Technical Analysis for April 24: BTC, ETH, XRP, BNB, SOL, DOGE, ADA, LINK, AVAX, SUI

Bitcoin (BTC) approached the resistance level of $95,000 on April 23, as the upward momentum was driven by strong capital inflows into spot Bitcoin ETF funds and a series of positive signals from the macro environment in the United States. According to data from Farside Investors, these ETF funds recorded net inflows of $381.3 million on April 21 and surged to $912.7 million just one day later.

Analysts from Standard Chartered and Intellectia AI believe that the growing demand from institutions for Bitcoin ETFs, along with the increasingly clear role of BTC as a macro risk hedge asset, could be the springboard for Bitcoin's price to reach $200,000 in 2025.

However, not every perspective is optimistic. Markus Thielen, head of research at 10x Research, expressed caution in the market report on April 23, questioning the sustainability of this price increase as the issuance volume of stablecoins – an important indicator – has not yet recovered to previous highs.

Will Bitcoin be able to break the $95,000 mark and create a ripple effect on altcoins? Let's analyze the charts of the top 10 cryptocurrencies to find the answer.

Technical Analysis of BTC

Bitcoin formed a Doji candle pattern on April 23, indicating hesitation between the bulls and bears near the resistance area of $95,000.

! date-24-4-phan-analysisBTC/USDT daily chart | Source: TradingView The 20-day (EMA) exponential moving average at $85.773 has started to slope upward, and the relative strength index is (RSI) near the overbought zone, indicating that the main trend may be tilted to the upside. If the bulls do not lose many positions to the bears, the likelihood of BTC surpassing the $95,000 mark increases. At that time, the BTC/USDT pair can break out to $100,000, or even $107,000.

This positive outlook will be invalidated in the short term if the price sharply reverses from the $95,000 level and breaks through the moving averages.

ETH Technical Analysis

Ether (ETH) surged strongly on April 22 and crossed the 20-day EMA at $1,676. The bulls will try to maintain the advantage by pushing the price above the 50-day simple moving average (SMA) at $1,830 on April 23.

ETH/USDT daily chart | Source: TradingViewIf successful, the ETH/USDT pair could target the resistance area at $2,111. Bears will look to halt the recovery momentum here, but if bulls take control, the price could soar to $2,550 – a signal that the correction phase may have ended.

On the contrary, if the price drops sharply from the level of $2.111, it indicates that the bears are still actively operating at higher price levels. At that point, this currency pair may continue to move sideways in the range of $2.111–$1.368 for some more time.

Technical Analysis of XRP

XRP has surpassed the 50-day SMA at $2.20, but the long candle wick indicates increasing selling pressure at higher price levels.

XRP/USDT daily chart | Source: TradingViewBears are expected to defend this resistance line fiercely, as a price breakout and close above this line would signal a potential trend reversal. At that point, the XRP/USDT pair could target the $3 level.

On the contrary, if the price reverses and breaks through the moving averages, it indicates that the bears are still in control of the situation. At that point, this currency pair may retrace to test the strong support area at $2 – a place likely to attract buying pressure.

Technical Analysis of BNB

BNB broke through the downtrend line on April 21, but the higher price attracted strong selling pressure from the bears.

Daily BNB/USDT Chart | Source: TradingViewThe BNB/USDT pair may adjust towards the moving average lines – an important support zone in the short term. If the price strongly bounces from these moving averages, the possibility of further increase to $644 and beyond to $680 will be reinforced.

On the contrary, if the price breaks through and closes below the moving averages, it indicates that the breakout from the previous downtrend may just be a "bull trap." At that point, the currency pair risks dropping to $566.

Technical Analysis of SOL

Solana (SOL) has bounced from the 20-day EMA at $133 on April 22 and is attempting to break through the overhead resistance at $153 on April 23.

SOL/USDT daily chart | Source: TradingViewThe 20-day EMA is trending upward and the RSI is in the positive zone, indicating that the advantage is tilting towards the bulls. If it closes above $153, the SOL/USDT pair could initiate a rally to $180. This opens up the possibility for a larger movement within the $110–$260 range.

Time is running out for the bears. If they want to regain control, they need to quickly push the price below the moving averages. If successful, the price could fall to the support area of $120–$110.

Technical Analysis of DOGE

Dogecoin (DOGE) has surpassed moving averages on April 22, indicating that the bulls are making a strong comeback.

Daily DOGE/USDT Chart | Source: TradingViewThe price may rise to the resistance level at $0.21 – where the bears might return. If the price drops from this level and breaks through the moving averages, it indicates a high likelihood that the market will trade sideways in the short term. At that point, the DOGE/USDT pair may fluctuate in the range of $0.21–$0.14 for a while.

Conversely, if the price surpasses and closes above $0.21, the double bottom pattern will be confirmed. At that time, the currency pair may rise to the target of $0.28.

Technical Analysis of ADA

The bulls have pushed the price of Cardano (ADA) above the 20-day exponential moving average (EMA) at $0.64 on April 22 and are trying to keep the price above the 50-day simple moving average (SMA) at $0.68 on April 23.

Daily chart of ADA/USDT | Source: TradingViewThe 20-day EMA is trending sideways, but the relative strength index (RSI) has risen into the positive zone, indicating that market momentum has shifted to an uptrend. A close above the 50-day SMA will open the door for a price increase towards the $0.83 level.

The bulls are expected to defend the support area between the 20-day EMA and the $0.58 level on the downside. If the bears pull the ADA/USDT pair below $0.58, they will regain control of the market. At that point, this pair could slide down to the $0.50 level.

Technical Analysis of LINK

Chainlink (LINK) has rebounded from the 20-day EMA at $13.16 and surpassed the 50-day SMA at $13.62 on April 22.

Daily chart of LINK/USDT | Source: TradingViewThe LINK/USDT pair may rise to the $16 level, where bears are likely to create strong resistance. If bulls do not let the price fall back below the 20-day EMA, the possibility of a price surge to the resistance line of the descending channel pattern will improve. A trend reversal will be confirmed if the price breaks above this channel.

The 20-day EMA is an important support level to watch on the downside. If the price falls below this EMA line, the risk of further decline to $11.89 and then to the support line will be opened.

Technical Analysis of AVAX

Avalanche (AVAX) broke through the downtrend line on April 22, indicating that the bears are gradually losing control.

! Daily AVAX/USDT chart | Source: TradingViewThe bears will try to stop the rally at $23.50, as if it fails, the AVAX/USDT pair will complete a double bottom pattern. This bullish setup has a target of $31.73.

If the price reverses down from the level of $23.50, the bulls will look to accumulate at the pullbacks to the 20-day EMA ($19,72). A bounce from this EMA line will increase the likelihood of breaking the level of $23.50. On the contrary, if the price breaks below the moving averages, it indicates that the market may enter an accumulation phase within the range of $15.27 to $23.50.

SUI Technical Analysis

Sui (SUI) made a strong breakout above the moving averages on April 22 and surpassed the important resistance level at $2.86 on April 23.

Daily SUI/USDT Chart | Source: TradingViewThe long upper wick indicates selling pressure at the $2.86 level, but if the bulls do not allow the price to adjust too much, the chances of breaking this resistance level will increase. This could push the SUI/USDT pair to $3.25 and then to $3.50.

The 20-day EMA ($2.29) is expected to act as a strong support zone during any correction. If the price breaks out and closes below the 20-day EMA, it indicates that the bullish momentum has weakened. At that time, the market may enter a sideways phase in the short term.

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Disclaimer: This article is for informational purposes only and is not investment advice. Investors should do their due diligence before making any decisions. We are not responsible for your investment decisions.

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