Cryptocurrencies analysis : Price movements in the chart of Altcoins

Five Cryptocurrencies That Traders Must Observe This Week

Cryptocurrencies analysis : Price movements in the chart of Altcoins such as Ethereum, Binance Coin, Polkadot and EOS, indicate that the inflow of capital into Altcoins has increased below the level of $ 60,000 due to bitcoin fluctuations.

According to the Coin Telegraph, historical price trends act as a benchmark for traders to assess future prospects. April is considered as an uptrend for the price, considering the 8 times of monthly stabilization (close) in the form of green candles and recording only two cases with negative returns.

Danny Scott, CEO of Coincorner Exchange, has acknowledged that if Bitcoin, imitating the past, repeats its 50 percent average return over the past ten months this month, it could jump to $ 81,000. . This may be one of the reasons why miners have maintained their position in the market instead of selling assets at current levels. Lex Moskoviski, chief information officer of the Moscow Investment Corporation, recently pointed out that miners had accumulated 4,380 bitcoins on April 2 and 4,494 bitcoins on April 3 as assets.

Cryptocurrencies analysis

While Bitcoin remains the undisputed market leader, the good news is that some large and influential companies have begun to explore new opportunities in various sectors of the field.

Tobi Lutke, CEO of Shapifa e-commerce, said the company was exploring ways to integrate with Defi. Lutke tweeted to the Defi community about what role the company could play in this area. If the result is particularly satisfactory, the entire cryptocurrency ecosystem will be strengthened.

We look at this week’s Top 5 Cryptocurrency Charts, which in the short term are able to record better performance than the market as a whole.

Bitcoin (BTC)

The price of Bitcoin has failed once again in the last few days to break its $ 60,000 psychological resistance, which has ultimately saved short-term traders’ trading profits. This caused the price to fall over the previous day to the 20-day moving average (EMA 20 – blue line in the picture) at $ 56,518.

The adjustment of the moving average slope and the failure of the relative strength index (RSI) to move above the downtrend line indicate that traders are strongly defending the resistance area of $ 60,000 to $ 61,825.84.

If the open cows succeed in pushing the price above this resistance area, a group of sellers will be trapped, which can lead to a sudden and short-term fall in the price. With this momentum, the price will strengthen and the price will be able to throw up to the level of $ 69,540 and above it up to $ 79,566.

Cryptocurrencies analysis

On the other hand, if buyers fail to break the $ 60,000 barrier, the price is likely to break below the 20-day moving average. Under such circumstances, the simple 50-day moving average (SMA 50 – red line in the picture) may once again be seen at $ 53,771. Monitoring this level will be important, because the break (price break) below it warns of a change in the short-term price trend.

The four-hour price chart warns of the possible formation of an inverted head and shoulder pattern, which will be activated by the breakout above the $ 60,000 psychological resistance. The target for this pattern is also at the level of $ 69,540.

However, the slope of the moving average of 20 periods has turned downwards, which indicates the efforts of market bears to consolidate their dominance in the market. If the price moves downwards after hitting the 20-day moving average, the correction is likely to deepen to $ 54,700. A break below this level will open the way for a fall to $ 50,460.02.

Ethereum (ETH)

Ethereum price fluctuations finally ended on April 2 in favor of buyers, leading to a price increase to a new historical high of $ 2,144.59. However, buyers have not been able to stabilize the price at higher levels, and the price has once again fallen below the broken resistance at $ 2,040.77.

Buyers are currently trying to push the price back above the resistance level of $ 2,040.77 to $ 2,144.59, which will be added to the momentum if successful, and the price will be able to grow to 2,618. It will be $ 14.

Cryptocurrencies analysis

The uptrend of the 20-day moving average (EMA 20 – blue line in the picture) and the relative strength of the relative strength index (RSI) indicate the superiority of buyers in the market. However, if the price moves above the resistance area and falls below the moving average at $ 1,849, the bullish momentum of the price will be weakened. Any break below the simple 50-day moving average (SMA 50 – red line in the picture) at $ 1,751 will be able to keep the price in the range of $ 1,289 to $ 2,040.77.

The four-hour chart shows price support in the moving average of 20 periods. This indicates that the uptrend has remained unchanged. However, the bear market will not give up easily and will try to delay the uptrend in the resistance area from $ 2,093.45 to $ 2,144.59.

