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Price analysis 4/12: BTC, ETH, BNB, XRP, ADA, DOT, UNI, LTC, LINK, XLM

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Bloomberg Intelligence senior commodity strategist Mike McGlone equated the current consolidation in Bitcoin (BTC) price to that of a “caged bull, well-rested to escape.” When compared with the rallies a year after the previous two Bitcoin halvings in 2012 and 2016, the strategist called the current price action “tame.’

According to McGlone, Bitcoin is “still in price-discovery mode” and its plateau is still far away.

While Bitcoin remains in focus, altcoins have continued to steal the show. Bitcoin’s market dominance, which stood closer to 70% on Jan. 4 has continued to slide even though its price has risen more than 104% year-to-date. The current market dominance at 54.3% is the lowest since April 2019 according to data from CoinMarketCap. This suggests that several altcoins are outperforming Bitcoin by a large margin.

Daily cryptocurrency market performance. Source: Coin360

However, approval of a Bitcoin exchange-traded fund could tilt the advantage back in favor of Bitcoin. Mike Novogratz’s Galaxy Digital became the latest to file an application with the United States Securities and Exchange Commission for a Bitcoin ETF on Monday. The growing list of candidates applying to launch a Bitcoin ETF shows that there is still huge demand for the digital asset

Will Bitcoin continue to trade sideways while altcoins rally or will it resume its uptrend and lead from the front. Let’s analyze the charts of the top-10 cryptocurrencies to find out.

BTC/USDT

Bitcoin formed an inside day candlestick pattern on April 11, indicating indecision among the bulls and the bears. The bulls tried to resolve this uncertainty to the upside today by piercing the all-time high at $61,825.84, but the bears had other plans. They again successfully defended the overhead resistance.

BTC/USDT daily chart. Source: TradingView

Although the bears are defending the overhead resistance, they have not been able to sink the price further away from $60,000. This suggests the bulls are not closing their long positions in a hurry as they anticipate the uptrend to continue.

If the bulls can drive and sustain the price above $61,825.84, the BTC/USDT pair will complete a bullish inverse head and shoulders pattern. That could result in a rally to the pattern target at $69,540. If the momentum sustains, the next target to watch out for is $79,566.

This bullish view will invalidate if the pair turns down and breaks below the 50-day simple moving average ($54,7823). Such a move could signal the start of a deeper correction.

ETH/USDT

Ether (ETH) has been trading above the breakout level at $2,040.77 for the past three days, but the up-move lacks momentum. The long wick on the April 10 candlestick and the inside day candlestick pattern on April 11 suggests hesitation by the bulls to push the price higher.

ETH/USDT daily chart. Source: TradingView

If the price does not pick up momentum within the next few days, the bears will try to pull the price back below $2,040.77. If the ETH/USDT pair breaks below the 20-day exponential moving average ($1,985), the next stop could be the trendline. A break below this support could signal the start of a deeper correction.

However, the upsloping 20-day EMA and the relative strength index (RSI) above 61 indicate advantage to the bulls. If the bulls punch the price above $2,200 with force, the pair may start the next leg of the uptrend that could reach $2,618.14.

BNB/USDT

Binance Coin (BNB) is in a strong uptrend, but the up-move of the past two days is showing signs of a melt-up. The long wick on today’s candlestick suggests some traders are booking profits at higher levels.

BNB/USDT daily chart. Source: TradingView

Although the 20-day EMA ($385) is sloping up, the RSI above 84 indicates the rally is overheated in the short term. This could result in a minor correction or consolidation for the next few days. In strong uptrends, the corrections generally do not last for more than three days.

The first support on the downside is the 38.2% Fibonacci retracement level at $483.95. If the price rebounds off this support, it will suggest the sentiment remains positive and bulls are buying on dips. They will then try to resume the uptrend by pushing the price above the all-time high at $638.56.

If they succeed, the next leg of the uptrend could begin, which may propel the BNB/USDT pair to $888.70. On the contrary, if bears sink the price below $483.95, the pair could drop to the 20-day EMA.

XRP/USDT

The volatility contraction on April 9 was resolved to the upside on April 10 and XRP rallied above $1.11. The bulls continued their purchase on April 11 and pushed the price to $1.50. However, the long wick on the day’s candlestick suggests traders booked profits at higher levels.

