The Cryptocurrencies to Watch Out for This Week

The Cryptocurrencies to Watch Out for This Week

Risky assets continued their upward movement slightly in April. The S&P 500 Index increased by about 1.5% in April, while Bitcoin is moving to end the month with an increase of more than 4%. Can the rally continue into May, or is it time to pull back?


The recovery could meet headwinds if US bank problems escalate further. Bob Michele, chief investment officer at JPMorgan Asset Management, told Bloomberg in an interview that the distress at First Republic Bank is not likely to be unique to that bank and could have a domino effect.


Bitcoin Technical Analysis

After two days of low volatility in bitcoin trading, the bulls look to confirm their lead on April 30.


The 20-day EMA ($28,783) has started rising gradually, and the Relative Strength Index is in the positive territory, suggesting that the path of least resistance is up.


The 50-day SMA ($28,026) is a key support to watch. If the BTC price falls below this level, the bear will see an opportunity and attempt to sink the pair to $25,250. Buyers are likely to defend the $27,000 to $25,250 area vigorously.


Solana Price Analysis

The bulls prevented the Solana tradeoff, which fell to $22, from returning below the downtrend line in the latter part of the correction, indicating a weaker demand level.


The buyers will try to return the price to the resistance at $27.12. This change remains a key resistance to watch in the short term because if the pull clears the price, the SOL/USDT pair could accelerate toward $39.


Cosmos Price Analysis

The long tail in cosmos ATOM drops to $11.32. The April 26 candlestick displays the bull fiercely defending $10.20 support.


The buyers have moved the price above the MA and will try to lunge to the downtrend line. This change is an important level to watch.


Internet Computer Price Analysis

Internet computer broke below the 50-day SMA ($5.38) on April 26, but it turned out to be a bear trap. The price appeared on April 27 and started a strong rally.


Hedera Price Analysis

The bears repeatedly attempted to break Hedera below $0.06, but the bulls held out. The inability to break the support has attracted buyers who will attempt the break the price above the downtrend line.