Key points:
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Buyers aggressively bought into the dip in Bitcoin, indicating positive sentiment. That increases the possibility of a rally to $84,000.
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Several major altcoins have pulled back to their support levels, signaling that the bears remain sellers on rallies.
Bitcoin (BTC) corrected over the weekend but is finding buyers at lower levels, indicating a positive sentiment. According to SoSoValue data, US spot BTC exchange-traded funds recorded $996 million in inflows last week, the best weekly performance since early January.
The cryptocurrency recovery may be at risk if the US and Iran do not reach a deal 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 unwind the bullish action over the past few weeks.”
However, the short-term uncertainty could not stop Michael Saylor’s Strategy from adding more BTC to its portfolio. The BTC treasury company purchased 34,164 BTC between April 13 and April 19 for $2.54 billion, according to an 8-K filing with the US Securities and Exchange Commission on Monday. That boosted Strategy’s holdings to 815,061 BTC acquired for $61.56 billion.
Could buyers resume the relief rally in BTC and the 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) rallied sharply last week, rising to a new all-time high of 7,147 on Friday.
The sharp upward move propelled the relative strength index (RSI) into overbought territory, suggesting the index is at risk of a minor consolidation or pullback in the short term. The first support on the downside is at the breakout level of 7,002, followed by the 20-day exponential moving average (6,828). If the price rebounds off the 20-day EMA, it signals that the uptrend remains intact.
Sellers have an uphill task ahead of them. They will have to swiftly yank the price below the moving averages to signal a comeback.
US Dollar Index price prediction
The US Dollar Index (DXY) turned down sharply from the 20-day EMA (98.73) on April 13 and dropped to the 97.74 support 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 again turns down from the 20-day EMA, the possibility of a break below the 97.74 level increases. That may sink the price to the 96.21 support.
The index is likely to remain inside the 95.55 to 100.54 range for a while longer. The next trending move is expected to begin on a close above the 100.54 resistance or below the 95.55 support.
Bitcoin price prediction
BTC has bounced off the 20-day EMA ($72,832), suggesting the bulls are seeing dips as buying opportunities.
The bears are unlikely to give up easily and will attempt to halt the recovery in the $76,000 to $78,333 zone. If the BTC price turns down from the overhead zone and breaks below the moving averages, it suggests that the market has rejected the breakout.
On the other hand, a break and close above the overhead resistance zone signals the resumption of the up move. The BTC/USD pair may then skyrocket to $84,000 and eventually to the pattern target of $92,000.
Ether price prediction
Buyers tried to push Ether (ETH) above the $2,415 level on Saturday, but the bears held their ground. That started a pullback to the 20-day EMA ($2,252).
Buyers will have 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 that, the ETH/USDT pair may march to the $2,800 level.
Sellers are likely to have other plans. They will attempt to push the ETH price below the moving averages, keeping the pair within the $1,916 to $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 flattish moving averages and the RSI near the midpoint do not signal an advantage either to the bulls or the bears. If the BNB price breaks above $650, the next target is likely $687.
Instead, if the price breaks below the 20-day EMA, the BNB/USDT pair may plunge toward the range’s support at $570. The next trending move is expected to begin on a close above $687 or below $570.
XRP price prediction
XRP (XRP) has been consolidating between the $1.27 support and the $1.61 resistance for several days.
The flattish moving averages and the RSI just above the midpoint suggest that the range-bound action may extend for a few more days. Buyers will have to achieve a close above the downtrend line to signal a potential trend change. The XRP price may then surge to $2.
On the downside, a break and close below the $1.27 level signals that the bears are back in the driver’s seat. There is support at the $1.11 level, but that may be broken. The XRP/USDT pair may then tumble toward 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 flattish moving averages and the RSI near the midpoint indicate that the range-bound action may continue for a while. If the price remains below the moving averages, bears will attempt to push the SOL/USDT pair toward the $76 support.
Buyers will have to push the SOL price above the $90 level to open the door to a rally toward the $98 resistance. A close above the $98 level suggests the start of a sustained recovery to the $117 level.
Related: Bitcoin daily gains near 3% as stocks ignore US-Iran war threat, oil drops
Dogecoin price prediction
Dogecoin (DOGE) turned down from the $0.10 psychological level on Friday and has fallen to the moving averages.
The flat moving averages and the RSI near the midpoint do not give either buyers or sellers a clear advantage. If the DOGE price breaks below the moving averages, the $0.09 support may be tested. A break below the $0.09 level may start the next leg of the downward move to $0.08 and subsequently to $0.06.
Buyers will have to push the price above the $0.10 level and maintain it to signal strength. The DOGE/USDT pair may then climb toward the $0.12 resistance level, where bears are expected to step in.
Hyperliquid price prediction
Hyperliquid (HYPE) fell back below the breakout level of $43.76 after staying above it for several days.
The bulls are attempting to halt the pullback at the 20-day EMA ($41.03), but the bears continue to exert pressure. If the 20-day EMA gives way, the HYPE/USDT pair may plummet toward the 50-day SMA ($38.09) and then toward $34.45.
On the contrary, a bounce off the 20-day EMA suggests that the lower levels continue to attract buyers. The bulls will then attempt to drive the HYPE price above the $45.77 level again. If they succeed, the pair may skyrocket to the $50-$51.43 zone.
Cardano price prediction
Cardano (ADA) rose above the 50-day SMA ($0.26) on Friday, but the bulls could not sustain the higher levels.
The ADA/USDT pair turned lower on Saturday, falling below the $0.25 level. Sellers will attempt to strengthen their position by driving the ADA price below $0.23. If they manage to do that, the pair may resume its downtrend to $0.22 and later to the support line of the descending channel pattern.
Buyers will have to push the price above the downtrend line and maintain it there to signal a potential short-term trend change. The pair may then rise to $0.32, then to $0.37.
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