Today, cryptocurrency markets appear to have mixed signals. As most major coins are approaching key resistance levels, some are still indicating impressive bullish outlooks. XRP is facing resistance from its 50-day Simple Moving Average (SMA) and Dogecoin (DOGE) targeting a breakout to $0.21. Bitcoin (BTC) bulls are trying to keep up the momentum above the key $95,000 level. This analysis dives into the current technical environment of XRP, DOGE, BTC and a number of other alternative cryptocurrencies such as BNB, AVAX, SOL, SUI, ADA and LINK. It zooms in on the major support and resistance levels that will govern their short term price action.
XRP Grapples with Resistance at 50-day SMA
Today, XRP finds itself at another crucial point, trading just above its 50-day SMA, located at roughly $2.18. As can be seen over the past two days, the bears have aggressively defended this level and suppressed any meaningful breakthrough to the upside.
If the price closes under the $2 level it may set off a major decline. That would cause their price to crash to around $1.60. Still, any pullback is likely to get support at the 20-day Exponential Moving Average (EMA). The 20-day EMA will be a key level to look for closely. It has the promise to be a springboard for an impressive comeback. The daily chart of XRP/USDT helps better understand these key levels and possible price action.
If XRP can leap over this resistance, the 50-day SMA would likely trigger another surge of bullish momentum. With this innovation, greater price increases may be achieved. Yet, the bears’ long-standing crusade indicates that pushing through this barrier will be an uphill climb. Traders should closely monitor the price action around these levels to gauge the potential direction of XRP in the coming days.
Dogecoin's Potential Surge and Other Altcoin Movements
Dogecoin DOGE look like a different story, with chances to hit $0.21. This encouraging projection has fueled a positive sentiment around this meme coin.
In other altcoin action, BNB turned south from a peak of $620, but is now finding support where its moving averages are converging. This points to an accumulation period and then perhaps to the next leg of a big still-upward trend. AVAX is on the verge of finishing a double-bottom reversal pattern. If its price surges back above and closes above the $23.50 resistance, that will indicate an extremely bullish reversal.
In LINK/USDT, the price could fall to $11.89 and eventually to the support line. This comes across as a likely short-term bearish signal for LINK. On April 22, buyers continued to push the SUI/USDT price over the moving averages. This massive increase marks a peak interest in buying the altcoin. Finally, ADA/USDT daily chart for breakout / breakdown.
Bitcoin's $95,000 Test and Solana's Struggle
Bitcoin bulls are still in an intense struggle to keep the price above that important $95,000 level. While this psychological threshold marks an important symbolic hurdle, holding above it could open the door for even more progress. The 20-day EMA ($87,437) is moving up, which is a bullish sign.
Things are not much better for Solana (SOL), which is having a hard time not falling below $153. This level has been providing as an important support but a break below it would likely open path to more downside. The cryptocurrency’s failure to hold its ground above this level casts a pall of underlying selling pressure.
On balance the broader cryptocurrency market has turned increasingly bullish. As Bitcoin tries to find its way back up, Solana has a storm to try and weather. How these top 5, or 9, or 15 cryptocurrencies perform will probably determine the overall bullish or bearish tone of the market in the short term.
