- Binance Coin (BNB) struggles to break $600 resistance, risks falling to $5.16.
- Solana (SOL) faces bearish trend, could drop to $161.63 if decline continues.
- XRP encounters resistance at $0.64, may fluctuate between $0.58 and $0.62.
Over recent days, the prices of cryptocurrencies have been caught in a tug-of-war between buyers and sellers. Occasionally, the value of these digital assets has surged. However, these gains have typically been fleeting as sellers continue to thwart buyers’ repeated efforts.
BNB/USD
In the last several days, buyers have been determined to push the Binance Coin
On Monday, April 8, a similar pattern was observed. The Relative Strength Index (RSI) indicators suggested that buyers were striving to breach the $600 psychological threshold. If the RSI rose above the 50% mark, BNB could potentially have another chance.
Conversely, if buying pressure does not increase, the price could potentially fall to $5.16. At the same time, the Supertrend indicator signaled a buying opportunity at $571. Thus, buying at this level could yield short-term profits.
SOL/USD
The cryptocurrency Solana
If the downward trend continues and the bulls are unable to reverse it, SOL could potentially plummet. In such a scenario, the price might drop to $161.63. On the flip side, if there’s a shift towards a bullish sentiment, the price could potentially rise to $191.26.
Furthermore, the Chaikin Money Flow (CMF) indicator is in negative territory, which could mean there may not be a significant price recovery for SOL soon.
XRP/USD
XRP
At the moment of reporting, the 9-day EMA (depicted in blue) and the 20-day EMA (shown in yellow) nearly converge, suggesting an equilibrium in the market power between buyers and sellers. Consequently, it is anticipated that the token’s price may fluctuate within the range of $0.58 to $0.62 in the upcoming period.
ADA/USD
The trading pair ADA/USD experienced a momentary recovery on April 5 as sellers of Cardano
Current patterns and the Relative Strength Index (RSI) indications suggest that ADA may continue to see downward movement. From a pessimistic perspective, the token’s value could potentially decrease to $0.53. On the other hand, should ADA become oversold again, there is a possibility for a bounce back, potentially pushing its price up to $0.60.
DOGE/USD
At the outset of April, Dogecoin
At the time of writing, DOGE was trading at $0.19. Nonetheless, the Awesome Oscillator (AO) indicated a negative reading, suggesting that the digital currency’s momentum could continue to wane. Under such circumstances, the asset’s price could potentially fall to the $0.16 support level again. On the other hand, if the market sees an influx of buying activity, there’s a chance that DOGE could climb back up to $0.20 as an initial recovery target.
SHIB/USD
On April 1, Shiba Inu
If buyers cannot counteract the bearish sentiment, SHIB’s value could decline to $0.000026. In the meantime, the Average Directional Index (ADX) has decreased to 19.76, suggesting that the downward movement may be nearing its end.
If this situation occurs, the token’s price could potentially reach up to $0.000039, according to what the Fibonacci extension indicates.
Disclaimer: The insights, perspectives, and data presented in this price analysis are published in good faith. Readers must conduct their own research due diligence. Any decision made by the reader is solely their responsibility, and Crypto Outlooks shall not be held responsible for any consequential or incidental harm or loss.
