Bitcoin price trades near a critical level but if bulls reclaim the $40,000 level, DOT, XMR, $APE and $CAKE could be the first to break out.
) is correcting in an up-move. The price turned down from $290 on April 22, indicating that bears are posing a strong challenge near the psychological level at $300.The XMR/USDT pair could first drop to the 20-day EMA which is likely to act as a strong support. If the price rebounds off this level with strength, it will indicate that bulls are buying on dips. The pair could then again attempt a break above the overhead resistance at $300. If that happens, the pair may rally to $340.
Alternatively, if the price breaks below the 20-day EMA, the selling could intensify and the pair may slide to the 50-day SMA .The pair has dropped below the 50-SMA, indicating profit-booking by short-term traders. If the price continues lower and breaks below $250, the selling could accelerate and the pair may drop to $240 and later to the 200-SMA.
Any rebound is likely to face selling at the 20-EMA. The bulls will have to push and sustain the price above the 20-EMA to indicate that the correction may be over. The pair could then rise to $280 and later to $290.ApeCoin broke out of the symmetrical triangle pattern on April 19, indicating that the indecision among the bulls and the bears resolved in favor of the buyers.The 20-day EMA has turned up and the RSI is in the positive zone, indicating that bulls are in command.
If the price turns up from the current level, the bulls will attempt to push the pair above $18.44. If they succeed, the pair could climb toward $20 and later to $24. This positive view could invalidate in the short term if the price turns down and breaks below the 20-day EMA.The 4-hour chart shows that the pair turned down from $18 but rebounded sharply off the 20-EMA. This suggests that the sentiment remains positive and traders are buying on dips.
Although the rising 20-EMA indicates advantage to buyers, the RSI has formed a negative divergence suggesting that the positive momentum may be weakening. If the price turns down from the current level and slips below the 20-EMA, the selling could intensify and the pair may slide toward the 50-SMA.
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