XRP/USDT daily chart. Source: TradingView

The bears could not build up on the advantage today and start a correction. The bulls tried to resume the uptrend but failed, resulting in the formation of a Doji candlestick pattern. This suggests indecision among the bulls and the bears about the next directional move.

If the buyers can propel the price above $1.50, the XRP/USDT pair could rally to $2. Contrary to this assumption, if the price turns down and dips below $1.30, the pair could start a correction.

The major support on the downside is $1.11. If the buyers can flip this level into support, the pair will make one more attempt to rise above $1.50. On the other hand, a break below $1.11 may result in a drop to the 20-day EMA ($0.89).

ADA/USDT

The bulls successfully held Cardano (ADA) above the 50-day SMA ($1.17) in the past few days and are currently attempting to start an up-move. However, the long wick on today’s candlestick suggests that buying dries up above $1.33.

ADA/USDT daily chart. Source: TradingView

If the bulls fail to sustain the price above $1.33, the aggressive bears may again try to sink the price below the 50-day SMA. If they manage to do that, the ADA/USDT pair could drop to the $1.03 to $0.98 support zone.

A rebound off this zone could keep the pair range-bound for a few more days. Alternatively, if the bears sink the price below the zone, the pair could decline to $0.80.

This negative view will invalidate if the pair sustains the price above $1.33. That could push the price to $1.48. A break above this resistance could start the next leg of the uptrend that may reach $2.

DOT/USDT

Polkadot (DOT) has been sandwiched between the 20-day EMA ($39.30) and the overhead resistance at $42.28 for the past few days. However, this tight range trading is unlikely to continue for long.

DOT/USDT daily chart. Source: TradingView

If the bulls can propel the price above $42.28, the DOT/USDT pair could rally to $46.80. The bears may again offer resistance at this level but if the bulls can overcome the barrier the pair could climb up to $53.50 and then $57.

The marginally upsloping 20-day EMA and the RSI above 54 suggest only a minor advantage to the bulls. If the bears can sink the price below the moving averages, it will open the gates for a decline to $32.50 and then $26.50.

UNI/USDT

Uniswap (UNI) has soared above the all-time high at $36.80 today. Although the moving averages are yet to turn up, the RSI has risen close to the overbought territory, indicating a pick-up in momentum.

UNI/USDT daily chart. Source: TradingView

If the bulls can sustain the price above $35.20, it will suggest strong demand at higher levels. The UNI/USDT pair could then march up to $43.43 and if this level also gets taken out, the up-move may hit $50.

Contrary to this assumption, if the bulls fail to sustain the price above $35.20, it will suggest that traders are booking profits at higher levels. If the price dips and sustains below $35.20, the range-bound action in the pair could continue.

LTC/USDT

Litecoin’s (LTC) volatility contraction on April 8 and 9 was followed by an expansion in favor of the bulls. The buyers pushed the price above $246.96 on April 10 and have successfully managed to sustain the price above it since then.

LTC/USDT daily chart. Source: TradingView

The upsloping 20-day EMA ($218) and the RSI above 63 suggest the path of least resistance is to the upside. If the buyers can drive the price above $262.93, the LTC/USDT pair could rally to its next target objective at $307.42.

This bullish view will invalidate if the price breaks and sustains below $246.96. Such a move will suggest that traders booked profits at higher levels. The critical support to watch on the downside is the 20-day EMA.

A strong bounce off it will suggest the sentiment remains positive and the bulls will once again try to resume the uptrend. Conversely, a break below the 20-day EMA could pull the price down to $170.

LINK/USDT

Chainlink (LINK) is stuck between $24 and $36.93. The marginally rising 20-day EMA ($30.92) and the RSI above 55 suggest the bulls have a slight edge. However, the failure of the bulls to challenge the $36.93 overhead resistance indicates that demand dries up at higher levels.

LINK/USDT daily chart. Source: TradingView

The bears are currently trying to sink the price below the $32 support. If they can accomplish that, the possibility of a break below the moving averages increases. Such a move could pull the price down to $24.

Contrary to this assumption, if the price bounces off the 20-day EMA, the bulls will make one more attempt to drive the price above $36.93. If they succeed, the LINK/USDT pair could resume its uptrend and rally toward $40 and then $50.

XLM/USDT

The bulls are attempting to resume the uptrend in Stellar Lumens (XLM) but they are facing stiff resistance at the $0.60 level. The bulls pushed the price above the overhead resistance on April 11 and today but they could not sustain the breakout.

