Crypto Price Forecast: The cryptocurrency market extended its correction on April 13 as geopolitical tensions in the Middle East caused selling pressure across financial markets. The Iranian attack on Israel initially caused panic among market participants which led to a significant downturn in the crypto market.
In the last 24 hours, the Bitcoin price has fallen by 5% to currently trade at $64234, while top altcoins such as Ethereum (ETH), Binance Coin (BNB) and Solana (SOL) have fallen by 7%. In the same period, Coinglass reports that a total of 256,589 traders were liquidated, amounting to $962.4 million in losses, with the largest single liquidation of $8.46 million occurring on Binance for a BTC/USDT trade .
With that said, Bitcoin is often considered a macro hedge indicating that it has absorbed much of the immediate risk aversion. So, with the upcoming Bitcoin halving, the crypto investor can find a suitable discount opportunity in top altcoins.
Also Read: Crypto Market Crash: Here’s Why Bitcoin, ETH, SOL, XRP, SHIB Fell Sharply
1) Ethereum (ETH)
Ethereum is a decentralized, open source blockchain system with smart contract functionality. It stands out as the leading programmable blockchain, where developers can create decentralized applications (dApps) and deploy them on the platform.
This second largest cryptocurrency Ether has seen remarkable supply pressure this week, leading its price from a high of $3730 to $3021, registering a drop of 20%. The market cap of the Ethereum coin also fell to $363 million, but the trading volume rose to $34 billion accounting for a 36% jump since yesterday.
This high volume drop breaks below the 38.2% Fibonacci retracement level at $3100, favoring sellers for a prolonged downtrend. For the bearish ETH price, the $2800 level stands as a crucial support zone as it currently coincides with 50% FIB, 200-day EMA and a long-term trend line.
So, the buyers need to maintain this support level to maintain control over the asset.
Also Read: 5 Reasons Why Ethereum Is Losing Ground To Bitcoin
2) Shiba Inu (SHIB)
Shiba Inu (SHIB) is a decentralized cryptocurrency that emerged as part of the wave of meme coins—digital assets inspired by internet memes. It stands out for its vibrant community and its relatively large supply compared to other cryptocurrencies, which has been used in part for innovative token fires and charitable donations.
The ongoing correction in Shiba Inu price can be followed by a descending wedge pattern consisting of two converging trend lines and dynamic resistance and support. Under the influence of this pattern, the SHIB price dropped from $0.000045 to $0.00002175 to register a 52% decline.
With a market capitalization of $12.8 billion, the Shiba Inu coin maintains its position as the twelfth largest cryptocurrency asset.
For buyers to recover from the current corrective trendline, they must breach the pattern’s resistance trendline. The rally after the breakout could push the SHIB price back to $0.0000456.
Also Read: Shiba Inu Coin Price Prediction: Will Upcoming Bitcoin Impact The Recovery?
3) Celestia (TIA)
Celestia (TIA) is a blockchain project designed to simplify the creation and implementation of decentralized applications. The modular consensus and data availability layer allows developers to deploy their own blockchains without the complexity of building them from scratch.
The TIA coin entered a corrective trend in early February as the price reversed from the $21.14 mark. The formation of a new lower high indicates that traders are actively selling against bullish bounces, leading to a 65% drop in two months to $7.27.
However, the TIA price showed remarkable resilience against the current market sell-off and 47% in two days to reach $10.67. The current market cap of Celestia Coin stands at $1.89 billion, with the 24-hour trading volume at $644 million.
An analysis of daily charts shows two downtrend lines lead the current corrective trend in TIA and a breakout above them is needed to develop sustainable recovery.
Key takeaways
The cryptocurrency market saw a notable outflow over the weekend attributed to the Bitcoin ETF outflow and geopolitical issues in the Middle East. The market FUD is currently accelerating this selling pressure indicating the potential for a prolonged downfall. However, the upcoming Bitcoin halving has kept the broader trend bullish.
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