Crypto Price Prediction: The cryptocurrency market saw a significant downturn this week following the post-halving correction in Bitcoin. This supply pressure can be attributed to renewed geopolitical tensions in the Middle East and notable outflows in Spot BTC ETFS. From the rally of $67250, the BTC price has fallen by 6.6% to currently trade at $62751.
Wu Blockchain reports a significant decrease in Bitcoin volatility, with levels compressed from 70% to 50%, and a deepening in Ethereum risk margins to -13%. These changes may reflect market concerns about delays in the US SEC’s approval of an ETH spot ETF.
On a brighter note, the launch of BTC and ETH spot ETFs in Hong Kong could act as a catalyst, indicating the growing interest of Asian institutional investors in the crypto market. Next week, the upcoming event could be a critical gateway for the influx of Asian institutional capital into the crypto space.
Also Read: Best Time to Buy Longs in Bitcoin (BTC) and Ethereum (ETH): QCP Capital
1) Ethereum (ETH)
Ethereum is characterized by its robust smart contract functionality, which has become a foundational technology for decentralized applications (DApps) and decentralized finance (DeFi).
Over the past two weeks, the ETH price has seen high volatility resonating between the two horizontal levels of $3290 and $2875. The daily chart showing neutral candles with higher wicks on either side indicates no clear dominance of bulls or buyers.
The Ethereum price is currently trading at $3123, with a market cap of $381.19 billion. For buyers to regain control of the asset, they need to break the overhead trend line of the descending wedge pattern in daily charts.
The potential breakout could boost the ETH price to target $3730, followed by a $4010 high.
2)TRON (TRX)
TRON (TRX) is a blockchain-based decentralized platform that aims to build a free, global digital content entertainment system. It uses peer-to-peer technology to eliminate intermediaries, which can reduce costs and increase operational efficiency in sharing digital content.
Defying the broader market uncertainty, the TRX coin rallied for nine consecutive days, recovering its price from $0.105 to $0.12 to register $0.12. An analysis of the daily chart shows that this upswing has breached the resistance trend line that the last corrective trend carried since early March.
The TRON coin is currently trading at $0.12, while the market capitalization stands at $10.5 billion to maintain its position as the 13th largest cryptocurrency.
If the Tron price sustains the recent breakout, the buyers will get a suitable launch pad to lead a renewed recovery trend. The post breakout rally could reinforce buyers for another breakout at $0.12 and set to retest the $0.144 peak.
Also Read: Ethereum Price Jumps As TRON Founder Justin Sun Accumulates 15K ETH, What’s Next?
3) Pepe Coin (PEPE)
Pepe Coin (PEPE) is a meme cryptocurrency that emerged in the crypto space with a thematic nod to the famous internet meme “Pepe the Frog.” The cryptocurrency operates as an ERC-20 token on the Ethereum blockchain and uses a deflationary model.
On April 23, the PEPE price had a decisive breakout of the resistance trendline of a 6-week long channel pattern, signaling the end of the corrective trend. However, the recent market selloff halted the breakout rally, capping this memecoin’s price movement around $0.0000068.
The Pepe coin currently shows a market cap of $2.9, with a 24-hour trading volume of $694.5 million. If the broader market returns to recovery sentiment, the coin price will challenge the overhead resistance of $0.0000092 and $0.0000108.
Also Read: 3 Cryptos to Sell to Avoid Losses in the Bull Run
take away
In April, the cryptocurrency market experienced remarkable volatility attributed to investor sentiment surrounding Bitcoin Halving. The BTC price has not seen any clear initiation of sellers or buyers for over a month, leading to a sideways action on the daily chart. So, the sideline buyers can wait for a better signal that exudes the conviction for buyers to lead the Post-Halving rally.
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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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