Price Analysis 4/18: BTC, ETH, XRP, BNB, SOL

SOL is seeing slight price increase at the time of writing amid the almost stagnant state of the general crypto market. There is growing optimism among holders as some predict the coin’s return to key levels.

However, due to notable selling congestion, SOL has not broken a key price mark. Investors are watching this line as they anticipate a flip may send prices higher.

The general crypto market sentiment remains slightly bullish as most assets hold on to key levels. Chainlink has maintained the $12 support since reclaiming it last week. AVAX displays a similar trend amid slight declines.

The fear and greed index rose slightly over the last three days as the global cryptocurrency market cap saw similar increases. However, trading volume has since reduced as the sector sees lesser liquidity.

Traders entered the new week with notable optimism after the market’s performance in the previous seven-day session. The vibe has since reduced due to fundamentals. They expected the US President to reach an agreement with several nations since it paused its tariffs on them.

The US announced its preparedness to end the trade war but voiced its desire to only negotiate with willing countries. None has since stepped up as they watched the drama between the large nation and China unfold.

Fears of further escalation of the extra levies, or worse, resumption, make investors more cautious about high-risk assets like crypto. Let’s see how the top assets performed.

BTC/USD

Bitcoin broke above a critical level on Monday but failed to sustain trading above it. A similar event played out on Tuesday when it surged to a high of $86,450 but saw notable selling pressure afterward, closing it at $83,612.

The asset hovered between $83k and $84k over the last two days as it saw a slight increase in buying pressure. Nonetheless, it remains in a range-bound movement following its failure to decisively break the $86k resistance.

BTC saw a significant demand concentration around $83,200 during this period. However, onchain data from CryptoQuant shows that the asset is seeing a slight increase in exchange inflows. The latest reading comes amid a slightly bullish state of the derivatives market: takers buy-sell ratio is above 1.

Indicators on the one-day chart are more positive. The moving average convergence divergence had a bullish crossing last week; the 12-day EMA intercepted the 26-day EMA. The smaller timeframe exponential moving average continued rising cross.

RSI shows a slight increase in buying volume. However, it indicates notable fluctuation in this metric over the last five days.

ETH/USD

The one-day chart shows that Ethereum barely moved in the last two days. It remained largely stagnant, with prices hovering around $1,600. 

Nonetheless, trading actions on Monday saw the asset retest the $1,700 resistance but failed to break it. It peaked at $1,691 before retracing to its opening price. ETH has since been unable to attempt this critical level. The trend reflects on the one-week chart: the coin prints a doji. 

The relative strength index is trending parallel to the price, displaying a straight line as the apex altcoin sees little or no liquidity. Onchain metrics show that trading volume is a contributing factor to the ongoing price trend. 

The asset is experiencing a significant decline in exchange inflows and outflows. However, the influx outweighs the latter, which is why there is a green candle on the one-day chart.

Nonetheless, other metrics on the one-day chart remain positive. MACD continues its uptrend amid the most recent price trend. ETH is trading above its 160% fib level.

XRP/USD

Ripple is not exempt from the low movement across several assets. Nonetheless, it tested the critical $2.20 resistance on Monday but failed to break it. It peaked at $2.17 and retraced to its opening price. It attained a similar high but closed with losses exceeding 2% on Tuesday. 

The one-day chart shows a downtrend since Sunday’s trading actions. Nonetheless, the asset sees its first green candle after three days of the opposite. Although a doji, the candle shows the altcoin staying above the $2 support. 

On the other hand, some indicators on this timeframe are gradually becoming bearish. The moving average convergence divergence is slightly arched as trading actions fail to improve. It may start a bearish convergence of conditions remain the same. 

The relative strength index suggests a further decline in price as it continues to fall. It indicates a significant increase in selling volume over the last four days. 

BNB/USD

Like SOL, Binance coin shows signs of recovery. The coin retraced on Monday after edging close to the $600 resistance. It peaked at $6 shy of the mark and dropped to its opening price. The next day, it slipped further after almost attaining the same height.

Nonetheless, trading actions over the last two days were positive as the asset printed a doji during this period. BNB peaked at $593 during the previous intraday session and continues the uptick at the time of writing, edging closer to the highlighted resistance.

The indicators on the one-day chart are more positive. Last week, the moving average convergence divergence crossed bullishly; the 12-day EMA crossed above the 26-day EMA. The smaller timeframe exponential moving average continued rising.

Nonetheless, RSI shows a slight increase in buying volume, which explains price action over the last two days. 

SOL/USD

SOL saw significant increases last week but paused its uptick over the weekend. It resumed on Monday as it edged closer to breaking the $140 resistance but failed as it peaked at $136. It saw a slight price decline afterward that continued the next day.

Nonetheless, it resumed the uptrend on Wednesday, surging from $123 to $133 and gaining over 4%. It registered a 2% increase during the previous day but struggles to continue the trend at the time of writing.

The MACD displayed a bullish divergence last week and has since continued its upward trend. The relative strength index resumed its uptrend following a three-day decline, suggesting that the bulls are in control. 

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