326
113 shares, 326 points

SOL, HT, ETC, and AAVE are heading towards new highs as Bitcoin is trading in a narrowing range. Bitcoin (BTC) price made its first negative close in April since 2015, and closed the month with a 1.98% drop, according to data from Bybit.

In the same month, the Ethereum (ETH) price rose more than 44%, approaching its all-time high of $ 3,000. This huge difference between the two best cryptocurrencies shows that the markets are maturing and the underperformance of Bitcoin does not affect altcoins as much as in the past.

Ethereum’s bullish trend has attracted strong purchases from traders. Data from Bybit shows that its open position in Ethereum futures climbed to $ 8.5 billion on April 29 and increased 52% compared to the previous month. As Marcel Pechman emphasized, this increase was supported by professional traders who seemed to have a stronger view of Ethereum than retail investors.

The strong performance of the crypto industry continues to attract a wide variety of investors. According to the Financial Times, VC firm Andreessen Horowitz plans to meet this growing demand by allocating $ 800 million to $ 1 billion in funding for another fund. The flow of money to various crypto projects indicates that investors are showing an upward trend in the long term.

T. Rowe Price CEO William Stromberg said in an interview with the Baltimore Business Journal that the crypto space is still in its infancy and “it could take years for it to really emerge.”

Let’s look at the top 5 cryptocurrencies that can rise in the short term, with Ethereum managing the altcoin movement.

BTC / USDT

Bitcoin surpassed its marshall averages on April 30, but the bulls were unable to build that strength above average. The Doji candlestick pattern on May 1st and today’s 50-day simple movement drops below the average ($ 56.833) show that the bears are selling at higher levels and are not giving up.

If sellers pull the price back below the average ($ 55,723) by 20-day exponential movement, the BTC / USDT rate could drop to $ 52.323.21 and then to $ 50.460. The straight line of motion averages near the midpoint and the relative strength index (RSI) show that there is a balance between supply and demand. This situation may keep the pair tied to the price range for a few more days.

If the pair returns from the 20-day EMA and rises above $ 58.469.09, this view will be void. Such a move will show that the bulls are buying at every small drop. The pair could then rise to $ 61.825.85. Here the bulls are likely to encounter stronger resistance from the bears again.

Although it is too early to confirm, courtship seems to be making the right shoulder of a possible head and shoulders crest formation. This setup will be completed with a break below the neckline. Until then, traders may be on the alert.

The 4-saadollarsik chart shows that the bulls pushed the price above the $ 57.500 resistance but failed to sustain it. The bears have pushed the price below the level again and are trying to break the 20-EMA support. In such a case, the exchange rate may drop to 50-SMA.

The strong recovery of this support could encourage the bulls to make another attempt to break the $ 57,500 barrier. If they are successful, the pair could begin its journey to $ 61,825.84. Conversely, if the bears lower the price below the 50-SMA, the probability of it falling to $ 50,460 increases.

SOL / USDT

Solana (SOL) climbed above the $ 48.64 resistance on May 1st and reached an all-time high of $ 49.99 today. However, the $ 50 psychological level serves as a resistance. The bears pulled the price below $ 48.64 today.

If the bears keep the price below $ 48.64 for two days, the SOL / USDT rate may drop to the support of $ 40.51. A strong recovery of this support will indicate that the bulls are accumulating in dips. The bulls will then make another attempt to clear the $ 50 resistance.

If successful, the pair could start the next leg of the uptrend to $ 56.77 and then reach $ 68.05. The rising trendline averages and the RSI near the overbought zone indicate that the path of least resistance is up.

If the price falls below the 20-day EMA ($ 38), this positive opinion will become invalid. The pair can correct to the 50-day SMA ($ 26).

4 saadollarsik graphs showing bulls trying to defend the 20-EMA. If they can push the price above the $ 48.64 to $ 49.99 overall resistance zone, momentum is likely to rise. The 20-EMA and RSI, gradually rising in the positive zone, show that the bulls have a small advantage.

Contrary to this assumption, if the price falls from general resistance once again, movingways will increase the likelihood that it will break below the averages. The bears can then pull the price down to $ 40.51. A strong bounce from this support could keep the pair tied to the price range for several days.

