Price analysis 4/30: BTC, ETH, BNB, XRP, ADA, DOGE, DOT, UNI, LTC, BCH
April 30, 2021. Summarized by summa-bot.
Compression ratio: 21.3%. 2 min read.
After days of range-bound action, Bitcoin and many altcoins made a strong comeback today, indicating buying at lower levels.
If the bulls propel the price above the 50-day SMA, an up-move to the $61,825. 84 to $64,849. 27 resistance zone is possible.
If the price turns down from the current level and breaks the $52,500 support, it will suggest that bears are aggressively selling near the 50-day SMA.
However, if the bulls fail to push the price above the channel within the next couple of days, the ETH/USDT pair may witness profit-booking.
The rising 20-day EMA ($1. 29) and the RSI near 64 suggest the bulls have the upper hand.
Cardano (ADA) witnessed profit-booking on April 29 at $1. 41 but the bulls did not allow the price to dip below the 20-day EMA ($1. 25).
The inside-day candlestick pattern on April 29 and today suggests uncertainty among the bulls and the bears.
Contrary to this assumption, if the price turns down and breaks below $0. 29, the pair could drop to the 20-day EMA.
Polkadot (DOT) has formed a Doji candlestick pattern today, suggesting hesitation by the bulls to continue buying near the 50-day SMA ($36. 91).
This level may again act as stiff resistance and if the price turns down from it, the DOT/USDT pair could remain stuck in the $26. 50 to $42. 28 range for a few more days.
If the price dips below $37. 50, the UNI/USDT pair could drop to the 20-day EMA ($35. 67), which is an important support to watch out for.
Conversely, if the price rebounds off the 20-day EMA with strength, it will indicate buying on dips, increasing the possibility of a break above the channel.
Litecoin (LTC) witnessed a minor correction on April 28 and 29 but the bulls did not allow the price to drop below the 20-day EMA ($251), This is a positive sign as it suggests that traders are not waiting for a deeper correction to buy.
If the bulls can sustain the price above $266. 68, the LTC/USDT pair is likely to reach the 61. 8% Fibonacci retracement level at $286. 02. This level may act as a major hurdle but if the LTC/USDT pair can climb above it, then a rally to $335. 03 is possible.