Quick Facts
Market Volatility Update: Insights on Major Asset Prices
As the cryptocurrency market continues to navigate the choppy waters of volatility, this week’s price analysis provides valuable insights into the current market trends and potential future movements. From the S&P 500 Index to the US Dollar Index, and from Bitcoin to Dogecoin, we’ll be covering the top cryptocurrencies and their price action.
S&P 500 Index (SPX)
The S&P 500 Index witnessed a hugely volatile week, but a positive sign is that lower levels attracted solid buying by the bulls. After the massive volatility of the past few days, the index could enter a quieter phase. Sellers are likely to sell the rallies near 5,500, while the bulls are expected to buy the dips to the 5,119 support. This range-bound action between 5,500 and 5,119 could persist for a while.
The next trending move is expected to begin after buyers push the price above 5,500 or sink below 4,950. If the 5,500 level gets taken out, the index could surge to 5,800.
US Dollar Index (DXY)
The US Dollar Index has been in a freefall since turning down from the 20-day exponential moving average (102.81) on April 10. Buyers defended the 99.57 level on a closing basis on April 11, but the bears renewed their selling on April 14. If the price closes below 99.57, the index could tumble to 97.50 and, after that, to 95. The longer the price remains below 99.57, the greater the risk of starting a new downtrend.
If buyers want to prevent a downward move, they will have to swiftly push the price back above 99.57. This could start a recovery to 101.
Bitcoin (BTC)
Bitcoin broke above the resistance line on April 12, and the bulls successfully held the retest of the breakout level on April 13. The 20-day EMA ($82,979) has flattened out, and the RSI is near the midpoint, suggesting that the selling pressure is reducing. The BTC/USDT pair could climb to $89,000, which is likely to act as a stiff resistance. If the price turns down sharply from $89,000 and breaks below the 20-day EMA, it will indicate a range formation. The pair may oscillate between $89,000 and $73,777 for a few days.
Ether (ETH)
Ether is facing selling at the 20-day EMA ($1,722), as seen from the long wick on the April 14 candlestick. If the price plummets below $1,546, the ETH/USDT pair could retest the $1,368 support. This is a crucial level for the bulls to defend because a break below $1,368 could start the next leg of the downtrend toward $1,150.
Conversely, if buyers propel the price above the 20-day EMA, it signals that the bears are losing their grip. There is resistance at the 50-day SMA ($1,955), but it is likely to be crossed. The pair may then ascend to $2,211.
XRP (XRP)
XRP turned down from the 50-day SMA ($2.24) on April 13, indicating that sellers are active at higher levels. The 20-day EMA ($2.10) has flattened out, and the RSI is near the midpoint, indicating a balance between supply and demand.
If the price closes above the 50-day SMA, the XRP/USDT pair could rise to the $2.63 to $2.82 resistance zone. Sellers are expected to vigorously defend this zone, but if the bulls prevail, the pair could surge to $3.24.
BNB (BNB)
BNB is facing resistance at the downtrend line, but a minor positive is that the bulls have not ceded much ground to the bears. That increases the likelihood of a break above the downtrend line. If that happens, the BNB/USDT pair could ascend to $645. Sellers will try to guard the $645 level, but it is likely to be crossed.
Solana (SOL)
Sellers are trying to defend the 50-day SMA ($130) in Solana, but the bulls have kept up the pressure. If the price turns down from the moving averages, the bears will again attempt to sink the SOL/USDT pair below $114. If they manage to do that, the selling could accelerate, and the pair may slump to $100.
Conversely, if buyers propel the price above the moving averages, the pair could rally to $147 to $153.
Dogecoin (DOGE)
Buyers are trying to start a recovery in Dogecoin, but are expected to face stiff resistance from the bears at the moving averages. If the price turns down from the moving averages, the next support on the downside is $0.14 and then $0.10. Buyers are expected to fiercely defend the $0.10 level because a break below it could sink the DOGE/USDT pair to $0.08.
On the upside, buyers will have to drive and maintain the price above the 50-day SMA ($0.18) to signal that the downtrend could be over. That could propel the pair to $0.24 and subsequently to $0.30.
Cardano (ADA)
Buyers are struggling to push Cardano above the 20-day EMA ($0.65), indicating that demand dries up at higher levels. If the price turns down from the 20-day EMA, the next support on the downside is $0.58 and then $0.50. Buyers are expected to fiercely defend the $0.50 level because a break below it could sink the ADA/USDT pair to $0.40.
On the upside, buyers will have to drive and maintain the price above the 50-day SMA ($0.71) to signal that the downtrend could be over. That could propel the pair to $0.83 and subsequently to $1.03.
UNUS SED LEO (LEO)
Buyers are trying to push UNUS SED LEO above the 20-day EMA ($9.39), but the bears are posing a substantial challenge. The flattening 20-day EMA and the RSI near the midpoint suggest a balance between supply and demand. This range-bound action between $9.90 and $8.79 could persist for a while.
The next trending move is expected to begin on a break above $9.90 or below $8.70. If buyers kick the price above $9.90, the pair will complete a bullish ascending triangle pattern. This bullish setup has a target objective of $12.04.
Keep an eye on these cryptocurrencies as they navigate the choppy waters of the market. Make sure to do your own research and never invest more than you can afford to lose.
