Price Analysis 29th April – BTC, ADA, ETH, DOGE, XRP, BNB, and MATIC
On Thursday, the crypto market was subject to high volatility following rumors that the now-fallen exchange Mt.Gox and the US government were planning to dump a large number of Bitcoin. But most of the coins, including BTC, managed to defend their support levels.
Another event expected to cause price shifts in the crypto market is next week’s US Federal Reserve meeting. As per the FedWatch Tool, 90% of traders believe the US central bank will only increase interest rates by 25 basis points.
Let’s now analyze the prices of various crypto assets:
Bitcoin Price Analysis
BTC is priced at $29,373 as of this writing. Meaning it’s trading above the 20-day exponential moving average (EMA) of $28,690. The bulls will attempt to drive the price toward the first resistance at $30,500. Breaking this barrier may lead to BTC rallying to $31,128.
On the contrary, if Bitcoin drops below the 20-day EMA, the bears will be determined to pull the price down to a support level of $27,687. High selling pressure may cause the price to slide further to $25,278.
Ethereum Price Analysis
ETH has been trading above the 20-day EMA of $1,904 since Friday, but the bears have blocked the bulls’ attempts to get ETH to hit resistance at $2,000. The low selling pressure means the bulls are not in a rush to book profits, and therefore Ethereum may trade above $1,904 over the weekend. However, if bears manage to dominate the bulls and bring down the price below the 20-day EMA, ETH may decline to a resistance level of $1,840 or even further to $1,786.
BNB Price Analysis
While other altcoins posted losses on Thursday due to the developments around Mt.Gox, BNB grew by 2.6% to break a resistance level of $338. But the buyers couldn’t sustain the price as it dropped to $324 on Saturday evening. The current BNB price is slightly below the 20-day EMA ($325). If the bulls level a rebound, the price could rally to $360. But in case that doesn’t happen, sellers may cause BNB to decline to $301 and later to $270.
XRP Price Analysis
XRP reached a support level of $0.43 on Thursday, but the bulls defended the token from dropping further. As of this writing, XRP is trading for $0.48, above the 20-day EMA (0.47). The bulls will now make attempts to push the price to $0.57 and later to $0.62.
On the other hand, if the XRP price goes below the 20-day EMA, then the bear may be motivated to pull it down to $0.35.
Cardano Price Analysis
Buyers are still trying to stage a recovery from the support level of $0.40 in an effort to take ADA’s price above the 20-day EMA of $0.44 and later retest resistance at $0.48. However, a downturn might cause Cardano to sink to $0.38 and subsequently to $0.33.
Dogecoin Price Analysis
On Thursday, sellers managed to pull the DOGE price below the support level of $0.08 but failed to cause further decline as bulls mounted buying pressure to push the price above $0.08. The memecoin is now trading at $0.081, far from the 20-day EMA ($0.085). If DOGE continues to rally, it may reach resistance at $0.09. On the contrary, if the bears sink the price below $0.08, Dogecoin may find support at $0.77, where buyers are expected to buy the dip and prevent a further drop.
Polygon Price Analysis
On April 27, the bears attempted to pull the MATIC price down to a support level of $0.95, but the bulls could not let that happen as they began buying the dip, pushing the price to $1.02 as of this writing. Nonetheless, the current price is below the 20-day EMA ($1.06). This could mean the sellers are still determined to pull MATIC’s price below $0.95 and sink it to second support at $0.84.
However, if buying pressure continues, Polygon may rally to hit first resistance at $1.15 and later to $1.30.
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