Bitcoin (BTC) experienced a significant drop on April 12 and 13, resulting in cryptocurrency liquidations of approximately $2.5 billion. This affected the altcoins as well, with some of the top 20 cryptocurrencies falling by around 20%. As a result, Bitcoin’s market cap dominance rose to 56.3%, the highest level in three years.
Despite the fall, Bitcoin has not broken below the important support level of $60,000, indicating that it may just be a normal pullback in a bull market. Traders should remain cautious but there is no need for panic.
Now let’s take a look at the top 5 cryptocurrencies that appear strong on the charts and could lead the recovery higher.
Bitcoin:
Bitcoin has been trading within a range of $60,775 and $73,777, showing indecision among traders regarding the next move. The BTC/USDT pair slipped below the 50-day moving average on April 13 and dropped below the $60,775 support. However, the long tail on the candlestick suggests that bulls are defending this level. A recovery attempt is likely to face resistance at the 20-day moving average, and a break above it could pave the way for a rally to $73,777.
Binance Coin (BNB):
Binance Coin’s price has been consolidating within a large range, indicating uncertainty between bulls and bears. The price dropped near the support of the range at $495 on April 13, but aggressive buying at lower levels pushed it back up. The bulls will attempt to sustain the momentum and push the price towards the resistance at $635. On the downside, the crucial support levels to watch are $495 and $460.
Toncoin (TON):
Toncoin has been rising within an ascending channel pattern, showing that bulls are still buying on dips. The recent drop below the channel was quickly followed by strong buying near the support line, indicating potential upward movement towards the resistance line near $7.50. As long as the support line holds, the bullish view remains intact.
VeChain (VET):
VeChain has been consolidating within a large range between $0.036 and $0.051, suggesting a balance between supply and demand. The bulls have been defending the $0.036 support, and if the price breaks above the moving averages, it could indicate further range-bound action. However, a sharp downturn and a break below $0.035 would indicate that bears are taking control.
Bitget Token (BGB):
Bitget Token has experienced a pullback within an uptrend, indicating profit booking by short-term traders. Although the price dropped below the 20-day moving average, the bulls have been buying the dips and preventing a further decline. If the price moves back above the 20-day moving average, it could trap the bears and result in a rally towards the resistance at $1.38.
It is important to note that this article does not provide investment advice or recommendations. It is always advisable to conduct thorough research and analysis before making any investment decisions.