Bitcoin (BTC) is currently experiencing a back-and-forth battle between bullish and bearish sentiments. Despite some short-term uncertainty, crypto bull Anthony Pompliano remains optimistic about Bitcoin’s long-term prospects. He pointed out that Bitcoin’s 200-day simple moving average recently reached a new all-time high above $50,000, indicating a bullish long-term trend.
Institutional investors continue to show interest in spot Bitcoin ETFs, with quantitative trading firm Susquehanna International Group revealing that it acquired over $1 billion worth of shares in the first quarter of 2024.
Now, let’s take a look at the charts of the top 10 cryptocurrencies to see if buyers can protect support levels and prevent a collapse.
Bitcoin’s recovery hit a roadblock at the 50-day simple moving average ($65,829), suggesting that bears are strongly defending this level. The BTC/USDT pair could potentially drop to $59,600 and then $56,500, which is a crucial support level to monitor. If the price falls below $56,500, the next stop could be the 61.8% Fibonacci retracement level at $54,298, followed by $50,000. However, if the bulls manage to push the price above the 50-day SMA, it could gain momentum and rally towards the overhead resistance at $73,777.
In the case of Ether (ETH), bears are fiercely defending the zone between the 20-day exponential moving average ($3,116) and the resistance line of the descending channel pattern. If they succeed in pulling the price below the important support at $2,850, the ETH/USDT pair could enter a downtrend towards the channel’s support line. On the other hand, if the price turns up from $2,850, it would indicate strong support from the bulls. To signal a potential trend change, the bulls need to drive the price above the resistance line.
Binance Coin (BNB) has been trading near the moving averages, indicating uncertainty about the next move. If the price remains below the moving averages, the bears could push the BNB/USDT pair down to $536 and then to solid support at $495. However, if the price turns up and breaks above $635, it would suggest that the bulls are gaining control. The pair could then resume its uptrend towards the next target at $692.
Solana (SOL) has been consolidating between $162 and $126, showing indecision between the bulls and bears. The flat 20-day EMA ($146) and the RSI near the midpoint do not provide a clear advantage to either side. If the price slips below the 20-day EMA, the bears may push the SOL/USDT pair down to $126, and a break below this support could lead to a downtrend towards the psychological support at $100. On the other hand, if the price turns up and breaks above $162, it would indicate the end of the corrective phase and could lead to a rally towards $185 and $205.
XRP’s price action has formed a tight range between $0.57 and $0.46. If the price remains below the 20-day EMA, it could drop to $0.46. However, if the price maintains above the 20-day EMA, the XRP/USDT pair could rise to $0.57. To seize control, the bulls would need to drive and sustain the price above this resistance level, which could then lead to a rally towards $0.67.
Dogecoin (DOGE) turned lower from the 50-day SMA ($0.17) and fell below the 20-day EMA ($0.15). The bears may try to pull the price towards the crucial support at $0.12, but strong buying from the bulls is expected at this level. If the price rebounds from the support, it could indicate a range-bound action between $0.12 and the 50-day SMA for some time. However, the buyers would need to overcome the barrier at the 50-day SMA to open doors for a possible rally to $0.21. On the downside, a break below $0.12 could complete a bearish head-and-shoulders pattern and start a downtrend.
Toncoin (TON) turned down from the 50% Fibonacci retracement level of $6.13, suggesting that bears are selling during relief rallies. The flattish 20-day EMA ($5.64) and the RSI near the midpoint indicate a balance between supply and demand. If the price rebounds strongly from the moving averages, the bulls may attempt to clear the hurdle at the 61.8% Fibonacci retracement level of $6.49, which could signal the end of the corrective phase. Conversely, if the price falls below the moving averages, the TON/USDT pair could drop to the solid support at $4.72.
Cardano (ADA) is currently squeezed between the 20-day EMA ($0.47) and the support line, indicating an imminent breakout. It is difficult to predict the direction of the breakout, so it is advisable to wait for a directional move before making significant bets. If the price breaks above the 20-day EMA, the ADA/USDT pair could rise to the 50-day SMA ($0.53) and then to $0.57. Conversely, if the price turns down and breaks below the support line, it will suggest that bears are in control. The pair could then drop to $0.40, with $0.35 being a crucial support level to watch for.
Avalanche (AVAX) turned down from the overhead resistance of $40, indicating bearish activity at higher levels. The flat 20-day EMA ($36.44) and the negative RSI suggest a possible drop to the support level of $29. A bounce off this level could keep the pair range-bound between $29 and $40 for some time. The advantage would shift to the bulls if they manage to push and maintain the price above $40. Conversely, a break and close below $29 would indicate that the bears have taken control, with a potential dive towards the pattern target of $18.
Shiba Inu (SHIB) turned down from the 50-day SMA ($0.000026), indicating strong bearish defense. The price action has formed a symmetrical triangle pattern, suggesting indecision between bulls and bears. If the price falls below the triangle, it would indicate bearish dominance and a potential drop to the 78.6% Fibonacci retracement level of $0.000017. However, if the price bounces off the triangle’s support line, it would suggest demand at lower levels, with the pair potentially remaining within the triangle for some time. A break and close above the triangle would indicate an advantage for the bulls.
Please note that this article does not provide investment advice or recommendations. Readers should conduct their own research before making any investment or trading decisions.