Shiba

Bitcoin

April

Shiba Inu

Bitcoin (<a href="https://cointelegraph.com/bitcoin-price" rel="noopener noreferrer nofollow">BTC</a>) dipped to new lows at $65,000 on April 12, indicating that the bears have not yet given up. However, that has not deterred the <a href="https://cointelegraph.com/news/bitcoin-whales-accumulation-phase-btc-halving-week-away" rel="noopener noreferrer nofollow">Bitcoin whales from continuing their purchase</a>, with the&nbsp;<a href="https://cointelegraph.com/news/bitcoin-halving-2024" rel="noopener noreferrer nofollow">Bitcoin halving</a> less than eight days away.&nbsp;
According to crypto analytics firm CryptoQuant, demand from the Bitcoin whales has surpassed the supply of new Bitcoin for the “first time in history.” Increasing demand from the whales and inflows into the Bitcoin-exchange-traded funds could push Bitcoin higher.
VanEck CEO Jan van Eck said in an interview with Cointelegraph that <a href="https://cointelegraph.com/news/retail-investors-bitcoin-etf-vaneck" rel="noopener noreferrer nofollow">90% of the inflows into the Bitcoin ETFs</a> came from retail. He anticipates institutional investments from banks and traditional firms to start trickling in from next month.
<figure><img src="https://s3.cointelegraph.com/uploads/2024-04/7ae892ac-1c93-4253-82f1-659ea97e3b82.png">
 <figcaption style="text-align: center;">Crypto market data daily view. Source: <a href="https://coin360.com" target="_blank" rel="noopener noreferrer nofollow">Coin360</a>
 </figcaption>
</figure>
Renowned venture capitalist Tim Draper said in an interview with Cointelegraph that Bitcoin remains a “place of great security” against inflation. Draper expects <a href="https://cointelegraph.com/news/250k-bitcoin-2024-tim-draper" rel="noopener noreferrer nofollow">Bitcoin to surge to $250,000</a> by the end of the year.
Will Bitcoin challenge the all-time high or start a corrective phase in the next few days? Let’s analyze the charts of the top 10 cryptocurrencies to find out.
<h2 id="bitcoin-price-analysis">Bitcoin price analysis</h2>
The bulls pushed Bitcoin back above the downtrend line on April 10 but could not sustain the higher levels. This suggests that every minor rally is being sold into.
<figure><img src="https://s3.cointelegraph.com/uploads/2024-04/64f010f2-d471-4719-aa66-e07709d3e28b.png">
 <figcaption style="text-align: center;">BTC/USDT daily chart. Source: <a href="https://www.tradingview.com/chart/?symbol=BINANCE%3ABTCUSDT" target="_blank" rel="noopener noreferrer nofollow">TradingView</a>
 </figcaption>
</figure>
The 20-day exponential moving average ($68,534) is flattening out, and the relative strength index (RSI) is near the midpoint, suggesting that the bulls are losing their grip.
If the price slides and maintains below the 50-day simple moving average ($66,207), the BTC/USDT pair could start a deeper correction to $60,000 and eventually to the 61.8% Fibonacci retracement level of $54,298.
This negative view will be invalidated if the price turns up from the current level and breaks above $73,777.
<h2 id="ether-price-analysis">Ether price analysis</h2>
Ether (<a href="https://cointelegraph.com/ethereum-price" rel="noopener noreferrer nofollow">ETH</a>) has been trading inside the $3,056 to $3,679 range for the past few days, indicating a balance between supply and demand.
<figure><img src="https://s3.cointelegraph.com/uploads/2024-04/cfd13fb2-83ae-4147-ad26-285b064bc7b1.png">
 <figcaption style="text-align: center;">ETH/USDT daily chart. Source: <a href="https://www.tradingview.com/chart/?symbol=BINANCE%3AETHUSDT" target="_blank" rel="noopener noreferrer nofollow">TradingView</a>
 </figcaption>
</figure>
The price could drop to the strong support at $3,056 where the bulls are likely to step in. If the ETH/USDT pair rebounds off $3,056 level with strength, it will suggest that the range-bound action may continue for a while longer.
Contrarily, if the price continues lower and plummets below $3,056, it will signal the start of a deeper correction toward $2,717. The bulls will have to propel the price above $3,679 to get back into the driver’s seat.
<h2 id="bnb-price-analysis">BNB price analysis</h2>
BNB (<a href="https://cointelegraph.com/binance-coin-price-index" rel="noopener noreferrer nofollow">BNB</a>) closed above the symmetrical triangle on April 10, and the bulls thwarted attempts by the bears to pull the price back into the triangle on April 11.
<figure><img src="https://s3.cointelegraph.com/uploads/2024-04/78ea89b2-4737-45f9-86c9-d04c25306ec3.png">
