Bitcoin (BTC) is currently trading within a wide range, indicating uncertainty about its next direction. Analysts are optimistic about the recent transfer of $1.3 billion of USD Coin (USDC) to Coinbase by whale addresses, as they expect these funds to be used to purchase Bitcoin and Ether (ETH).
Interestingly, institutional investors are not only investing in the top two coins by market capitalization. According to a recent report by CoinShares, 15% of surveyed institutional investors have also invested in Solana (SOL), compared to none in the previous survey conducted in January.
Morgan Creek Capital CEO Mark Yusko predicts that around $300 billion of baby boomers’ wealth will enter the digital assets market within the next year, potentially boosting the cryptocurrency market capitalization to $6 trillion.
Now, let’s analyze the charts of the top 10 cryptocurrencies to see if buyers can prevent a deepening correction in Bitcoin and altcoins.
Bitcoin Price Analysis:
Bitcoin has been trading below the moving averages, but sellers are struggling to push the price down to the crucial support level at $60,775. This indicates a lack of selling pressure at lower levels. The price is currently stuck between the 50-day simple moving average ($67,404) and the important support at $60,775. The 20-day exponential moving average ($65,542) is starting to turn downwards, and the relative strength index (RSI) is slightly below the midpoint, giving a slight advantage to the bears. If the price breaks and closes below $59,600, it could open the doors for a drop to the 61.8% Fibonacci retracement level at $54,298. On the other hand, a rise above the 50-day SMA could lead to a climb to $73,777, which remains a key resistance level for the bulls.
Ether Price Analysis:
Ether has been trading in a range between the 20-day EMA ($3,209) and the horizontal support level at $3,056. This consolidation phase is not expected to last long. If the price breaks above the 20-day EMA, the ETH/USDT pair could rise to the 50-day SMA ($3,436), which may act as a short-term barrier before a potential climb to $3,679. Conversely, a break below $3,056 would indicate bearish dominance and may push the pair to retest the critical support at $2,852, potentially leading to a decline to $2,700.
BNB Price Analysis:
BNB has been struggling to break above the overhead resistance level at $635, suggesting strong defense from the bears. However, the lack of selling pressure indicates that bulls are not rushing to exit. If the price pulls back to the moving averages and rebounds with strength, it could increase the chances of a break above $635. In that case, the BNB/USDT pair could surge to $692 and potentially reach the pattern target of $775. Conversely, a slide below the moving averages would indicate an extension of the range-bound action.
Solana Price Analysis:
Solana turned down from the resistance level at $162, indicating bearish activity at higher levels. The 20-day EMA ($153) is gradually sloping downwards, and the RSI is in the negative zone, suggesting bearish dominance. The SOL/USDT pair could descend to the solid support level at $126. A strong rebound from this level would indicate a prolonged consolidation between $126 and $162. A break and close above the 50-day SMA ($168) would be a sign of strength, potentially leading to a rally to $205. On the other hand, a break below $126 could push the pair down to $100.
XRP Price Analysis:
XRP is currently trading below the 20-day EMA (0.54), but the bulls are attempting to find support at the uptrend line. If the price bounces off the uptrend line and breaks above the 20-day EMA, it would suggest weakening bearish pressure. The XRP/USDT pair could then attempt a rally to the 50-day SMA ($0.59) and potentially to $0.69. Conversely, a continued decline below the uptrend line would indicate bearish control, with the pair potentially dropping to $0.46, where strong support is expected.
Dogecoin Price Analysis:
Dogecoin has formed a symmetrical triangle pattern, indicating indecision between the bulls and bears. The downsloping 20-day EMA ($0.16) and the negative RSI suggest a slight bearish advantage. If the price breaks below the triangle, the DOGE/USDT pair could tumble to $0.12. However, if the price turns up and breaks above the triangle, it would signal aggressive buying on dips, potentially leading to a break above the downtrend line and a climb to $0.21.
Toncoin Price Analysis:
Toncoin broke below the ascending channel pattern and reached the 50-day SMA ($5.12). The downsloping 20-day EMA ($5.82) and the RSI just below the midpoint indicate a slight bearish edge. If the price rebounds off the 50-day SMA, it may face resistance at the 20-day EMA. A downturn from the 20-day EMA would increase the likelihood of a drop below the 50-day SMA, potentially pushing the pair to $4.50. However, if the bulls manage to push the price back into the channel, it would suggest a bear trap scenario.
Cardano Price Analysis:
Cardano turned lower from the 20-day EMA ($0.50) and reached the important support level at $0.46. If the price rebounds from this level and rises above the 20-day EMA, it would suggest that the correction may be over. The ADA/USDT pair could then rally to the 50-day SMA ($0.59) and potentially to $0.68. On the other hand, a break below $0.46 would indicate bearish control, potentially leading to a drop to the crucial support level at $0.40.
Avalanche Price Analysis:
Avalanche turned down from the 20-day EMA ($39), but the bears are struggling to push the price below the uptrend line. To signal a potential short-term trend change, the bulls need to push and maintain the price above the downtrend line. In that case, the AVAX/USDT pair could attempt a rally towards the 50-day SMA ($47). However, a break below the uptrend line would sink the pair to the $32 to $27 support zone, where buyers are likely to step in.
Shiba Inu Price Analysis:
Shiba Inu has been range-bound between the moving averages, indicating indecision between the bulls and bears. If the price breaks and maintains below the 20-day EMA, it would suggest bearish control, potentially pushing the SHIB/USDT pair to $0.000020. On the other hand, a break above the 50-day SMA ($0.000027) would indicate bullish dominance, with the pair potentially attempting a rally to $0.000033.
In conclusion, this article provides an analysis of the charts of the top 10 cryptocurrencies, highlighting key support and resistance levels. However, it’s important to note that this article does not contain investment advice or recommendations. Readers should conduct their own research and exercise caution when making investment decisions.