Crypto Price Forecast: On Friday, the cryptocurrency market saw a notable inflow, following the recovery of the Bitcoin price above the $60,000 psychological level. The altcoin market was quick to follow, as top assets like Ethereum (ETH) and Solana (SOL) jumped 2-3%, Cardano (ADA) and XRP showed 1% increases, while Toncoin (TON) and Dogecoin ( DOGE) 5 rose. -6%
A recent update from Wu Blockchain highlights significant numbers of Bitcoin (BTC) and Ethereum (ETH) options that will expire on May 3rd. The details include 23,000 BTC options with a Maxpain point of $61,000 and an assumed value of $1.4 billion, along with 330,000 ETH options with a Maxpain point of $3,000 and an assumed value of $1 billion.
The Put Call ratios are 0.49 for BTC and 0.36 for ETH, indicating a bullish sentiment among investors as more traders bet on price rises rather than falls. The expiration could lead to increased market volatility, and thus traders should remain cautious about their intraday positions.
Can the slight upswing develop into a sustainable recovery or are sellers taking a slight break before the next push?
Also Read: European Bank With $600 Billion AUM Invests In BlackRock Bitcoin ETF
1) Bitcoin (BTC)
Bitcoin is the first decentralized digital currency that operates on a peer-to-peer network, supported by blockchain technology that ensures transparency and security by recording all transactions across a distributed ledger.
Within a month, the Bitcoin price saw a notable correction where its value dropped from $72756 to $56500, registering a loss of 22.34%. However, the exhausted selling pressure pushed the price back to $59,239, making it possible to challenge the $60,000 psychological level.
The market capitalization of Bitcoin is currently hovering at $1.166 trillion, while trading has fallen to $29.8 billion in the last 24 hours. The BTC price behavior of $60 will be crucial in determining the near trend.
A possible breakout of the $60k resistance would signal counterattack from buyers to build sustainable recovery, but price sustainability below the above barrier would signal continuation of the downtrend to $50000.
2) Toncoin (TON)
Toncoin is the native cryptocurrency of the Open Network (TON) designed to be a fast, scalable blockchain that can handle millions of transactions per second, thanks to its unique multi-blockchain architecture.
Amid the market relief rally, the TON price rebounded from the 50% Fibonacci retracement level at $4.85. This reversal pushed the altcoin by 12.5% in 48 hours to reach $5.26 and reclaimed the 50% daily rally.
According to coinmarketcap, the Toncoin stands as the ninth largest cryptocurrency with a current market capitalization of $18.23 billion. For buyers to regain better control of this asset, they need to breach the immediate resistance at $5.5 accompanied by 38.2% FIB and 20-day EMA slope.
In any case, a 50% retracement is considered healthy for an asset to recover the depleted bullish momentum.
Also Read: Michael Saylor Attacks Ethereum, Calling It a Security, Dismisses Spot ETF
3) Pepe Coin (PEPE)
Pepe Coin (PEPE) is a cryptocurrency created as part of the meme coin trend, inspired by the popular internet meme “Pepe the Frog.” It aims to provide a light-hearted and community-oriented approach to cryptocurrency, engaging users through humor and social interaction.
The Pepe coin price has shown remarkable resilience against the recent market sell-off with a quick bounce back on the daily chart. In the past three days, the memecoin recorded a 36% recovery as its value returned from $0.00000592 to a high of $0.00000808.
Additionally, the above level also serves as neckline resistance for a bullish reversal pattern called inverse head and shoulders. The Pepe coin currency trades at $0.00000758 and shows a market capitalization of $3.182 billion.
A successful breakout of $0.000008 would accelerate the bullish momentum and allow buyers to chase a potential target of $0.0000108.
Also Read: Meme Coins Are Coinciding With The Crypto Market: Here’s Why
Key takeaways
The cryptocurrency market is currently in an active correction that has accelerated after the Bitcoin price breached the $60000 support. However, some analysts see this pullback as a common post-halving correction phenomenon that usually throws weak hands out of the market and welcomes strong buyers. With the BTC price revisiting the $60k mark as resistance, the bulls take an opportunity to invalidate the previous breakdown and return to a recovery trend.
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Disclaimer for Uncirculars, with a Touch of Personality:
While we love diving into the exciting world of crypto here at Uncirculars, remember that this post, and all our content, is purely for your information and exploration. Think of it as your crypto compass, pointing you in the right direction to do your own research and make informed decisions.
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And just like that rollercoaster ride in your favorite DeFi protocol, past performance isn’t a guarantee of future thrills. The value of crypto assets can be as unpredictable as a moon landing, so buckle up and do your due diligence before taking the plunge.
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