CoinShots Logo
Bitcoin, Ethereum, Ripple, Solana & Cardano Daily Crypto Price Analysis
Bitcoin price analysis is bearish today. Ethereum price analysis is bullish today. Ripple price analysis shows price continuing to decline. Solana price analysis is bearish today. The Cardano price analysis shows a bearish trend.
Himanshu S.
12:35 29th Apr, 2022
Markets

Ethereum price analysis

Bitcoin price analysis is bearish today as we have seen more upside slowly tested and rejected over the last hours. Therefore, BTC/USD has set another lower high and is now ready to decline further.

The market has seen more bullish momentum over the last 24 hours. The leader, Bitcoin, gained 2.08 percent, while Ethereum gained 2.14 percent. The rest of the market follows with mostly bullish results.

Bitcoin price movement in the last 24 hours: Bitcoin rallies towards $40,000

BTC/USD traded in a range of $38,730.63 – $40,063.59, indicating a moderate amount of volatility over the last 24 hours. Trading volume has declined by 9 percent, totaling $31.66 billion, while the total market cap trades around $759.5 billion, resulting in a dominance of 41.72 percent.

BTC/USD 4-hour chart: BTC rejects further upside

On the 4-hour chart, the Bitcoin price action was rapidly rejected as soon as the $40,000 mark was breached, indicating that another lower high is likely set.

Bitcoin price analysis: BTC rejects upside above $40,000, further decline incoming?
BTC/USD 4-hour chart. Source: TradingView

Bitcoin price action has continued to decline over the past week. After retracement to $40,600 on 26 April 2022, BTC/USD set a strong lower high, indicating that more downside will soon follow.

Another spike lower followed a day later, and a new low was quickly reached at $38,000. Therefore, the several-week bearish trend is still strong and more downside can be expected to be reached by the end of the week.

Considering Bitcoin price action over the last 24 hours, we expect another lower high to be set at $40,000. Therefore, the bearish momentum should resume if further upside does not follow in the next 24 hours.

ETH continues to retrace, finds resistance at $2,950

Ethereum price analysis is bearish today as we have seen a strong push higher continue and test of downside quickly rejected. Therefore, ETH/USD will likely soon break past the $2,950 next resistance and look to set another lower high later in the week.

The market has moved in the green over the last 24 hours. The leaders, Bitcoin and Ethereum, gained 3.47 and 3.05 percent, while the rest of the altcoins followed closely.

Ethereum price movement in the last 24 hours: Ethereum continued to retrace

ETH/USD traded in a range of $2,842.66 to $2,939.98, indicating a moderate amount of volatility over the last 24 hours. Trading volume has declined by 24.97 percent, totaling $16.14 billion, while the total market cap trades around $346.43 billion, resulting in a dominance of 19.31 percent.

ETH/USD 4-hour chart: ETH looks to break past $2,950

On the 4-hour chart, we can see the Ethereum price action continuing to advance as the retracement is not yet finished.

Ethereum price analysis: ETH continues to retrace, finds resistance at $2,950
ETH/USD 4-hour chart. Source: TradingView

Ethereum price action has seen further downside tested so far this week. After the last lower swing high was set around $3,040 on 26 April 2022, ETH/USD spiked lower again, quickly reaching another lower low at $2,780.

Rejection soon followed as bears were exhausted, leading to a retracement ever since. So far, Ethereum has already regained most of the previous loss as it currently tests the $2,950 resistance.

Rejection lower was briefly seen over the past hours, indicating that buying pressure is still strong. Overall, the current Ethereum price action indicates that more upside will be seen over the next 24 hours.

Ripple price analysis

Ripple price analysis: XRP posts lower lows on daily chart

On the 24-hour candlestick chart for Ripple price analysis, price can be seen posting lower lows on consecutive days since April 20, 2022. The descending triangle extended over the past 24 hours to take price as low as $0.63. The crucial 50-day exponential moving average (EMA) sits at $0.68, which is expected to be the next price target if bulls can consolidate momentum upwards. The relative strength index (RSI) moved well into the oversold region at 31.47, further exhibiting the bearish market valuation for XRP.

