Price analysis 4/10: BTC, ETH, BNB, SOL, XRP, DOGE, TON, ADA, AVAX, SHIB

Bitcoin BTCUSD continues to hover around the $69,000 mark, indicating a tough battle between the bulls and the bears. Some analysts expect the upcoming Bitcoin halving to act as a major trigger, but new research by crypto analytics firm CryptoQuant said that the halving effect “has been diminishing, as the new issuance of Bitcoin gets smaller relative to the amount of Bitcoin selling from long-term holders.”

Another negative voice in the near term is that of BitMEX co-founder Arthur Hayes, who believes there will be extreme weakness in risky assets until May 1. However, Hayes is positive for the medium term as he expects the Bitcoin halving to push prices higher.

If one rides the short-term volatility, the subsequent rally could cheer the investors in the long term. Bitfinex analysts said in a research report shared with Cointelegraph that Bitcoin could soar 160% post halving to reach between $150,000 and $169,000 in the next 14 months.

Will Bitcoin bulls assert their supremacy and push the price higher, or will the bears make a comeback? Let’s analyze the charts of the top 10 cryptocurrencies to find out.

Bitcoin price analysis

Bitcoin broke above the symmetrical triangle on April 8, but the bears yanked the price back into the triangle on April 9. This shows that the bears are trying to trap the aggressive bulls.

A minor positive in favor of the buyers is that they are trying to buy the dip to the 20-day exponential moving average ($68,497). If the price rebounds off the 20-day EMA, the BTCUSDT pair will make another attempt to rise above the $73,777 overhead resistance. If that happens, the pair could rally to $80,000 and then to $84,000.

Conversely, if the price breaks below the 20-day EMA, the bears will sense an opportunity and pull the pair down to the uptrend line. A break and close below the triangle will suggest the start of a corrective phase toward $60,000 and eventually to the 61.8% Fibonacci retracement level of $54,298.

Ether price analysis

Ether (ETH) turned down sharply from the overhead resistance of $3,679 on April 9, indicating that the bears are not willing to relent.

The bulls are trying to stall the decline at the 20-day EMA ($3,479). If the price turns up from the moving averages, the bulls will have another go at the $3,679 level. If this resistance gets taken out, the ETHUSDT pair may rally to the overhead resistance of $4,100.

Contrary to this assumption, if the price slips below the moving averages, it will suggest that the range-bound action between $3,056 and $3,679 may extend for a few more days. The trend will favor the bears on a break below $3,056.

BNB price analysis

BNB (BNB) turned lower from the downtrend line on April 8, but the bulls did not allow the price to sink back below the 20-day EMA ($574). This shows buying on every minor dip.

The 20-day EMA is gradually sloping up, and the RSI is in the positive territory, suggesting that the path of least resistance is to the upside. If buyers maintain the price above the triangle, the BNBUSDT pair could rise to $692 and thereafter attempt a rally to the pattern target of $795.

The bears are likely to have other plans. They will try to defend the downtrend line and sink the price to the uptrend line. A break below this support will signal the start of a correction toward $460.

Solana price analysis

The bulls are struggling to push Solana (SOL) above the 20-day EMA ($178), signaling that the bears are trying to flip the level into resistance.

The bears will try to sink the SOLUSDT pair below the 50-day SMA ($159), but the bulls are likely to vigorously protect the level. If the price rebounds off the 50-day SMA and rises above the 20-day EMA, it will suggest that the pair may consolidate between $162 and $205 for a while longer.

Alternatively, if the price continues lower and breaks below the 50-day SMA, the pair will complete a double-top pattern. The pair could collapse to the next strong support at $126.

XRP price analysis

Buyers tried to extend XRP’s (XRP) recovery above the moving averages on April 9, but the long wick on the candlestick shows selling on rallies.

The flattish moving averages and the RSI near the midpoint suggest a balance between supply and demand. That could keep the XRPUSDT pair range-bound between $0.56 and $0.69 over the next few days.

The advantage will tilt in favor of the buyers if the price rises above $0.69. That could clear the path for a possible rally to the formidable level of $0.74. On the downside, a drop below $0.56 could sink the pair to $0.48.

Dogecoin price analysis

Dogecoin’s (DOGE) relief rally met with heavy selling pressure from the bears near $0.21 on April 8.

The bulls purchased the dip to the 20-day EMA ($0.19) on April 10, suggesting demand at lower levels. Buyers will make another attempt to drive the DOGEUSDT pair above $0.21. If they manage to do that, the pair may climb to $0.23. A break and close above this level will signal the resumption of the uptrend toward $0.30.

If bears want to prevent the upward move, they will have to sustain the price below the 20-day EMA. The pair could then descend to the 50-day SMA ($0.16).

Toncoin price analysis

Toncoin (TON) has been trading inside an ascending channel pattern for the past few days. The price picked up momentum after breaking above $5.69 on April 8.

The bears are trying to stall the up move at the resistance line. If the price turns down sharply from the current level, the TONUSDT pair could drop to the channel’s support line. The bulls are expected to fiercely defend the support line because a break below it may start a deeper correction.

A break and close above the channel will signal the start of a vertical rally. The pair may surge to $8.56 and then to $10.

Cardano price analysis

Cardano’s (ADA) recovery hit a wall at the 20-day EMA ($0.61) on April 9, signaling that the sentiment remains negative and traders are selling on rallies.

The price dipped to the strong support at $0.57, an important level to watch out for in the near term. If the price rebounds off the current level and rises above the 20-day EMA, it will suggest that the ADAUSDT pair may remain range-bound between $0.57 and $0.68 for a few more days.

On the other hand, a break below $0.57 will complete a bearish head-and-shoulders pattern, which could start a downward move toward the critical support of $0.46.

Avalanche price analysis

Avalanche (AVAX) turned lower from the downtrend line on April 9, suggesting that the bears continue to sell on relief rallies.

The AVAXUSDT pair is stuck between the downtrend line and $42. If the bulls propel the price above the downtrend line, it will suggest that the selling pressure is reducing. The pair could then attempt a rally to $60.

This view will be invalidated if the price continues lower and breaks below $42. That will indicate the start of the next leg of the downtrend. The pair may plummet to $35, which is likely to act as a formidable support.

Shiba Inu price analysis

The bulls tried to push Shiba Inu (SHIB) above the downtrend line, but the bears held their ground. However, a minor positive in favor of the bulls is that they have not allowed the price to dip below the 61.8% Fibonacci retracement level of $0.000023.

The flattish 20-day EMA ($0.000028) and the RSI near the midpoint suggest a balance between buyers and sellers. The first sign of strength will be a break and close above the downtrend line. That could open the doors for a rise to $0.000033 and subsequently to $0.000039.

Contrarily, a drop below $0.000023 will signal that bears are trying to take charge. The SHIBUSDT pair may slump to $0.000017.

This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.