Top 5 cryptocurrencies to watch this week: BTC, ETH, BNB, XMR, CAKE
April 25, 2021. Summarized by summa-bot.
Compression ratio: 16.8%. 1 min read.
Bitcoin price remains pinned below $50,000 but the drop in BTC dominance could propel ETH, BNB, XMR and CAKE higher over the short term.
The bulls are trying hard to push the price back above the psychological level of $50,000 but are facing stiff resistance from the bears on every minor rise.
On the other hand, if the bulls can push the price above $52,129, the pair could witness a relief rally that is likely to face resistance at the 20-day EMA.
This negative view will invalidate if the bulls push and sustain the price above the 50-day simple moving average ($56,870).
Contrary to this assumption, if the price turns down from the overhead resistance, the bears will again try to sink the ETH/USDT pair below the moving averages.
On the other hand, if the bulls can push the price above $2,375, the pair could retest the all-time high at $2,645.
Alternatively, if the bulls push the price above the moving averages, the pair could rise to the resistance line of the triangle.
If the price turns down from the current level and breaks below the 20-day EMA, it will suggest the possible start of a correction to $288. 60.
On the other hand, if the bulls push the price above $424. 55, the XMR/USDT pair could rally to $498.
The bears have repeatedly broken the 50-SMA but the bulls have aggressively purchased the dip and pushed the price back above the 20-EMA.
The bears tried to sink the price below the 20-day EMA ($24) on April 23 but the bulls aggressively purchased the dip, suggesting the sentiment remains positive.
This bullish view will invalidate if the bears sink and sustain the price below the 20-day EMA.