Crypto Price Forecast: The cryptocurrency market is seeing renewed buying interest since Thursday following the Bitcoin price reversal of $56500. The bullish reversal lifted the BTC price to $63169, registering a 6% increase since yesterday. The altcoin market has also seen significant gains, with top assets Ethereum (ETH) and Solana (SOL) increasing by 4% in the past 24 hours. Toncoin (TON) and Avalanche (AVAX) saw jumps of 5-7%, while leading meme coins Dogecoin and Shiba Inu posted double-digit gains.
The buying momentum can be attributed to the lack of follow through from the $60000 support break and notable inflows from spot BTC ETF.
On May 3, 2024, the Bitcoin ETF market saw a significant inflow, with a net inflow of $343 million after seven days of declines, according to SpotOnChain. The Greyscale Bitcoin Trust (GBTC) recorded its first ever one-day inflow of $63.0112 million. Fidelity Wise Origin Bitcoin Fund led the inflow, attracting $102.6 million, while BlackRock iShares Bitcoin Trust achieved a more modest $13 million. This rise could indicate renewed investor confidence or strategic buying within the Bitcoin ETF sector.
With the relief gathering momentum for sustainable recovery, the potential buyers can look for new long opportunities in top assets like Ethereum (ETH), Cardano (ADA) and Shiba Inu (SHIB).
Also Read: 3 Factors That Could Push Bitcoin Price To $100k
1) Ethereum (ETH)
Ethereum (ETH) is a decentralized platform that enables developers to build and deploy smart contracts and decentralized applications (dApps). With a market capitalization of $373.5 billion, Ethereum stands as the second largest cryptocurrency.
Over the past three weeks, the Ether price has traded completely sideways, resonating within two horizontal levels of $3282 and $2870. Amid the renewed buying interest in the broader market, the ETH price has rebounded 11.9% from the aforementioned low to currently stand at $3149.
Down a modest 3.5%, 24-hour trading volume is hovering at $11.9 billion, indicating that the asset is yet to gather sufficient bullish momentum. So, for buyers to get better control of this coin, they need to escape the range of the wedge pattern (market with two blue trend lines).
A successful breakout will strengthen the ETH price potential to repeat the $4090 top.
Also Read: European Bank With $600 Billion AUM Invests In BlackRock Bitcoin ETF
2) Cardano (ADA)
Cardano (ADA) is a blockchain platform designed for sustainability and scalability through a research-driven approach. The prevailing corrective trend in ADA price found a suitable bottom at the $0.42 support.
A bullish reversal from this floor lifted the altcoin value by 13.5% in four days to currently trade at $0.47. According to the coin market cap, the market capitalization of Cardano has risen to $18.9 billion, while the 24-hour trading volume is recorded as $293.5 million.
An analysis of the daily chart shows the recent upswing as the formation of a bullish reversal pattern called Double bottom. Under the influence of this pattern, the Cardano price is likely to breach the swing high resistance of $0.52, indicating an initiated change in market dynamics.
The rally after the breakout could allow buyers to chase a potential target of $0.62, followed by $0.684 and $0.81.
Also Read: Cardano Price Analysis: Bottom Formation At $0.4 Sees $ADA Rally Up To 15%
3) Shiba Inu (SHIB)
Shiba Inu (SHIB) is a meme cryptocurrency that originated as a playful alternative to Dogecoin, which uses the same Shiba Inu dog breed as its mascot. In the past three weeks, the SHIB price has shown strong sustainability above $0.000002, with the help of a $100-day EMA slope.
The double support in line with the recent market recovery saw this memecoin value rise by 23% to reach the current trading price of $0.00000254. This buying pressure is further accelerated by a remarkable 1009% increase in Shiba Inu’s burn rate over the past 24 hours, with 29.11 million SHIB destroyed.
With continued buying, the coin buyers should breach the immediate resistance of $0.000028, setting the stage to reach a potential target of $0.00003285, followed by $0.000038.
Also Read: SHIB News: 211B Shiba Inu Dumped to Coinbase, Does SHIB Price Top?
Key takeaways
With Bitcoin price recovering above $60,000, the cryptocurrency market has gained significant traction to lead a new relief rally. This resurgence has been reflected in the altcoin sector, highlighting its potential to recover previously lost ground. With the market participants anticipating a post-halving rally soon, such a reversal of the previous correction trend could provide suitable downside opportunities for potential investors.
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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.
Ultimately, any crypto adventure you embark on is yours alone. We’re just happy to be your crypto companion, cheering you on from the sidelines (and maybe sharing some snacks along the way). So research, explore, and remember, with a little knowledge and a lot of curiosity, you can navigate the crypto cosmos like a pro!
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