Bitcoin is down 12.5% in April. If the selling pressure continues to drag the coin down before midnight, April will become the worst-performing month in over 18 months. CoinGlass data indicates that BTC may struggle to rally in the coming month, as the digital asset has closed in the red in May over the last three years.
The uncertainty in BTC’s recent performance has led to massive outflows from Bitcoin spot ETFs since April 24th, according to data from Farside Investors. This shows that crypto traders and investors remain cautious as they wait for Bitcoin to rebound and resume trending upwards before opening any positions.
As Bitcoin struggles to push upwards, certain altcoins could start to rally, according to analysts from the Santiment analytics platform. These analysts argue that Ethereum gas fees dropping to a five-month low suggests a lack of demand and that a market bottom has been found. They are optimistic that ETH will soon start trending upward, along with other cryptocurrencies in the Ethereum ecosystem.
Let’s explore the price charts of the leading crypto assets to discover the key levels to monitor.
Bitcoin Price Analysis
BTC has shed 2% of this value in the past 24 hours to trade at $61,208, per data from CoinMarketCap. The $59,693 support is a vital level to keep an eye on. If Bitcoin reaches there and turns up, it’ll suggest that the buyers have not given up on their fight against the sellers. In such a scenario, we predict that BTC will grow above the 20-day Exponential Moving Average of $64,764 to rally toward the 50-day Simple Moving Average of $67,192. A break above $67,192 could drive Bitcoin to $73,727.
Conversely, we are looking at the possibility of BTC plummeting to the $54,286 critical support if $59,693 isn’t protected.
Ethereum Price Analysis
Despite ETH crossing above the 20-day Exponential Moving Average of $3,217.97 on April 27th, the buyers couldn’t defeat the sellers at the 50-day Simple Moving Average of $3,392. The token is now priced at $3,008.28, below the $3,057.44 key support. The bears will attempt to pull Ethereum toward the second support level at $2,863.98. If bulls don’t buy the dip there, then ETH might correct deeper to $2,500.
Meanwhile, chances of a meaningful rally will only occur when ETH bulls push the digital currency above $3,392. If this happens, Ethereum could overcome resistance at $3,676.68 to appreciate to $4,000.
BNB Price Analysis
BNB ($558.98) is now valued below the moving averages. This indicates that the buyers have given up on maintaining their advantage. The sellers could attempt to drive BNB to the $495.12 support over the coming days. On the other hand, pushing BNB above the 50-simple moving average of $577.34 and the 20-day Exponential Moving Average of $584.89 could enable the buyers to force a further upward movement to the $632.70 resistance level. If this barrier is cleared, a surge to $693 looks likely.
Solana Price Analysis
SOL has undoubtedly been among the top performers since the start of 2024. However, the token is currently bleeding like most of the leading cryptocurrencies. It is trading below the $126.74 critical support at press time. If the buyers don’t act fast and push Solana above this key level, then a move to $97 could be possible.
Thrusting and maintaining SOL above $126.74 will signal solid demand at lower prices. The digital currency could then rise above the 20-day Exponential Moving Average of $148.56 to rally to the $162.89 resistance.
XRP Price Analysis
The bears have continued to strengthen their advantage after XRP fell below the upward trend line on April 27th. The coin is priced at $0.490064 as of this writing. The Relative Strength Index (38.46) gives the sellers the upper hand, which they could use to drag the Ripple-issued digital asset to $0.467031 and later to $0.412830.
Meanwhile, if the buyers defeat the sellers at the 20-day Simple Moving Average of $0.531730, a rally to $0.589438 could happen.
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