Crypto markets have witnessed a lot of changes in the past month. Bitcoin and Ethereum saw a jump of more than 30%, while XRP is still battling the legal system. Dogecoin got unexpected support from Twitter, and Cardano recovered from low levels of $0.3.
With price analysis, let us examine the near future for these five crypto giants. We will also briefly touch on some of the major developments that took place very recently.
Since we are doing the price analysis from a monthly perspective, it would be best for us to choose daily charts as they neglect small volatilities and are suitable to capture larger price trends. We will use RSI, MACD, Volume, and Chart Patterns to decide our future course of action.
Bitcoin has led the growth in the rally that could now lead crypto markets totally out of recession. It jumped from $20,068 to $29,150 within the last 30 days. The zone of $28k-$32k is a zone of stiff resistance beyond which Bitcoin could grow towards a new all-time high.
The technical indicators show that:
Traders and investors should be cautious while trading. Bitcoin, at this point, should only be bought above $32k and shorted below $27.2k. The current zone is uncertain for trading or investing. Any move below $19k should be seen as a move for new yearly lows.
Till then, markets are in a positive mood.
Some experts are speculating that a fall in US Banks could send Bitcoin above $1 million per BTC.
ETH is waiting for a major Shanghai upgrade to finish which will unlock the staked ETH, which was staked till now. Ethereum has been in a strong price uptrend since the first day of the year, Jan 1, 2023. It is shown strong technical charts and is expected to maintain the trend if the ETH unlock period goes in its favor.
Price analysis on technical chart
Target: $2,000
Stoploss: 5% less than your buying price. If you are buying at $1800, your stop loss should be $1710.
According to several experts, Ripple Labs has been fighting a lengthy court battle with the SEC which might turn in its favor soon. However, till then, the prices might remain low due to regulatory concerns. Further, XRP was delisted by several exchanges, which affects its demand. Further, XRP has crossed a market cap of $20 billion and is currently valued at $25.9 billion.
As per price analysis on technical charts, there are negative signals from XRP.
Traders can short XRP but keep a strict stop loss for small gains.
Target: $0.43
Stoploss : $0.52
Investors can buy XRP and wait for the case to end. A win of XRP will send crypto markets into a huge rally, while if XRP loses in the NYDCSD court, it could appeal to higher courts and might get a stay on lower court order.
Cardano has been in an uptrend since March 11, 2023. The price charts are strongly in favor of n upward price momentum. Price analysis on technical charts shows
Target: $0.42 by 25 April if no fundamentals change
Stop loss: $0.38
Dogecoin saw unusual support from Twitter when it changed its logo to Dogecoin. Earlier, too, Twitter and Tesla promoter Elon Musk voiced support for the meme coin.
Price analysis on technical charts shows a clear uptrend in Dogecoin prices.
Traders and investors can buy Dogecoin. Traders should look at the following levels while buying.
Target: $0.96
Stop loss: 5% of buying levels. If you have bought at $0.08, your stop loss is $0.076.
Disclaimer: Voice Of Crypto aims to deliver accurate and up-to-date information but will not be responsible for any missing facts or inaccurate information. Cryptocurrencies are highly volatile financial assets, so research and make your own financial decisions.