As the Bitcoin (BTC) price advanced below $ 50,000, many altcoins went through a deep correction. While some of the leading altcoins have recovered, some have not recovered their losses yet.
Among the top 10 altcoins by market value, we have scrutinized four names that signal recovery after seeing a deep correction.
XRP / USDT – Ripple technical analysis
After seeing a deep correction, the XRP price finally gained support near the 78.6% Fibonacci retracement level calculated at $ 0.86. As the bulls tightened their purchases to start a relaxation rally, the price again rose to the 20-day exponential moving average (EMA) ($ 1.23).
Daily chart of XRP / USDT pair. Source: TradingView
As long as the bulls keep the price above the 20-EMA, the XRP / USDT pair could rise to break the $ 1.46 resistance. It should not be forgotten that the bears will try to stop this relaxation rally, while exceeding this level, which was tested once a day on April 27, will keep the positive view. If the price falls below this level, it will be revealed that traders are closing their positions on rallies.
If the direction turns down, the 20-EMA level will be the first support. If it breaks below this support, a drop to the 50-day simple moving average (SMA) ($ 0.88) may come.
To make a positive view, the bulls must primarily keep the price above $ 1.46 and get a daily close here. If this happens, the pair could rise to $ 1.74 and then $ 1.96.
DOGE / USDT – Dogecoin price analysis
With the pressure of the bears, the price of Dogecoin (DOGE) fell below the 20-day exponential moving average (EMA) ($ 0.22) on April 25, but purchases soon accelerated. So the bulls advocate this support aggressively. After three days of horizontal movement, DOGE started forming candlesticks suggesting indecision between the bulls and bears.
Daily chart of the DOGE / USDT pair. Source: TradingView
With upward purchases, the price rises above $ 0.29, and if the DOGE / USDT pair closes in this zone, the rise to $ 0.35, where the bears can show stiff resistance, could take. If the price hits resistance and falls down, then the price is likely to drop to the 20-EMA level.
The move around $ 0.35 will be critical. Because the first sign of the next move is hidden there. If the bulls don’t give up at $ 0.35 and increase purchases, a rise to $ 0.42 is on the table. However, if the price drops to the 20-EMA, the pair may continue sideways for a few days.
If the bears prevail and the price drops below the 20-EMA, sales will intensify, as well as the 50-day simple moving average (SMA) ($ 0.12).
LTC/USDT – Litecoin teknik analiz
Litecoin (LTC) price did not drop below the 50-day simple moving average (SMA) ($ 223) for three days despite the bears’ effort. The bulls then stepped in and the first move above the 20-day exponential moving average (EMA) ($ 247) came.
Daily chart of the LTC / USDT pair. Source: TradingView
The next daily close above the 20-EMA level could kick off the journey of the LTC / USDT pair to $ 289.62. At this level, the bears are likely to try to stop the relief rally. If the price rises there and returns, the pair can test the 20-EMA again and then the 50-SMA.
A break below the 50-day SMA could trigger panic sales and the price could drop to $ 168. On the other hand, if the bulls push the price above $ 289.62, the pair could move towards the high of $ 335.03 this time around the last year.
BCH / USDT – Bitcoin Cash price analysis
Bitcoin Cash (BCH) price fell below the 20-day exponential moving average (EMA) ($ 806) on April 24, and there was closing. However, the bears did not take advantage of this advantage and could not push the price into the 50-day simple moving average (SMA) zone ($ 654). This indicates that buyers are saving under $ 750.
Daily chart of the BCH / USDT pair. Source: TradingView
The bulls pushed the price above the 20-EMA and downtrend line as of April 26. As long as buyers maintain this breakthrough, the move towards $ 1,000, which is a tough hurdle for the BCH / USDT pair, can begin.
Contrary to this assumption, if the price descends below the 20-EMA level again, it will be revealed that traders have closed their positions during this small uptrend. Subsequently, a decline to the 50-SMA level may be seen.
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