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Corrections in a bullish phase are usually a bullish sign, as they reduce froth excitement and allow stronger hands to enter the markets. However, bitcoin’s (BTC) recent correction from the all-time high of $64,849.27 does not seem to have deterred new traders.

Data from DappRadar shows that volume on decentralized exchanges has increased over the past week, as traders may have abandoned lucrative bitcoin positions to buy altcoins at their current prices.

Another sign of interest in altcoins is the consistently high volume of Dogecoin (DOGE), which remains the fourth-largest group of traded cryptocurrencies behind Bitcoin, Ether (ETH) and XRP, according to CoinMarketCap.

Daily review of cryptographic market data. Source : coin360

The recent drop in bitcoin has caused small and medium-sized whales to sell on the exchanges, losing $100,000 to $1 million worth of bitcoin. However, one positive sign is that the large whales have continued to accumulate during this period.

Although the long-term uptrend remains intact, a new downward move could occur in the near term. In general, the correction only ends when the retail sector throws in the towel and the markets enter a state of fear.

In such an uncertain atmosphere, let’s take a look at the top 5 cryptocurrencies that are likely to outperform other major cryptocurrencies in the near term.

BTC/USDT

The bulls are working hard to get the price above the psychological barrier of $50,000, but they encounter fierce resistance from the bears every time the price rises slightly. This shows that the bears are trying to hold the advantage and extend the downside to the next critical support at $43,006.

Daily chartBTC/USDT. Source: TradingView

The 20-day exponential moving average ($55.671) is pointing down and the Relative Strength Index (RSI) is close to oversold territory, suggesting the bears have the upper hand.

The BTC/USDT pair was formed on the 24th. April and today an intraday candlestick pattern indicating indecision between the bulls and the bears. If the uncertainty subsides, the selling could intensify and open the doors for a drop to $43.006.

However, if the bulls are able to push the price above the $52,129 level, the pair could witness a relief rally that will likely meet resistance at the 20-day EMA. If price declines from this resistance, the probability of a break below $47.459 increases.

This negative outlook will lose traction when the bulls push and support price above the 50-day simple moving average ($56.870).

4 hour chart BTC/USDT. Source: TradingView

The 4-hour chart shows that the bears have sold off on rallies to the 20 EMA. Bears have an advantage on the downward sloping moving averages and on the RSI, which is in negative territory.

If the bears get below $48,664.67, the pair could drop to $47,459. A break below this support could resume the downward movement.

Conversely, a break above the 20-day EMA would be the first sign that the selling has abated and that the bulls have a chance to extend the relief rally to the 50-SMA.

ETH/USDT

The bulls again defended the 20-day EMA ($2,235), suggesting that the trend remains strong and that there are buyers on the dips. The ether will now try to push through to the $2,545-$2,645 primal resistance zone.

Daily ChartETH/USDT. Source: TradingView

A breakout of the upper zone could signal the start of the next phase of the uptrend, which could reach $2,745 and then $3,000. Gradually rising moving averages and an RSI above 57 suggest the path of least resistance is up.

Contrary to this assumption, if price turns lower from the upper resistance, the bears will again try to push the ETH/USDT pair below the moving averages. If they succeed, the pair could begin a deeper correction towards $1,542.

Chart 4 hours ETH/USDT. Source: TradingView

On the 4-hour chart we can see that the pair has formed a head and shoulders pattern which will end up below the neckline on break up and close. Such a move could push the price towards the $1,600 level.

On the other hand, if the bulls manage to push the price above the $2,375 level, the pair could rebet the all-time high at $2,645. Such a move would invalidate the model and the pair should regain momentum on a break above $2,645.

MLRD. BARR.

The financial part (NBB) is currently consolidated in an upward trend. Bulls are buying dips towards $480 support, while bears are defending the upper $600 resistance zone at $638.57. The range-trading stock, which is in a strong uptrend, shows that traders are in no hurry to take their profits.

Daily chart NBB/USDT. Source: TradingView

Both moving averages are pointing up and the RSI above 56 suggests that the bulls have the upper hand. If buyers can push the price above $530, the NBB/USDT pair could begin its journey to resistance in the $600 area. Bears are likely to build a new heavy resistance between $600 and $638.57.

