Get the latest updates on popular cryptocurrencies like Bitcoin (BTC), Ethereum (ETH), Binance Coin (BNB), Solana (SOL), XRP, TON, Dogecoin (DOGE), Cardano (ADA), Avalanche (AVAX), and Shiba Inu (SHIB) on TradingView News. Stay informed about price movements, trends, and Market analysis in easy-to-understand language.
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The recent failure of the bears to push Bitcoin below the $60,000 mark has attracted buyers looking to drive the price towards the range resistance. While this upswing does not guarantee a breakout, it does lower the chances of a steep correction in the short term.
In the United States, daily volume in Bitcoin exchange-traded funds has surged as Bitcoin’s recovery continues. According to Santiment, the volume of the seven largest U.S. spot Bitcoin ETFs hit $5.65 billion, the highest since March 24.
Bitcoin ETFs have seen significant success, with 937 professional firms investing in them as of March 31. Professional investors have acquired $11.06 billion of spot Bitcoin ETFs, representing 18.7% of total assets under management.
The influx of institutional investors bodes well for Bitcoin as those on the sidelines may enter on dips, potentially limiting downside in the near term.
Looking ahead, could Bitcoin and select altcoins extend their upward momentum? Let’s analyze the charts of the top 10 cryptocurrencies to find out.
Bitcoin’s price analysis:
Bitcoin recently surged above the moving averages and successfully defended the level during a retest. The 20-day EMA ($63,507) is gradually turning up, and the RSI has entered positive territory. A minor resistance at $68,000 is likely to be surpassed, with potential upward movement towards $73,777.
If the price falls below $68,000 and the moving averages, it could indicate ongoing bearish pressure. In that case, the pair may remain range-bound between $68,000 and $56,500 for a while.
Ether’s price analysis:
Ether’s bulls regained control as the price held above strong support at $2,850. The pair could approach the resistance line of a descending channel pattern, with potential for a breakout above the channel and a rally towards $3,400 and $3,730.
BNB’s price analysis:
BNB fell below moving averages but found support at the symmetrical triangle pattern. A potential breakout from the triangle could lead to a rally to $635 and $692.
Solana’s price analysis:
Solana turned sharply upward and surged above moving averages, setting the stage for a move towards $185 and $205.
XRP’s price analysis:
XRP is attempting to rise towards the 50-day SMA ($0.54), with a reduction in selling pressure. A successful defense of the 20-day EMA could push the pair towards overhead resistance at $0.57.
Toncoin’s price analysis:
TON bounced off the 20-day EMA but struggles to maintain the recovery. A downward move below the 20-day EMA could keep the pair range-bound.
Dogecoin’s price analysis:
DOGE is trading between $0.17 and $0.12, indicating uncertainty. A break above $0.17 could lead to a rally to $0.21, while a breakdown below $0.12 could result in a bearish pattern.
Cardano’s price analysis:
Cardano broke out of a tight range, with potential resistance at the 50-day SMA and $0.52. If the price maintains above the support line, a rally towards $0.57 is possible.
Avalanche’s price analysis:
AVAX is trading between $29 and $40, with potential for a move towards $50 if it breaks above $40.
Shiba Inu’s price analysis:
SHIB turned down from a symmetrical triangle pattern’s resistance line. A breakout above the triangle could lead to a surge towards $0.000030 and $0.000033.
This article does not offer investment advice, and readers should conduct their research before making any decisions.
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1. What is BTC?
Bitcoin (BTC) is a type of digital currency, commonly referred to as cryptocurrency, that can be used to make transactions online.
2. How is ETH different from BTC?
Ethereum (ETH) is a blockchain platform that allows developers to build decentralized applications, while Bitcoin (BTC) is primarily used as a digital currency for transactions.
3. What is the purpose of BNB?
Binance Coin (BNB) is a cryptocurrency used on the Binance exchange for trading fees, discounts, and other purposes within the platform.
4. What is SOL used for?
Solana (SOL) is a blockchain platform that enables high-speed transactions and decentralized applications, similar to Ethereum.
5. Is XRP the same as Ripple?
Yes, XRP is the native cryptocurrency of the Ripple network, which is used for transactions and remittances across borders.
Win Up To 93% Of Your Trades With The World’s #1 Most Profitable Trading Indicators
Win Up To 93% Of Your Trades With The World’s #1 Most Profitable Trading Indicators
