Crypto Price Forecast: Despite more than a month of sideways trend, the cryptocurrency market continues to enter uncertainty, as evidenced by the Bitcoin price consolidation around $70000. A similar trend is visible on altcoins such as Ethereum, which shows a weekly growth of 6%, while XRP and Cardano (ADA) rose barely 1% and Solana (SOL) fell 6%.
On April 11, the total net inflow of spot Bitcoin ETFs was $91.27 million, but this did not contribute to a large rise in BTC.
Ahead of Bitcoin’s upcoming halving, Santiment notes a spike in social discussion — its highest this year — suggesting investor anticipation. While market stability suggests that this rise alone is not a predictor of major price changes, Santiment flags the potential for FOMO as Bitcoin nears record highs, potentially signaling a temporary peak. Alternatively, a price drop to $67k coupled with increased halving talk could indicate FUD, presenting a buying opportunity.
Also Read: Breaking: Hong Kong to Approve Spot Bitcoin, Ethereum ETF on Monday – Bloomberg
1) Ethereum (ETH)
Ethereum stands out as a fundamental blockchain platform that enables the creation of decentralized applications (dApps) and smart contracts, with its native cryptocurrency, Ether (ETH), used for transaction fees and computing services.
After the success of Decun, the Ethereum developers are now focusing on the next upgrade called ‘Pectra’. Expected between late 2024 and early 2025, the upgrade promises to significantly improve crypto wallet functionality and improve user experience (UX).
Amid the broader market consolidation, the Ethereum price hovered around $3500 for nearly a month. The market capitalization of this top altcoin stands at $424.2 billion, while the intraday trading volume is at 13.3 billion.
An analysis of the daily chart shows that this consolidation resonates with two rising trend lines that resemble the formation of a wedge pattern. For buyers to regain control of the asset, they need to break the overhead trend line and challenge the high at $4100 again.
Also Read: EtherFi Plugs $500M of Recycled ETH into RedStone Oracles
2) Cardano (ADA)
Cardano (ADA) is a prominent blockchain platform known for its emphasis on security and sustainability, which uses a proof-of-stake consensus mechanism designed to be more energy efficient than Bitcoin’s proof-of- work system.
The mid-term trend in Cardano price is bullishly supported by a rising trend line in the daily chart. However, a month-long correction saw the ADA price drop from $0.81 to $0.567, registering 30%.
This corrective trend is currently challenging the support trend line for downward collapse, which may have sent this altcoin down to the $0.46 mark.
At press time, the ADA price was at $0.584, with an intraday loss of $0.2. Cardano (ADA) currently shows a market capitalization of $20.8 billion, securing its position as the 10th largest cryptocurrency in the market.
Also Read: 4 Under $1 Ethereum Based Meme Coins To Buy To Turn $10 Into $1000 This Week
3) Pepe Coin (PEPE)
Pepe Coin (PEPE) is a cryptocurrency that stands out mainly for its cultural and meme-driven origins, similar to Dogecoin. It capitalizes on the popularity of the Pepe the Frog internet meme, which has become a recognizable figure in the digital space.
The ongoing consolidation in the PEPE coin can be detected by using the two converging trend lines of the pennant pattern. The asset recently recovered from the pattern’s lower trendline at $0.0000634 and rose to $0.0000722, registering a jump of 14%.
However, the buyers need to break above the pennant’s trend for the PEPE price to escape this sideways trend. Currently, this memecoin has a market cap of $3.03 billion, while the 24-hour market cap of $754.2 million trading volume.
A successful upside breakout will push the PEPE coin price to a high of $0.0000132, indicating a potential growth of 60%.
Key takeaways
With Bitcoin’s halving event just a week away, market speculation has intensified, as evidenced by a surge in social media discussions, according to Santiment. While historical data and broader trends suggest a potential uptrend, Bitcoin’s current consolidation trend has left traders cautious and waiting for further updates before committing to a specific 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.
No legal, tax, investment, or financial advice should be inferred from these pixels. We’re not fortune tellers or stockbrokers, just passionate crypto enthusiasts sharing our knowledge.
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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