Price analysis 4/22: SPX, DXY, BTC, ETH, BNB, SOL, XRP, TON, DOGE, ADA
The SP 500 Index (SPX) fell 3.05% last week as hopes for a handful of interest rate cuts by the United States Federal Reserve dwindled due to elevated inflation readings. In comparison, Bitcoin ( BTC ) declined just 1.1% last week, indicating strength.
Capriole Investments founder Charles Edwards said in a X post that Bitcoin’s raw electricity cost per mined block is $77,400 . He added that Bitcoin’s price remains below the “electrical cost” for only about a couple of days every four years, which means that Bitcoin is “trading at a DEEP DISCOUNT.”
Bitcoin is likely to remain volatile in the next few days as the bulls and the bears battle it out for supremacy. If Bitcoin remains range-bound in the near term, it may attract buyers toward select altcoins that may resume their up move.
What are the important resistance and support levels to watch out for in Bitcoin and altcoins? Let’s analyze the charts to find out.
SP 500 Index price analysis
The SP 500 Index has been correcting for the past few days, indicating that the bulls are rushing to the exit.
The moving averages have completed a bearish crossover, and the relative strength index (RSI) is near the oversold zone, indicating that the bears are in command. There is a minor support at 4,920, from where the index may witness a rebound.
If the price turns down from the 20-day exponential moving average (5,104), the possibility of a drop to the 38.2% Fibonacci retracement level of 4,821 increases. This negative view will be invalidated in the near term if the price rises above the 20-day EMA. The pair may then rise to 5,225.
U.S. Dollar Index price analysis
The U.S. Dollar Index (DXY) turned up from the moving averages and surged above the 105 resistance on April 10, completing an ascending triangle pattern.
The bulls continued their purchase and scaled the 106 resistance with ease. That sets up the stage for a rally to 108, where the bears are again expected to mount a strong defense. If the price turns sharply lower from 108, it will indicate that the bears are fiercely defending the level. The index may then drop to 105.
The first sign of weakness will be a drop and break below the breakout level of 105. If this level cracks, it will suggest that the breakout may have been a bull trap. The index may then descend to the uptrend line.
Bitcoin price analysis
The bears are trying to stall Bitcoin’s recovery at the 20-day EMA ($65,858), but the bulls are in no mood to surrender.
The flattening 20-day EMA and the RSI near the midpoint suggest that the selling pressure is reducing. If buyers shove the price above the 50-day simple moving average ($67,511), the BTC/USDT pair could attempt a rally to $73,777.
If bears want to seize control, they will have to quickly yank the price below the $60,775 support. If they manage to do that, the pair may start a deeper correction to the 61.8% Fibonacci retracement level of $54,298.
Ether price analysis
Ether ( ETH ) has risen to the 20-day EMA ($3,234), indicating that the bulls are trying to make a comeback.
The 20-day EMA is flattening out, and the RSI is just below the midpoint, indicating a balance between supply and demand. If the price turns down from the 20-day EMA, the ETH/USDT pair could slip to $3,056. This is an essential support for the bulls to defend because if it gives way, the next stop could be $2,850.
On the upside, a break above the 20-day EMA will strengthen the buyers. The pair may rise to the 50-day SMA ($3,481) and later to $3,679. A break above this resistance will suggest that the correction may be over.
BNB price analysis
BNB ( BNB ) rose above the 20-day EMA ($568) on April 20, clearing the path for a possible rally to the overhead resistance at $635.
The bulls and the bears are likely to witness a tough battle near $635. If bulls prevail, the BNB/USDT pair could start the next leg of the uptrend to $692 and thereafter climb to the pattern target of $775.
Instead, if the price turns down sharply from the overhead resistance, it will signal that the bears are in no mood to relent. That may keep the pair stuck between $495 and $635 for a while longer.
Solana price analysis
Solana ( SOL ) has reached the 20-day EMA ($156), where it is likely to face solid resistance from the bears.
If the price turns down from the moving averages, it will suggest that the sentiment remains negative and traders are selling on rallies. The price could then descend toward the strong support at $126. A break below this level could open the doors for a fall to $100.
On the other hand, if the price continues higher and breaks above the moving averages, it will suggest that the bulls are on a comeback. The SOL/USDT pair will then attempt a rally to the overhead resistance of $205.
XRP price analysis
XRP’s ( XRP ) recovery has reached the 20-day EMA ($0.54), indicating solid buying by the bulls at lower levels.
The bears are likely to mount a stiff resistance at the 20-day EMA. If the price turns down sharply from the current level, the bears will try to tug the price to the $0.46 to $0.41 support zone.
On the contrary, if buyers kick the price above the 20-day EMA, it will suggest that the XRP/USDT pair may continue to trade inside the large range between $0.46 and $0.74 for several more days.
Related: Bitcoin eats up fresh bid liquidity as BTC price fights for $65K
Toncoin price analysis
Toncoin (TON) has been trading near the support line of the ascending channel pattern for the past few days.
The failure of the bulls to start a strong rebound off the 20-day EMA ($6) suggests a lack of aggressive buying at current levels. That increases the risk of a break below the channel. If that happens, the selling could accelerate, and the TON/USDT pair could start a down move to the 50-day SMA ($4.90).
Time is running out for the bulls. To prevent the decline, they will have to quickly push the price above $6.50. The pair may then attempt a rally to $7.23 and later to the resistance line.
Dogecoin price analysis
Dogecoin ( DOGE ) has been facing resistance at the 20-day EMA ($0.16), but a positive sign is that the bulls have not ceded much ground to the bears.
The DOGE/USDT pair is likely to rise above the moving averages and reach the downtrend line. This is a critical level for the bears to defend because a break above it will indicate that the downward move may be over. The pair could start a rally to $0.21 and subsequently to $0.23.
Alternatively, if the price turns down sharply from the moving averages or the downtrend line, it will suggest that the bears remain in charge. The sellers will try to pull the price down to $0.14 and then to $0.12.
Cardano price analysis
Cardano ( ADA ) has reached the 20-day EMA ($0.52), which is an important level to watch out for. The bears are likely to defend the level with vigor.
If the price turns down from the 20-day EMA, the ADA/USDT pair could once again drop to $0.46. A strong bounce off the $0.46 level will suggest that the corrective phase may be over. That will improve the prospects of a break above the 20-day EMA. The pair may then climb to $0.57 and later to $0.63.
Contrarily, if the price turns down sharply and breaks below $0.46, it will signal that the bears remain in control. The pair may then slump to the crucial support at $0.40.
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.
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
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