XLM/USDT daily chart. Source: TradingView

If the bulls do not allow the price to slip below $0.55, it will suggest accumulation on dips. The upsloping 20-day EMA ($0.47) and the RSI near the overbought territory suggest the bulls are in control.

A breakout and close above $0.60 will be the first sign that bulls have overpowered the bears. If that happens, the XLM/USDT pair could resume the uptrend and rally to $0.72 and then $0.85.

On the other hand, if the bears sink the price below $0.55, the pair could drop to the 20-day EMA.

The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph. Every investment and trading move involves risk. You should conduct your own research when making a decision.

Market data is provided by HitBTC exchange.

Price analysis 4/12: BTC, ETH, BNB, XRP, ADA, DOT, UNI, LTC, LINK, XLM

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German Man Lists Physical House on NFT Marketplace, Wants 34 ETH

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A house located in Kransberg, Germany, has been listed for auction on popular non-fungible token (NFT) marketplace, OpenSea. 

House Being Auctioned on NFT Marketplace

The Kransberg-situated auctioned house has a price tag of $74,000, according to the details of the listing. 

While there is no bidder yet for the NFT, it is gathered that the eventual buyer of the token will have full control and ownership of the house, including negotiation and agreement with the seller.

However, this action appears unprecedented in the NFT marketplace. The seller of the property earlier disclosed on OpenSea that he decided to sell the house as an NFT to set the pace for others to follow.

The listing shows that the auction ends on April 25. The potential buyer is due to pay 34 Ethereum, which is equivalent to $75,000.

While the primary function of NFTs is to promote digital content such as images and videos, there is growing adoption of the token for other purposes in recent times.

With many celebrities and artists launching personal NFTS, according to The Business report, it appears that more individuals are considering using the digital token to carry out the sale of physical assets.

Using the NFT marketplace to sell houses is not new in some countries, although it may be the first to happen in Germany.

Recently, a Canadian artist, Krista Kim, sold her house for more than $500,000 through an NFT marketplace. 

The house known as Mars House was regarded as the first NFT house sold in the country. 

Contrary to Kransberg’s house, it was revealed that Mars House doesn’t exist in reality as a house, but the artwork was designed by Kim and existed only in the digital realm.

However, the virtual house’s new owner will explore the place using virtual reality (a digital world). 

The owner of the platform, SuperRare, described the project as the first of its kind in the realm of NFT digital house.

The Emergence Of NFT Marketplaces

More than any other time, artists and creative minds have intensified efforts to explore NFT marketplaces.

A blockchain project, Victoria AR, disclosed it is developing a virtual reality platform in recent times. 

The platform reveals that the project will support non-fungible tokens, and members will be allowed to play games and trade goods.

It is projected that it will be the first Massive Multiplayer Online Open World in which photorealistic graphics are used.

Interestingly, these innovative ideas have fueled asset tokenization and NFTs, particularly in areas such as Web 3.0 and DeFi. 

However, the support of NFT by renowned influencers like Paris Hilton and Snoop Dogg has also had an impact on the sector’s growth. 

German Man Lists Physical House on NFT Marketplace, Wants 34 ETH

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Solana(SOL) Price Rallied More Than 50%

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Solana(SOL) Price Rallied More Than 50%

According to the recent announcement, Solana, which is a fast, secure, and censorship-resistant Blockchain, has rallied more than 50%. Such upsurge in Solana is due to new projects conducting airdrops on SOL blockchain and high Ethereum fees that have pushed investors to explore more economical and affordable options.

Solana is a secure and censorship-resistant blockchain that provides open infrastructure. It is a high-performance cryptocurrency blockchain supporting smart contracts and decentralized applications(dApps) to provide decentralized finance solutions. SOL is a cryptocurrency native to the Solana blockchain.

In the past few months, projects that have issued token airdrops have emerged. One such project is Solana that utilizes Blockchain technology.

Although Solana isn’t explicitly making a collective effort to launch these projects, its main decentralized exchange, Serum known as SRM, was responsible for the recent COPE airdrop, which distributed 2,000 tokens to users who participated in the shared DeFi hackathon held by Solana and Serum. 

The airdrops by Uniswap (UNI) and MEME are going to be remarkable as it was noted that users were rewarded with profits from $20,000 to $600,000 for holding the tokens.

According to the announcements, after the airdrop, COPE eventually listed on Serum(SRM) for $0.50 on March 30, and the token’s price rose to a high of $5.43 on April 11. It was noted that after the airdrop, the rewarding holders profited with a $10,860 reward.

