Price analysis 4/22: BTC, ETH, BNB, XRP, SOL, ADA, LUNA, AVAX, DOGE, DOT

 uld witness a sharp correction. That may be negative for the crypto markets in the short term because of the close correlation between Bitcoin and the NDX.

Daily cryptocurrency market performance. Source: Coin360

The subdued price action in cryptocurrencies and the weak-macro environment have resulted in reduced Google searches for the terms Bitcoin and Ethereum. Even crypto trading volumes have been in a declining trend for some time. According to Blockchain.com, the total exchange volumes on major crypto exchanges plunged to $165.8 billion on April 19, the lowest level since October 2020.

Could Bitcoin and altcoins continue their downward move or is it time for a relief rally? Let’s study the charts of the top-10 cryptocurrencies to find out.

Bitcoin broke above the 50-day simple moving average (SMA) ($41,977) on April 21 but the bulls could not sustain the higher levels as seen from the long wick on the day’s candlestick. The price reversed direction from $42,976 and settled below the 20-day exponential moving average (EMA) ($41,478).

BTC/USDT daily chart. Source: TradingView

The selling continued on April 22 and the bears are attempting to pull the price down to the support line of the ascending channel pattern. The downsloping 20-day EMA and the relative strength index (RSI) in the negative zone suggest that bears have the upper hand.

If the price breaks below the support line of the channel, the selling could intensify and the BTC/USDT pair could drop to $33,000.

Conversely, if the price turns up from the current level or the support line, it will suggest that bulls are actively buying at lower levels.

The bulls will have to push and sustain the price above $43,000 to signal strength. The pair could then rise to the 200-day SMA ($47,965) and later challenge the resistance line of the channel.

Ether (ETH) has been stuck between the 20-day EMA ($3,087) and the 50-day SMA ($3,003) for the past few days. Several efforts to break out of this tight range have been unsuccessful, which suggests that bulls are buying on dips while bears are selling on rallies.









 


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