Bitcoin (BTC) continues to trade inside a large range, suggesting indecision about the next trending move. Analysts trying to predict the direction are enthused by the $1.3 billion of USD Coin (USDC) transferred to Coinbase by whale addresses. Expectations are that the funds will be used to buy Bitcoin and Ether (ETH).
Large investors are not only buying the top two coins by market capitalization. CoinShares head of research James Butterfill said in a recent report based on a survey of 64 institutional investors that 15% of the respondents had invested in Solana (SOL). In comparison, none of the investors held Solana in the firm’s January survey.
Morgan Creek Capital CEO Mark Yusko said in a recent interview with The Wolf Of All Streets podcast that about $300 billion of baby boomers’ wealth is likely to enter into digital assets within 12 months. This inflow could boost the cryptocurrency market capitalization to $6 trillion.
Can buyers thwart attempts by the bears to deepen the correction in Bitcoin and altcoins? Let’s analyze the charts of the top 10 cryptocurrencies to find out.
Bitcoin price analysis
Bitcoin has been trading below the moving averages for the past few days, but the bears are struggling to sink the price to the crucial support at $60,775. This suggests that selling dries up at lower levels.
The price is stuck between the 50-day simple moving average ($67,404) and the vital support at $60,775. The 20-day exponential moving average ($65,542) has started to turn down and the relative strength index (RSI) is just below the midpoint, indicating a minor advantage to the bears.
A break and close below $59,600 could open the doors for a drop to the 61.8% Fibonacci retracement level of $54,298.
This bearish view will be negated in the near term if the price rises above the 50-day SMA. The BTC/USDT pair may then climb to $73,777. This remains the key overhead resistance for the bulls to overcome.
Ether price analysis
Ether has been oscillating between the 20-day EMA ($3,209) and the horizontal support of $3,056 for the past few days.
This tight range trading is unlikely to continue for long. If the price pierces the 20-day EMA, the ETH/USDT pair could rise to the 50-day SMA ($3,436). This level may act as a short-term barrier, but it is likely to be crossed. The pair may then jump to $3,679.
Conversely, if the price turns down and breaks below $3,056, it will suggest that the bears are in command. The pair may then retest the critical support at $2,852. A Break below this level may result in a decline to $2,700.
BNB price analysis
BNB (BNB) has been struggling to reach the overhead resistance of $635, suggesting that the bears are defending the level with vigor.
However, a positive sign is that the bulls have not rushed to the exit. The price may pull back to the moving averages, where it is likely to find support. If the price rebounds off the moving averages with strength, it will enhance the possibility of a break above $635. If that happens, the BNB/USDT pair could surge to $692 and eventually to the pattern target of $775.
On the other hand, if the price slides below the moving averages, it will indicate that the range-bound action may extend for a few more days.
Solana price analysis
Solana (SOL) turned down from the overhead resistance of $162 on April 24, indicating that the bears are active at higher levels.
The 20-day EMA ($153) is sloping down gradually, and the RSI is in the negative zone, indicating that the bears have the edge. The SOL/USDT pair could descend to the solid support at $126. If the price rebounds off this level with strength, it will indicate that the pair may remain sandwiched between $126 and $162 for a while longer.
The first sign of strength will be a break and close above the 50-day SMA ($168). That will open the doors for a possible rally to $205. Contrarily, a break below $126 could sink the pair to $100.
XRP price analysis
XRP (XRP) is trading below the 20-day EMA (0.54) but the bulls are trying to find support at the uptrend line.
If the price bounces off the uptrend line and breaks above the 20-day EMA, it will suggest that the bears are losing their grip. The XRP/USDT pair could then attempt a rally to the 50-day SMA ($0.59) and subsequently to $0.69.
Contrary to this assumption, if the price continues lower and breaks below the uptrend line, it will suggest that the bears are in control. The pair may plunge to $0.46, where the bulls are expected to provide strong support.
Dogecoin price analysis
Dogecoin (DOGE) has formed a…
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