Key points:
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Buyers have aggressively invested in falling Bitcoin, indicating positive sentiment. This increases the possibility of a rally to $84,000.
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Several major altcoins have returned to their support levels, signaling that bears remain short during rallies.
Bitcoin (BTC) corrected over the weekend but is finding buyers at lower levels, indicating positive sentiment. According to data from SoSoValue, US BTC spot exchange-traded funds saw $996 million in inflows last week, the best weekly performance since early January.
Cryptocurrency’s rally could be at risk if the United States and Iran fail to reach an agreement before the two-week ceasefire ends on Wednesday, or if the ceasefire is not extended. Trading resource Mosaic Asset Company said in its newsletter that “intensifying hostilities could put an end to the bullish action of recent weeks.”
However, short-term uncertainty could not stop Michael Saylor’s strategy of adding more BTC to his portfolio. The BTC treasury company purchased 34,164 BTC between April 13 and 19 for $2.54 billion, according to an 8-K filing Monday with the U.S. Securities and Exchange Commission. This brought Strategy’s holdings to 815,061 BTC acquired for $61.56 billion.
Could buyers resume relief rally in BTC and major altcoins? Let’s analyze the charts of the top 10 cryptocurrencies to find out.
S&P 500 Index Price Prediction
The S&P 500 Index (SPX) rebounded strongly last week, hitting a new all-time high of 7,147 on Friday.
This strong upward move has pushed the Relative Strength Index (RSI) into overbought territory, suggesting that the index is at risk of consolidation or a minor pullback in the near term. The first downside support is at the breakout level of 7,002, followed by the 20-day exponential moving average (6,828). If the price bounces off the 20-day EMA, it indicates that the uptrend remains intact.
Sellers have a daunting task ahead of them. They will need to quickly bring the price back below the moving averages to signal a comeback.
US Dollar Index Price Prediction
The US Dollar Index (DXY) declined sharply from the 20-day EMA (98.73) on April 13 and fell to support at 97.74 on Friday.
The index is attempting to initiate a relief rally, but is expected to encounter selling pressure at the 20-day EMA. If the price declines again from the 20-day EMA, the possibility of a break below the 97.74 level increases. This could send the price down to the 96.21 support.
The index is expected to remain in the range of 95.55 to 100.54 for some time to come. The next trend move is expected to begin at a close above resistance at 100.54 or below support at 95.55.
Bitcoin Price Prediction
BTC has bounced off the 20-day EMA ($72,832), suggesting that bulls are seeing dips as buying opportunities.
The bears are unlikely to give up easily and will attempt to stop the recovery in the $76,000-$78,333 zone. If BTC price declines from the upper zone and crosses below the moving averages, it suggests that the market has rejected the breakout.
On the other hand, a breakout and close above the overhead resistance zone signals the resumption of the upward movement. The BTC/USD pair could then skyrocket to $84,000 and eventually to the $92,000 target.
Ether Price Prediction
Buyers attempted to push Ether (ETH) above the $2,415 level on Saturday, but bears held firm. This triggered a pullback towards the 20-day EMA ($2,252).
Buyers will need to fiercely defend the 20-day EMA and secure a close above the $2,415 level to signal the resumption of the relief rally. If they do, the ETH/USDT pair could reach the $2,800 level.
The sellers will likely have other plans. They will attempt to push the ETH price below the moving averages, keeping the pair in the $1,916-$2,415 range for some time.
BNB Price Prediction
BNB (BNB) continues to oscillate between $570 and $687, signaling a balance between supply and demand.
The rather flat moving averages and the RSI close to the midpoint do not signal an advantage for either the bulls or the bears. If BNB price rises above $650, the next target is likely $687.
Instead, if the price falls below the 20-day EMA, the BNB/USDT pair could plunge towards the range support at $570. The next trend move is expected to start at a close above $687 or below $570.
XRP Price Prediction
XRP (XRP) has been consolidating between the $1.27 support and $1.61 resistance for several days.
The rather flat moving averages and the RSI just above the midpoint suggest that the range-bound action could extend for a few more days. Buyers will need to close above the downtrend line to signal a potential trend change. The price of XRP could then rise to $2.
On the downside, a breakout and close below the $1.27 level signals that bears are back in charge. There is support at the $1.11 level, but it could be broken. The XRP/USDT pair could then fall towards the support line of the descending channel pattern.
Solana Price Prediction
Solana (SOL) fell below its moving averages on Sunday, suggesting that higher levels are attracting sellers.
The rather flat moving averages and RSI near the midpoint indicate that the range-bound action may continue for some time. If the price remains below the moving averages, the bears will attempt to push the SOL/USDT pair towards the $76 support.
Buyers will need to push SOL price above the $90 level to open the door for a rally towards the $98 resistance. A close above the $98 level suggests the start of a sustainable recovery up to the $117 level.
Related: Bitcoin gains nearly 3% daily as stocks ignore US-Iran war threat and oil falls
Dogecoin Price Prediction
Dogecoin (DOGE) fell from the psychological $0.10 level on Friday and fell to the moving averages.
Flat moving averages and the RSI near the midpoint give neither buyers nor sellers a clear advantage. If DOGE price falls below the moving averages, the $0.09 support could be tested. A break below the $0.09 level could trigger the next leg of the decline to $0.08 and then to $0.06.
Buyers will need to push the price above the $0.10 level and hold there to signal strength. The DOGE/USDT pair could then climb towards the $0.12 resistance level, where the bears are expected to intervene.
Hyperliquid price prediction
Hyperliquid (HYPE) fell back below the $43.76 breakout level after remaining above it for several days.
The bulls attempt to stop the pullback at the 20-day EMA ($41.03), but the bears continue to apply pressure. If the 20-day EMA gives way, the HYPE/USDT pair could fall towards the 50-day SMA ($38.09) and then towards $34.45.
On the contrary, a bounce from the 20-day EMA suggests that lower levels continue to attract buyers. The bulls will then attempt to push the HYPE price above the $45.77 level once again. If they succeed, the pair could skyrocket to the $50 zone at $51.43.
Cardano Price Prediction
Cardano (ADA) surpassed the 50-day SMA ($0.26) on Friday, but the bulls were unable to sustain the higher levels.
The ADA/USDT pair declined on Saturday, falling below the $0.25 level. Sellers will attempt to strengthen their position by pushing the ADA price below $0.23. If they succeed, the pair could resume its downtrend at $0.22 and later to the support line of the descending channel pattern.
Buyers will need to push the price above the downtrend line and hold it there to signal a potential near-term trend change. The pair could then rise to $0.32, then to $0.37.
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