 <figcaption style="text-align: center;">BNB/USDT daily chart. Source: <a href="https://www.tradingview.com/chart/?symbol=BINANCE%3ABNBUSDT" target="_blank" rel="noopener noreferrer nofollow">TradingView</a>
 </figcaption>
</figure>
Buyers pushed the price higher on April 12, but the long wick on the candlestick shows that the bears are aggressively defending the overhead resistance at $645. The bears will try to pull the price back into the triangle, trapping the aggressive bulls. That could sink the price to the uptrend line of the triangle.
On the other hand, if the price turns up from the current level, it will suggest that bulls continue to buy on dips. That will increase the likelihood of a rally above $645. The BNB/USDT pair could then jump to $692.
<h2 id="solana-price-analysis">Solana price analysis</h2>
Solana (<a href="https://cointelegraph.com/solana-price-index" rel="noopener noreferrer nofollow">SOL</a>) bounced off the $162 support on April 10 but could not rise above the 20-day EMA ($177), signaling selling on rallies.
<figure><img src="https://s3.cointelegraph.com/uploads/2024-04/99bd4033-c6a5-4583-8d73-8a570141d07e.png">
 <figcaption style="text-align: center;">SOL/USDT daily chart. Source: <a href="https://www.tradingview.com/chart/?symbol=BINANCE%3ASOLUSDT" target="_blank" rel="noopener noreferrer nofollow">TradingView</a>
 </figcaption>
</figure>
If the price continues lower and breaks below $162, it will complete a bearish double-top pattern. This setup could start a deeper correction toward the next major support at $126 and subsequently to the pattern target of $119.
Instead, if the price rebounds off $162 and rises above the 20-day EMA, it will signal that the SOL/USDT pair could extend its consolidation for a few more days. The next leg of the uptrend may begin after buyers clear the overhead hurdle at $205.
<h2 id="xrp-price-analysis">XRP price analysis</h2>
XRP (<a href="https://cointelegraph.com/xrp-price-index" rel="noopener noreferrer nofollow">XRP</a>) has been trading near the moving averages, indicating uncertainty about the next directional move.
<figure><img src="https://s3.cointelegraph.com/uploads/2024-04/b3db06b8-cb15-4c72-bcd9-7d3e2db50590.png">
 <figcaption style="text-align: center;">XRP/USDT daily chart. Source: <a href="https://www.tradingview.com/chart/?symbol=BINANCE%3AXRPUSDT" target="_blank" rel="noopener noreferrer nofollow">TradingView</a>
 </figcaption>
</figure>
Both moving averages have flattened out, and the RSI is near the midpoint, suggesting a consolidation in the near term. The XRP/USDT pair could swing between $0.56 and $0.69 for a few more days.
The longer the time spent inside the range, the greater the breakout from it. If buyers kick the price above $0.69, the pair could surge to the overhead resistance of $0.74. On the downside, a drop below $0.56 could tug the price to $0.48.
<h2 id="dogecoin-price-analysis">Dogecoin price analysis</h2>
Dogecoin (<a href="https://cointelegraph.com/doge-price-index" rel="noopener noreferrer nofollow">DOGE</a>) has been trading above the breakout level of $0.19, indicating that the bulls are trying to flip the level into support.
<figure><img src="https://s3.cointelegraph.com/uploads/2024-04/1b6cc191-79ae-4572-bf9e-5099d490d751.png">
 <figcaption style="text-align: center;">DOGE/USDT daily chart. Source: <a href="https://www.tradingview.com/chart/?symbol=BINANCE%3ADOGEUSDT" target="_blank" rel="noopener noreferrer nofollow">TradingView</a>
 </figcaption>
</figure>
The gradually upsloping 20-day EMA ($0.19) and the RSI in the positive territory indicate a slight advantage to buyers. The DOGE/USDT pair could rise to $0.21, above which a retest of $0.23 is possible.
However, the bears are likely to have other plans. They will try to sink the price below the 20-day EMA. If they succeed, the pair may slide to the 50-day SMA ($0.16), an important level to watch out for. A break and close below this support could open the doors for a possible fall to $0.12.
<h2 id="toncoin-price-analysis">Toncoin price analysis</h2>
Toncoin (TON) broke and closed above the ascending channel pattern on April 11, but the bulls could not maintain the momentum on April 12.
<figure><img src="https://s3.cointelegraph.com/uploads/2024-04/5f35345c-896d-4cb8-bd33-5a7d6328e8c4.png">
 <figcaption style="text-align: center;">TON/USDT daily chart. Source: <a href="https://www.tradingview.com/chart/?symbol=OKX%3AtonUSDT" target="_blank" rel="noopener noreferrer nofollow">TradingView</a>
 </figcaption>
</figure>
