Price analysis 4/1: BTC, ETH, BNB, SOL, XRP, ADA, LUNA, AVAX, DOT, DOGE

Bitcoin (BTC), which has recouped much of the January losses, now traders’ attention shifts to April. This month has been historically strong for the cryptocurrency. Coinglass data shows that Bitcoin closed April in the red three times. The worst monthly loss was a drop of 3.46% in 2015.

The history favors bulls but the Whale Shadows indicator noticed that over 11,000 Bitcoin have left a wallet where it was lying dormant for between seven and ten years. Phillip Swift, an independent market analyst, said that similar-sized amounts have been moved from dormant accounts in order to create a major top.

Everyday cryptocurrency market performance. Source: Coin360

Traders should keep an eye on crypto markets and also monitor the performance of U.S. stock market for clues, as Bitcoin has been closely linked to equity markets over the past few weeks.

Can bulls overcome the Bitcoin overhead hurdle and other altcoins to extend the strong recovery from lows? Let’s look at the charts for the top 10 cryptocurrencies to see how they compare.

BTC/USDT

Bitcoin fell from the 200-day moving average (SMA), which was $48,291, on March 29, and dropped to the exponential moving average (20-day EMA) on April 1. The candlestick’s April 1 candlestick shows that buyers are buying dips because of the long tail.

Daily chart of BTC/USDT Source: TradingView

The bulls will attempt to push the price higher than the 200-day SMA. The BTC/USDT pair could rally up to $52,000 if they succeed. If not, the bears will likely mount another strong resistance.

If the price falls below the 200-day SMA again, this will indicate that bears have established a strong barrier at the level. For a few days, the pair could consolidate between the 200-day SMA and the 20-day EMA.

If the close is below the 20-day EMA, it will indicate that bullish momentum has weakened. This could lead to a fall to the 50-day SMA (41,461).

ETH/USDT

Although Ether (ETH), declined from the 200-day SMA ($3,488) March 29, the shallow correction and sharp recovery indicate strong demand at lower levels.

Daily chart of ETH/USDT Source: TradingView

Bulls are in control of the market, as evidenced by the rising 20-day EMA ($3,098) and relative strength index (RSI), near the overbought area.

Buyers could propel the price higher than the 200-day SMA. The bullish momentum could continue and the ETH/USDT pairs could rally to $4,000.

Contrary to popular belief, bears will not relent if the price falls below the overhead resistance. The bears will attempt to lower the price below the 20-day EMA. The bears will then attempt to pull the pair below the 20-day EMA. If successful, they could drop the pair to the 50 day SMA ($2,860).

BNB/USDT

BNB broke through the overhead resistance at $445, but the bulls couldn’t sustain higher levels.

Daily chart BNB/USDT TradingView

Although the bears pulled the price below the 20-day EMA ($413) April 1, the strong rebound suggests that bulls are still interested in buying lower levels.

If bulls continue to push the price higher than $445, then the BNB/USDT pairing could reach the 200-day SMA ($467) before a quick dash to the psychological threshold of $500.

If the price falls below the moving averages, this positive outlook will be invalidated in the short-term. For a few days, the pair could remain in a range between $350 to $445.

SOL/USDT

Solana (SOL), had witnessed a fierce battle between bulls and bears at the critical level of $122. The March 31 candlestick had a long wick that indicated higher selling levels, but the bears couldn’t sustain the price of $122 on April 1.

Daily chart of SOL/USDT Source: TradingView

This indicates that bulls bought aggressively on the minor dip. This indicates that buyers are pushing the price higher than the $122 overhead resistance, which could signal a new uptrend.

The SOL/USDT currency pair could challenge the 200-day SMA ($150). The next stop for bulls could be $163 if they overcome this obstacle.

If the price drops below $122, it could indicate that demand is drying up at higher levels. The price could drop to the $20-day EMA ($103).

XRP/USDT

On March 30, Ripple (XRP), formed an inside-day candlestick structure, which was resolvable in favor of bears on March 31, with a sharp down movement. This indicates that buyers who might have bought at lower levels may have closed their positions aggressively.

Daily chart of XRP/USDT Source: TradingView

The 20-day EMA ($0.82) has been flattening and the RSI is close to the midpoint. This suggests that bullish momentum could be slowing. The XRP/USDT currency pair could fall to $0.70 if the price falls below the 50-day SMA ($0.78).

