at $0.81 but failed to hit the 20-day EMA ($0.91) ) could not be reached. Selling has resumed and the bears will now try to push the price towards the strong support at $0.74. The 20-day EMA is sloping downwards and the RSI is close to the oversold zone, suggesting that the bears are taking advantage. If the bears sink the price below $0.74, the sell-off could intensify and the ADA/USDT pair could drop to $0.68. Contrary to this assumption, if the price recovers from $0.74, the bulls will attempt to push the pair above the 20-day EMA. If they are successful, the pair could rally to the $1 psychological level, which could act as a stiff resistance.
Dogecoin (DOGE) has managed to stay above the 50-day SMA ($0.13) for the past three days, but the bulls have managed to break above the 20-day EMA ($0.14). ) could not sustain the above price. This indicates that the bears are selling at higher levels. Failure to bounce could attract more sells which could push the price below the 50-day SMA. If this happens, the Dogecoin/USDT pair could drop to $0.12 and then to the psychological support of $0.10. Contrary to this assumption, if Dogecoin price rises and continues above the 20-day EMA, buyers will try to push Dogecoin (DOGE) towards the overhead resistance at $0.17. The bulls will have to clear this hurdle to signal a possible change in momentum.
Avalanche (AVAX) and Polkadot (DOT)
Avalanche (AVAX) dropped to strong support at $65. The bulls have defended this support twice before; Therefore, they will try to stop the decline at this level again. However, the bears are likely to have other plans. The downslope 20-day EMA ($74) and the RSI near the oversold zone are supporting the bears. If the price dips below $65, the AVAX/USDT pair could drop to the critical support at $51. Alternatively, if the price bounces back from $65, the pair is likely to hit a hurdle at the 20-day EMA. If the price bounces back from this resistance, the chances of a break below $65 increase. The bulls will have to push and sustain the price above the 20-day EMA to show that the bears may be losing control. The pair could then rise to the 200-day SMA ($85).
Bulls defend the support of the wide range between $16 to $23 but failed to rally strong rebound. This indicates that demand for Polkadot (DOT) is declining at higher levels. The downward sloping 20-day EMA ($18) and the RSI in the negative zone are giving the sellers an edge. The bears will now try to push the price below the $16 support and if they do, the DOT/USDT pair could drop to $14. Buyers will have to push and sustain the price above the 50-day SMA ($19) to signal that the correction phase may be over. The pair could then start its journey towards the general resistance at $23.