Bitcoin and certain altcoins rose sharply in Q1 2024. But a correction is possible in the near term. What are the key support levels to watch out for in Bitcoin and leading altcoins, including AVAX Coin? Crypto analyst Rakesh Upadhyay examines the charts to find out.

BTC, ETH, BNB and SOL Coin analysis

Bitcoin (BTC) price analysis

Bulls are struggling to push Bitcoin above $71,770. Yesterday’s correction proves that bears are not ready to quit. The narrow range trade is likely to break soon. However, the direction of the breakout is hard to predict with certainty. If the price breaks below the 20-day EMA, short-term traders can take profits by pulling BTC to the 50-day SMA ($62,430). On the other hand, if the price rises and breaks above the $71,770 to $73,777 zone, it will mark the beginning of the next leg of the uptrend. It is possible that BTC will then continue its march towards $80,000.

Ethereum (ETH) price analysis

ETH is having a hard time breaking above the immediate resistance of $3,679 and sustaining it. This suggests that the bears are trying to gain the upper hand. The bears will try to take advantage of the situation and push the price below the 50-day SMA ($3,386). If they do so, the sell-off is likely to increase. Thus, ETH is likely to slide to $3,250 and then to the critical support at $3,056. If the bulls want to stem the decline, they will have to push the price above $3,679. This is likely to open the doors for a possible retest of $4,000. This level will again act as a significant hurdle. However, if the bulls prevail, ETH is likely to reach $4,500.

Binance Coin (BNB) price analysis

Cryptocoin.comAs you have been following from BNB, BNB fell from $620 on March 29. Then, it fell back to the 20-day EMA ($562) on April 1. Thus, it signaled profit booking by short-term traders. The 20-day EMA is an important support to watch out for. Because a break and close below it could push BNB down to $496. Buyers are expected to aggressively defend this level. Contrary to this assumption, if the price rebounds from the 20-day EMA, it will show that sentiment remains positive and traders are buying the dips. The bulls will then make one more attempt to push the price to $645. A break above this level is likely to catapult the price to $692.

Solana (SOL) price analysis

SOL turned down once again from the overhead resistance level of $205 on April 1. Therefore, this signaled an aggressive sell-off at this level. SOL is likely to hit the 20-day EMA ($180), which is an important support to watch. If the price rebounds from the 20-day EMA, it will show that the bulls continue to buy the dips. This will increase the probability of a break above $205. If this happens, SOL is likely to resume its uptrend and rise towards $267. Instead, if the price continues to fall and breaks below the 20-day EMA, it will signal that the bulls are running for the exit. SOL is then likely to fall to the 50-day SMA ($147).

XRP, DOGE, ADA, AVAX Coin analysis

Ripple (XRP) price analysis

The XRP price action of the last few days points to indecision between bulls and bears. Accordingly, the movement has formed a symmetrical triangle pattern. The 20-day flat EMA and the RSI just below the midpoint do not give a clear advantage to either buyers or sellers. The bulls will need to push the price above the triangle to suggest the start of a rally towards the formidable resistance at $0.74. Alternatively, if the price continues to fall and breaks below the triangle, it will suggest that the bears are trying to take charge. The sell-off is likely to gather below the bullish trendline and push XRP as low as $0.52.

Dogecoin (DOGE) price analysis

Bulls are trying to turn the DOGE $0.19 level into support. However, it struggles to push the price above $0.23. The bears will try to take advantage of the situation. Thus, they will push DOGE below the 20-day EMA ($0.18). If they do so, a sell-off is possible. Also, DOGE is likely to fall to the next important support at the 50-day SMA ($0.14). On the contrary, if the price rises and breaks above $0.23, it will indicate that the bulls are trying to resume the uptrend. It is possible that DOGE will then try to rise to $0.30. However, it is likely to encounter bears’ resistance here again.

Cardano (ADA) price analysis

ADA has failed to break above the $0.68 resistance in the last few days. This suggests that bears are active at higher levels. The bears pulled the price below the immediate support at $0.63. It will now try to extend the decline to the firm support at $57. If the price rebounds from $0.57, it will suggest that ADA could stay between $0.57 and $0.68 for a while. If the price breaks below the critical support at $0.57, it will complete a bearish head and shoulders pattern of the ADA. This will signal the start of a deeper correction towards $0.46. The bulls will need to push the price above $0.68 to get back in the driver’s seat.

Avalanche (AVAX Coin) price analysis

The bulls managed to keep AVAX Coin price above the 20-day EMA ($53) in the past few days. However, it failed to launch a strong rebound. This suggests that the bulls did not make aggressive purchases. The selling accelerated on April 1 and the bears drove the AVAX Coin price to the $50 support. This is a very important level to watch out for AVAX Coin. Because a break below it could accelerate the sell-off and push the AVAX Coin price to $42. This negative view will be invalid in the near term if the price rises and breaks above the downtrend line. In this case, it is possible that the AVAX Coin price could rise to $60. It is then likely to start a rally attempt towards the overhead resistance at $65.