Price analysis 4/23: BTC, ETH, BNB, XRP, DOGE, ADA, DOT, UNI, LTC, BCH

Every bit Bitcoin price crashed below $50,000, mainstream media highlighted that the selling beyond the market could take been triggered past reports that the Biden assistants proposed increasing the majuscule gains tax to 39.6% from the current 20% for people earning more than $one million a year.

In other news, there was an credible exit scam carried out by Thodex exchange owner Faruk Fatih Özer, which has affected about 391,000 users of the Turkish crypto exchange. Rumors are afloat that the owner may have fled the country with nearly $2 billion worth of crypto assets.

*Daily cryptocurrency market performance. Source:* *Coin360*

U.S. disinterestedness markets as well sold off on Apr 22 as the revenue enhancement hike rumors rattled investors but the S&P 500 has bounced dorsum sharply today, indicating that market participants have discounted the news.

Later on the autumn, the side by side big question on the minds of investors is whether the correction will deepen or is this the opportune time to open new positions.

Let'due south clarify the charts of the top-10 cryptocurrencies to identify the critical support and resistance levels that volition indicate the commencement of a trending move.

BTC/USDT

The 50-day simple moving average ($56,793) has flipped to resistance and the bulls could not push button and sustain the price above it on April 19 and April 20. That may have resulted in profit-booking by short-term traders, which pulled Bitcoin'southward (BTC) cost below the psychological $50,000 mark today.

The moving averages have completed a surly crossover and the relative force index (RSI) is near the oversold level, indicating a possible change in sentiment. This is the outset time the RSI has plunged beneath 40 since the start of the bull trend in October of 2020.

If the bears tin sustain the cost below $fifty,460, the BTC/USDT pair could go on to slump towards the next critical level at $43,006.77 where buyers are likely to step in aggressively. The extent of the rebound from this level will give better insight into whether the correction has concluded or not.

This negative view volition invalidate if the cost rebounds off the current level and rises above the moving averages. The next leg of the uptrend could starting time after the bulls button the cost to a higher place $64,849.27.

ETH/USDT

Ether (ETH) broke above $two,545.84 on April 22 and hitting a new all-fourth dimension loftier at $two,645. Nevertheless, the long wick on the daily candlestick shows that the bulls could now sustain the breakout. This may accept trapped ambitious breakout traders, who might have been stopped out of their positions today.

The selling continued and the ETH/USDT pair dropped to $2,102.24 today. However, the long tail on the twenty-four hour period's candlestick suggests the bulls aggressively purchased the dip shut to $ii,040.77. This indicates the sentiment remains positive and the buyers are accumulating at lower levels.

The acid test for the bulls will be in the $ii,500 to $2,645 resistance zone. If the cost again turns down from this level, the pair could consolidate betwixt $2,500 and $two,040.77 for a few days.

On the other hand, a suspension above $2,645 could resume the uptrend that may reach $2,745 and then $3,000. This positive view will invalidate if the bears sink the toll below $1,900.

BNB/USDT

Binance Money (BNB) turned downwards from the $600 to $638.56 resistance zone on Apr 21, indicating that the bears are active at college levels. The sellers pulled the price beneath the 20-day exponential moving average ($479) today but could non sustain the lower levels.

The long tail on today's candlestick suggests the bulls proceed to buy the dips to the xx-24-hour interval EMA. The buyers will now once again attempt to push the toll to $600 and claiming the overhead resistance zone.

If they can thrust the price to a higher place $638.56, the BNB/USDT pair may start the next leg of the uptrend, which could reach $832.

Withal, if the price turns down from the overhead resistance zone, the pair could remain range-bound for a few days. The starting time sign of weakness will be if the price dips and sustains below the twenty-mean solar day EMA. Such a move could result in a drop to the 50-day SMA ($357).

XRP/USDT

The failure of the bulls to build upon the rebound off the 20-day EMA ($1.22) on April 21 shows a lack of buyers at higher levels. The bears pounced on this opportunity and broke the 20-day EMA today, pulling XRP to the 78.vi% Fibonacci retracement level at $0.86.

The bulls purchased the dip today but they are likely to counter potent resistance at the 20-solar day EMA. If the price turns down from the twenty-24-hour interval EMA, the possibility of a break below the l-day SMA increases. That could pull the toll down to $0.56.

Alternatively, if the bulls push the cost higher up the twenty-day EMA, the XRP/USDT pair could ascent to $1.46. If the price turns down from this resistance, the pair may remain range-bound for a few days. The bulls may be dorsum in command if the price rises and sustains above $ane.46.

