April 16 Forecast: BTC, ETH, BNB, XRP, DOGE

The market is in recovery mode after falling on April 11, 2022, however, according to the expert, it will be difficult for bull traders to overcome resistance at higher levels.

Cryptocurrencies continue to face strong resistance at higher price levels, which suggests that the position of bear traders is still strong.

Bitcoin still shows a connection with S&P 500 stocks, however, large investors are now increasingly buying BTC without reference to the state of the US stock market.

Moreover, institutional demand is growing every day. This can be seen from:

  • Recent major outflow of 30k bitcoin from Coinbase Pro.
  • The statement of the CEO of MicroStrategy, the largest holder of bitcoins with 129,219 BTC in the account, said that their plans include further implementation of the bitcoin strategy.
  • Luna Foundation's purchase of another 2,508 BTC on April 13, 2022.

Let's study the charts of five cryptocurrencies to understand where the market will move on April 16th.

BTC/USDT

 

Bitcoin is trying to break above the high of $41.56 thousand, reached on April 13th. However, so far without much success. An attempt to break higher causes strong selling. Bull traders, according to TradingView, are trying to hold positions around the $40,000 mark.

The 20-day moving average (EMA), which is at $42.41 thousand, has now deviated downwards. RSI is also negative, which indicates a possible decrease in the value of the crypto asset.

In the event of a price drop below $39.2 thousand, bears may become active. Strong selling at this level will lead to a fall to the support line of the rising channel. Here the bears will meet with the aggressive support of the bulls.

If the cryptocurrency manages to break above the 20-day EMA, a breakout to $45.4K is possible. This will become possible if the cryptocurrency accumulates at lower levels.

ETH/USDT

 

For 3 days, the second most popular cryptocurrency has been trading between the 20-day EMA and the 50-day SMA, that is, between $3.14 and $2.97 thousand. This indicates protection of the lower level by bull traders, as well as strong selling when trying to break above the 20-day EMA.

If the price falls below $2.95 thousand, sales may intensify, which will cause the price to fall to $2.81 thousand. Temporary support is possible at this level, but if the bear pressure is stronger, the price may drop lower - up to the uptrend line.

If the situation goes according to a different scenario, and ETH overcomes the level of the 20-day EMA, the price of the cryptocurrency may increase, reaching the 200-day SMA. Trades between $3.49 and $3.6 thousand are possible. A break above this line will provide strength for a new upward movement.

BNB/USDT

 

Cryptocurrency exchange Binance has risen in price, having risen in price above $420. This is the level of the 20-day EMA. However, the price did not go higher, but fell to the level reached on April 14.

The RSI indicator at the average level shows the possibility of price movement in the short-term range. If the bulls attempt to push the price above the 200-day SMA again, they could face strong resistance and sell at that level.

In the event that bear traders are stronger, the cryptocurrency may fall below $391. The subsequent decline can be stopped by the support level at $350.

XRP/USDT

 

The movement of the Ripple cryptocurrency value brought its price to the 50-day SMA ($0.78). As long as the value stays above this indicator, the price of the coin can move further. Resistance is expected at $0.91.

The 20-day EMA and RSI are lining up in the middle position, which may indicate a short-term perspective of the nearest price changes. Therefore, in the next few days, the XRP/USDT currency pair will trade in the range of $0.69-$0.91.

If the price falls below the 50-day SMA, this means a strong influence of the bears. Critical support at $0.69 can be broken, and then the price may drop to $0.62.

DOGE/USDT

 

Bull traders are trying to push the price of the crypto asset above $0.16 and then to $0.18. This is the 200-day SMA. Bears will defend this level. And if their actions are successful, the cryptocurrency will trade between $0.13-$0.18 for several days.

Averages of the 20-day EMA and RSI indicate a possible consolidation of the cryptocurrency in the short term. If another strategy develops, the price of the asset may drop to the 50-day SMA ($0.12).

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CoinShark is not responsible for the content, accuracy, quality, advertising, products or any other content posted on the site. This article is for informational purposes, prepared on the basis of materials and information from open sources . Cryptocurrency is a high-risk asset, investing in it can lead to losses. Readers should do their own research before taking any action.

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