Technical Analysis for April 1: SPX, DXY, BTC, ETH, XRP, BNB, SOL, DOGE, ADA, TON

Bitcoin (BTC) has fallen 4.29 percent over the past week, but bulls quickly managed to regain control by pushing the price past the $83,500 mark on March 31. Still, cautious sentiment gripped the market as traders awaited April 2, when the new U.S. trade tariffs take effect, which could trigger sharp volatility in both directions.

Although caution still prevails in the short term, a positive signal is that selling pressure has attracted significant buying power at lower price levels. According to a report from CoinShares on March 31, cryptocurrency exchange-traded products (ETP) recorded a net inflow of 226 million USD in the past week.

Taking advantage of Bitcoin's adjustment, Strategy has added an additional 22,048 BTC worth $1.92 billion at an average price of $86,969. Following this transaction, the total amount of BTC held by the company has increased to 528,185 BTC, with a total cost of approximately $35.63 billion.

Can Bitcoin break above the important resistance level to drive the rally of some altcoins? Let's analyze the chart to find the answer.

Technical Analysis of SPX

The S&P 500 (SPX) has broken above the 20-day exponential moving average (EMA) at 5,706 on March 24, but this turned out to be just a bull trap.

Daily SPX Chart | Source: TradingViewThe price sharply reversed downward on March 26 and broke through the support at 5,600. Both moving averages are trending downwards, and the relative strength index (RSI) is in the negative zone, indicating that the advantage is leaning towards the bears. The 5,500 level serves as strong support, but if broken, the index could drop to 5,400, or even 5,100.

This negative outlook will be invalidated if the price rebounds from the current level and surpasses the 5,800 threshold, which could signal that the index has hit a short-term bottom.

DXY Technical Analysis

The USD index (DXY) is trading below the 20-day EMA (104,46), indicating that market sentiment remains negative.

Daily DXY Chart | Source: TradingViewBears will attempt to pull the index down to 103.37, an important level to watch. Bulls are expected to defend this level fiercely, as a failure could see the index plummet to 101.

Conversely, if the index surpasses and closes above the 20-day EMA, it indicates that the bulls are making a comeback. At that point, DXY could rise to 105.42 and then to the 50-day simple moving average (SMA) at 106.09.

BTC Technical Analysis

Bitcoin is still under pressure as the bears are trying to pull the price down to the important support level at $80,000. However, a small positive point is that the bulls are making efforts to halt the decline at $81,100.

Daily BTC/USDT Chart | Source: TradingViewThe bulls will try to push the price towards the resistance line, but this could attract strong selling pressure from the bears. If the price reverses from the resistance line, the likelihood of breaking below $80,000 will increase, potentially dragging BTC/USDT down to $76,606 and then to $73,777.

On the contrary, if the price breaks above and closes above the resistance line, it indicates that the bears are losing control. At that point, this currency pair could gain momentum above $89,000 and move towards $95,000.

ETH Technical Analysis

Ether (ETH) has reached an important support level at $1,754, where the bulls are trying to initiate a recovery.

Daily ETH/USDT chart | Source: TradingViewBears will attempt to halt the recovery at the 20-day EMA at ($1,980). If the price sharply reverses from this line, the likelihood of a breakdown to $1,754 will increase, potentially pulling ETH/USDT down to $1,550.

The first sign of strength will be a breakout and close above the resistance level of $2.111. At that point, this currency pair will complete a bullish double bottom pattern with a target of $2.468.

Technical Analysis of XRP

XRP (XRP) has dropped to a key support level at $2, where strong buying pressure from bulls is expected.

XRP/USDT Daily Chart | Source: TradingViewAny recovery may face resistance at the moving averages. If the price turns down from here, the risk of breaking below $2 will increase. At that point, the XRP/USDT pair will complete a bearish head and shoulders pattern. Minor support is at $1.77, but if this level is breached, the pair could plummet to $1.27.

Time is running out for the bulls. If they want to prevent the downtrend, they need to quickly push the price above the moving averages. At that point, the price could rise to the resistance level.

Technical Analysis of BNB

BNB (BNB) has escaped the narrow range downward after closing below the moving averages on March 29.

Daily BNB/USDT Chart | Source: TradingViewThe BNB/USDT pair currently has support at the 38.2% Fibonacci retracement level at $591 and the next level is the 50% Fibonacci level at $575. If the price bounces off the support, the bulls will try to push this currency pair above the moving averages and the resistance level of $644. If successful, BNB could rise to $686.

Conversely, if the price breaks and closes below $575, this currency pair could drop to the 61.8% Fibonacci retracement level at $559. A deeper correction could delay the next upward momentum.

Technical Analysis of SOL

Solana (SOL) is finding support near $120, indicating that the bulls are actively defending this price range.

! Daily SOL/USDT chart | Source: TradingViewThe first sign of strength will be when the price breaks out and closes above the 20-day EMA ($133). This could pave the way for a rally to the 50-day SMA ($148), which could act as stiff resistance. However, if the bulls break through this resistance, the SOL/USDT pair can skyrocket to $180.

On the contrary, if the bears want to strengthen their position, they will need to push the price down below the support range of $120-$110. If this happens, the SOL/USDT pair may enter the next bearish phase, heading down to $80.

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