HT / USDT

The Huobi Token (HT) rose above the $ 26.89 resistance on May 1st and today hit an all-time high of $ 29.54. However, the bears are trying to pull the price below the breakout level and trap the aggressive bulls.

If the price drops for three days and stays below $ 26.89, the HT / USDT rate may gradually fall to $ 22. A strong recovery of this support could keep the pair tied to the price range for several days.

Conversely, if the bulls defend the $ 26.89 support or don’t give up too much below $ 25, they will suggest a strong buy with every small drop. A break above $ 29.54 could continue the bullish train with the next target of $ 36.54.

The 20-day EMA ($ 20.54) has emerged and the RSI is in the overbought zone. This shows that the bulls are in control.

Bulls and bears are fighting for supremacy near the $ 26.89 level. Although the bears pulled the price down to $ 26.10, they could not keep the lower levels. This indicates that the bulls are buying on dips.

Rising moving averages and the RSI near the overbought zone show that the bulls have the upper hand. However, the bulls have a hard time pulling the price to $ 29.54. This may result in high volatility in the short term.

A break below $ 26 could push the price to the 20-EMA. If the price returns strongly from this level, the bulls will make another attempt to continue the uptrend. Alternatively, a break below the 20-EMA could signal the beginning of a deeper correction.

ETC / USDT

The bears are trying to stop the upward move of Ethereum Classic (ETC) from $ 38 to $ 41.61 overall resistance zone. However, the long tail on today’s candlestick indicates that traders are buying lower.

The rising 20-day EMA ($ 28.74) and the RSI in the overbought zone give the bulls an advantage. If buyers raise the price above the overhead zone, the ETC / USDT rate could continue the uptrend and rise to $ 53.21.

Contrary to this assumption, if the price falls from the overhead zone, the bears will try to lower the pair to the 20-day EMA. A break below this support will indicate that the bullish momentum is weakening and then the pair could drop to $ 22.20.

The 20-EMA is rising and the RSI is in the overbought territory. This shows that the bulls are in control. However, the bears do not seem to throw the towel easily. The bears will try to stop the upward movement of the coin.

A break below the 20-EMA will be the first sign that the bullish momentum is weakening. This could pull the price down to 50-SMA. Such a move can keep the rate in the price range for a few days.

AAVE / USDT

The bulls pushed the AAVE above the $ 489 resistance today. However, they were unable to keep the purchase at higher levels and the bears pulled the price back to the $ 480 to $ 280 range today. This indicates that the bears are trying to lure aggressive bulls who may have bought the breakout in the price range.

If the price drops below the 20-day EMA ($ 415), this will indicate that the bulls are not buying on dips. This could pull the price to the 50-day SMA ($ 383) and extend the stay of the AAVE / USDT pair in range for a few more days.

Conversely, if the pair returns from the 20-day EMA, it will show lower levels of accumulation. The bulls will then make another attempt to push the price to $ 581.67. A break at this level could increase the trip north to $ 698.

VORTECS ™ data from Cointelegraph Markets Pro show that the upward trend in AAVE has continued since April 25, with a few momentary declines to 63.

Exclusive to Cointelegraph, the VORTECS ™ Score is an algorithmic comparison of historical and current market conditions, derived from a combination of data points such as market sentiment, transaction volume, last price movement, and Twitter activity.

As shown in the chart above, the VORTECS ™ Score for AAVE has remained consistently green since April 25, when the price was $ 351.40.

The strong VORTECS ™ Score could have prevented traders from posting profits early and leaving their profits on the table. AAVE rose to $ 509.83 today and gained 45% within a week.

The 4-saadollarsik chart shows that the bulls have bought the decline to the 20-EMA and are again trying to push the price above the $ 489 to $ 512 resistance zone. Rising averages and RSI above 63 indicate that the path of lowest resistance is up.

If the bears pull the price below the 20-EMA, this bullish outlook will weaken. This may indicate that supply exceeds demand. The rate can then drop to 50-SMA. If this support continues, the pair could consolidate between $ 420 and $ 489 a few days before starting the next trend move.


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