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Bitcoin (BTC) bulls have pushed the price above the $87,000 level even as US trade tariffs are slated to kick in on April 2. Bitcoin may remain volatile in the near term, but analysts remain bullish for the long term.
According to Fidelity analyst Zack Wainwright, Bitcoin is currently in an acceleration phase, which βcan conclude with a sharp, dramatic rallyβ if history repeats itself. If that happens, Wainwright expects $110,000 to be the starting base of the next leg of the upmove.
BitMEX co-founder and Maelstrom chief investment officer Arthur Hayes said in a post that if the Federal Reserve pivots to quantitative easing, then Bitcoin could rally to $250,000 by year-end.
Could Bitcoin break above the $89,000 overhead resistance, starting a rally in select altcoins? Letβs analyze the charts of the top 10 cryptocurrencies to find out.
Bitcoin price analysis
Bitcoin has risen close to the resistance line, where the sellers are expected to pose a solid challenge.
BTC/USDT daily chart. Source: Cointelegraph/TradingView
The flattening 20-day exponential moving average ($85,152) and the relative strength index (RSI) just above the midpoint signal the bears are losing their grip. That improves the prospects of a rally above the resistance line. If that happens, the BTC/USDT pair could climb to $95,000 and eventually to $100,000.
Alternatively, if the price turns down sharply from the resistance line and breaks below $81,000, it will suggest that the bears are back in the driverβs seat. The pair may then tumble to $76,606.
Ether price analysis
Ether (ETH) rebounded off the $1,754 support on March 31, signaling that the bulls are attempting to form a double-bottom pattern.
ETH/USDT daily chart. Source: Cointelegraph/TradingView
The bears will try to stall the relief rally at the 20-day EMA ($1,965). If the price turns down from the 20-day EMA, the possibility of a break below $1,574 increases. The ETH/USDT pair may then collapse to $1,550.
Contrarily, a break and close above the 20-day EMA opens the doors for a rise to the breakdown level of $2,111. If buyers pierce this resistance, the pair will complete a double-bottom pattern, starting a rally to the target objective of $2,468.
XRP price analysis
XRPβs (XRP) weak bounce off the crucial $2 support suggests a lack of aggressive buying by the bulls at the current levels.
XRP/USDT daily chart. Source: Cointelegraph/TradingView
That heightens the risk of a break below $2. If that happens, the XRP/USDT pair will complete a bearish head-and-shoulders pattern. This negative setup could start a downward move to $1.27. There is support at $1.77, but it is likely to be broken.
On the upside, a break and close above the 50-day SMA ($2.39) suggests solid buying at lower levels. The pair may then rally to the resistance line, where the bears are expected to mount a strong defense. A break and close above the resistance line signals a potential trend change.
BNB price analysis
BNBβs (BNB) recovery attempt stalled at the moving averages on April 1, indicating that the bears are selling on rallies.
BNB/USDT daily chart. Source: Cointelegraph/TradingView
The bears will try to strengthen their position by pulling the price below $587. If they can pull it off, the BNB/USDT pair could descend to the 50% Fibonacci retracement level of $575 and later to the 61.8% retracement of $559. The deeper the pullback, the greater the time needed for the pair to recover.
A break above the moving averages is the first sign that the selling pressure has reduced. The pair may rally to $644 and then to $686, which is likely to attract sellers.
Solana price analysis
Solana (SOL) is getting squeezed between the 20-day EMA ($132) and the $120 support, signaling a possible range expansion in the short term.
SOL/USDT daily chart. Source: Cointelegraph/TradingView
If the price breaks and closes above the 20-day EMA, it suggests that the buyers have overpowered the sellers. The SOL/USDT pair may rise to the 50-day SMA ($145) and, after that, to $180.
This positive view will be invalidated in the near term if the price turns down from the moving averages and breaks below $120. That could pull the price to $110, where the buyers are expected to step in.
Dogecoin price analysis
Dogecoin (DOGE) remains pinned below the 20-day EMA ($0.17), indicating that the bears continue to sell on minor rallies.
DOGE/USDT daily chart. Source: Cointelegraph/TradingView
The first sign of strength will be a break and close above the 20-day EMA. The DOGE/USDT pair may climb to $0.21, which could act as a strong barrier. If buyers pierce the $0.21 resistance, the pair may rally to $0.24 and later to $0.29.
Sellers are likely to have other plans. They will try to defend the moving averages and pull the price below $0.16. If they manage to do that, the pair could descend to the $0.14 support. A break and close below the $0.14 level may sink the pair to $0.10.
Cardano price analysis
Buyers are trying to push Cardano (ADA) back above the uptrend line, but the bears are likely to sell near the moving averages.
ADA/USDT daily chart. Source: Cointelegraph/TradingView
The downsloping 20-day EMA ($0.71) and the RSI just below the midpoint signal that bears have the edge. If the price turns down and breaks below $0.63, the ADA/USDT pair could plunge to $0.58 and thereafter to $0.50.
Buyers will have to drive and maintain the price above the 50-day SMA ($0.75) to signal a potential trend change in the near term. The pair could rally to $0.84, which may act as a hurdle.
Related: Is Bitcoin price going to crash again?
Toncoin price analysis
Toncoin (TON) broke above the $4.14 resistance on March 1, but the bulls could not sustain the breakout.
TON/USD daily chart. Source: Cointelegraph/TradingView
A minor positive in favor of the bulls is that they have not allowed the price to slip much below $4.14. That increases the possibility of a break above the overhead resistance. The TON/USDT pair could rally to $5 and later to $5.50.
The 20-day EMA ($3.71) is the critical support to watch out for on the downside. If the support cracks, it will signal that the bulls are losing their grip. The pair may slide to the 50-day SMA ($3.48) and then to $2.81.
Chainlink price analysis
Chainlink (LINK) tried to rise above the 20-day EMA ($14.32) on April 1, but the bears held their ground.
LINK/USDT daily chart. Source: Cointelegraph/TradingView
Sellers will try to pull the price to the support line of the descending channel pattern, which remains the key short-term level to keep an eye on. If the price breaks below the support line, the LINK/USDT pair could descend to $10.
If buyers want to prevent the downside, they will have to push and maintain the price above the 50-day SMA ($15.47). If they manage to do that, the pair could rally to $17.50 and subsequently to the resistance line.
UNUS SED LEO price analysis
UNUS SED LEO (LEO) turned down from the overhead resistance of $9.90 and plunged below the uptrend line on March 30.
LEO/USD daily chart. Source: Cointelegraph/TradingView
However, the bears could not sustain the lower levels, and the bulls pushed the price back into the triangle on April 1. The recovery is expected to face selling at the 20-day EMA ($9.60). If the price turns down from the 20-day EMA and breaks below the uptrend line, it increases the risk of a fall to $8.
Instead, if the LEO/USD pair breaks above the 20-day EMA, it suggests that the markets have rejected the breakdown. A breakout and close above $9.90 will complete an ascending triangle pattern, which has a target objective of $12.04.
This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.
- Bitcoin price analysis
- Ether price analysis
- XRP price analysis
- BNB price analysis
- Solana price analysis
- Dogecoin price analysis
- Cardano price analysis
- Toncoin price analysis
- Chainlink price analysis
- UNUS SED LEO price analysis
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