Cryptocurrencies saw massive rallies in this year’s first quarter. Bitcoin, for example, posted gains of 68% between January and March. Many are now wondering whether that trend will continue in the current quarter or if traders will start booking profits.
Several analysts are still optimistic that Bitcoin will lead other cryptocurrencies to new levels in the second quarter as they expect more institutional investors to pour funds into spot Bitcoin ETFs. Moreover, Bitcoin halving, which happens in the next 18 days, is expected to keep sentiment around crypto bullish.
Nonetheless, traders must be extra cautious after the strong quarter-one performance since most rallies are usually followed by sharp price corrections.
That said, we now take a look at the price charts to find out the key levels we need to monitor closely over the coming days.
Bitcoin Price Analysis
The buyers have struggled to push BTC above $70,500. Yesterday’s price correction proved that the sellers are unwilling to let go. There is a high probability that Bitcoin will break out of the tight trading range soon. However, it is still unclear in which direction the breakout will occur. If the coin’s price goes below the 20-day Exponential Moving Average of $65,382, a fall to $62,184 (the 50-day Simple Moving Average) might happen.
On the positive side, Bitcoin’s value could appreciate to $80,000 if the bulls thrust BTC above $73,663 after defeating the bears at $70,500.
Ethereum Price Analysis
The bears have successfully kept Ethereum from going above the $3,693.72 resistance level, signaling that they are trying to flip advantage to their favor. ETH is now trading at $3,319, below the 50-day Simple Moving Average of $3,382. If bearish momentum picks up, the token could slide to $3,243 and later hit the $3,002.34 critical support.
Meanwhile, the bulls must push Ethereum above $3,693.72 to take complete control of the market. Achieving this will allow them to propel the digital currency to the $4,005 tough resistance.
BNB Price Analysis
After encountering strong resistance at $619.70 on March 29th, BNB has plummeted, falling below the 20-day Exponential Moving Average of $563 yesterday to trade at $556 as of this writing. The current price suggests that short-term traders are booking profits. Intense selling pressure might cause BNB to plunge to $495.50, where the bulls are expected to mount a strong defense.
If BNB’s price goes above $563 now, it will signal that investor sentiment around the token remains bullish and buyers are purchasing the dip. The bulls are likely to try to propel BNB above $619.70, with $690 as their target.
Solana Price Analysis
SOL’s failure to break above the barrier at $205.21 on April 1st suggests active bear presence. The crypto asset is currently priced at $188.23. We need to monitor the price action at the 20-day Exponential Moving Average of $181.10. Aggressive buying at that level will signal that the buyers are still viewing price corrections as an opportunity to purchase the dip. We might then see Solana rising above $205.21 to rally toward $260.73.
On the contrary, if SOL drops below $181.10, it might dip to the 50-day Simple Moving Average of $147.30.
Dogecoin Price Analysis
Although the bulls have flipped the $0.180473 resistance into critical support, they are still unable to push Dogecoin above $0.231809. If they manage to achieve this milestone over the next few days, the meme coin’s price could hit $0.300352 for the first time since late 2022.
On the negative side, DOGE could plummet to the 50-day Simple Moving Average of $0.149253 if the bulls allow the bears to drag the token below $0.180473.
Cardano Price Analysis
ADA bulls’ failure to push the digital coin above $0.680043 signals that the bears remain active in the market. The sellers have now pulled Cardano below the $0.610382 support level to $0.592290. A rebound from $0.579730 will allow the bulls to retest $0.680043, while a break below that level could mean the beginning of a deep correction to $0.459942.
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