Bitget App
Trade smarter
Buy cryptoMarketsTradeFuturesCopyBotsEarn
BTC, ETH, SOL, ADA Eye More Highs After Recent Recoveries

BTC, ETH, SOL, ADA Eye More Highs After Recent Recoveries

CoineditionCoinedition2024/04/07 11:10
By:Victor Olanrewaju
  • Bulls might aim for $72,000 if BTC breaches the $70,649 resistance.
  • ETH’s momentum was bullish as buyers targeted a move to $3,669.
  • SOL’s uptrend could be invalidated while ADA might face the same fate.

The weekend brought relief to the crypto market after participants endured a week mostly full of downsides. Although the respite might not be very significant, it offered balance— something that was rarely seen recently.

As such, it was not surprising that a large part of the $86.72 million 24-hour liquidations were short positions.

BTC, ETH, SOL, ADA Eye More Highs After Recent Recoveries image 0 BTC, ETH, SOL, ADA Eye More Highs After Recent Recoveries image 1 Crypto market Liquidation HeatMap (Source: Coinglass )

In this piece, Coin Edition looks at the prices of Bitcoin (BTC) , Ethereum (ETH), Solana (SOL) , and Cardano (ADA), and how they could perform in the short term.

BTC Price Analysis

On April 6, bulls capitalized on the $67,344 support to prevent Bitcoin from going lower. As a result of this formation, the price of BTC crossed $69,000 again. The current trend displayed by the coin signaled that it might try to retest $70,000.

However, an overhead resistance existed at $70,649. If bulls breach this path, Bitcoin’s price might climb to $72,945. On the other hand, rejection might cause the value of the coin to tumble to $65,592.

BTC, ETH, SOL, ADA Eye More Highs After Recent Recoveries image 2 BTC, ETH, SOL, ADA Eye More Highs After Recent Recoveries image 3 BTC/USD 4-Hour Chart (Source: TradingView )

Meanwhile, the 20 EMA (blue) and 50 EMA (yellow) settled below BTC but were close to each other. Should this position hold through the forthcoming days, Bitcoin might swing sideways. In addition, it might not flip its all-time high before the halving.

ETH Price Analysis

On the 4-hour chart, ETH got closer to $3,390 and shared a similar structure to Bitcoin. According to indications from the Relative Strength Index (RSI), buyers were instrumental to the increase as the reading approached 60.00.

If buying momentum continues to rise, then the price of ETH might hit the $3,500 psychological region. Should ETH climb above this point, the price might increase to $3,669. However, if the attempt is unsuccessful, the value of the altcoin might to $3,238.

BTC, ETH, SOL, ADA Eye More Highs After Recent Recoveries image 4 BTC, ETH, SOL, ADA Eye More Highs After Recent Recoveries image 5 ETH/USD 4-Hour Chart (Source: TradingView )

SOL Price Analysis

SOL’s price fell below $170 on April 5. But the token had climbed back to $180 as of this writing. Despite the increase, the Chaikin Money Flow (CMF) remained in the negative zone.

Typically, when the CMF drops below zero, it indicates distribution. Hence, this trend implied that SOL upward strength was shaky. Should the CMF remain around the same point, then a pullback might be next for the coin.

Like the CMF, the Awesome Oscillator (AO) was negative too, suggesting increasing downward momentum. However, the AO displayed green histogram bars, indicating that the token could slowly move upwards. Should this be the case, SOL might inch toward $195.66. But if the thesis is invalidated, the value could decline to $168.03.

BTC, ETH, SOL, ADA Eye More Highs After Recent Recoveries image 6 BTC, ETH, SOL, ADA Eye More Highs After Recent Recoveries image 7 SOL/USD 4-Hour Chart (Source: TradingView )

ADA Price Analysis

According to the 4-hour ADA/USD chart, the 9 EMA (blue) and 20 EMA (yellow) were situated around the same area. A position like this suggests consolidation, with ADA trading around $0.58.

BTC, ETH, SOL, ADA Eye More Highs After Recent Recoveries image 8 BTC, ETH, SOL, ADA Eye More Highs After Recent Recoveries image 9 ADA/USD 4-Hour Chart (Source: TradingView )

But traders need to watch out. If ADA’s price drops below the short-term EMAs, then the potential recovery could be halted. On the other hand, the price could extend toward $0.62 if the 9 EMA flips the 20 EMA.

Disclaimer: The information presented in this article is for informational and educational purposes only. The article does not constitute financial advice or advice of any kind. Coin Edition is not responsible for any losses incurred as a result of the utilization of content, products, or services mentioned. Readers are advised to exercise caution before taking any action related to the company.

0

Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.

PoolX: Locked for new tokens.
APR up to 10%. Always on, always get airdrop.
Lock now!

You may also like

UAE now holds $40 billion in Bitcoin

Share link:In this post: The UAE now holds $40 billion in Bitcoin, proving itself as a global crypto leader with a thriving blockchain ecosystem. Between July 2023 and June 2024, crypto transactions in the UAE hit $34 billion, with stablecoins dominating 51% of the activity. The country’s pro-crypto regulations, including strict AML and KYC rules, have attracted massive institutional and retail investment.

Cryptopolitan2024/12/22 20:22

If the Bitcoin Reserve Act is passed, it may end the four-year cycle of rise and fall in cryptocurrency

The price trend of Bitcoin will no longer be so influenced by internal mechanisms such as halving, but more by external factors such as institutional adoption and geopolitical events.

Chaincatcher2024/12/22 12:33

The Psychological Aspect of Cryptocurrency Trading: Why is Mindset So Important?

Psychological levels play a key role in cryptocurrency trading, as traders often make emotional decisions around integer price points, forming significant support and resistance zones, and the reactions at these levels can affect market volatility and price trends.

Chaincatcher2024/12/22 12:33