The US Dollar Index DXY plunged under the 98-level on April 21. It was a new three-year low. This pushed gold up to an all-time record, while Bitcoin (BTC( ) showed strength, rising above $88,000.
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In March and April, the whales have been gathering in numbers. Glassnode statistics show that there are currently a total of. wallets holding more than 1,000 Bitcoin Increased from 2107 in April 15 to late February 2,037.
Bitcoin bulls could sustain higher levels and trigger an upsurge towards $100,000. Will altcoins be next? We’ll analyze the charts and find out.
S&P 500 Index price analysis
The S&P 500 Index (SPX) recovery hit a wall at the 20-day exponential moving average (5,399) on April 14.
On the downside, the 5,119-level is a critical level to keep an eye on. The index may fall to as low as 4,950 if this support level is breached. Bulls will defend this zone, between 4,950 to 4,835.
In contrast, if price bounces back from 5,119 then it indicates that bulls want to make a higher bottom. For a time, the index may oscillate between 5,119 – 5,500. To signal an end to the correction, buyers will need to push the price over 5,500.
US Dollar Index: Price Analysis
The US Dollar Index continued its downtrend from April 21 onwards, showing that the bears still remain in command.
This index may fall as low as 97.50 and act as support. Oversold levels on the relative Strength Index (RSI), indicate a potential rally for relief in the short term. Any recovery effort is expected to be aggressively defended by sellers in the 99-100.27 zone. The index could fall as low as 95 if the price moves down.
First, a breach and closing above resistance 100.27 is a sign of strength. This indicates a strong buying trend at lower levels. If buyers push the price over the 20-day EMA (101,64), a short-term change in trend is possible.
Bitcoin Price Analysis
Bitcoin has made a significant move up after a few days of trading in a narrow range. The price is now at a crucial resistance level, the 200-day SMA (88,238).
The moving averages appear to be about to cross in a positive direction, indicating a potential advantage for buyers. The 200-day SMA can be scaled to indicate that BTC/USDT may have reached a bottom in the short term. The pair may rally up to $95,000, and then to the crucial psychological level of $100,000.
The 20-day EMA will likely act as a solid support for any decline. If the bears break the 20-day EMA and then close the day below it, this signals their return to play. Pairs may fall as low as $78,500.
Price analysis of ether
EtherETH, which is still in a downward trend, are trying to initiate a rally of relief by pushing it above the 20 day EMA (1.659).
It is anticipated that the recovery will be met with selling in the area between $1754 and 50-day SMA (1,846). Price turning down increases the chance of a breakdown below $1368.
A break above and a close above the SMA of 50 days clears the way for a rally towards the $2,111 breakdown level. It is expected that sellers will defend this level to the death, because it indicates the pair of ETH/USDT may have reached its bottom. It is possible that the pair will rise up to $2600.
Price analysis of XRP
The XRP currency (XRP) has risen above the 20-day EMA ($2.09), indicating that the bearish momentum has weakened.
The 50-day SMA is a resistance level ($2.21) but if it is breached, then the XRP/USDT could move towards the resistance line. The sellers are likely to defend the resistance level with vigor, as a rally over it could signal a possible trend change.
On the downside, the $2 level represents the most important support. Breaking and closing below the $2 mark indicates that the bears still have control. It is possible that the pair will then fall to as low as $1.72 or even $1.61.
BNB Price Analysis
BNBBNBThe bulls have taken control of the market.
Close above the downward trend line and the rally towards $645 is possible. Sellers may try to stop the upward movement at $645 but, if bulls don’t give much ground up, they could reach $680.
The bears are running out of time. To make a return, the bears will have to get price to fall below $566. A move like this indicates the markets are rejecting the breakout above downtrendline. This pair may then stay inside the triangle for some time.
Solana price analysis
Solana (SOLThe bears’ grip is slipping as the price of the stock has climbed steadily towards the resistance level between $148 and $153.
The moving averages appear to be on their way to completing a crossover in favor of the bull, while the RSI has moved into the positive area, indicating a path that is most likely going up. SOL/USDT may rally up to $180, if buyers break through the overhead zone.
Related: Bitcoin longs cut $106M — Are Bitfinex BTC whales turning bearish above $86K?
If, on the other hand, the price drops sharply below the zone above, this suggests the bears have been selling during rallies. This could cause the pair to remain in a range between $120 and $153 for a while.
Dogecoin Price Analysis
DogecoinDOGE) has been clinging to the 20-day EMA ($0.16), indicating that the selling pressure is reducing.
The RSI and 20-day EMA are both flattening near midpoint, suggesting a balanced supply/demand. Bulls have the upper hand if the SMA 50 ($0.17) is broken and closed above. The DOGE/USDT pairs could rise to $0.21.
On the downside, the $0.14 mark remains the most important support. The price will need to drop below $0.14 for sellers to indicate the return of the downward trend. This pair may drop as low as $0.13, and then to $0.10.
Cardano price analysis
Cardano is being maintained by the bulls (ADA) above the 20-day EMA ($0.63), signaling a comeback.
The ADA/USDT could reach the 50-day SMA, or $0.69. This is a key resistance in near-term. The corrective phase could be ending if buyers push the price over the 50-day SMA. It is possible that the pair will climb up to $0.83, and then to $1.03.
The bulls are going to try and stop the drop at the 20-day EMA if price is turning down. This increases the likelihood of the price rising above the SMA. If the price breaks below $0.58, it will be in the favor of bears.
Analysis of the Chainlink Price
ChainlinkLINK) closed above the 20-day EMA ($12.90) on April 19 and has reached the 50-day SMA ($13.63).
Sellers may try to defend their 50-day SMA. However, if bulls are able to overcome this barrier, the LINK/USDT can gain momentum, and could rally towards the resistance line in the descending pattern. Although the $16 level could act as an obstacle, it will likely be passed.
First, we have the 20-day EMA. Next is $11.68. Breaking and closing below $11.68 indicates that the bears are still in charge. It is possible that the pair will then fall to support, and buyers should step in.
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Source: cointelegraph.com
