Price analysis 4/14: SPX, DXY, BTC, ETH, XRP, BNB, SOL, DOGE, ADA, LEO

Bitcoin (BTC) bulls are trying to start the week on a positive note by pushing the price above $85,000. Michael Saylor’s Strategy has used the recent dip to buy 3,459 Bitcoin for $285.5 million at an average price of $82,618. That boosts the total holding of the firm to 531,644 Bitcoin purchased at an average price of $67,556.

However, not everyone is bullish in the near term. Several institutional investors seem to have trimmed their holdings. CoinShares reported on April 14 that digital asset exchange-traded products (ETPs) witnessed $795 million in outflows last week. The $7.2 billion in outflows since February have reversed nearly all year-to-date inflows, now at just $165 million.

Although Bitcoin seems to have bottomed out in the short term, a roaring bull market rally is unlikely to start in a hurry. The tariff headlines and the outcome of the tariff talks between the United States and other countries could dictate the price action.

Could Bitcoin build upon the recovery, pulling altcoins higher? Let’s analyze the charts to find out.

S&P 500 Index price analysis

The S&P 500 Index (SPX) witnessed a hugely volatile week, but a positive sign is that lower levels attracted solid buying by the bulls.

After the massive volatility of the past few days, the index could enter a quieter phase. Sellers are likely to sell the rallies near 5,500, while the bulls are expected to buy the dips to the 5,119 support. That signals a possible range-bound action between 5,500 and 5,119 for some time.

The next trending move is expected to begin after buyers push the price above 5,500 or sink below 4,950. If the 5,500 level gets taken out, the index could surge to 5,800.

US Dollar Index price analysis

The US Dollar Index (DXY) has been in a freefall since turning down from the 20-day exponential moving average (102.81) on April 10.

Buyers defended the 99.57 level on a closing basis on April 11, but the bears renewed their selling on April 14. If the price closes below 99.57, the index could tumble to 97.50 and, after that, to 95. The longer the price remains below 99.57, the greater the risk of starting a new downtrend.

If buyers want to prevent a downward move, they will have to swiftly push the price back above 99.57. That could start a recovery to 101.

Bitcoin price analysis

Bitcoin broke above the resistance line on April 12, and the bulls successfully held the retest of the breakout level on April 13.

The 20-day EMA ($82,979) has flattened out, and the RSI is near the midpoint, suggesting that the selling pressure is reducing. The BTC/USDT pair could climb to $89,000, which is likely to act as a stiff resistance. If the price turns down sharply from $89,000 and breaks below the 20-day EMA, it will indicate a range formation. The pair may oscillate between $89,000 and $73,777 for a few days.

If sellers want to trap the aggressive bulls and retain control, they will have to quickly pull the price back below the 20-day EMA. If they do that, the pair may descend to $78,500 and subsequently to the vital support at $73,777.

Ether price analysis

Ether (ETH) is facing selling at the 20-day EMA ($1,722), as seen from the long wick on the April 14 candlestick.

If the price plummets below $1,546, the ETH/USDT pair could retest the $1,368 support. This is a crucial level for the bulls to defend because a break below $1,368 could start the next leg of the downtrend toward $1,150.

Conversely, if buyers propel the price above the 20-day EMA, it signals that the bears are losing their grip. There is resistance at the 50-day SMA ($1,955), but it is likely to be crossed. The pair may then ascend to the solid resistance at $2,111.

XRP price analysis

XRP (XRP) turned down from the 50-day SMA ($2.24) on April 13, indicating that sellers are active at higher levels.

The 20-day EMA ($2.10) has flattened out, and the RSI is near the midpoint, indicating a balance between supply and demand. A break below $2 will tilt the advantage in favor of the bears. The XRP/USDT pair could drop to $1.72 and later to $1.61.

Buyers will gain the upper hand if they push and maintain the price above the 50-day SMA. If they can pull it off, the pair could rally to the resistance line. Sellers are expected to aggressively defend the resistance line because a break above it signals a potential trend change.

BNB price analysis

BNB (BNB) is facing resistance at the downtrend line, but a minor positive is that the bulls have not ceded much ground to the bears. 

That increases the likelihood of a break above the downtrend line. If that happens, the BNB/USDT pair could ascend to $645. Sellers will try to guard the $645 level, but it is likely to be crossed.

This positive view will be invalidated in the near term if the price turns down sharply from the downtrend line and breaks below $566. That could keep the pair stuck inside the triangle for a while longer.

Solana price analysis

Sellers are trying to defend the 50-day SMA ($130) in Solana (SOL), but the bulls have kept up the pressure.

If the price closes above the 50-day SMA, the SOL/USDT pair could rise to the $147 to $153 resistance zone. Sellers are expected to vigorously defend this zone, but if the bulls prevail, the pair could surge to $180.

The first support on the downside is the 20-day EMA ($123). A bounce off the 20-day EMA will keep the positive momentum intact, while a break below it could sink the pair to $110 and eventually to $95.

Related: Solana rallies 20% against Ethereum, but is $300 SOL price within reach?

Dogecoin price analysis

Buyers are trying to start a recovery in Dogecoin (DOGE) but are expected to face stiff resistance from the bears at the moving averages.

If the price turns down from the moving averages, the bears will again attempt to sink the DOGE/USDT pair below $0.14. If they manage to do that, the selling could accelerate, and the pair may slump to $0.10.

Contrarily, if buyers propel the price above the moving averages, the pair could rally to $0.20. This is an important near-term level to watch out for because a break above it will complete a double-bottom pattern. The pair could then climb toward the pattern target of $0.26.

Cardano price analysis

Buyers are struggling to push Cardano (ADA) above the 20-day EMA ($0.65), indicating that demand dries up at higher levels.

If the price turns down from the 20-day EMA, the next support on the downside is $0.58 and then $0.50. Buyers are expected to fiercely defend the $0.50 level because a break below it could sink the ADA/USDT pair to $0.40.

On the upside, buyers will have to drive and maintain the price above the 50-day SMA ($0.71) to signal that the downtrend could be over. That could propel the pair to $0.83 and subsequently to $1.03.

UNUS SED LEO price analysis

Buyers are trying to push UNUS SED LEO (LEO) above the 20-day EMA ($9.39), but the bears are posing a substantial challenge.

The flattening 20-day EMA and the RSI near the midpoint suggest a balance between supply and demand. That could keep the LEO/USD pair stuck between $9.90 and $8.79 for a few days.

The next trending move could begin on a break above $9.90 or below $8.79. If buyers kick the price above $9.90, the pair will complete a bullish ascending triangle pattern. This bullish setup has a target objective of $12.04.

On the downside, a break below $8.70 could signal the start of a deeper correction toward $8.30.

This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.