The price of Bitcoin (BTC) closed the month by 1.98%, which, according to data from Bybit, was its first negative close in April since 2015.
In the same month, the price of Ether (ETH) soared more than 44% to reach a new all-time high near $3,000. This wide divergence between the two major cryptocurrencies shows that markets have matured and bitcoin’s low performance is not affecting altcoins as much as it did in the past.
The uptrend of Ether has attracted strong purchases from traders. Bybit data suggests that Ether futures ‘ open interest rose to 8 8.5 billion on Thursday, rising 52% from the previous month. This increase has been supported by professional traders who seem to have taken a more bullish view on Ether than retail investors, as Cointelegraph collaborator Marcel Pechman highlighted.
The strong performance of the crypto sector continues to attract a wide range of investors. According to the Financial Times, venture capital firm Andreessen Horowitz plans to take advantage of this growing demand by raising between $ 8.8 billion and $ 1 billion for another fund. The flow of money in various crypto projects shows that investors are bullish in the long run.
T. Rowe Price CEO William Stromberg said in an interview with the Baltimore Business Journal that the crypto space is still in its infancy and could “take years to really develop.”
With Ether leading the altcoin charge, let’s take a look at the top five cryptocurrencies that may remain bullish in the short term.
BTC / USDT
Bitcoin skyrocketed above its moving averages on Friday, but the Bulls have not been able to build on this fortress. The doji candlestick pattern on Saturday and the drop below the 50-day simple Moving Average ($56,833) on Sunday suggest that the Bears are selling at higher levels and have not given up.
If sellers lower the price below the 20-day exponential moving average ($55,723), the BTC/USDT pair could fall to 5 52,323.21 and then to $50,460. Flat moving averages and the Relative Strength Index (RSI) near the midpoint suggest a balance between supply and demand. This could maintain the pair’s range for a few more days.
This view will invalidate if the pair bounces off the 20-day EMA and rises above 5 58.469, 09. Such a move will suggest that the Bulls are buying in every minor fall. The pair could then rally to 6 61,825.85, where the Bulls are again prone to face stiff resistance from the Bears.
Although it is too early to confirm, the pair seems to be making the right shoulder of a possible head and shoulder formation. This setup will be completed in a break below the neckline. Until then, traders can be vigilant, but should not jump the weapon in anticipation of a breakdown.
The four-hour chart shows that the Bulls pushed the price above the resistance of 5 57,500, but failed to sustain it. The Bears threw the price below the level and are trying to break the support of 20 EMA. If that happens, the pair may fall to the 50-SMA.
A strong rebound of this support could encourage the Bulls to make one more attempt to clear the obstacle at 5 57,500. If successful, the pair could start its journey at $61,825.84. Conversely, if the bears sink the price below the 50-SMA, the chance of a fall to $50,460 increases.
SUN / USDT
Solana (SOL) broke above the resistance of $48.64 on Saturday and reached a new all-time high at 4 49.99 on Sunday. However, the psychological level of $50 is acting as a resistance, and the Bears have lowered the price below $48.64 today.
If the Bears keep the price below $48.64 for two days, the Sol/USDT pair could fall to support at $40.51. A strong rebound from this support will suggest that the Bulls are building up in Falls. The Bulls will then make one more attempt to clear the resistance of 5 50.
If they succeed, the pair can start the next stage of the uptrend which could reach $56.77 and then $68.05. Rising moving averages and RSI near overbought territory indicate that the path of least resistance is upward.
This positive view will invalidate if the price breaks below the 20-day EMA ($38). If that happens, the pair could correct the 50-day SMA ($26).
The four-hour chart shows that the Bulls are trying to defend the 20-EMA. If they can push the price above the air resistance zone of 4 48.64–4 49.99 the momentum is likely to increase. The gradual increase of the 20-EMA and RSI in the positive territory suggest that the Bulls have a smaller advantage.
Contrary to this assumption, if the price of air resistance drops again, it will raise the prospects of a break below moving averages. Bears can lower the price to $40.51. A strong rebound from this support could keep the pair range limited for a few days.
HT / USDT
Huobi Token (HT) rose above resistance at $26.89 on Saturday and reached a new all-time high at $29.54 on Sunday. However, the Bears are trying to throw the price below the breakout level and catch the aggressive bulls.
If the price falls and remains below $26.89 for three days, the HT/USDT pair could gradually fall to $22. A strong rebound from this support could hold the pair’s range for a few days.
Conversely, if the bulls defend the support of $26.89 or do not yield much ground below $25, it will suggest a strong buy at every minor fall. A breakout above $29.54 could resume the uptrend with the next target target at $36.54.
The 20-day EMA ($20.54) has appeared, and the RSI is in the overbought zone, indicating that the Bulls are in control.
The bulls and bears are fighting for supremacy near the $26.89 level. Although the Bears had lowered the price to $26.10, they could not sustain the lower levels. This suggests that bulls are buying in Falls.
Rising moving averages and RSI near the overbought zone suggest Bulls have the advantage. However, the Bulls are having a hard time pushing the price to $29.54. This could lead to high volatility in the short term.
A break below $26 could bring the price down to the 20-EMA. If the price bounces off this level strongly, the Bulls will make one more attempt to resume the uptrend. Alternatively, a break below the 20-EMA could indicate the start of a deeper correction.
ETC / USDT
The Bears are trying to stop the upward movement of Ethereum Classic (ETC) in the air resistance zone of $38-4 41.61. However, the long tail on today’s candlestick suggests that traders are buying at lower levels.
The 20-day ascending slope EMA ($28.74) and the RSI in the overbought zone indicate advantage for the Bulls. If buyers push the price above the overhead Zone, The etc/USDT pair could resume the uptrend and rebound to $53.21.
Contrary to this assumption, if the price falls from the air zone, the Bears will try to sink the pair to the 20-day EMA. A break below this support will indicate that the bullish momentum has weakened, and the pair could fall to $22.20.
The 20-EMA is rising, and the RSI is in the overbought zone, suggesting the Bulls are in control. However, bears will not throw in the towel easily. They will try to stop the upward movement in the area above.
A break below the 20-EMA will be the first sign that the bullish momentum may be weakening. That could bring the price down to the 50-SMA. Such a move could keep the pair stuck within range for a few days.
AAVE / USDT
The Bulls pushed Aave above the resistance of 4 489 today. However, they have not been able to sustain the purchase at higher levels, and the Bears have thrown the price back into the range of 4,480-2,280 on Sunday. This suggests that the Bears are trying to catch aggressive bulls that may have bought the range break.
If the price falls below the 20-day EMA ($415), it will suggest that the Bulls are not buying in Falls. That could lower the price to the 50-day SMA ($383) and extend the stay of the AAVE/USDT pair within the range for a few more days.
Conversely, if the pair bounces off the 20-day EMA, it will indicate accumulation at lower levels. The Bulls will then make one more attempt to push the price to $581.67. A break at this level could start the journey north at $698.