XRPUSDT 2022 04 29 03 52 54
Ripple price analysis: 24-hour chart. Source: Trading View

The moving average convergence divergence (MACD) moved further away from the neutral zone, forming bearish highs on successive days since the downtrend initiated on April 22. The expectation over the next 24-48 hours is for price to pick up as bears push downwards to the $0.5 mark. A high of $0.7 could also be achieved if bulls can keep the current range intact and now allow another low to form.

Solana price analysis

4-hour price analysis: Latest developments

Solana price analysis illustrates that the present condition of the market demonstrates positive potential as the price moves downward. Moreover, the market’s volatility follows a slight closing movement, resulting in the cryptocurrency being less prone to volatile change on either extreme. As a result, the upper limit of the Bollinger’s band rests at $101, serving as the strongest resistance for SOL. Conversely, the lower limit of the Bollinger’s band is present at $95.1, serving as a support point for SOL.

The SOL/USD price travels under the Moving Average curve, indicating the market is following a bearish movement. However, as the market experiences declining volatility today. In addition, the SOL/USD price seems to move towards the support, signifying a possible reversal movement, which could possibly break the bearish momentum.

image 1 139
SOL/USD 4-hour price chart source: TradingView

Solana price analysis reveals that the Relative Strength Index (RSI) score is 39 making the cryptocurrency stable, falling into the lower neutral region. Furthermore, the RSI score moves slightly downwards, indicating that the selling activity slightly outweighs the buying activity while moving towards devaluating dynamics.

Cardano price analysis

ADA/USD 1-day price chart: bulls to hold on to $0.788 support

The one-day Cardano price analysis confirms a strong bearish trend for today as the coin value has undergone a considerable decline during the last 24 hours. The selling pressure remained persistent throughout the last week. And today, the market is again in support of the bears as the price has decreased up to the $0.813 level. In this way, it has reached near the lower limit of the volatility indicator again, and the moving average (MA) has been left far above, which is currently $0.867.

ADAUSD 1 day price chart 2022 04 29
ADA/USD 1-day price chart. Source: TradingView

The volatility is high, but the indicator shows a downwards movement, which is quite discouraging news regarding the upcoming price trends. The upper Bollinger band now rests at $1.017, representing the highest resistance, and the lower Bollinger band is found at $0.809, which represents the support for ADA. The Relative Strength Index (RSI) score has reached index 32 and might soon enter the underbought zone as well if the selling pressure continues.

Cardano price analysis: Recent developments and further technical indications

The hourly Cardano price analysis shows a dramatic drop in price levels which intensified during the last four hours. The price breakdown was also downwards today, but bulls also tried to make a comeback late at night but were rejected after minimal efforts. A sharp decrease in price levels has been observed just recently as bears crashed the price down to $0.813. This sharp decline has come after prolonged efforts to maintain the price levels of the coin.

ADAUSD 4 hour price chart 2022 04 29
ADA/USD 4-hour price chart. Source: TradingView

The volatility is slowly decreasing on the 4-hour chart as the upper curve of the Bollinger bands is now converging downwards at the $0.876 mark. At the same time, the lower band is maintaining its position at the $0.806 mark below the price level. The RSI is also at a steep downwards curve at index 35 and is moving towards the border of the underbought area.

The majority of the technical indicators for ADA/USD are in support of bears as the trend has been downwards from the start of the month, and a sharp decline in price was observed just a few moments ago as well. This is why there are 16 indicators on the selling side, 10 on the neutral side, and non of the indicators support the buying side.

Source



CoinShots Logo

Social

Get in touch:

© 2022 Coinshots (AtlasZero LLC). All rights reserved.