As the Bitcoin (BTC) price moves back to the level of $ 59,000, the movements in the altcoin market are curious. In particular, comments are being followed on how altcoin prices, which are in the top 4 according to market value, will move in the near term.
Cointelegraph analyst Rakesh Upadhyay evaluated the prices of altcoins ranked in the top 4 in terms of market value and shared technical analysis.
Ethereum technical analysis – ETH / USDT
Ether (ETH) price was trading within the symmetrical triangle pattern, which usually marks the continuation of the trend. The bulls took strength at low levels, pushing the price above the moving averages (MA) as of March 29.
Daily chart of the ETH / USDT pair. Source: TradingView
Buyers’ goal will now be to try to push the price above the triangle model’s resistance line. If they manage to do so, the ETH / USD pair could move to $ 2,040.77 and then the set bullish target at $ 2,618.14.
On the other hand, if the price moves back from the triangle’s resistance line, it may stay inside the triangle for a while and the price may consolidate well.
Indicators for parity are currently showing mixed signals. The rolling moving averages indicate that there may be range-dependent movement within the triangle for a few more days, while the relative strength index (RSI) above 57 indicates that momentum is currently in favor of the bulls.
BNB / USDT – Binance Coin fiyat analizi
The bulls pushed the Binance Coin (BNB) price above the downtrend line on March 27. Subsequently, the 20-day exponential moving average (EMA) ($ 260) began to rise. The relative strength index (RSI) is moving in the positive territory. All of these data suggest that the bulls are currently superior.
Daily chart of the BNB / USDT pair. Source: TradingView
There was a slight resistance at $ 280, but as of March 30, this level was exceeded. The bulls are aiming to push the BNB / USD pair up to $ 309.5. However, it can be thought that the bears may show a tough resistance here. If the price breaks down this resistance, the pair may move sideways for a while.
Conversely, if the bulls can push the price above $ 309.50, it is possible to retest the all-time high of $ 348.69. Breaking this resistance can start an uptrend that will raise the new target to $ 430.
ADA/USDT – Cardano analysis technique
Cardano (ADA) price moves through the channel formed between $ 1.03 and $ 1.48. The bulls have pushed the price above the 20-day exponential moving average (EMA) ($ 1.16) for the past three days, a positive sign for the future.
Daily chart of the ADA / USDT pair. Source: TradingView
20-EMA turned its direction up again. The relative strength index (RSI) is in the positive territory. This gives the bulls a small advantage. If the bulls can push the price above $ 1.30, the ADA / USD pair could rise to $ 1.48. If this resistance is broken, the next leg of the uptrend, which can reach $ 2, can begin.
If the downside scenario occurs and the price breaks below the $ 1.03 support, the view of the uptrend will be invalid. Such a move could lead to a decline to $ 0.80.
DOT / USDT – Polkadot price analysis
Polkadot (DOT) price bounced off the support at $ 26.50 and today is above the 20-day exponential moving average (EMA) ($ 34.06). This indicates that the bulls are defeating the bears and trying to push the price into the downtrend line.
Daily chart of the DOT / USDT pair. Source: TradingView
If the bulls can push the price above the bearish trend line, the DOT / USD pair could retest its all-time high at $ 42.28. Breaking that resistance could allow the rally to continue until $ 53.50.
On the other hand, if the price falls off the bearish trend line, the pair could stay in the $ 26.50 to $ 40 range for a few more days. After such a process, if there is a break below $ 26.50, the correction will be much harder.
The views and comments expressed here belong only to the analyst. It may not reflect Cointelegraph’s views. Every investment and trading transaction involves risk. When making your decision, you should do your own research.