All the top ten crypto assets are currently trending down. Many traders are asking themselves whether this downturn presents a good buying opportunity or the assets may fall even further. John Bollinger, the creator of Bollinger Bands, recently tweeted that the correction may prove to be a perfect opportunity for long-term investors to build their portfolios by collecting their favorite cryptocurrencies.
In this article, we will analyze the prices of some biggest cryptocurrencies by market cap.
Bitcoin Price Analysis
On April 20, BTC traded below the 20-day EMA (exponential moving average) of $28,879 for the first time since March 14. The bulls attempted to stage a rebound the following day but failed to push the price past the 20-day EMA. Bitcoin is changing hands for $27,247 as of Saturday evening. The bears are looking to pull the crypto asset to the first support at $26,600 and subsequently to $25,300. At this price, there is a chance the buyers will start buying BTC to push its price above the 20-day EMA. In case this happens, Bitcoin may attempt to hit a resistance level of $32,500.
Ethereum Price Analysis
On Thursday, the buyers successfully maintained the ETH price above the 20-day EMA of $1,946. However, selling pressure increased the following day, sinking Ether below the 20-day EMA. The token is trading at $1,855, right above the support level of $1,846. If the bulls mount a defense at this point, ETH may surge to $2,100. On the contrary, in case the price breaks below the support level, the token may plunge to $1,760 and later to $1,650.
BNB Price Analysis
Buyers defended the support level of $317 on Friday, which led to BNB rising above $324, the 20-day EMA. The crypto asset is trading at $329 as of this writing. Increased buying pressure may push BNB to a resistance level of $345 and further to $405. However, if the coin begins a downward movement to trade below $317, the price may fall to $290, where the bulls are expected to level a strong defense.
XRP Price Analysis
XRP is priced at $0.473, below the 20-day EMA of $0.48. The bulls have been attempting to push the price above that level, but the bears have apparently overpowered them. If selling pressure intensifies, XRP will slip to the first support at $0.42. On the other hand, in case buyers turn things around, the token may rally to $0.57.
Cardano Price Analysis
ADA is trading at $0.397, slightly below the 20-day EMA of $0.40. The bulls can still drive the price to reach the first resistance at $0.46. If they cannot manage, XRP will drop toward the support level of $0.35 and subsequently to $0.29, where increased buying pressure is expected.
Dogecoin Price Analysis
Dogecoin’s current $0.8 price (which also serves as a support level) means it’s trading way below the 20-day EMA of $0.9. The bulls are trying to defend this price to prevent the dog-themed coin from slipping further to $0.7. In case they manage to start a recovery, DOGE may surge above $0.95 and even hit resistance at $0.10.
Polygon Price Analysis
MATIC is changing hands for $1.01, slightly above the support level of $1. An upward price movement will face resistance at $1.12. This price also serves as the 20-day EMA. On the contrary, if the price declines below the support level, MATIC may plummet to $0.91 and further to $0.75.
Solana Price Analysis
SOL has been trading between the support level of $20.90 and the 20-day EMA of $22.55. since Thursday. Even though the bears have managed to pull the price below the 20-day EMA, the bulls have defended the support level with all their might. Increased buying pressure may push the price to the first resistance at $24. Overcoming this barrier may cause SOL to rally to $27.10. However, if the price drops below $20.90, the token may hit the second support at $18.75.
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