DOGE/USDT

Vertical rallies unless backed by stiff fundamentals witness waterfall declines and that is what was seen in Dogecoin (DOGE) price. The altcoin bankrupt the 20-day EMA (0.20) back up today and dipped to $0.fifteen, only in a higher place the 78.half-dozen% Fibonacci retracement level at $0.14.

Traders purchased at lower levels today and the DOGE/USDT pair has risen in a higher place the xx-day EMA. If the bulls sustain the price above the 20-twenty-four hours EMA, the pair may endeavour to rising to $0.35.

Yet, the flat 20-day EMA and the RSI below 57 indicate the bulls have lost their reward. If the pair loses ground and closes below the twenty-solar day EMA, the selling could intensify further and a drop to the fifty-day SMA ($0.ten) is possible.

ADA/USDT

Cardano (ADA) turned downwardly from the twenty-mean solar day EMA ($i.24) on Apr 21, suggesting the sentiment has turned negative and traders are selling on rallies. The bears broke the $1.03 support today but have not been able to sustain the lower levels.

The bulls are currently trying to keep the toll above $1.03. If they manage to do that, the ADA/USDT pair could again rise to the moving averages. If the bulls push the cost higher up the 20-mean solar day EMA, the pair could rally to $ane.48.

On the contrary, if the cost again turns down from the 20-day EMA, the bears will endeavor to sink the pair to $0.eighty and and so to $0.seventy. Such a move volition suggest the kickoff of a new downtrend.

DOT/USDT

Polkadot's (DOT) recovery attempt hit a barrier at the 50-twenty-four hour period SMA ($37) on April 22, suggesting the sentiment has turned negative and traders are offloading their positions on rallies.

The selling picked up momentum today and the DOT/USDT pair dropped to the $26.fifty back up. However, the sharp bounce off this support suggests the bulls are defending this level aggressively.

If the bulls sustain the recovery, the pair could remain range-bound for a few more days. A breakout of the moving averages volition be the start sign of strength while a pause below $26.l will signal the possible first of a new downtrend.

UNI/USDT

Uniswap (UNI) rose higher up the $35.20 overhead resistance on April 21 and over again on April 22. However, on both occasions, the altcoin met with stiff resistance at higher levels as seen from the long wick on the day'due south candlestick.

The failure to sustain the breakout above $35.20 may have trapped the ambitious bulls who dumped their positions today. If the UNI/USDT pair closes beneath the 50-day SMA today, the turn down could extend to $25.52 in the next few days.

A potent rebound off this support will suggest that traders are defending this level aggressively. That could proceed the pair range-bound for a few more days. On the other manus, if the $25.52 support cracks, the down motility could extend to $xx.

This neutral to negative view will invalidate if the toll turns up from the current level and rises higher up $35.20.

LTC/USDT

The bulls tried to resume the up-motion on April 21 and 22 but met with stiff resistance at college levels every bit seen from the long wick on the candlesticks. The bears continued their selling today and pulled Litecoin (LTC) below both moving averages.

The long tail on today's candlestick suggests the bulls are buying at lower levels and trying to phase a recovery. Nonetheless, they are probable to face up stiff resistance nearly the 20-24-hour interval EMA ($250.)

If the price turns downward from the 20-twenty-four hour period EMA, it will suggest that the sentiment has turned negative and traders are selling on rallies. That will increase the possibility of a break below the 50-day SMA. If that happens, the LTC/USDT pair could plunge to $168.

This negative view will invalidate if the price turns up from the current level and rises above $246.96.

BCH/USDT

The relief rally in Bitcoin Cash (BCH) reversed direction from $998.49 on April 21 and the selling intensified today when the bears broke the xx-mean solar day EMA ($797) support. However, the bulls are attempting to stage a recovery from the intraday lows as seen from the long tail on the candlestick.

If the BCH/USDT pair sustains the recovery, information technology volition suggest buying at lower levels. The bulls will so attempt to push the toll in a higher place the downtrend line. If they succeed, the pair could over again rise to $1,000 where the bears volition mount stiff resistance.

The apartment 20-twenty-four hour period EMA and the RSI virtually the midpoint suggest the bulls have lost their reward. If the price turns down from the downtrend line, the bears will brand one more attempt to sink the price to the 50-solar day SMA ($629).

Such a deep autumn is probable to filibuster the next leg of the uptrend and keep the pair range-leap for a few days.

The views and opinions expressed here are solely those of the writer and exercise not necessarily reflect the views of Cointelegraph. Every investment and trading motility involves risk. Y'all should conduct your own research when making a determination.

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