Price analysis 4/2: BTC, ETH, XRP, BNB, SOL, DOGE, ADA, TON, LINK, LEO

Bitcoin (BTC) bulls have propelled the price past $87,000, even with US trade tariffs set to take effect on April 2. Although Bitcoin may exhibit volatility in the short term, analysts are optimistic about its long-term potential.

Fidelity analyst Zack Wainwright notes that Bitcoin is in an acceleration phase, which could lead to a significant rally if historical patterns persist. Should this occur, Wainwright anticipates that the next upward movement may start from $110,000.

Arthur Hayes, co-founder of BitMEX and chief investment officer at Maelstrom, suggested that if the Federal Reserve shifts toward quantitative easing, Bitcoin could surge to $250,000 by the end of the year.

Is it possible for Bitcoin to overcome the $89,000 resistance level, triggering a rally in select altcoins? Let’s take a look at the charts of the top 10 cryptocurrencies for insights.

Bitcoin Price Analysis

Bitcoin is nearing the resistance line, where sellers are expected to create significant pressure.

The 20-day exponential moving average ($85,152) is flattening, and with the relative strength index (RSI) just above the midpoint, it suggests that sellers are losing their strength. This increases the chances of a breakout above the resistance line. If successful, the BTC/USDT pair could reach $95,000, and ultimately, $100,000.

Conversely, if the price sharply declines from the resistance line and falls below $81,000, it would indicate that the bears are regaining control. This could result in a drop to $76,606.

Ether Price Analysis

Ether (ETH) rebounded from the $1,754 support on March 31, indicating that bulls are trying to establish a double-bottom pattern.

The bears will attempt to halt the relief rally at the 20-day EMA ($1,965). If the price declines from this point, the likelihood of breaking below $1,574 increases, with a possible collapse to $1,550.

On the other hand, a successful breakout and close above the 20-day EMA would open the path toward the $2,111 breakdown level. If buyers subsequently breach this resistance, the pair could complete the double-bottom pattern and start a rally targeting $2,468.

XRP Price Analysis

The weak recovery of XRP (XRP) from the vital $2 support indicates a lack of aggressive buying from bulls at current levels.

This raises the probability of breaking below $2. If that occurs, the XRP/USDT pair might complete a bearish head-and-shoulders pattern, leading to a decline to $1.27. Although there is support at $1.77, it could be easily breached.

On the upside, a break above the 50-day SMA ($2.39) would indicate strong buying interest at lower levels. The pair could then rally toward the resistance line, expected to encounter strong selling pressure. A successful breakout above this resistance would signal a potential trend reversal.

BNB Price Analysis

BNB (BNB) witnessed a recovery attempt that encountered resistance at the moving averages on April 1, suggesting that bears are selling during rallies.

Bears will strive to strengthen their position by pushing the price below $587. If they succeed, the BNB/USDT pair could fall to the 50% Fibonacci retracement level of $575, and subsequently to the 61.8% retracement of $559. A deeper pullback would extend the recovery time for the pair.

A move above the moving averages would indicate a decrease in selling pressure. Following this, the pair could rise to $644 and then to $686, which is likely to attract sellers again.

Solana Price Analysis

Solana (SOL) is currently caught between the 20-day EMA ($132) and the $120 support, indicating a possible range expansion in the near term.

A breakout and close above the 20-day EMA would suggest that buyers are overcoming sellers. The SOL/USDT pair could advance to the 50-day SMA ($145) and subsequently to $180.

This optimistic view will be negated if the price declines from the moving averages and falls below $120, which could lead to a decline to $110, where buyers are expected to intervene.

Dogecoin Price Analysis

Dogecoin (DOGE) continues to be held down below the 20-day EMA ($0.17), suggesting that bears are still selling during minor rallies.

The first hint of strength will be a breakout and close above the 20-day EMA. The DOGE/USDT pair could rise to $0.21, which may act as a significant resistance level. If buyers breach this threshold, the pair could soar to $0.24, and later to $0.29.

Sellers, however, may have other plans and will seek to defend the moving averages while dragging the price below $0.16. If they achieve this, the pair could slide down to the $0.14 support. A break and close beneath the $0.14 mark could send the pair down to $0.10.

Cardano Price Analysis

Cardano (ADA) buyers are attempting to push the price above the uptrend line, but bears are likely to sell near the moving averages.

The downward-sloping 20-day EMA ($0.71) and the RSI located just below the midpoint indicate bearish momentum. If the price recedes and breaks below $0.63, the ADA/USDT pair could drop to $0.58 and $0.50 thereafter.

For a potential trend change, buyers need to push and sustain the price above the 50-day SMA ($0.75). Should they succeed, the pair could rally to $0.84, where resistance may arise.

Related: Is Bitcoin price set to crash again?

Toncoin Price Analysis

Toncoin (TON) successfully broke past the $4.14 resistance on March 1 but was unable to maintain the breakout.

A small but encouraging indicator for bulls is that they have managed to keep the price from falling significantly below $4.14, which raises the likelihood of breaking through the overhead resistance. The TON/USDT pair might then rally to $5 and subsequently $5.50.

The 20-day EMA ($3.71) serves as crucial support to monitor on the downside. A breakdown below this level could suggest waning bullish momentum, leading to a slide to the 50-day SMA ($3.48) and then to $2.81.

Chainlink Price Analysis

Chainlink (LINK) attempted to surpass the 20-day EMA ($14.32) on April 1, but bears maintained control.

Sellers are likely to attempt to push the price to the support line of the descending channel pattern, which is a critical level to monitor in the short term. A break below this support could lead the LINK/USDT pair to drop to $10.

If buyers wish to avoid downside risk, they must push and sustain the price above the 50-day SMA ($15.47). A successful effort could see the pair rally to $17.50 and then approach the resistance line.

UNUS SED LEO Price Analysis

UNUS SED LEO (LEO) fell from the overhead resistance at $9.90 and dropped below the uptrend line on March 30.

However, bears could not maintain lower levels, leading bulls to push the price back into the triangle on April 1. The recovery is expected to encounter resistance at the 20-day EMA ($9.60). If the price retreats from this level and breaks below the uptrend line, the risk of a further decline to $8 increases.

Conversely, if the LEO/USD pair manages to break above the 20-day EMA, it would indicate market rejection of the breakdown. A breakout and close above $9.90 would form an ascending triangle pattern, targeting a $12.04 goal.

This article does not provide investment advice or recommendations. All investments and trades carry risks, and readers should do their own research before making any decisions.