ADA price – BTC, ETH, BNB, XRP, DOGE, ADA, DOT, LTC, UNI, LINK – Explica .co
The massive rally of Dogecoin (DOGE) to $ 0.45 propelled it to a market capitalization of more than $ 54 billion to make it the fifth most valuable cryptocurrency by market capitalization.
This high market capitalization comes as a surprise to many, as the project has no active developers and is just a meme coin, so the current rally brings back memories of the excesses seen during the ICO boom in 2017.
Rallies like the one seen on Dogecoin indicate that various traders have entered the fray and are looking to get rich overnight. The only positive sign is that the craze has not spread to other currencies. If it does, the crypto markets are likely to witness a sharp correction to shake off the weak hands.
CNBC host Jim Cramer has become one of the first known people to reveal that he closed half his position in Bitcoin (BTC). While the Cramer sale is an isolated event, he cautions that not all professional investors who have recently become Bitcoin believers will be long-term HODLers.
Daily performance of the cryptocurrency market. Source: Coin360
If institutional investors rush out, it could spark a big correction in various cryptocurrencies. Traders need to be mindful of irrational exuberance and avoid being sucked into FOMO-powered trading as it is better to stick to a business plan and think long-term rather than dreaming of riches overnight.
Let’s study the charts of the top 10 cryptocurrencies to identify critical support levels and outline various bullish and bearish scenarios.
BTC / USDT
The bulls were unable to capitalize on and take advantage of the breakout of the overhead resistance zone at $ 60,000 to $ 61,825.84 on April 13. Bitcoin price turned down on April 14 after hitting an all-time high at $ 64,849.27 and the bulls are attempting to shift the $ 60,000 level to support.
BTC / USDT daily chart. Source: TradingView
If they manage to do so, the BTC / USDT pair may make one more attempt to resume the uptrend. A breakout of $ 64,849.27 could start the next stage of the uptrend which could hit $ 69,540 and then $ 79,566.
However, the negative divergence in the Relative Strength Index (RSI) warns of a possible correction. Interestingly, the price reversed direction as the RSI approached the downtrend line.
If the price falls below the 20-day exponential moving average ($ 59,427), it will be the first sign that buyers may be losing control. The break below the 50-day simple moving average ($ 55,814) will further cement the view that a deeper correction is likely.
The bulls may try to stop the decline near $ 50,460.02, but if this level breaks, the pair could fall to critical support at $ 43,006.77.
ETH / USDT
Ether (ETH) extended its uptrend and hit an all-time high at $ 2,545.80 today. Profit reserve by traders lowered the price to $ 2,300, but the long tail on the day’s candle suggests that the bulls continue to buy on the dips.
ETH / USDT daily chart. Source: TradingView
If the price recovers and the bulls push the price above $ 2,545.8, the ETH / USDT pair could begin the next stage of the uptrend. The next target on the upside is $ 2,745 and then the psychological level at $ 3,000.
The rising 20-day EMA ($ 2,131) and the RSI near the overbought territory suggest that the path of least resistance is to the upside. This bullish view will be invalidated if the price turns down and breaks below the 20-day EMA. Such a move could lower the price to $ 1,925.10.
BNB / USDT
Binance Coin (BNB) formed a Doji candlestick pattern on April 14 and was followed by an inside day candlestick pattern on April 15. Both setups indicate indecision between the bulls and the bears. This uncertainty was resolved to the downside today.
BNB / USDT daily chart. Source: TradingView
However, a minor upside is that the bulls are defending the 38.2% Fib retracement level at $ 483.95, as seen from the long tail on the day’s candle. The bulls will now attempt to push the BNB / USDT pair above the all-time high at $ 638.56 and resume the uptrend.
Conversely, a break below $ 483.95 could push the price down to the 20-day EMA ($ 437). A break below this support will suggest that traders are rushing to the exit and that could result in a drop to the breakout level at $ 348.69.
XRP / USDT
XRP is currently correcting the strong rally. The bulls are attempting to defend the first support at the Fibonacci retracement level of 38.2% at $ 1.48, as seen from the long tail on the day’s candle.
XRP / USDT daily chart. Source: TradingView
The XRP / USDT pair can now consolidate between $ 1.48 and $ 1.96 for a few days before starting the next trend move.
A break above $ 1.96 could start the next leg of the uptrend which could hit $ 2.54. The rising moving averages and the RSI in the overbought zone suggest that the bulls have the upper hand.
Contrary to this positive assumption, if the bears sink the price below the $ 1.48 support, the pair could fall to the 20-day EMA ($ 1.18). Such a move will suggest that the bullish momentum has weakened and that could delay the next leg of the uptrend.
