Certain altcoins could reach higher levels if Bitcoin and Ethereum keep their recent gains. Institutional investors have withdrawn about $ 20 billion from gold investments since mid-October, according to a recent research note from JPMorgan. According to the report, institutional inflows to Bitcoin (BTC) have increased by $ 7 billion in the same time frame.
“The transition from gold to cryptocurrency as an ‘alternative’ currency means a big plus for Bitcoin in the long run,” the bank says.
JPMorgan believes that “Bitcoin’s diminishing volatility could increase adoption by institutional investors. In such a case, the value of private investments in Bitcoin may reflect that of gold, which gives Bitcoin an upward target of $ 130,000 in the long run, ”he emphasizes.
Billionaire investor Mark Cuban, on the other hand, said that his crypto portfolio consists of 30% Ethereum (ETH) because he believes it is the closest thing to being a real currency. Cuban said the rest of its crypto portfolio consists of 60% Bitcoin and 10% other crypto investments.
CryptoQuant CEO Ki Young Ju recently highlighted that 400,000 Ethereum has left Coinbase. This development is a sign that institutional investors may have begun to accumulate the highest altcoin.
The increasing adoption of cryptocurrencies by former financial institutions and investors is a positive sign. But will this news feed act like a tailwind and raise the price of the top 10 cryptocurrencies?
Let’s examine the graphs to find out.
BTC / USDT
Bitcoin created a Doji candlestick pattern on March 31 and April 1, indicating indecision between bulls and bears. However, the positive sign is that the bulls haven’t given up much ground. The bulls are again trying to push the price above the $ 60,000 resistance.
A strong break above the overall resistance zone between $ 60,000 and $ 61,825.84 will indicate that the bulls are back in the driver’s seat. This could mark the start of the next leg of the uptrend, with the target of $ 69,279 followed by $ 79,566.
Traders can keep an eye on the relative strength index because a break above the downtrend line will indicate a recovery in momentum.
Contrary to this assumption, if the price reverses direction from the general resistance zone once again, the BTC / USDT rate could drop to the 50-day simple moving average ($ 53,362). A break below this critical support could attract profit taking from short term traders. This could move the price to $ 50,460.02 and then to $ 43,006.77.
ETH / USDT
Ethereum came out of the symmetrical triangle on March 31 and continued its journey higher. Today, the bulls pushed the biggest altcoin above its all-time high at $ 2,040.77.
The 20-day exponential moving average ($ 1,798) has emerged and the RSI is close to the overbought zone, giving the bulls an advantage.
If buyers can keep the price above $ 2,040.77, the ETH / USDT can start the next leg of the upward move. The pattern goal of breaking from the triangle is $ 2,618.14.
Contrary to this assumption, if the price falls from the current level, a fall to the 20-day EMA is possible. A strong bounce will signal strength and the bulls will try to continue the uptrend again.
This bullish view will become invalid if the bears break the price below the trend line. Such a move could pull the price down to $ 1,289.
BNB / USDT
After some hesitation on March 31, Binance Coin (BNB) climbed above the $ 315 resistance on April 1, followed by a break above $ 348.69, its all-time high today. If the bulls continue to break, the altcoin could rise to $ 400 and then to $ 430.
The upward moving averages and the RSI in the overbought zone suggest the bulls are commanding this area.
However, if the bulls cannot defend the price above $ 348.69, the BNB / USDT rate could drop to $ 315. If the bulls can turn this level into support, it will increase the likelihood that the uptrend will restart.
This bullish outlook will become invalid if the pair falls and falls below the moving averages. Such a move will show that the current breakout is a bull trap.
ADA / USDT
Cardano (ADA) has remained in a narrow range for the past few days, but the positive sign is that the bulls are not allowing the price to drop below the 20-day EMA ($ 1.17). This indicates a lack of buying, but does not show an urgency among traders to abandon their positions.
Bulls may now try to push the price above $ 1.30. If they are successful, the ADA / USDT rate could rise to $ 1.48. This is an important point of resistance because the price bounced back from this level on February 27th and March 18th.