If price deviates downward from this area, the range action could continue for a few more days. On the contrary, if the bulls push the price above $638.57, the pair could begin its journey towards $720 and then $832.

This positive outlook is considered invalid if the bears allow the price to drop below $480 and support. When this happens, selling could intensify and the pair could drop to the 50 SMA ($368).

Chart 4 hours NBB/USDT. Source: TradingView

On the 4 hour chart you can see that the price is stuck in a large symmetrical triangle. Although price has rebounded from the triangle support line, the bears are trying to stop the relief rally at the moving averages.

If this happens and the price drops from current levels, the bears will see an opportunity and try to push the price below the triangle. If successful, the pair could begin a deeper correction towards $348.

However, if the bulls push the price above the moving averages, the pair could reach the resistance line of the triangle. A breakout of the triangle could mean the resumption of the uptrend.

XMR/USDT

Monero (XMR) is in a strong uptrend and repeated attempts by the bears to initiate a correction have failed as the bulls have aggressively bought the dips near support at $288.60.

XMR/USDT Day Chart. Source: TradingView

The bulls have managed to defend the 20-day EMA ($335) and both moving averages are pointing up, which means buyers are in favor. However, the RSI is showing the first signs of negative divergence, indicating a possible weakening of momentum.

If the price breaks out of the current level and drops below the 20 EMA, it suggests that a correction towards $288.60 could begin. On the other hand, if the bulls push price above $424.55, the XMR/USDT pair could rise to $498.

XMR/USDT 4-hour chart. Source: TradingView

The 4-hour chart shows that volatility has increased in recent days. The bears have repeatedly broken through the 50-SMA, but the bulls have aggressively bought the dip and pushed price above the 20EMA.

If the pair bounces off the current level and rises above $405.40, a retest to $424.55 is possible. A breakout of this resistance could herald the next phase of the uptrend. Conversely, if the bears push price below the moving averages, a drop to $288.60 is likely.

CAKE/SILVER

PancakeSwap (CAKE) has experienced strong resistance near $28 in recent days. The Bears tried to take the course on the 23rd. April below the 20-day EMA ($24), but bulls have aggressively bought the dip, suggesting sentiment remains positive.

Daily chartCAKE/USDT. Source: TradingView

The momentum of the last two days has arrived and today CAKE/USDT made a new all-time high. The rising moving averages and the RSI near the overbought zone suggest that the path of least resistance is up.

If the bulls support the price above $30, the pair could reach $34.50. This bullish view is no longer valid if the bears are pushing and supporting price below the 20-day EMA. Such a move would be significant as the price has been falling since the 24th. March did not fall below the 20-day EMA.

Cointelegraph Markets Pro’s VORTECS™ data began on the 23rd. April, just when the rally was starting to show an upward trend for CAKE.

The VORTECS™ score, exclusive to Cointelegraph, is an algorithmic comparison of historical and current market conditions derived from a combination of data including market sentiment, trading volume, recent price movements and Twitter activity.

RankingVORTECS™ (green) in relation to the price of CAKE. Source: Coin Markets Pro

As you can see in the chart above, the VORTECS™ score for CAKE is at 23. April turned green when the price was $25.24.

From that point on, the VORTECS™ score remained consistently in the green, with CAKE rising to the top at 25th. April to a high of $31.12, a gain of 23% in about two days.

Chart 4 hours CAKE/USDT. Source: TradingView

The 4-hour chart shows the formation of an inverse head and shoulders pattern. This bullish setup has a price target of $34.70. The 20-YEMA has started to turn upwards and the RSI has moved above 65, meaning the bulls have taken over the lead.

In case of a correction, the bulls will try to turn the neckline into a support. If so, the upward trend could resume. Conversely, a break below $27.50 could tip the scales in favor of the dips and signal a sell-off.

The views and opinions expressed herein are those of the author and do not necessarily reflect those of Cointelegraph. Every investment and every transaction involves risk. You should do your own research before making a decision.

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