DOGE / USDT
Dogecoin momentum has been picking up for the past three days and that has resulted in today’s massive bomb. This shows that more and more traders are being sucked into trading due to FOMO.
DOGE / USDT daily chart. Source: TradingView
Usually these buying frenzy end in a major higher education. After the last bull has bought, the price reverses direction and the cascading decline begins. It’s hard to predict a cap during a frenzy like this, but the $ 0.50 psychological level can act as a hindrance.
The decline after the DOGE / USDT peaks is likely to be ruthless. The usual 38.2% Fib retracement level may not hold and the pair is likely to fall to the 61.8% Fib retracement level at $ 0.20.
Traders must control the need to participate in such trades, even at the risk of losing some profits.
ADA / USDT
Cardano (ADA) has faced a tough battle between the bull and bears near $ 1.48 for the past two days. Although the bulls managed to push the price above $ 1.48 today, the bears have been quick to push the price below the level.
ADA / USDT daily chart. Source: TradingView
After the third failed attempt to hold the price above $ 1.48, the bulls appear to have abandoned their positions today, which has resulted in the formation of an outer day candlestick pattern.
However, the long tail of the candle today suggests that the bulls aggressively bought the dips of the 20-day EMA ($ 1.28). The bulls can now make one more attempt to push the price above the $ 1.48 to $ 1.55 resistance zone.
If they manage to do that, the ADA / USDT pair could resume the uptrend and start the journey towards $ 2. Conversely, a break below the moving averages could offer the bears a chance to sink the price to $ 1.03.
DOT / USDT
The bulls pushed Polkadot (DOT) above the $ 42.28 level on April 13, but failed to challenge the all-time high of $ 46.80. This shows a lack of demand at higher levels. The altcoin has fallen below $ 42.28 today and the bears will now attempt to sink the price below the 20-day EMA ($ 40).
DOT / USDT daily chart. Source: TradingView
If they are successful, the sell could rise further as the bulls may rush to cover their positions. Such a move could sink the DOT / USDT pair to $ 32.50 and then to the critical support at $ 26.50.
Contrary to this assumption, if the price bounces off the 20-day EMA again, it will suggest that the bulls have not given up. They will make one more attempt to propel the price above the $ 46.80 resistance and resume the uptrend.
LTC / USDT
Litecoin (LTC) is in a strong uptrend. The bears had attempted to initiate a correction today, but the bulls bought the dips aggressively as seen from the long tail on the day’s candle. The reversal may have caught several aggressive bears on the wrong foot, which could be the reason for the rally in momentum.
LTC / USDT daily chart. Source: TradingView
The LTC / USDT pair has broken out of the target objective at $ 307.42, clearing the way for a rally to $ 374. However, the RSI above 76 indicates caution because, in the past, the pair has repeatedly entered a correction. when the RSI level reaches close to 80.
The critical support to watch on the downside is the 20-day EMA ($ 241). A break below this support will be the first sign that the bulls are getting tired and a deeper correction is likely.
UNI / USDT
Uniswap (UNI) hit a new all-time high on April 15, but the bulls are struggling to hold the higher levels. When the price fails to follow higher after breaking significant resistance, it indicates exhaustion.
UNI / USDT daily chart. Source: TradingView
However, the long tail of the day’s candle suggests that the bulls continue to buy on dips. If buyers can push the price above the all-time high at $ 39.60, the UNI / USDT pair could rally to $ 43.43 and then $ 50.
On the other hand, if the price turns down again and breaks below the 20-day EMA ($ 32), several aggressive bulls that had bought the $ 35.20 breakout may exit their positions. The long sale could lower the price to $ 27.97.
LINK / USDT
Chainlink (LINK) rose above the overhead resistance of $ 36.93 on April 14, indicating the resumption of the uptrend. The altcoin reached an all-time high of $ 44.33, where the profit reserve was established.
LINK / USDT daily chart. Source: TradingView
However, the long tail on the day’s candle suggests that the bulls aggressively bought the drop to $ 38.52 today. This indicates that sentiment remains positive and the bulls are buying lower.
Buyers will now try to resume the uptrend by pushing the price above $ 44.33. If they are successful, the LINK / USDT pair could rise to $ 50.
Contrary to this assumption, if the price turns back down and breaks below the $ 36.93 support, the pair could fall to the 20-day EMA ($ 34). If this support breaks, the slide could extend to the 50-day SMA ($ 30).
The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Fintech Zoom. Every investment and trade movement involves risk. You should do your own research when making a decision.
Market data is provided by the HitBTC exchange.
ADA price – BTC, ETH, BNB, XRP, DOGE, ADA, DOT, LTC, UNI, LINK – Explica .co
Tags: ADA price, Cardano