If successful, the price is likely to fall to a moving average of 20 periods. Failure of the price below this level will be the first sign of supply overcoming demand. On the other hand, if buyers manage to keep the price jumping and throw the price above the resistance area, it is likely that the price will continue to rise.

Binance Coin (BNB)

The price of Binance Coin broke its historic high on April 2, but buyers failed to keep it at higher levels and the price returned below the level of $ 348.69. This indicates that market bears have tried to trap buyers.

However, buyers did not allow the price to fall below $ 315 again. This will be a positive sign, because it shows that the market cows have accumulated their position in each fall and have not waited for a deeper price correction.

If buyers manage to push the price above the historical level at $ 356.98, the next bullish wave is likely to start at $ 400 and above it at $ 430. The uptrend of moving averages and the placement of the Relative Strength Index (RSI) near the buy saturation zone indicate that the uptrend is likely to continue.

On the other hand, if the price moves above current or resistance levels and moves below the $ 315 level, it can be said that the bullish momentum of the price is weakening.

The four-hour price chart shows the strong resistance of sellers in the resistance area from $ 348.69 to $ 356.98. The group even managed to lower the price below the 20-day moving average, but the support of $ 315 remained intact.

Buyers will again try to push the price above the $ 356.98 level. In such a situation, there will be a possibility of a momentary increase in the price.

Cryptocurrencies analysis

On the other hand, if the price moves downwards from the resistance area but stays above the $ 315 support, it can be said that the strength of the uptrend has been maintained. With prices falling and stabilizing below this support, sellers may in the short term dominate the market with bears.

Polkadot (DOT)

The price of Polkadot moved above its downtrend line on April 2, hitting a new all-time high of $ 46.80 during the trading day. However, higher levels have allowed traders to save trading profits. This can be seen from the long wick of the price candle in the daily time frame.

Sellers have not been able to maintain their dominance in the market due to the entry of buyers in the losses. This pushed the price up to $ 42.28 yesterday. The slope of the 20-day moving average (EMA 20 – blue line in the picture) has moved upwards and the relative strength index (RSI) has penetrated the buy saturation zone. This shows the control of cows in the market. If the group manages to push the price above the level of $ 46.80, it is likely that the price will continue to rise with a target of $ 53.50.

This uptrend will be dispelled by the price turning down and breaking below the moving averages.

The slope of the moving averages in the four-hour timeframe has been ascending and the relative strength index (RSI) has entered its positive area. These factors indicate a short-term uptrend. Its strong jump from the moving average of 20 cycles indicates that the accumulation current in the falls remains strong. This will increase the likelihood of a breakout above the $ 46.80 level.

Cryptocurrencies analysis

However, if the price moves above current levels and breaks the 20-day moving average, it can be said that supply has outpaced demand. Such a move would be able to lower the price to a simple 50-day moving average (SMA 50 – red line in the picture).

EOSIO (EOS)

EOSIO traded above $ 5.60 on April 1 and closed above $ 6.25 the following trading day. This resistance is the highest price level since June 2019. This may indicate that the popularity of Altcoins among investors is increasing.

Buyers moved the price below $ 5.60 below the breakout level on April 3, but the good thing is that buyers did not allow the other group to consolidate their superiority and moved the price above the $ 5.60 level.

If the group manages to keep the price above this level for three days, it can be said that a new uptrend has begun. The price is likely to increase momentum after moving above the $ 6.50 level. Under such circumstances, the price will rise to the level of $ 7.64 and above it to the level of $ 8.69.

The 20-day moving average slope has risen and the Relative Strength Index (RSI) is in its positive area. These factors show the superiority of buyers.

The four-hour chart shows that sellers have been trying to trap buyers by lowering prices below the 20-day moving average of $ 5.40. However, the market cows have not given up and have strongly supported the $ 5.20 level.

This indicates that buyers are entering the market in the fall. The slope of the 20-period moving average has moved upwards and the Relative Strength Index (RSI) is in its positive area. These factors also express the superiority of buyers. If the price stabilizes above the level of $ 5.60, the probability of breakout will increase to the level of $ 6.48.

On the other hand, if the price rotates and moves below the level of $ 5.20, it can be said that the breakout price was above $ 5.60.

Cryptocurrencies analysis