Bitcoin’s recovery is facing some hesitation as it nears the $70,000 mark, but there are positive signs that the bulls are not giving up ground to the bears. Laurent Benayoun, CEO of Acheron Trading, believes that the current bull cycle still has room to run and could reach anywhere between $120,000 and $180,000. This optimism is supported by factors such as the introduction of Bitcoin exchange-traded funds, the upcoming Bitcoin halving, and the likelihood of interest rate reductions.
Matthew Hougan, Chief Investment Officer at Bitwise, also shares a bullish sentiment and advises investment professionals to remain calm and take a long-term view. He believes that if global wealth managers allocate just 1% of their portfolio to Bitcoin, it could result in an inflow of approximately $1 trillion into the cryptocurrency space.
While there are several factors supporting a continued rally for Bitcoin and altcoins in the second quarter of 2024, trading firm QCP Capital warns that the current momentum is showing signs of exhaustion, making it challenging for the bulls to sustain the uptrend.
Now let’s take a look at the charts of the top 10 cryptocurrencies to see if Bitcoin and altcoins are likely to correct in the near term or if their rally will continue.
Bitcoin’s price has been trading within a tight range of $71,770 and $68,359, indicating indecision between buyers and sellers. However, the fact that the price is consolidating near the highs is a positive sign as it shows that the bulls are holding their positions and not rushing to sell. The rising 20-day exponential moving average and the positive RSI suggest that the bulls have an advantage. If the price breaks above the resistance zone of $71,770 to $73,777, it could open the door for a rally to $80,000. On the other hand, a break below the 20-day EMA could indicate profit-taking by the bulls and lead to a decline towards the 50-day simple moving average.
Ether’s price has also been trading within a tight range near the overhead resistance of $3,678, indicating a battle between buyers and sellers. The flat 20-day EMA and the RSI near the midpoint do not provide a clear advantage to either side. If the price breaks above $3,678, it could climb to $4,100, with resistance expected at this level. However, a break below $3,460 would signal a loss of bullish momentum and could lead to a decline towards the 50-day SMA.
After struggling near the 61.8% Fibonacci retracement level of $588, BNB made a decisive move higher. If the price sustains above $588, it could reach the overhead resistance of $645. However, if the bears manage to defend the $645 level and push the price below the 20-day EMA, it could start a deeper correction towards $495.
Solana is facing resistance at the downtrend line, suggesting that the bears are trying to regain control. If the price breaks below the 20-day EMA, it could tilt the advantage in favor of the bears and lead to a decline towards $162 and the 50-day SMA. On the other hand, if the bulls manage to push the price above the downtrend line, the pair could attempt to break above the resistance at $205.
XRP has been trading near the 20-day EMA for several days, indicating uncertainty about its next move. A break below the 20-day EMA could lead to a decline towards the uptrend line and $0.52. On the other hand, a break above $0.69 could clear the path for a rally towards the resistance at $0.74.
Cardano is struggling to stay above the breakout level of $0.68, which is a negative sign. A break below $0.63 could keep the price range-bound between $0.68 and $0.57 for some time. On the other hand, a rise and sustained move above $0.70 could increase the likelihood of a rally to $0.81. A break below $0.57, however, would indicate a bearish trend.
Dogecoin has pulled back from its recent uptrend, suggesting profit-taking near the overhead resistance of $0.23. A correction to the breakout level of $0.19 is possible, but if the price rebounds from this level, it could rally to $0.30. A break below $0.19, however, could lead to a deeper decline towards the 20-day EMA and the 50-day SMA.
Avalanche is struggling to bounce off the support line of the pennant, indicating that the bears are maintaining pressure. A break below the 20-day EMA could lead to a drop towards $50 and the 50-day SMA. On the other hand, a rebound from the support line could lead to a retest of the resistance line of the pennant and a potential retest of the overhead resistance at $65.
Shiba Inu’s relief rally is facing selling pressure at the 38.2% Fibonacci retracement level. A break below the 20-day EMA could increase the risk of a fall towards the 50-day SMA. On the other hand, a rebound from the 20-day EMA could lead to a rise towards $0.000035 and $0.000039.
Toncoin’s rebound on March 29 indicates that the bulls are trying to defend the 38.2% Fibonacci retracement level. If the rebound continues, the price could move towards the overhead resistance at $5.69. However, a break below $4.78 could lead to a deeper correction towards the 20-day EMA.
Please note that this article does not provide investment advice or recommendations. It is important to conduct your own research and analysis before making any investment decisions.