As the Bitcoin (BTC) price struggles to overcome the $ 60,000 resistance, many altcoin prices have gained momentum. The total crypto money market value exceeded $ 2 trillion as of April 5, marking an important record.
While these developments are taking place, a few of the leading cryptocurrencies are waiting for a break. Cointelegraph analyst Rakesh Upadhyay shared technical analysis for 5 important altcoins with short-term price movements.
DOT / USDT – Polkadot technique analysis
Pokadot (DOT) price witnessed a process where bears were putting selling pressure to trap the bulls, as evidenced by the long wick on the candlestick on April 3. Purchases then resumed and overall resistance was broken. As of April 6, a small sight was observed.
Daily chart of the DOT / USDT pair. Source: TradingView
The bulls are now ahead in the struggle that continues near the $ 42.28 level. Buyers are aiming to start the next leg of the trend, where the price can reach up to $ 53.50. For this, the transformation of general resistance into support will give confidence.
The rising 20-day exponential moving average (EMA) ($ 38.07) and the relative strength index (RSI) near the overbought zone show that upward movement is possible.
On the other hand, if the bears can pull the price below $ 40, this bullish outlook will become invalid. The DOT / USDT pair can then fall below both moving averages (MA). A break below the 50-day simple moving average (SMA) ($ 35.70) could start a deep correction towards $ 26.50.
ADA / USDT – Cardano price analysis
Cardano (ADA) price has been trading near the 20-day exponential moving average (EMA) ($ 1.17) for several days. As of April 2 and 3, attempts by the bulls to initiate an upward movement were blocked by the bears, as evidenced by the long wicks.
Daily chart of the ADA / USDT pair. Source: TradingView
It is difficult to predict the direction of the break, although there is usually a sharp movement after such periods of decreasing price volatility. Therefore, it is better to wait in which direction the breakout will occur before starting any trade.
The bulls could push the price above $ 1.30, and if it keeps moving here for a while, the ADA / USDT pair could defy the strong resistance of $ 1.48. This resistance, which has been recently tested twice, may increase the likelihood of breaking it the third time. The next target will be $ 2.
On the other hand, if this consolidation is resolved to the downside, the bears will try to push the price below $ 1.03. A deep correction can then begin to $ 0.80 or even $ 0.70.
UNI / USDT – Uniswap teknik analiz
Uniswap (UNI) price rose above the 20-day exponential moving average (EMA) ($ 29.68) on April 2, but the bears didn’t let the price rise. As of April 6, the pair posted a positive signal above $ 31.19.
Daily chart of the UNI / USDT pair. Source: TradingView
Your bulls have successfully defended the 20-EMA for the past four days. If the bulls can push the price above $ 32.50, the UNI / USDT pair could rise to the resistance zone between $ 35.20 and $ 36.80.
Although the 20-EMA moving close to the horizontal and the relative strength index (RSI) at 56.74 seem to be in favor of the bulls, there is a lack of demand. This could force the pair to move into range for a few more days. If the next trend move is to go up, $ 36.80; If it goes down, $ 25.52 will be the new target.
LTC / USDT – Litecoin price analysis
Litecoin (LTC) price first broke the resistance line of the symmetrical triangle model on April 3, and the sale came when the bulls could not maintain the higher levels. Altcoin quickly changed direction and clearly moved out of the triangle.
Daily chart of the LTC / USDT pair. Source: TradingView
Bulls that did not allow the price to fall below the moving averages (MA) created a positive mood in the market. This indicates that the bulls were accumulating during the dips. Now the bulls aim to keep the pair above the triangle.
If they are successful, the LTC / USDT pair can rise to $ 240 and then $ 246.96. Above this level, the new target will be $ 307.42.
Conversely, if the price breaks below the resistance line once again, it may decline below the moving averages. In such a case, the pair could go down to the support line of the triangle.
LINK / USDT – Chainlink analysis technique
Chainlink (LINK) price broke the $ 32 resistance on April 2, then returned. Although the bears tried to defend this resistance, the bulls that increased their purchases left the resistance that they broke as of April 5, slightly behind on April 6.
Daily chart of the LINK / USDT pair. Source: TradingView
However, the strong recovery from the 20-day exponential moving average (EMA) ($ 29.61) as of April 4 shows that the bulls are turning dips into opportunities. The bulls will now try to push the price above the $ 33.17 overall resistance zone.
If they can do that, the LINK / USDT pair could retest the all-time high of $ 36.93. If this level is exceeded, the rally can continue up to $ 40.
On the contrary, if the price moves down from the resistance zone and also falls below the moving averages, the range-dependent movement can continue for a few more days.
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