The bears are trying to pull the price back into the channel. If they do that, some aggressive bulls may get trapped. That could pull the price down to $6.29 and thereafter to the support line of the channel. Buyers are expected to fiercely defend this level.
Conversely, if the price turns up from the current level and rises above $7.67, it will indicate that every minor dip is being purchased. That will enhance the prospects of a rally to $8.56 and thereafter to $10.
Related: <a href="https://cointelegraph.com/news/bitcoin-price-liquidity-69k-gold-surge-markets" rel="noopener noreferrer nofollow">Bitcoin price takes liquidity near $69K as gold surge rattles markets</a>
<h2 id="cardano-price-analysis">Cardano price analysis</h2>
The bulls could not build upon the rebound off $0.57 on April 10, suggesting a lack of demand at higher levels. The bears renewed their selling and pulled Cardano (<a href="https://cointelegraph.com/ada-price-index" rel="noopener noreferrer nofollow">ADA</a>) below $0.57 on April 12.
<figure><img src="https://s3.cointelegraph.com/uploads/2024-04/5833ffac-0a8d-4668-95e3-65164f87ef4b.png">
 <figcaption style="text-align: center;">ADA/USDT daily chart. Source: <a href="https://www.tradingview.com/chart/?symbol=BINANCE%3AADAUSDT" target="_blank" rel="noopener noreferrer nofollow">TradingView</a>
 </figcaption>
</figure>
If the price closes below $0.57, the bearish head-and-shoulders pattern will complete. The downsloping 20-day EMA ($0.60) and the RSI in the negative territory suggest the path of least resistance is to the downside. The ADA/USDT pair could tumble toward the next major support at $0.46.
This negative view will be invalidated in the near term if the price turns up and breaks above the 20-day EMA. The pair may then jump to $0.68.
<h2 id="avalanche-price-analysis">Avalanche price analysis</h2>
Avalanche (<a href="https://cointelegraph.com/avalanche-price-index" rel="noopener noreferrer nofollow">AVAX</a>) has been trading below the moving averages, and the bears are trying to strengthen their position by pulling the price to $42.
<figure><img src="https://s3.cointelegraph.com/uploads/2024-04/ed32f867-ef7f-42ef-a1da-a3dc863767b5.png">
 <figcaption style="text-align: center;">AVAX/USDT daily chart. Source: <a href="https://www.tradingview.com/chart/?symbol=BINANCE%3AavaxUSDT" target="_blank" rel="noopener noreferrer nofollow">TradingView</a>
 </figcaption>
</figure>
Buyers are expected to fiercely protect the $42 level because if they fail in their endeavor, the AVAX/USDT pair could start a deeper correction. The pair may slump to $35, which is again likely to behave as a solid support.
On the upside, a break above the downtrend line will be the first sign of strength. The pair is likely to pick up momentum after it crosses the $50 hurdle. The rally could reach $60 and then $65.
<h2 id="shiba-inu-price-analysis">Shiba Inu price analysis</h2>
Shiba Inu (<a href="https://cointelegraph.com/shiba-inu-price-index" rel="noopener noreferrer nofollow">SHIB</a>) has been hovering around the 20-day EMA ($0.000028) for the past few days, indicating a state of balance between buyers and sellers.
<figure><img src="https://s3.cointelegraph.com/uploads/2024-04/9e6c1d48-261e-4106-b34b-900487cdee46.png">
 <figcaption style="text-align: center;">SHIB/USDT daily chart. Source: <a href="https://www.tradingview.com/chart/?symbol=BINANCE%3AshibUSDT" target="_blank" rel="noopener noreferrer nofollow">TradingView</a>
 </figcaption>
</figure>
A break and close above the downtrend line suggests that the bulls are trying to start an upward move. There is a minor resistance at $0.000033, but if this level is crossed, the SHIB/USDT pair could rise to $0.000039.
Contrary to this assumption, if the price turns down and plummets below the 61.8% Fibonacci retracement level of $0.000023, it will indicate that bears have seized control. The pair may then tumble to $0.000017.
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.

Price analysis 4/12: BTC, ETH, BNB, SOL, XRP, DOGE, TON, ADA, AVAX, SHIB

Table of Contents

Cointelegraph

Other articles published on Apr 12, 2024

SUSHI Price Tumbles Over 12% Amid FTX and Alameda Moves

Bitcoin no longer in ‘easy mode’ — Expect a leverage wipeout, observers warn

Kitty Queen Coin (KITQUE) Set to Rally 5,500% in 7 Days as Cat Memecoins Challenge SHIB and DOGE

FTX Co-Founder SBF Appeals 25-Year Sentence for Fraud Conviction

In the Realm of Crypto Presales, 20,000X ROI Draws Crowds from TRON and Cardano Despite TRON’s Fl...

Ripple’s XRP Climbs as Legal Developments and Tech Updates Emerge

Join our free newsletter for daily crypto updates!