Price analysis 4/8: SPX, DXY, BTC, ETH, BNB, SOL, XRP, DOGE, ADA, TON

The Bitcoin halving is less than 11 days away and Bitcoin (BTC) is approaching the event with strength. This shows that the sentiment remains positive, and traders are buying on dips. CoinShares data shows digital investment products saw $646 million in inflows last week. That takes the year-to-date inflows to $13.8 billion, far higher than the $10.6 billion in 2021.

On-chain analytics firm Santiment said in a X post that inflows into spot Bitcoin exchange-traded funds (ETFs) are likely to remain high until the Bitcoin halving. However, the firm added “it will be interesting to see whether a drop-off in ETF volume and on-chain volume will occur directly afterward.”

It is difficult to determine how the markets will behave just after halving, but analysts remain bullish on the long term. SkyBridge Capital CEO Anthony Scaramucci said in an interview with CNBC that Bitcoin could soar to $170,000 during the cycle. Eventually, he expects Bitcoin to trade at “half the valuation of gold” but warns of volatility en route.

What are the important resistance levels to watch out for in Bitcoin and altcoins? Let’s analyze the charts to find out.

S&P 500 Index price analysis

The S&P 500 Index made an outside-day candlestick pattern on April 4 and an inside-day candlestick pattern on April 5, indicating uncertainty about the next directional move.

The 20-day exponential moving average (5,184) has flattened out, and the relative strength index (RSI) is in the positive zone, indicating a balance between supply and demand.

If the price turns lower and breaks below 5,146, it will signal the start of a corrective phase. The 50-day simple moving average (5,089) may try to arrest the decline, but it is likely to be broken.

Conversely, if the price continues higher and breaks above the all-time high of 5,265, the index will resume its uptrend. The next stop is likely to be 5,450.

U.S. Dollar Index price analysis

The U.S. Dollar Index (DXY) turned down sharply from the 105 overhead resistance level on April 2, signaling that the bears are active at higher levels.

However, a minor advantage in favor of the bulls is that they did not allow the index to slide below the moving averages. This suggests that lower levels are being purchased. Selling at higher levels and buying on dips signals a possible range-bound action in the near term. The index may swing between the 50-day SMA (104) and 105 for some time.

A break and close above 105 clears the path for a potential rally to 106 and then 107. On the contrary, a drop below the 50-day SMA could sink the index to 103 and subsequently to 102.

Bitcoin price analysis

Bitcoin broke above the symmetrical triangle pattern on April 8, indicating that the bulls have overpowered the bears.

The BTC/USDT pair is likely to retest the all-time high of $73,777. This level may act as a significant barrier, but if the bulls overcome it, the pair could start the next leg of the uptrend toward the pattern target of $84,000.

Time is running out for the bears. If they want to make a comeback, they will have to quickly pull the price back below the 20-day EMA ($68,335). If that happens, the pair may plunge to the 50-day SMA ($64,828).

Ether price analysis

Ether (ETH) has been trading between $3,056 and $3,679 for several days, indicating indecision between the bulls and the bears.

The ETH/USDT pair has reached the overhead resistance of $3,679, an important level to keep an eye on. If buyers overcome this obstacle, the pair could pick up momentum and rally to $4,093. The bears are expected to fiercely defend this level, but if the bulls prevail, the pair could start the next leg of the uptrend toward $4,488.

Contrary to this assumption, if the price turns down sharply from $3,679 and breaks below the 20-day EMA, it will indicate that the range-bound action may continue for a while longer.

BNB price analysis

BNB (BNB) continues to trade inside the symmetrical triangle pattern, indicating a balance between supply and demand.

The 20-day EMA ($570) is moving up gradually, and the RSI is in the positive territory, indicating that the bulls are at a minor advantage. The BNB/USDT pair has reached the downtrend line of the triangle. If this resistance is overcome, the pair could retest the March 16 high at $645.

On the contrary, if the price turns down from the downtrend line, it will suggest that the pair may remain inside the triangle for a few more days. The bears will be in a commanding position if the price plunges below the triangle.

Solana price analysis

The bulls are struggling to sustain Solana (SOL) above the 20-day EMA ($181), indicating that the bears are defending the level.

If the price turns down from the current level, the SOL/USDT pair could drop to the critical support at $162. The bulls are expected to vigorously protect this level because failing to do that could open the gates for a fall to $126.

Alternatively, if the price rebounds off $162 and rises above the 20-day EMA, it will signal that the pair may extend its stay inside the $162 to $205 range for some more time. The next leg of the uptrend could begin on a break above $205.

XRP price analysis

The failure of the bears to capitalize on XRP’s (XRP) fall below the uptrend line may have attracted buyers who pushed the price above the moving averages on April 8.

The flattish moving averages and the RSI just above the midpoint suggest a range-bound action in the near term. The XRP/USDT pair could swing between $0.56 and $0.69 for a few more days.

Buyers will have to kick the price above $0.69 to enhance the prospects of a rally to the formidable resistance at $0.74. Instead, if bears want to take charge, they will have to sink and sustain the price below $0.56. The pair may then plunge to $0.52 and subsequently to $0.48.

Dogecoin price analysis

Dogecoin (DOGE) jumped back above the 20-day EMA ($0.18) on April 6 and continued the move higher to rise above $0.19 on April 7.

The bulls will try to maintain the momentum and push the price toward the overhead resistance at $0.23. A break and close above this level will signal the resumption of the uptrend. The DOGE/USDT pair will then attempt a rally to $0.30.

On the contrary, if the price slips back below the 20-day EMA, it will suggest that bears remain active at higher levels. That will increase the likelihood of a drop to the 50-day SMA ($0.15).

Cardano price analysis

The bulls successfully held Cardano (ADA) above $0.57 in the past few days and pushed the price to the 20-day EMA ($0.62) on April 8.

If the price turns down from the 20-day EMA, it will signal that the bears are in command. The sellers will try to sink the price below $0.57. If they manage to do that, the ADA/USDT pair will complete a bearish head-and-shoulders pattern. That could start a downward move toward the next major support at $0.46.

The first sign of strength will be a break and close above the 20-day EMA. That will open the doors for a rise to $0.68. Buyers will have to overcome this barrier to increase the possibility of a rally to $0.81.

Toncoin price analysis

Toncoin (TON) skyrocketed above the $5.50 to $5.69 overhead resistance zone on April 8, indicating the start of the next leg of the uptrend.

If buyers maintain the price above $5.69, the TON/USDT pair could rally to the next target objective at $7.09. The upsloping moving averages and the RSI in the overbought zone indicate that the bulls are in control.

The bears will have to tug the price below $5.50 to trap the aggressive bulls. That could result in long liquidation, threatening the 20-day EMA ($4.97). If this level gives way, the pair may slump to $4.72 and then to the 61.8% Fibonacci retracement level of $4.22.

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.