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BTC, ETH, XRP, ADA, BNB and DOT Price Analysis for April 23

Price Predictions
Fri, 04/23/2021 - 16:02
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Denys Serhiichuk
Can any altcoins rise against a falling Bitcoin (BTC)?
BTC, ETH, XRP, ADA, BNB and DOT Price Analysis for April 23
Cover image via www.tradingview.com

Disclaimer: The opinion expressed here is not investment advice – it is provided for informational purposes only. It does not necessarily reflect the opinion of U.Today. Every investment and all trading involves risk, so you should always perform your own research prior to making decisions. We do not recommend investing money you cannot afford to lose.

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The market has again entered a correction wave as all top 10 coins are located in the red zone.

Top 10 coins by CoinMarketCap
Top 10 coins by CoinMarketCap

The crucial data for Bitcoin (BTC), Ethereum (ETH), XRP, Cardano (ADA), Binance Coin (BNB) and Polkadot (DOT):

Name

Ticker

Market Cap

Price 

Volume (24h)

Change (24h)

Bitcoin

BTC

$920,718,010,392 $49,431.02 $93,916,020,363 -9.83%

Ethereum

ETH

$259,446,802,332 $2,255.38 $61,003,345,850 -12.35%

XRP

XRP

$48,957,164,138 $1.09 $22,341,708,317 -17.91%

Cardano

ADA

$34,316,930,912 $1.08 $7,479,774,228 -12.45%

Binance Coin

BNB

$76,259,793,887 $495.70 $10,034,923,588 -13.20%

Polkadot

DOT

$28,184,178,503 $31.06 $4,757,043,572 -12.05%

BTC/USD

Even though the market may have entered the correction cycle, Bitcoin (BTC) is the top "gainer" as the rates of altcoins have gone down much deeper.

BTC/USD chart by TradingView
BTC/USD chart by TradingView

On the daily chart, Bitcoin (BTC) has touched the support zone at $48,800. However, no bounceback has occurred, which means that the rate of the main crypto might head lower. In this case, the next support is around the zone of $45,000.

Bitcoin is trading at $48,948 at press time.

ETH/USD

The rate of Ethereum (ETH) has faced a more profound drop, as the drop has made up 12.35%.

ETH/USD chart by TradingView
ETH/USD chart by TradingView

Etherum (ETH) has also entered the bearish zone, and there are no prerequisites for a long-term bullish trend.

Related
BTC, ETH and UNI Price Analysis for April 22

As a more likely scenario, one may expect a retest of the MA 50 that refers to the level around $1,950.

Ethereum is trading at $2,218 at press time.

XRP/USD

XRP is the top loser today as the rate of the coin has declined by 17% since yesterday.

XRP/USD chart by TradingView
XRP/USD chart by TradingView

On the daily time frame, XRP is also on its way to testing the MA 50 that is located around the area of $0.82. There may be a short-term bounce-off from that area.

XRP is trading at $1.0736 at press time.

ADA/USD

Cardano (ADA) is not an exception to the rule, falling by 12.45% over the last 24 hours.

ADA/USD chart by TradingView
ADA/USD chart by TradingView

Cardano (ADA) has tested the level of $0.98. However, bulls are unlikely to hold as the bears keep pressing. In this regard, there is a good chance of seeing a retest of the next level of $0.70 shortly.

ADA is trading at $1.0838 at press time.

BNB/USD

Binance Coin (BNB) is the second-most falling coin today as its rate has gone down by 13.20%.

BNB/USD chart by TradingView
BNB/USD chart by TradingView

Despite the decline, Binance Coin (BNB) is trading above $500, which means that bulls are not going to give up so easily. As a more likely scenario, traders might expect a sideways trend in the range of $480-$500.

BNB is trading at $506 at press time.

DOT/USD

The rate of Polkadot (DOT) has decreased by 12% over the last day.

 DOT/USD chart by TradingView
 DOT/USD chart by TradingView

Even though Polkadot (DOT) has followed the decline of Bitcoin (BTC), its short-term scenario is bullish. The selling trading volume is at its peak, which means that sellers may have fixed their positions. In this case, there are chances of seeing DOT at the level of $37 soon.

DOT is trading at $31.10 at press time.

 
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About the author

With more than 5 years of trading, Denys has a deep knowledge of both technical and fundamental market analysis. Mainly, he has started his blog on TradingView where publishes all relevant information and makes predictions about top coins.
Thus, his experience is backed up by working in top blockchain related companies such as W12, Platinum Listing, ATB Coin, and others, can be contacted at denys.serhiichuk@u.today.