Price analysis 4/21: SPX, DXY, BTC, ETH, XRP, BNB, SOL, DOGE, ADA, LINK

The US Dollar Index (DXY) fell below 98 on April 21st, reaching a three-year low. This propelled gold to a new all-time high, and Bitcoin (BTC) also surged, exceeding $88,000.

BitMEX co-founder and Maelstrom CIO, Arthur Hayes, believes this might be the "last chance" to buy Bitcoin below $100,000. Hayes anticipates the Federal Reserve announcing US Treasury buybacks, which he predicts will significantly boost Bitcoin's price.

Whale activity suggests a potential upward move, with significant accumulation observed in March and April. Glassnode data shows an increase in wallets holding over 1,000 Bitcoin, rising from 2,037 in late February to 2,107 by April 15th.

Will Bitcoin maintain these higher levels, leading to a rally towards $100,000? Will altcoins follow suit? Let's examine the charts.

S&P 500 Index Price Analysis

The S&P 500 Index (SPX) recovery stalled at the 20-day exponential moving average (5,399) on April 14th.

The 5,119 level is crucial support. A break below this could trigger a drop to 4,950. However, bulls are expected to defend the 4,950 to 4,835 range.

A rebound from 5,119 would suggest bulls are attempting to establish a higher low, potentially leading to consolidation between 5,119 and 5,500. A decisive break above 5,500 would signal the end of the correction.

US Dollar Index Price Analysis

The US Dollar Index resumed its downtrend on April 21st, indicating bearish dominance.

A potential drop to 97.50 is anticipated, which could act as strong support. The oversold RSI suggests a potential short-term relief rally. However, sellers are likely to defend the 99 to 100.27 range. A sustained break above 100.27, and ideally above the 20-day EMA (101.64), would signal a shift in short-term momentum.

Bitcoin Price Analysis

Bitcoin experienced a significant price increase after a period of consolidation, reaching key resistance at the 200-day SMA ($88,238).

A bullish crossover of moving averages is imminent, and the RSI is positive, favoring buyers. Breaking above the 200-day SMA suggests a potential near-term bottom, potentially leading to a rally towards $95,000 and then $100,000. The 20-day EMA ($84,176) provides crucial support. A break below it would signal renewed bearish pressure, potentially leading to a drop to $78,500.

Ether Price Analysis

Ether (ETH) remains in a downtrend, but bulls are attempting a relief rally above the 20-day EMA ($1,659).

Resistance is expected between $1,754 and the 50-day SMA ($1,846). A reversal from this zone could lead to a break below $1,368. Conversely, a close above the 50-day SMA could pave the way for a rally to $2,111 and potentially $2,600.

XRP Price Analysis

XRP (XRP) has moved above the 20-day EMA ($2.09), indicating weakening bearish momentum.

Resistance lies at the 50-day SMA ($2.21). A break above this could lead to a move towards the resistance line. The $2 level is critical support; a break below suggests continued bearish control, potentially leading to a drop to $1.72 and then $1.61.

BNB Price Analysis

BNB (BNB) broke out of a downtrend line on April 21st, suggesting bullish control.

A close above the downtrend line could lead to a rally to $645, and potentially $680 if bulls maintain momentum. A fall below $566 would signal a rejection of the breakout and a potential return to the prior trading range.

Solana Price Analysis

Solana (SOL) is approaching the $148 to $153 resistance zone, suggesting weakening bearish pressure.

A bullish crossover of moving averages is nearing completion, and the RSI is positive. Breaking above the resistance zone could lead to a rally to $180. A sharp reversal from this zone, however, suggests selling pressure and potential range-bound trading between $153 and $120.

Dogecoin Price Analysis

Dogecoin (DOGE) is holding near the 20-day EMA ($0.16), indicating reduced selling pressure.

The flattening 20-day EMA and RSI near the midpoint suggest a balance. A break above the 50-day SMA ($0.17) would favor bulls, potentially leading to a rally to $0.21. The $0.14 level is key support; a break below signals a resumption of the downtrend, potentially leading to a drop to $0.13 and then $0.10.

Cardano Price Analysis

Bulls are attempting to keep Cardano (ADA) above the 20-day EMA ($0.63).

A potential rise to the 50-day SMA ($0.69) is anticipated. Breaking above this suggests the end of the correction, potentially leading to a rally to $0.83 and then $1.03. A reversal from the 50-day SMA could see support at the 20-day EMA. A break below $0.58 would favor bears.

Chainlink Price Analysis

Chainlink (LINK) closed above the 20-day EMA ($12.90) on April 19th and reached the 50-day SMA ($13.63).

Sellers will likely defend the 50-day SMA. A break above could lead to a rally towards the resistance line of the descending channel pattern, with potential resistance at $16. The 20-day EMA and $11.68 provide support; a break below $11.68 suggests bearish control.

Disclaimer: This article does not provide financial advice. All investment decisions involve risk, and readers should conduct thorough research before making any investment choices.