Crypto Price Prediction: The cryptocurrency market has witnessed a significant downturn this week following the lead of Post-halving correction in Bitcoin. This supply pressure could be attributed to renewed geopolitical tensions in the Middle East and notable outflow in Spot BTC ETFS. From the upswing of $67250, the BTC price plunged 6.6% to currently trade at $62751.
Wu Blockchain reports a significant decrease in Bitcoin volatility, with levels compressing from 70% to 50%, and a deepening in Ethereum risk reversals to -13%. These changes may reflect market concerns over delays in the US SEC’s approval of an ETH spot ETF.
QCP: This week saw BTC vols drastically compress from 70% to 50%. The downside skew in ETH risk reversals have also deepened to -13% in the front-end, possibly in anticipation of further delays in the US SECs approval of ETH spot ETF. There is a potentially positive catalyst next…
— Wu Blockchain (@WuBlockchain) April 27, 2024
On a brighter note, the launch of BTC and ETH spot ETFs in Hong Kong could act as a catalyst, signaling 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 distinguished 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 witnessed high volatility resonating between the two horizontal levels of $3290 and $2875. The daily chart projecting neutral candles with higher wicks on either side indicates no clear dominance from bulls or buyers.
The Ethereum price currently trades at $3123, holding a market cap of $381.19 Billion. For buyers to regain control over the asset, they must break the overhead trendline of the falling wedge pattern in daily charts.
The potential breakout could bolster the ETH price to target $3730, followed by a $4010 high.
2)TRON (TRX)
TRON (TRX) is a blockchain-based decentralized platform aiming 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 digital content sharing.
Defying the broader market uncertainty, the TRX coin has rallied for nine consecutive days, allowing its price to rebound from $0.105 to $0.12 to register $0.12. An analysis of the daily chart shows this upswing breached the resistance trendline which carried the last correction trend since early March.
The TRON coin currently trades at $0.12, while the market cap 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 gain a suitable launchpad to lead a renewed recovery trend. The post-breakout rally could bolster 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 well-known internet meme “Pepe the Frog.” The cryptocurrency operates as an ERC-20 token on the Ethereum blockchain and employs a deflationary model.
On April 23rd, the PEPE price had a decisive breakout from the resistance trendline of a 6-week-long channel pattern, signaling the end of the correction trend. However, the recent market sell-off has stalled the breakout rally, limiting 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 Crypto To Sell To Avoid Losses In The Bull Run
Takeaway
In April, the cryptocurrency market faced notable volatility attributed to the investor’s sentiment around Bitcoin Halving. The BTC price has witnessed no clear initiation from sellers or buyers for over a month now, resulting in a sideways action in the daily chart. Thus, the sidelined buyers can wait for a better signal projecting the conviction for buyers to lead the Post-halving rally.
The post Crypto Price Prediction: Key Altcoins to Watch as Bitcoin Heading to $60K appeared first on CoinGape.
Earn more CFN tokens by sharing this post. Copy and paste the URL below and share to friends, when they click and visit Parrot Coin website you earn: https://cryptoforum.news0
CFN Comment Policy
Your comments MUST BE constructive with vivid and clear suggestion relating to the post.
Your comments MUST NOT be less than 5 words.
Do NOT in any way copy/duplicate or transmit another members comment and paste to earn. Members who indulge themselves copying and duplicating comments, their earnings would be wiped out totally as a warning and Account deactivated if the user continue the act.
Parrot Coin does not pay for exclamatory comments Such as hahaha, nice one, wow, congrats, lmao, lol, etc are strictly forbidden and disallowed. Kindly adhere to this rule.
Constructive REPLY to comments is allowed