Crypto Market analysis for BTC, ETH, XRP, LTC, ADA, DOT, BCH, XLM, LINK, BNB

Spread the love

Bitcoin’s slow crawl toward $37,224. has given select altcoins the green light to rally higher.

Massive purchasing by retail investors is one of the key explanations for the latest bitcoin (BTC) bullfight. Some investors have voiced their intention to keep their positions for a few years, but it is also wise to remember that many of these investors have recently established a passion for Bitcoin, and their confidence in HODL may not be identical to that of early Bitcoin whales.

The new bull market may also vary from the previous one, as institutional investors simply cannot hang on to their positions if Bitcoin abruptly makes a sharp correction. This investment managers would have to face disgruntled clients if Bitcoin’s performance declines, so it’s important to hold a cool head while considering the high price forecasts being tossed out by analysts.

Bitpay’s chief commercial officer Sonny Singh said in an interview with Bloomberg that if Bitcoin’s rally continues, the institutional investors may be tempted to lock in their gains and are unlikely to HODL for the long term.

If that happens, the markets may have to deal with a huge amount of selling, which could result in a sharp fall unless new institutional investors or long-term Bitcoin whales step in and buy.

Daily cryptocurrency market performance. Source: Coin360

A few indicators, such as rising open interest futures and a high funding pace, suggest that traders are making aggressive bullish bets on Bitcoin’s ongoing rally. As has happened in the past, a sudden fall in the price of Bitcoin could result in leveraged players facing a huge long liquidation.

It only makes sense, therefore, that traders show restraint at this juncture and use sound money management principles to secure their paper earnings.

Although Bitcoin’s $36,000 rally could have slowed down, many altcoins are skyrocketing. Let’s research the top-10 cryptocurrencies charts to assess potential target ranges on the upside.

BTC/USD

The long tails on the Jan. 4 and 5 candlesticks suggest that the bears wanted to launch the correction, but the bulls vigorously bought the dips. Bitcoin revived its uptrend today by pushing the price past the previous all-time peak to $34,786.04.

BTC/USDT daily chart. Source: TradingView

The next goal upside is $37,000, and if that amount is scaled, the BTC/USD pair could grow to $45,000.

However, the relative strength index (RSI) persists in over-purchased territory signalling the possibility of adjustment. The first downside help is the 20-day exponential moving average ($28,213).

If the pair bounces from this help, it would imply that traders continue to buy dips and keep the uptrend intact.

Conversely, if the market breaks below the 20-day EMA, it might result in a panic sale that could push the pair down to a 50-day simple moving average ($22,285).

ETH/USD

Ether (ETH) revived its uptrend today as the bulls raised the market beyond Jan. 4 at $1,156,456 a day. However, the RSI over 88 shows that the largest altcoin is over-purchased in the short term.

RECOMMENDED READ:  IOST, Neo, Tron Price Movement Analysis for 14th April, 2021
ETH/USDT daily chart. Source: TradingView

If the price does not reach $1,156,456, the ETH/USD pair could be consolidated in a close range for a few days before the next pattern change is attempted.

Conversely, if the pair retains more than $1,156,456, it would indicate that the melt-up is likely to persist. In such a case, the pair may be $1,260, and then $1,420.

The pair would signal a potential shift in direction if the price fall below the help of $840.93.

XRP/USD

Although most big altcoins have been rising, XRP has languided at its recent lows, indicating that traders are not actively purchasing at current prices.

XRP/USDT daily chart. Source: TradingView

Consolidation also means that bears take it easy. This lack of enthusiasm on the part of the bulls and bears could stretch the range-bound activity for a few more days.

The next leg of the down step could commence if the bears lower the price of the $0.169 support. Such a move could cause a panic sale that could lead to a plunge to $0.10.

In the opposite, the split above the 20-day EMA ($0.30) would be the first indication of power and the rebound may be more than $0.385.

LTC/USD

After the big day on Jan. 4, Litecoin (LTC) formed an inside day candlestick pattern on Jan. 5, which revealed indecision between the bulls and the bears. Uncertainty has been settled on the upside, and the bulls are currently seeking to return to the uptrend.

LTC/USDT daily chart. Source: TradingView

If the bulls were able to drive the price beyond $173,3312, the LTC/USD pair could go to $180 and then to $200.

However, if the price declines from $173,3312, the pair could collapse to $140 and stay within a range of days between these two prices.

A collapse below the $140 support and the 20-day EMA ($130) can move the benefit to bears.

ADA/USD

Cardano (ADA) is currently in a solid uptrend with a target of $0.40. If this level were scaled, the altcoin may also be worth $0.50. However, the sharp rally has driven the RSI deep into the overcrowded territories since Jan. 3.

ADA/USDT daily chart. Source: TradingView

History shows that if the RSI is greater than 80, the ADA/USD pair has witnessed slight correction or consolidation. Traders could however brace for a modest pullback in the next few days.

If the bulls do not give up any ground and the pair rebounds at $0.2757469 for the 38.2 percent Fibonacci retracement mark, it would imply that traders do not book gains in a rush. The bulls will then aim to return to the uptrend.

Conversely, if bears pull the price below the 50 percent Fibonacci retracement level at $0.2552813, an excessive profit booking at higher levels would imply that such a move might exacerbate the correction or hold the pair within a few days.

DOT/USD

Polkadot (DOT) recovered from $8.70 on Jan. 4, just above the 38.2 percent Fibonacci retracement stage of $8.4507. This shallow correction indicates that traders are actively purchasing any slight dip.

RECOMMENDED READ:  Litecoin short-term price-analysis: 2 August
DOT/USDT daily chart. Source: TradingView

If the bulls were able to drive the market beyond $10,5169, the DOT/USD pair will be able to pick up steam and surge to $12.39 and then to $15.

