Price analysis 4/11: BTC, ETH, XRP, BNB, SOL, DOGE, ADA, LEO, LINK, AVAX

Bitcoin (BTC) is showing strength as buyers have pushed the price above $82,500, but higher levels are likely to attract solid selling from the bears. CryptoQuant analysts said in a recent market report that Bitcoin could face resistance around $84,000, but if the level is surpassed, the next stop may be $96,000.

Although trade tensions between the United States and China have flared up, institutional crypto investment firm Bitwise remains bullish on Bitcoin. Bitwise chief investment officer Matt Hougan said in a post on X that the firm’s previously predicted year-end target of $200,000 for Bitcoin remains in play.

However, market participants remain cautious in the near term. The US-listed spot Bitcoin exchange-traded funds continued to witness outflows on April 9 and April 10, according to Farside Investors data. 

Could Bitcoin break and sustain above the overhead resistance? Will altcoins follow Bitcoin higher? Let’s analyze the charts of the top 10 cryptocurrencies to find out.

Bitcoin price analysis

Bitcoin’s recovery from the $73,777 support has reached near the resistance line, which is a critical level to watch out for in the near term.

The 20-day exponential moving average ($82,435) is turning down, but the relative strength index (RSI) has risen close to the midpoint, indicating that the bearish momentum is weakening. The BTC/USDT pair is expected to face intense selling at the resistance line, but if the bulls prevail, the rally could reach $89,000 and then $95,000.

Sellers are likely to have other plans. They will try to defend the resistance line and pull the price below the immediate support at $78,500. If they manage to do that, the pair could retest the vital support at $73,777.

Ether price analysis

Ether (ETH) rebounded off the $1,368 support on April 9, but the bulls are struggling to sustain the higher levels.

The downsloping moving averages and the RSI in the negative territory suggest that the bears hold the edge. Sellers will try to sink the ETH/USDT pair below $1,368. If they can pull it off, the selling could accelerate, and the pair may tumble to $1,150.

If buyers want to prevent the breakdown, they will have to quickly push the price above $1,754. That clears the path for a rally to the breakdown level of $2,111. This is an essential level for the bears to defend because a break above $2,111 suggests a short-term trend change.

XRP price analysis

XRP (XRP) rose back above the breakdown level of $2 on April 9, but the recovery is facing selling at the 20-day EMA ($2.09).

If the price turns down from the 20-day EMA, the bears will try to sink the XRP/USDT pair to the critical support at $1.61. Buyers are expected to fiercely defend the $1.61 level because a break below it may clear the path for a decline to $1.27.

Alternatively, if the price rises above the 20-day EMA, it suggests that the markets have rejected the breakdown below $2. The pair could rally to the resistance line, where the bears are expected to mount a strong defense.

BNB price analysis

BNB (BNB) has reached the 20-day EMA ($590), which is an important near-term resistance to watch out for.

Sellers will try to defend the zone between the 20-day EMA and the downtrend line, but if the bulls do not give up much ground, it improves the prospects of a break above the overhead resistance zone. The BNB/USDT pair could then ascend to $644.

Contrary to this assumption, if the price turns down sharply from the overhead resistance, it suggests that the bears have not given up. That could keep the pair stuck inside the triangle for a while longer.

Solana price analysis

Solana (SOL) rose above the breakdown level of $110 on April 9, but the bulls are facing resistance at the 20-day EMA ($121).

A minor advantage in favor of the bulls is that the bears did not allow the price to slip back below $110 on April 10. That shows buying on dips. If the bulls kick the price above the 20-day EMA, the SOL/USDT pair may rally to the 50-day SMA ($133) and then to $153.

This positive view will be invalidated in the short term if the price turns down sharply from the 20-day EMA and breaks below $110. The pair could then retest the April 7 intraday low of $95. 

Dogecoin price analysis

Buyers have successfully defended the $0.14 in Dogecoin (DOGE) but are yet to clear the moving averages.

If the price turns down sharply from the moving averages, it suggests that the sentiment remains negative and traders are selling on rallies. That increases the likelihood of a break below $0.14. The DOGE/USDT pair could then plummet toward the next significant support at $0.10.

Conversely, a break and close above the moving averages will be the first sign of strength. There is resistance at $0.20, but if the bulls overcome it, the pair will complete a double-bottom pattern. The pair could march to $0.24 and subsequently to $0.26.

Cardano price analysis

Cardano (ADA) has reached the 20-day EMA ($0.65), which is a strong near-term resistance to watch out for.

If the price breaks above the 20-day EMA, the ADA/USDT pair could reach the 50-day SMA ($0.71). This level may again pose a strong challenge, but if the buyers prevail, the pair could rally to $0.83.

On the contrary, if the price turns down sharply from the 20-day EMA, it signals that the bears are selling on every minor rally. That heightens the risk of a break below the $0.50 support. If that happens, the pair could slide to $0.40.

Related: Bollinger Bands creator says Bitcoin forming ‘classic’ floor near $80K

UNUS SED LEO price analysis

UNUS SED LEO (LEO) rose back above the uptrend line on April 9, signaling solid demand at lower levels.

The 20-day EMA ($9.38) is flattening out, and the RSI is near the midpoint, suggesting a balance between supply and demand. If the price breaks above the 20-day EMA, the LEO/USD pair could reach the overhead resistance at $9.90. 

If the price turns down from the 20-day EMA, it suggests that the bears continue to sell on rallies. The bears will then make one more attempt to sink the pair below $8.79. If they succeed, the decline could extend to $8.30.

Chainlink price analysis

Chainlink (LINK) has been trading inside a descending channel pattern for several days. The rebound on April 9 shows that the bulls are trying to defend the support line.

The moving averages are expected to act as a stiff resistance on the way up. If buyers propel the price above the moving averages, the LINK/USDT pair could pick up momentum and rally to $16 and later to $17.50.

Contrarily, if the price turns down from the moving averages, it suggests that the bears are active at higher levels. The bears will then make one more attempt to sink the pair below the support line.

Avalanche price analysis

Avalanche (AVAX) rebounded sharply off the $15.27 support on April 9, indicating solid buying at lower levels.

There is resistance in the zone between the 50-day SMA ($20) and the downtrend line, but if the buyers overcome it, the AVAX/USDT pair could surge to $23.50.

Sellers are expected to aggressively defend the $23.50 level because a break and close above it will complete a double bottom pattern. This reversal setup has a target objective of $31.73.

Instead, if the price turns down from the overhead resistance, it suggests that the pair could remain range-bound between $15.27 and $23.50 for some time.

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.