VET, THETA, RUNE, and AAVE have all found support at this level. The vital support line for Bitcoin is holding up nicely, allowing alternative coins like VET, THETA, RUNE, and AAVE to rise higher.
April has typically been the best performing month of the year for the S&P 500, according to Sam Stovall, chief investment strategist at CFRA. If history repeats itself, and the correlation between the US equity market and Bitcoin is confirmed, it may indicate that cryptocurrency markets will do well in the near term.
Another incentive may be the fact that on April 1st, the nineteenth million Bitcoin was circulated. The crypto markets will have to wait a long time for the remaining 2 million BTC since the last Bitcoin is anticipated to be mined in 2140. This might redirect attention toward how little Bitcoin remains to mine and its growing demand, which could lead to scarcity and push prices higher.
Will Bitcoin continue to rise above its key support, and if it does, will other cryptocurrencies rally? Let’s take a look at the charts of the top five cryptocurrencies that may bounce back in the near term.
BTC/USDT
A fierce battle is underway between the bulls and bears near $45,400, where Bitcoin is trading. The bears attempted to pry and maintain the price below this mark, but the bulls held their ground. This indicates that the bulls are attempting to convert the level into a support zone.
The 20-day upsloping exponential moving average (EMA) of $44,333 and the relative strength index (RSI) in positive territory indicate that the path of least resistance is to the upside. The psychological barrier of $50,000 might present a minor stumbling block for the rally, but if this level is surpassed, the next stop could be $52,000.
If the bulls expect the cost to rise above $60,000, they will be incorrect. If the price breaks through the overhead resistance or falls below $45,400, the bears will resume their attempts to push the pair down towards $41,615.
The price has been correcting since reaching the resistance line of the ascending channel, as seen in the 4-hour chart. The bulls’ recovery efforts are currently being met with strong resistance at the downtrend line. If bulls push and hold the price above the downtrend line,
The uptrend may be resumed if the price breaks out of the channel. Alternatively, if the price rises above the downtrend line, the bears will try to push it down to $44,000. If this mark breaks beneath it, the decline might continue to $42,594.
VET/USDT
On March 27, VeChain (VET) surpassed the overhead resistance at $0.07 but the rally was halted at the 200-day SMA of $0.09 by the bears. A minor plus is that, despite a sustained bearish trend, the bulls have prevented the price from retreating below their breakout level of $0.07.
If the price rises from its current level, the bulls will make one more attempt to break through the overhead barrier at the 200-day SMA. If they succeed in doing so, it suggests that the trend has changed. The VET/USDT pair may then rise to $0.10 and beyond.
The accelerating 20-day EMA of $0.06 and the RSI in the positive range suggest that buyers have an advantage. If the price falls below the 20-day EMA, this bullish view will be invalidated. The pair might drop to $0.05 if such a move occurs, according to the 50-day SMA.
The 20-EMA has flattened out, and the RSI is near the middle of the 4-hour chart, indicating a balance between supply and demand. If the price rises above $0.08, the bulls will try to propel the pair higher. The pair may extend its advance if it breaks through $0.09. If support at $0.07 fractures, the bears may rejoin the fight.
THETA/USDT
For the past several weeks, the Theta Network (THETA) price range has been confined between $2.50 and $4.40. Despite a push by the bulls above overhead resistance, they failed to do so. This implies that the bears are putting up a strong defense of the level.
If the price does not fall below $3.80, this implies that traders are hesitant to close their positions because they believe the advance will continue. The 20-day EMA is upsloping and slopes upward at $3.54, suggesting that the path of least resistance is to the upside.
If buyers push the price above the overhead zone between $4.40 and $4.77, it will signal the start of an upward trend. The THETA/USDT pair may continue to rise, reaching $6.00.
Contrary to this presumption, if the price falls below the 20-day EMA, it might resume at $3.17. Such a movement would indicate that the pair may remain range-bound for a few more days.
The bears have repeatedly thwarted attempts by the bulls to push the price above $4.40, which is seen in the 4-hour chart. The 20-EMA has flattened out, and the RSI is near the midpoint, suggesting a balance between supply and demand.
The short-term buying power may improve if the price drops below the 50-SMA. The price might then fall to $3.50. However, if the price breaches and maintains above the overhead resistance, the bulls will regain control.
RUNE/USDT
For many months, Thorgen (RUNE) has been trapped in a large descending triangle pattern. The recent increase in the price scared the bears away from the triangle’s downtrend line, where they have erected a firm resistance.
If the price drops from its present level, the RUNE/USDT pair might drop to the 20-day EMA of $9.75, which is a possible indication that traders are buying on dips and sentiment remains positive.
A break above the downtrend line would likely improve the chances of a bounce. If that happens, the bearish triangle setup will be invalidated, which might be seen as a bullish indication. The pair may then rise to $17, according to some analysts.
If the price falls and breaks below the 20-day EMA, this bullish outlook will be invalidated in the short term. The pair could plummet to $7.88, which is near the 200-day SMA.
The resistance near $13 is the 4-hour chart’s main obstacle. A minor good news for the bulls is that they have prevented the price from declining and staying below $11. As a result, this becomes an important level to monitor. If the price breaks down from this support, it could fall to $10 as the next significant support level. If the price rebounds above $11, buyers will try to continue up by pushing the pair beyond the overhead resistance once more.
AAVE/USDT
On March 29, Aave (AAVE) broke out of a downtrend line, suggesting the possibility of a shift in trend. The bears attempted to prevent the recovery at the 200-day EMA of $226, but they were unable to stop much progress.
The buying resumed on April 1, and the AAVE/USDT pair exceeded the 200-day SMA. If the price continues to rise above the 200-day SMA, it will indicate the beginning of a new upswing. The bears could put up a fierce resistance at this level, but if bulls break through it, the rally may extend to $350. In the short run, if prices decline and plummet below the 200-day SMA, this bullish notion will be invalidated. The bears may then drag prices down to $187 using the 20-day EMA as support.
The bulls are purchasing the dips to the 20-EMA on the 4-hour chart, indicating that they may be preparing for a comeback. The uptrend might resume if the price is above $261.20 and the bears are pushed out. The price might encounter resistance in the overhead zone between $283 and $300, which would indicate that short-term bulls were taking profits. The pair could plummet to the 50-SMA as a result of this downturn and subsequent failure to break below the 20-EMA.
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