- A sell wall at $3,475 could send ETH’s price below $3,300 as it attempts to push higher.
- SOL might climb toward $198.18 but ICP might drop to $16.39.
- LINK was on the verge of forming a bullish flag while ADA could aim at $0.59.
This week, prices of many cryptocurrencies tumbled and a lot of them failed to sustain their recoveries. However, traders are hopeful that the turbulent times experienced in the last five days will be put to rest this weekend.
Therefore, Coin Edition looks at five of the top 20 cryptos per market cap and how the direction they might head this weekend. Read on.
ETH Price Analysis
Between April 1 and 2, Ethereum’s (ETH) price fell from $3,654 to $3,237, highlighting how steep the correction was during the week. However, bulls capitalized on the drawdown and created support for the altcoins.
As a result, ETH climbed to $3,345. Despite the slight jump, the Relative Strength Index (RSI) showed that ETH was not yet out of danger as the reading remained below 50.00. If buying momentum increases this weekend, then the price could head toward $3,512 overhead resistance.
ETH/USD 4-Hour Chart (Source: TradingView)
On the other hand, ETH might end up trading sideways if the momentum fails to improve. Meanwhile, the Supertrend showed that there was a sell wall at $3,475. If the price approaches that region, it could face rejection which could send it back below $3,300.
SOL Price Analysis
Solana’s (SOL) 4-hour chart revealed how the token struggled to retest the $200 psychological resistance after hitting it on the first day of the month. At press time, SOL changed hands at $177.76.
Furthermore, the Awesome Oscillator (AO) was negative. However, the green histogram bars appearing on the indicator suggested a bounce could be in place. This prediction was also reinforced by the Fibonacci indicator.
As of this writing, the 0.786 Fib level was at $198.18. With this position, SOL’s price might be closer to $200 before the weekend closes.
SOL/USD 4-Hour Chart (Source: TradingView)
ICP Price Analysis
Profit-taking forced ICP as low as $16.60 earlier in the week. Since then, the token has not hit the $20.50 ceiling despite numerous attempts. This weekend, ICP might experience further decline, according to signals from the Exponential Moving Average (EMA).
At press time, the 9 EMA (blue) had a downward crossover of the 20 EMA (yellow), indicating a bearish trend. Also, the price of the cryptocurrency had broken below both EMAs. As such, ICP might face more downside, and the price prediction for the weekend could be $16.39.
ICP/USD 4-Hour Chart (Source: TradingView)
LINK Price Analysis
On the 4-hour timeframe, Chainlink (LINK) has formed a descending channel, indicating that sellers have been in control. However, the price action showed that bears might be getting exhausted.
If this is the case, LINK might break out and form a bullish flag that raises the price. The RSI showed that the momentum had not yet confirmed the bullish thesis. However, the FIb levels revealed that the price could rally as high as $19.45 within the next few days.
If the momentum stalls, LINK might end up at $18.17 (the 0.236 Fib retracement). But if buyers take sellers out of the way, the bullish thesis could be validated.
LINK/USD 4-Hour Chart (Source: TradingView)
ADA Price Analysis
ADA’s market structure was similar to many other altcoins. But bulls seem to have identified a solid support at $0.56. As such, the price of the token was heading northward at press time. However, as the value approaches the upside, it could encounter resistance at $0.59.
If bulls break through this point, then ADA could target a move past $0.62. Indications fron the RSI and Moving Average Convergence Divergence (MACD) showed that buyers were attempting to take the token away from the bearish zone.
ADA/USD 4-Hour Chart (Source: TradingView)
A successful attempt could take ADA as high as $0.65. But that might not occur this weekend as the price might end up at $0.59. However, traders need to watch. If ADA gets rejected at $0.59, the price might decline to $0.55.
Disclaimer: The information presented in this article is for informational and educational purposes only. The article does not constitute financial advice or advice of any kind. Coin Edition is not responsible for any losses incurred as a result of the utilization of content, products, or services mentioned. Readers are advised to exercise caution before taking any action related to the company.
