Bitcoin and several altcoins are seeing profit-booking on rallies, which may lead to a short-term pullback. This article analyzes the price movements of various cryptocurrencies such as BTC, ETH, BNB, XRP, SOL, ADA, DOGE, AVAX, DOT, and MATIC. The analysis is based on the latest market trends and indicators.
BTC/USD
Bitcoin has been trading in a range between $46,000 and $52,920. The longer the consolidation, the stronger the eventual breakout or breakdown is likely to be. If the bulls push the price above $52,920, the BTC/USD pair could rally to $62,076.41.
On the downside, if the bears sink the price below the support at $46,000, the pair could slide to the 50-day simple moving average (SMA) and then to $40,000. A break and close below this level could signal the start of a deeper correction.
ETH/USD
Ether has been trading in a large range between $3,500 and $4,723.06. The 50-day SMA is flattening out, indicating a possible range-bound action in the short term. A breakout and close above $4,723.06 could push the ETH/USD pair to $5,000 and then to $5,480.73.
Conversely, if the bears sink the price below $3,500, the pair could drop to the 50-day SMA and then to $2,900. A break and close below this support zone could open the doors for a deeper decline.
BNB/USD
Binance Coin has been trading inside a large range between $375 and $539.70. The longer the price remains inside the range, the stronger the eventual breakout or breakdown is likely to be. If the bulls push the price above $539.70, the BNB/USD pair could rally to $610 and then to $690.
On the other hand, if the bears sink the price below $375, the pair could decline to the 50-day SMA. A break and close below this support level could signal the start of a deeper decline.
XRP/USD
XRP has been trading inside a large range between $0.50 and $1.09. The 50-day SMA is gradually sloping up, suggesting that bulls have the upper hand. If buyers push the price above $1.09, the XRP/USD pair could rally to $1.20 and then to $1.35.
Alternatively, if the bears sink the price below $0.50, the pair could drop to the 50-day SMA and then to $0.35. A break and close below this support level could signal the start of a new downtrend.
SOL/USD
Solana has been trading inside a large range between $150 and $249.33. The longer the price stays inside the range, the stronger the eventual breakout or breakdown is likely to be. If the bulls push the price above $249.33, the SOL/USD pair could rally to $300 and then to $400.
Conversely, if the bears sink the price below $150, the pair could decline to the 50-day SMA and then to $100. A break and close below this support level could signal the start of a deeper correction.
ADA/USD
Cardano has been trading inside a large range between $1.20 and $2.50. The longer the consolidation, the stronger the eventual breakout or breakdown is likely to be. If the bulls push the price above $2.50, the ADA/USD pair could rally to $2.97 and then to $3.10.
On the downside, if the bears sink the price below $1.20, the pair could slide to the 50-day SMA and then to $1. A break and close below this support level could signal the start of a deeper correction.
DOGE/USD
Dogecoin has been trading inside a large range between $0.22 and $0.42. The price has formed a symmetrical triangle pattern, which usually acts as a continuation pattern. If the bulls push the price above $0.42, the DOGE/USD pair could rally to $0.50 and then to $0.60.
On the downside, if the bears sink the price below $0.22, the pair could decline to the 50-day SMA and then to $0.15. A break and close below this support level could signal the start of a deeper correction.
AVAX/USD
Avalanche has been trading inside a large range between $76.24 and $136.43. The longer the consolidation, the stronger the eventual breakout or breakdown is likely to be. If the bulls push the price above $136.43, the AVAX/USD pair could rally to $150 and then to $170.
Alternatively, if the bears sink the price below $76.24, the pair could decline to the 50-day SMA and then to $60. A break and close below this support level could signal the start of a deeper correction.
DOT/USD
Polkadot has been trading inside a large range between $26.50 and $41.40. The 50-day SMA has flattened out, suggesting a possible range-bound action in the short term. A breakout and close above $41.40 could push the DOT/USD pair to $46 and then to $53.
On the downside, if the bears sink the price below $26.50, the pair could drop to the 50-day SMA and then to $20. A break and close below this support level could signal the start of a deeper decline.
MATIC/USD
Polygon has been trading inside a large range between $1.20 and $2.85. The price has formed a symmetrical triangle pattern, which usually acts as a continuation pattern. If the bulls push the price above $2.85, the MATIC/USD pair could rally to $3.50 and then to $4.
On the downside, if the bears sink the price below $1.20, the pair could drop to the 50-day SMA and then to $1. A break and close below this support level could signal the start of a deeper correction.
In conclusion, Bitcoin and select altcoins are experiencing profit-booking on rallies, which increases the likelihood of a short-term pullback. Traders should keep an eye on key support and resistance levels for potential breakouts or breakdowns.