The success of the COPE airdrop proposed a series of token launches and airdrops such as HOPE, ROPE, and KOPE, whose launches on the Solana have coincided with a 55% rise in SOL price since the beginning of April.

Airdrop Era Has Begun

Recently on Twitter, the list of new and emerging projects building on Solana was mentioned, including Hedgehog, Solstarter, Hxro. Network, Step Finance, COPE, Synthetify, and others. Solana’s Twitter feed hints that its ecosystem is just getting started, and there is a lot more for all.

As more and more DeFi apps are emerging, all fighting for users’ attention, experts believe that the airdrop trend will continue in the years to come. 

To get instant updates about Blockchain Technology and to learn more about online Blockchain Certifications, check out Blockchain Council.  

Solana(SOL) Price Rallied More Than 50%

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The Emerging Trend of Security Token Offerings

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Codezeros

One of the advanced emerging technologies is blockchain. It supports crypto assets like Bitcoin, Ether, utility tokens, and security tokens. In the financial service marketplace, crypto-assets open a world of opportunities. Most of the people out there are familiar with utility tokens, but the concept of security tokens is relatively new.

A security token extracts its value from an external and tradable asset. The trend of security token offering development is emerging rapidly. To have a clear understanding, follow the article.

The Emerging Trend of Security Token Offerings

What is STO?

For the initiation of the projects, fundraising serves to be a crucial factor for the startup. In the past couple of years, several mechanisms of fundraising have assisted the startup. Several startups have implemented ICO (Initial Coin Offering) to fulfill their purpose of fundraising. But, currently, STO (Security Token Offering) has replaced ICO.

We need to understand that each fundraising version has its advantages and disadvantages. Those versions are used by competitors to bring out a necessary featureful device. The latest type of fundraising that is used by startups is STO. The other forms of fundraising offered by security token offering development companies are utility tokens given to the investors.

Differences between IPO, ICO, and STO?

IPOs are the common way for companies to opt for fundraising. Having an IPO (Initial Public Offerings), the company can sell shares with corporate rights like voting or dividend. Such shares are highly regulated securities.

ICO emerged in 2017. The startups or companies that deal with projects associated with blockchain make use of ICO. In exchange for the capital, it provides digital value to the investors. In the beginning, most of the investors were opting for ICOs to invest. But with time, the number of digital frauds increased over here.

This made ICOs ineffective, and STO solutions took over. The popular reason behind this is that STOs were able to provide security to their investors. Keep in mind that ICOs did not fail initially, as, at that time, the tokens they provided to the investors were based on the emerging technology of blockchain. The utility tokens help the investors to access any platform of products.

Because of their high liquidity, the investors of ICO got a new way to make use of the tokens. The token could be sold for higher charges. However, the companies could not finish with their products even after gathering money from the investors. Thus, it eventually led to the loss for the investors, and thus, ICOs failed.

Insight about STO:

An investor always ensures that there should be no loss that he or she needs to face during the process. ICO did not facilitate security, and that is why these security tokens were launched to ensure a secure environment. Having real value, security tokens are the tradable assets’ digital representation.

While trading money from the companies the investors invest in, they will receive security tokens. The investment can be made peacefully, and one does not need to be worried about ROI (Return on Investment), as it is well-recognized by the law. The investment remains transparent because of the tokenization of securities.

Just like an ICO, an STO development company builds a smart contract on a network like Ethereum. To be more particular, what a usual contractor can perform, can be performed with a smart contract. There is no need for a middleman. It is fully digital.

Advantages of Security Token Offering:

We have understood that it helps in fundraising for startups and companies. But, apart from these are some more benefits that make it favorable for the companies out there. The popular benefits are as follows:

  1. The automated system eliminates frauds: Human intervention is eliminated because most of the transactions are performed on an automatic system. This means that there are little or no possibilities of extra charges or any fraud in the case of STOs. It not only improves the investors’ profitability but also increases their security.

2. Customization: Cryptocurrency can be easily customized. Any functionalities can be put, like dividends and transaction limits. The flexibility of digital assets not just makes it profitable but offers you customizable features as well.

3. No involvement of extra costs: In STOs, there is no existence of any middleman. Thus, one will never have to come across any additional costs, like a transaction fee. It increases profitability and makes the investment process less complicated for the investors.

