Price analysis 4/29: SPX, DXY, BTC, ETH, BNB, SOL, XRP, TON, DOGE, ADA

Bitcoin and Altcoin Price Analysis

Bitcoin (BTC)

Bitcoin (BTC) has declined approximately 12% in April. If this trend continues, it will mark the worst monthly performance since November 2022 (CoinGlass data). Bitcoin bulls may face ongoing challenges in May, as the month has historically resulted in negative monthly closes for the past three years.

Net outflows from spot Bitcoin exchange-traded funds for three consecutive days indicate cautiousness among traders (Farside Investors data). They are awaiting a resumption of Bitcoin's uptrend before making further purchases.

Altcoins

While Bitcoin searches for direction, certain altcoins may demonstrate resilience. Santiment analysts note that gas fees on the Ethereum network have reached a six-month low, suggesting a "lack of demand and strain on the network." This could indicate a market bottom and potential turnaround for Ether (ETH) and associated altcoins "sooner than many may expect."

Technical Analysis

Bitcoin (BTC)

Bitcoin has been gradually approaching critical support at $59,600, where bulls are likely to mount a strong defense. A sharp reversal from this level would suggest resistance from bulls. BTC/USDT could then climb to the 20-day EMA ($64,897) and 50-day SMA ($67,091). Breaking above this level could pave the way for a retest of $73,777.

However, if Bitcoin falls below $59,600, it could trigger a sell-off and push the pair towards the 61.8% Fibonacci retracement level of $54,298.

Ether (ETH)

Ether broke above the 20-day EMA ($3,214) on April 27, but bulls failed to overcome the 50-day SMA ($3,397). The subsequent decline indicates selling pressure on rallies. ETH/USDT could drop to $3,056. A strong rebound from this level would suggest support and another attempt to push above the 50-day SMA.

Conversely, a break below $3,056 would indicate bearish dominance and potential fall to the pivotal support at $2,850.

BNB (BNB)

BNB has dipped to the moving averages, a crucial support level for bulls. A break below this level would suggest that bears are defending overhead resistance at $635. BNB/USDT could then descend to $495.

A rebound from the moving averages would indicate positive sentiment and buying on dips. This would increase the likelihood of a rally above $635 and a potential climb to $692.

Solana (SOL)

Solana (SOL) continues to decline and is on track to reach support at $126. Buyers are expected to defend this level aggressively. A strong rebound from $126 would suggest buying at lower levels. SOL/USDT could reach the 20-day EMA ($149). A decline from the 20-day EMA would increase the probability of a fall below $126.

Alternatively, a break above the 20-day EMA would indicate a potential extension within the $126 to $162 range. A clear direction may emerge after a break above $162 or below $126.

XRP (XRP)

XRP (XRP) fell below the uptrend line on April 27, indicating a shift in power towards bears. The downsloping 20-day EMA ($0.53) and negative RSI suggest bearish dominance. XRP/USDT could descend to the support zone between $0.46 and $0.41. Buyers are expected to defend this zone fiercely, as a break below it could lead to a decline to $0.35.

A rise above the 20-day EMA would signal a potential comeback by bulls. They would gain strength with a break and close above the 50-day SMA ($0.58).

Toncoin (TON)

Toncoin (TON) bounced off the 50-day SMA ($5.27) on April 27, but the rally failed to reach the 20-day EMA ($5.70). This indicates selling pressure on minor rallies. A decline and break below the 50-day SMA would signal the start of a new downtrend. TON/USDT could fall to $4.7 and subsequently to $4.50.

However, bulls may attempt to push the price above the 20-day EMA and signal a comeback. The pair could then rise to the channel's support line, where bears are likely to mount a strong defense. A successful breakout above the channel would suggest the end of the correction.

Dogecoin (DOGE)

Dogecoin (DOGE) broke below the symmetrical triangle pattern on April 27, indicating bearish dominance. DOGE/USDT could decline to strong support at $0.12, where bulls are likely to intervene. A weak bounce from $0.12 would increase the likelihood of a breakdown to $0.08.

On the upside, the zone between the 20-day EMA ($0.16) and the downtrend line is expected to pose a significant hurdle. Buyers must overcome this obstacle to signal a potential end to the downtrend.

Cardano (ADA)

Cardano (ADA) has fallen below the crucial support of $0.46, indicating continued bearish pressure. The downsloping moving averages and negative RSI suggest a downward trajectory. If the price remains below $0.46, ADA/USDT could drop to $0.40.

This bearish view would be invalidated if the price reverses and breaks above $0.52. This could propel the price to the 50-day SMA ($0.58), where bears may again pose a strong challenge.

Disclaimer: This article does not provide investment advice or recommendations. All investments and trading involve risk, and readers should conduct their own research before making any decisions.