However, if the price drops from $10,5169, the pair can drop to $8.70 and stay within the range of these two values for a few days. Consolidation at the overhead resistance is a good indication and raises the probability of regeneration.

This optimistic outlook would be invalidated if bears collapse below $8.70. Such a move could carry the price down to the 20-day EMA ($7.59).

BCH/USD

The bulls did not encourage Bitcoin Cash (BCH) to slip below the $370 breakout mark on Jan. 4 and 5. This indicates the aggregation of traders at lower prices. The bulls are now seeking to return to the uptrend.

BCH/USD daily chart. Source: TradingView

If the bulls are able to drive the market beyond $467.67, the BCH/USD pair can have a stiff overhead resistance of $515.35.

The previous two rallies had reverted from the $497 to the $515.35 resistance zone. Thus, this region is likely to attract the violent sale of bears.

However, if the bulls are willing to withstand the offer and push the price beyond $515.35, they can signal the start of a new bull’s run.

In the opposite, if the price declines from $467.67, the pair can accumulate between $370 and $467.67 for a few days.

XLM/USD

In the last three days, Stellar Lumens (XLM) has gained momentum. The altcoin broke over the descending channel on Jan. 05 and rose today, bringing the market beyond the $0.35 overhead resistance.

XLM/USDT daily chart. Source: TradingView

However, the long wick of the day’s candlestick indicates a benefit booking over $0.35. The bears are now going to attempt to pull the market down below $0.2864. If they succeed, the XLM/USD pair can make minor corrections.

Conversely, if the bulls flip $0.2864 to help the bulls, the pair can restart its uptrend. If the price is greater than $0.391, the rally could be extended to $0.50.

LINK/USD

Chainlink (LINK) bounced off the 20-day EMA ($13) on Jan. 4 and the 50-day SMA ($13.07) on Jan. 5, indicating heavy dip transactions. The moving averages are on the brink of a bullish convergence, indicating that investors are in charge.

LINK/USDT daily chart. Source: TradingView

If the bulls are able to keep the LINK/USD pair above $16.39, the rally could be extended to $20.1111. The bears are expected to actively defend this opposition.

However, if the bulls do not give up any room, the probability of a break over $20,1111 rises and the next goal upside is $25.

This bullish opinion would be invalidated if the market is lower than the current level or overhead resistance and the price is lower than the $13.28 support. Such a move would indicate a shortage of demand at higher levels.

RECOMMENDED READ:  How Phemex Attempts to Obstruct Crypto Exchanges?

BNB/USD

Binance Coin (BNB) made a long-legged Doji candlestick pattern on Jan. 4 and followed it with an inside day candlestick pattern on Jan. 5 that had a long tail. This indicates that the bears were attempting to lower the mark, but the bulls were buying at lower prices.

BNB/USDT daily chart. Source: TradingView

If the bidder can push the market past $43,2039, the BNB/USD pair can restart the uptrend and rally to $50. The upward moving averages and the RSI in the overcrowded territory indicate that the direction of least resistance is upside down.

In the other side, if the pair returns from the overhead support range and breaks below $38, it would suggest that the bears have overwhelmed the bulls. That could lead to a $32 correction.

 

-cointelegraph

 476 Interactions,  2 today

READ ALSO:
Polkadot Price Movement Analysis for 16th April, 2021

Following a time of high uncertainty in the cryptocurrency industry, the majority of altcoins are now attempting to regain their Read more

Polkadot’s latest index token deserves a shout out, six top projects have signed up

Six of Polkadot's top ventures have already shown interest in participating in the Polkadot Index Network Token and serving on Read more

Cosmos, Polkadot, Zcash Price Movement Analysis for 14th April, 2021

Bitcoin, the world's biggest cryptocurrency, soared from under $60,000 to over $64,500 in less than 48 hours, riding a significant Read more

Aave, Dash, Polkadot Price Movement Analysis for 12th April, 2021

Aave had made some sluggish progress after the $345 safety, while Dash was in a solid uptrend and attempted to Read more

Chiliz , Dogecoin, Polkadot Price Movement Analysis for 11th April, 2021

Chiliz moved rangebound and was supposed to stay within a fixed channel in the short term. Dogecoin reached yet another Read more

Polkadot, VeChain, SushiSwap Price Movement Analysis for 10th April, 2021

Polkadot could soon convert the $42 level to help and begin to rise. SushiSwap was heading downward but could display Read more

Polkadot, Crypto.com Coin [CRO], Synthetix Price Movement Analysis for 9th April, 2021

Historically, the altcoin sector has seen a close association with Bitcoin's price results. However, over the last few days, multiple Read more

Polkadot Price Movement Analysis for 8th April, 2021

Since the beginning of the year, the Polkadot market has increased in volume by at least 368 percent. Though it Read more

Polkadot, Synthetix, DigiByte Price Movement Analysis for 7th April, 2021

Through most of April, the dominant trend has been set by the market's altcoins, with much of the industry's cryptos Read more

Polkadot futures open interest approaches $1 billion as the DOT price hits a new peak.

Polkadot futures open interest surpassed $1 billion, surpassing Litecoin and XRP to become the third-largest futures exchange. Polkadot's DOT token's Read more

Ethereum Classic, Polkadot, VeChain Price Movement Analysis for 6th April, 2021

One of the crypto-long-standing market's certainties is Bitcoin's association with the industry's altcoins. As has always been the case, the Read more

Polkadot Price Movement Analysis for 3rd April, 2021

The ETH/BTC pair has stopped trending downward and has actually made gains in recent days, flashing a buy signal across Read more

Leave a Reply

Contact Us