4. One will not ever lose tokens: When a bitcoin is sent to avoid address, there is the involvement of risk up to a particular level. But the STOs can be programmed properly by the programs so that they can be recovered if stolen or lost. The only thing an owner needs to do is pass the procedures of stringent verification to acquire the tokens.

The popular STOs:

Among all the popular STOs, Nexo is comparatively more popular. It provides loans instantly with competitive rates. During the time of token sale, it raised 52.5$M successfully. Most of the shareholders of Nexo are also the most of Credissimo’s shareholders. The credibility of Nexo goes to the fintech group that is operating for several years.

Another successful STO is tZERO, which became the US’ first regulated security token exchange. At the time of token sale, they had successfully raised 134$M. CEO of Overstock was the founder of the platform. Overstock gives much credibility to the project.

In Luneburg, Germany, recently, a real estate object was tokenized. The platform was sold successfully for 1.5$M.

The future scope of the STOs:

Experts are expecting that security token offering services will enable many companies to improve their business’s liquidity by converting their valuable elements into an asset, which is more tradable. It will further leverage the company’s profit with newer investments.

To increase the fundraising capability, some startups are going to use the hi-tech blockchain feature of the STOs. They will do it by attracting global investors to make investments in their startups or companies.

Conclusion:

Compared to the ICOs’ security tokens, the STOs are more reliable and secured. This is the primary reason why most companies and investors are looking to turn their assets into tokens in the future. Moreover, STOs are now considered to be one of the most demanding investment mechanisms. We can conclude that STO will keep expanding in the upcoming future and tempt the companies and investors more towards STO.

The Emerging Trend of Security Token Offerings

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Ethereum Price Prediction: ETH/USD May Keep the Price above $2100 as Bulls Set Target at $2200

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ETH Price Prediction – April 11

ETH/USD is still struggling to stay above $2200 as the entire market takes a brief pause.

ETH/USD Market

Key Levels:

Resistance levels: $2400, $2500, $2600

Support levels: $1900, $1800, $1700

ETHUSD – Daily Chart

ETH/USD is currently recovering above $2100 and it is likely to climb back above $2150 soon. Ethereum has remained relatively flat as the bulls and bears are struggling for the $2100 level. Meanwhile, the yearly high remains at $2158.69 with the nearest support level located at $2112.58 in the short term.

What is the Next Direction for Ethereum?

As ETH/USD keeps hovering above the 9-day and 21-day moving averages and if the price breaks above the upper boundary of the channel, it could test the potential resistance at $2200. However, a successful break above the channel could open the doors for an additional increase above the $2300 level. In the mentioned case, the price is likely to rise towards the $2400, $2500, and $2600 resistance levels in the coming sessions.

More so, as the technical indicator RSI (14) moves above the 60-level, which causes the market to remain at the upside but breaking below this level, may cause the coin to hit the nearest support at the $2000 level. If there is a bearish break below the 21-day moving average, ETH/USD could test the critical support at $1900, and any further bearish movement could lead to the support levels of $1800 and $1700 respectively.

When compares with Bitcoin, the Ethereum price is seen struggling above the 9-day and 21-day moving averages as the market keeps moving sideways; approaching the 0.036 BTC resistance level. Meanwhile, the 4-hours technical indicator RSI (14) is moving above 60-level, a slight bullish confirmation.

ETHBTC – Daily Chart

However, if the price breaks the important 0.036 BTC level, the bulls might push the market back to the 0.038 BTC. Therefore, if a breakout occurs above the upper boundary of the channel, traders may expect an immediate resistance at 0.039 BTC and above. Meanwhile, below the channel, the key support level could be located at 0.033 BTC and below.

Ethereum Price Prediction: ETH/USD May Keep the Price above $2100 as Bulls Set Target at $2200

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Price analysis 4/9: BTC, ETH, BNB, XRP, ADA, DOT, UNI, LTC, LINK, THETA

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Hong Kong tech company Meitu revealed on April 8 that it had added $10 million worth of Bitcoin (BTC) to its holdings which were purchased at an average rate of $57,000 per coin. After the latest purchase, Meitu’s total cryptocurrency portfolio consists of $49.5 million worth of Bitcoin and $50.5 million worth of Ether (ETH). This acquisition shows that institutional investors are confident that the rally in Bitcoin is still in its early stages.