Contrary to the assumption, buyers will attempt to drive the price above $0.86 if it rises from its current level. This would again challenge $0.91 resistance. If the price breaks and closes above this level, it could open the doors to a rally towards the psychological level of $1.

DA/USDT

Cardano (ADA), which fell below the overhead resistance of $1.26, suggests that the bears are defending this level with vigor. The price could drop to the 20 day EMA ($1.05) which is an important level that you should be watching.

Daily chart ADA/USDT Source: TradingView

The buyers will attempt to push the ADA/USDT pairing above $1.26 if the price bounces off the 20-day EMA. The pair will form an inverse head-and-shoulders pattern if they can do so. This will indicate that the pair has reached its bottom.

The overhead resistance zone of $1.50 and $1.63 could be reached by the pair. This is where bears might mount strong resistance. If the price falls below the 50-day SMA ($0.95), this bullish view could be invalidated.

LUNA/USDT

After hitting a new record high on March 30, Terra’s LUNA token fell. This indicates that the bears are trying to halt the uptrend. The bulls haven’t allowed the price below $96. This is a positive. This indicates that bulls are trying to turn this level into support.

Daily chart of LUNA/USDT Source: TradingView

Although buyers have an advantage due to the rising 20-day EMA (95), the negative divergence in the RSI suggests that the bullish momentum may be weakening. The uptrend could be reactivated if buyers push the price higher than $111. The LUNA/USDT pairing could rally to $125.

Contrary to popular belief, if the price falls below the overhead resistance or current level and breaks below 20-day EMA it could indicate that traders are aggressively seeking profits. The price could drop to the 50 day SMA ($80).

Related: ApeCoin is at risk of another major selloff after APE drops 70% within two weeks. Here’s why

VAX/USDT

Avalanche (AVAX), broke through the overhead resistance of $98 on March 30th and 31, but couldn’t sustain higher levels. This could have prompted short-term traders to profit-book.

Daily chart of AVAX/USDT Source: TradingView

The bears managed to pull the price below the $20-day EMA ($87), but the candlestick’s long tail suggests that there is strong demand at lower levels. Bulls are trying to keep the price above $100 and the overhead zone of $98.

The AVAX/USDT pairing could gain momentum and rally up to $120 if they can do so. If the overhead resistance is broken, the price will fall again, which would indicate strong selling at higher levels. This could push the price towards the moving averages.

DOT/USDT

The $23 resistance was not broken, which may have led to profit-booking from the Polkadot short-term traders (DOT). This resulted in the price falling to the $20 EMA (20-day) on April 1.

Daily chart of DOT/USDT Source: TradingView

Buy dips if there is a strong rebound from the 20-day EMA. The bulls will attempt to overcome the $23 overhead hurdle. If they succeed, the USDT/DOTT pair could launch a new uptrend. The price could rise to the 200-day SMA ($29).

If the price falls below the 20-day EMA and goes down, it could indicate that bullish momentum has weakened. This could bring the price down to $19, and if that level is broken, $16 could be the next stop.

DOGE/USDT

Dogecoin (DOGE), which was $0.15 on March 28, dropped to the moving averages. If bullish sentiment is to continue, this is an important support that buyers must defend.

Daily chart of DOGE/USDT Source: TradingView

The bulls will try to push the DOGE/USDT price above $0.15 if the price recovers from the current level of strength. The pair could rally to $0.17 overhead resistance if they succeed. Buyers may be able to take advantage of the marginally rising 20 day EMA ($0.13) as well as the positive RSI.

If bears continue to fall below the moving averages, this positive outlook will be invalidated in the short-term. This could lead to a drop in the critical support zone of $0.12 to $0.10.

Risk is inherent in every investment or trading move. Before making any investment or trading move, you should do your research.

HitBTC exchange provides market data.

https://cointelegraph.com/news/price-analysis-4-1-btc-eth-bnb-sol-xrp-ada-luna-avax-dot-doge

Lillian Call

I am a technology and gaming writer by profession. I love NFT's and play to earn gaming such as Axie Infinity. I love writing about anything on the blockchain, especially gaming and entertainment. I often sing, write or draw to portray my feelings. When it comes to my free time or you can say ‘ME-TIME’, I love to play with my cat, sleep an extra hour, or play my favorite video games.