If this happens once again, the pair may extend its stay in range for a few more days. However, if the bulls push the price above $ 1.48, the pair could continue its uptrend, which could reach $ 2. This bullish view will invalidate on a breakout and close below $ 1.03.
DOT / USDT
Polkadot (DOT) retreated from a downtrend on April 1, but the bulls didn’t give up. This shows that traders are not closing their positions in a hurry. Buyers pushed the price above the downtrend line today.
The 20-day EMA ($ 35.06) has started to rise and the RSI is in the positive zone. This gives the bulls an advantage. If buyers can keep the price above the downtrend line, the DOT / USDT pair could rise to an all-time high of $ 42.28.
A break above $ 42.28 and a close could continue the uptrend with the next possible move to $ 53.50. This bullish outlook will become invalid if the price falls from the current level or its all-time high and falls below the moving averages. This could pull the price down to $ 26.50.
XRP / USDT
After hesitating around $ 0.60 for the past few days, the bulls are currently trying to push XRP to $ 0.65 overall resistance. This level is likely to act as a hard resistance because the price has dropped from this level in the previous five bullish instances.
However, the rising 20-day EMA ($ 0.53) and RSI above 65 suggest the path of least resistance is up. If the bulls can push the price above $ 0.65 and sustain it, the XRP / USDT rate could rise to $ 0.78 and then to $ 1.
This bullish outlook will become invalid if the price falls and falls below the moving averages. Such a move will show that traders are selling on rallies. This could limit the pair to $ 0.42 to $ 0.65 for a few more days.
UNI / USDT
Uniswap (UNI) has been stuck between both moving averages for the past few days. The bears could not and sustain the price below the 50-day SMA ($ 27.59) on March 31, and the bulls could not sustain the price above the 20-day EMA ($ 29.13) on April 1.
The flat 20-day EMA and the RSI just above the midpoint indicate a balance between supply and demand.
This neutral view could skew in favor of the bulls if it pushes the price above $ 30.31 today and continues. If this uptrend occurs, the UNI / USDT pair could begin to rise towards the $ 35.20 overall resistance.
On the other hand, if the price goes down and drops below $ 25.50, the pair could witness increased selling pressure, which could pull the price to $ 18.
LTC / USDT
Litecoin (LTC) recovered sharply from an intraday low on March 31 and climbed above the 50-day SMA ($ 197) on April 1. The bulls will now try to push the price above the resistance line of the symmetrical triangle.
If they manage to do this, the LTC / USDT rate could rise to $ 230 and then to $ 246.96. The pattern goal of breaking from the triangle is $ 307.42. However, the marginally rising 20-day EMA ($ 193) and the bearish RSI are showing a weak upward momentum.
If the price breaks off the resistance line, the pair may extend its stay inside the triangle for a few more days. The bears will gain the upper hand in the event of a break below the trend line of the triangle.
LINK / USDT
Chainlink (LINK) reversed its course from $ 26.18 on March 31 and rose above the downtrend line of the descending triangle. This move overrides the bearish setup and the bulls will now try to push the price above the $ 32 overall resistance.
If they are successful, the LINK / USDT can start trekking towards its all-time high at $ 36.93. The 20-day EMA ($ 28.45) began to rise and the RSI climbed above 59, pointing to a minor advantage to the bulls.
However, if the bulls fail to push the price above $ 32, the pair could fall into the moving averages. If the price recovers above the moving averages, it will show that traders are buying with small decreases. The bulls will then make another attempt to increase the price above $ 32.
Contrary to this assumption, if the price drops from general resistance and goes below the moving averages, the pair could stay in the $ 24 to $ 32 range for a few more days.
THETA / USDT
THETA is currently moving depending on the price range in an uptrend. The price action of the last few days has formed a symmetrical triangle that often acts as a continuation pattern.
Both moving averages are sloping upwards and are located at the RSI 63. This shows that the path of least resistance is up.
If the bulls can push the price above the triangle, the THETA / USDT pair could rise to an all-time high of $ 14.96 followed by the pattern target at $ 17.85.
This bullish outlook will become invalid if the price goes down and goes below the triangle. Such a move would increase the likelihood of the critical support falling below $ 10.35, indicating a deeper correction.
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