Tom Jessop, Fidelity’s head of the crypto division, believes that Bitcoin has reached a tipping point and that traditional finance companies will continue to adopt cryptocurrency aggressively in the next few years. Jessop believes the massive monetary stimulus from governments and central banks has accelerated institutional adoption and this is a trend that could extend for at least another year.

Daily cryptocurrency market performance. Source: Coin360

It is not only institutional investors who are rushing into cryptocurrencies. Data shows that the number of retail investors trading cryptocurrency has also increased. Popular trading app Robinhood reported on April 8 that crypto trading on its platform surged to 9.5 million users in Q1 2021, a six-fold increase over Q4 2020.

While crypto adoption is on the rise, some legacy finance firms are still taking an anti-crypto approach. HSBC has reportedly blacklisted MicroStrategy stock and will not allow customers on its HSBC InvestDirect platform to buy shares from the company.

Will Bitcoin and major altcoins extend their uptrend and attract more buyers or will they enter a corrective phase? Let’s analyze the charts of the top-10 cryptocurrencies to find out.

BTC/USDT

The bears could not capitalize on Bitcoin’s break below the 20-day exponential moving average ($57,043) on April 7. Their failure to break the 50-day simple moving average ($54,572) support could have attracted buying from the aggressive bulls, resulting in the rebound on April 8.

BTC/USDT daily chart. Source: TradingView

However, today’s Doji candlestick suggests the bulls are struggling to sustain the momentum at higher levels.

The BTC/USDT pair has formed an inverse head and shoulders pattern that will complete on a breakout and close above $60,000. This bullish setup has a target objective at $69,540. If the bulls sustain the momentum and clear this hurdle, the uptrend may reach the next target at $79,566.

Contrary to this assumption, if the price turns down from the current level, the bears will once again try to break the critical support at the 50-day SMA. If they succeed, the selling could intensify as short-term traders may rush to the exit. That could pull the pair down to $50,460.02 and then $43,006.77.

ETH/USDT

Ether’s (ETH) drop on April 7 was arrested at the 20-day EMA ($1,933), which shows the bulls are accumulating on dips. The price rebounded sharply on April 8 and rose above the resistance at $2,040.77.

ETH/USDT daily chart. Source: TradingView

The bulls will now make one more attempt to climb above the all-time high at $2,150. If they manage to do that, the ETH/USDT pair could resume its uptrend and march toward the next target objective at $2,618.14.

However, the bears are likely to have other plans. They will try to pull the price below the 20-day EMA. If that happens, several aggressive bulls may get trapped. That could intensify the selling, resulting in a drop to the trendline. A break below this support will suggest a change in trend.

BNB/USDT

Binance Coin (BNB) continues to be in a strong uptrend. The bulls flipped the $348.69 level to support on April 7 and followed that up with a breakout to a new all-time high on April 8. This shows a strong appetite from the bulls.

BNB/USDT daily chart. Source: TradingView

The upsloping moving averages and the relative strength index (RSI) above 75 indicate that the bulls are in command. The next target objective on the upside is the $500 to $530 zone where the bears may mount a stiff resistance.

On any correction, the first support to watch out for is the 20-day EMA ($334). A strong rebound off this support will suggest the sentiment remains bullish and traders are buying on dips.

However, if the BNB/USDT pair dips below the 20-day EMA, it will suggest that the bullish momentum is weakening.

XRP/USDT

XRP made successive inside day candlestick formations on April 7 and April 8. The current price action is pointing to another inside-day candlestick pattern today. The drop in daily volatility shows the altcoin is still digesting the recent gains.

XRP/USDT daily chart. Source: TradingView

This tightening of the intraday range usually ends with a strong breakout. If the uncertainty resolves to the upside and the bulls drive the price above $1.11, the XRP/USDT pair could start the next leg of the rally that could take it to $1.34 and then $1.66.

Alternatively, if the indecision resolves to the downside, it will suggest that supply exceeds demand and traders have dumped their positions. If that happens, the pair could drop to the 20-day EMA ($0.72). A break below this level could pull the price down to $0.65.

ADA/USDT

Cardano (ADA) dipped below the 20-day EMA ($1.18) on April 7 but the bulls did not allow the price to slip below the 50-day SMA ($1.16). This shows the bulls are defending the moving averages aggressively.

ADA/USDT daily chart. Source: TradingView

The buyers will now try to push the price above $1.33. If they manage to do that, the ADA/USDT pair could rise to $1.48. This is an important level to watch out for because the pair has returned from it on two previous occasions.

If the price again reverses direction from $1.48, it will suggest that the range-bound action may continue for a few more days. On the other hand, if the bulls can drive the price above $1.48, the pair could resume the uptrend toward the next target objective at $2.

A break below the moving averages will be the first sign of weakness and that could result in a drop to the $1.02 support. If this level breaks down, the bears could start a deeper correction to $0.80.

DOT/USDT

Polkadot (DOT) bounced off the 20-day EMA ($38.68) on April 7, indicating buying on dips. The bulls will now try to push the price above the overhead resistance at $42.28.

DOT/USDT daily chart. Source: TradingView

If they succeed, the DOT/USDT pair will retest the all-time high at $46.80. A breakout and close above this level could start the next leg of the rally that has a target objective at $53.50 and then $57.

The gradually upsloping 20-day EMA and the RSI in the positive territory suggest the bulls have the upper hand.

However, if the price turns down from the current level and breaks below the moving averages, it will indicate that traders are closing their positions on rallies. That could result in a fall to $32.50 and then $26.50.

UNI/USDT

The bulls successfully held the $27.97 support on April 7, which is a positive sign as it shows accumulation on dips. Uniswap (UNI) bounced back above the 20-day EMA ($29.65) on April 8 and the buyers will now try to push the price above $32.50.

UNI/USDT daily chart. Source: TradingView

If they succeed, the UNI/USDT pair could rally to the $35.20 to $36.80 overhead resistance zone. The bears are likely to defend this zone aggressively. If the price turns down from this resistance, the pair may extend its stay inside the range for a few more days.

Contrary to this assumption, if the price turns down from the current level, the bears will make one more attempt to pull the price below the $27.97 to $25.50 support zone. If they manage to do that, the pair could start a deeper correction to $20.74.

LTC/USDT

Litecoin (LTC) successfully completed the retest of the breakout level from the symmetrical triangle on April 7. That was followed by a rebound on April 8, but the bulls are struggling to pick up momentum.

LTC/USDT daily chart. Source: TradingView

This shows hesitation to buy at higher levels. If the bulls do not overcome the hurdle at $246.96 within the next few days, the possibility of a break below the 20-day EMA ($207) increases. In such a case, the LTC/USDT pair could drop to the support line.

Contrary to this assumption, if the bulls sustain the momentum and propel the price above $246.96, the pair could start the next leg of the uptrend that may reach $307.42. The gradually rising 20-day EMA and the RSI above 59 suggest a minor advantage to the bulls.

LINK/USDT

Chainlink’s (LINK) sharp reversal on April 7 could not break below the 20-day EMA ($30.29). This shows the sentiment remains positive and the bulls are buying on dips. The rebound on April 8 rose above the $32 resistance but the bulls are struggling to build on this strength today.

LINK/USDT daily chart. Source: TradingView

If the price turns down and breaks below the moving averages, it will suggest that supply exceeds demand at higher levels. That could pull the price down to the critical support at $24.

On the other hand, if the bulls again defend the 20-day EMA, the LINK/USDT pair could rise to the all-time high at $36.93. A breakout and close above this resistance will suggest the bulls have absorbed the supply and that may indicate the start of the next leg of the uptrend.

However, if the price again turns down from $36.93, the pair could extend its stay inside the range for a few more days.

THETA/USDT

After the large range day on April 7, THETA made an inside day candlestick pattern on April 8 and has followed it up with another one today. This shows indecision among the bulls and the bears about the next directional move. While the bears are defending the overhead resistance, the bulls are buying on every minor dip.

THETA/USDT daily chart. Source: TradingView

The upsloping 20-day EMA ($11.33) and the RSI above 62 suggest a minor advantage to the bulls. The buyers will have to clear the hurdle at $14 to signal the start of the next leg of the uptrend. If they manage to do that, the THETA/USDT pair could rally to $17.65 and then $22.50.

On the contrary, if the bears sink the price below the 20-day EMA, it will be the first sign of a possible change in sentiment. It will suggest that the bulls are no longer buying the dips to the 20-day EMA. The next critical support to watch will be $10.35. If this level is taken out, a deeper correction to the 50-day SMA may start.

The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph. Every investment and trading move involves risk. You should conduct your own research when making a decision.

Market data is provided by HitBTC exchange.

Price analysis 4/9: BTC, ETH, BNB, XRP, ADA, DOT, UNI, LTC, LINK, THETA

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