Altcoins
Altcoins Rally as $BTC Reclaims $60,000 Milestone
Cryptocurrency Price Prediction: The cryptocurrency market saw a notable influx on Friday, following the Bitcoin price rally above the psychological $60,000 level. The altcoin market was quick to follow as major assets like Ethereum (ETH) and Solana (SOL) saw a 2-3% jump, Cardano (ADA) and XRP posted a 1% rise. , while Toncoin (TON) and Dogecoin (DOGE) increased by 5%. -6%
Recent Wu Blockchain update highlights significant number of Bitcoin (BTC) and Ethereum (ETH) are set to expire on May 3. Details include 23,000 BTC options with a Maxpain point of $61,000 and a notional value of $1.4 billion, as well as 330,000 ETH options with a Maxpain point of $3,000 and a notional value of $1 billion .
The Put Call ratios are 0.49 for BTC and 0.36 for ETH, indicating bullish sentiment among investors as more traders bet on price increases rather than declines. The expiration could lead to increased market volatility and hence traders should remain cautious about their intraday positions.
Can the slight rally turn into a sustained rally or are sellers taking a slight pause before the next surge?
Read also: European bank with $600 billion in assets under management invests in BlackRock Bitcoin ETF
1) Bitcoin (BTC)
Bitcoin (BTC)| Commercial view
Bitcoin is the first decentralized digital currency that operates on a peer-to-peer network, supported by blockchain technology which ensures transparency and security by recording all transactions on a distributed ledger.
In one month, the Bitcoin Price saw a notable correction where its value plunged from $72,756 to $56,500, registering a loss of 22.34%. However, the exhausted selling pressure brought the price back to $59,239, allowing it to challenge the psychological level of $60,000.
Bitcoin’s market cap is currently hovering at $1.166 trillion, while trading has plunged to $29.8 billion in the past 24 hours. THE BTC Price $60 behavior would be crucial in determining the near trend.
A possible breakout of the $60,000 resistance will signal the counterattack of buyers to build a sustainable recovery, but price sustainability below the barrier mentioned above will signal the continuation of the downtrend to $50,000.
2) Toncoin (TON)
Toncoin (TON) | Commercial view
Toncoin is the native cryptocurrency of the Open Network (TON) designed to be a fast and scalable blockchain capable of handling millions of transactions per second, thanks to its unique multi-blockchain architecture.
Amid the market relief rally, TON price retraced from the 50% Fibonacci retracement level to $4.85. This reversal pushed the altcoin 12.5% in 48 hours to $5.26 and reclaimed the 50% daily slope.
According to Coinmarketcap, Toncoin is the ninth largest cryptocurrency with a current market capitalization of $18.23 billion. For buyers to regain greater control over this asset, they need to break through the immediate resistance at $5.5 accompanied by a 38.2% FIB slope and 20-day EMA slope.
Regardless, a 50% retracement is considered healthy for an asset to recover the exhausted bullish momentum.
Read also: Michael Saylor attacks Ethereum as security, disapproves of spot ETF
3) Pepe Coin (PEPE)
Pepe Coin (PEPE)| Commercial view
Pepe’s piece (PEPE) is a cryptocurrency created as part of the coin trend, inspired by the popular internet meme “Pepe the Frog”. It aims to provide a light-hearted, community-based approach to cryptocurrency, engaging users through humor and social interaction.
THE Pepe Coin Price showed notable resilience in the face of the recent market sell-off with a quick rebound in the daily chart. Over the past three days, memecoin has seen a 36% rally, rising in value from $0.00000592 to a high of $0.00000808.
Additionally, the aforementioned level also acts as neckline resistance for a bullish reversal pattern called inverted head and shoulders. Pepe Coin is trading at $0.00000758 and has a market capitalization of $3.182 billion.
A successful breakout of $0.000008 will accelerate the bullish momentum and allow buyers to pursue a potential target of $0.0000108.
Read also: Meme Coins are crashing in sync with the crypto market: here’s why
Key to remember
The cryptocurrency market is currently in an accelerated active correction after the Bitcoin price broke the $60,000 support. However, some analysts view this pullback as a common post-halving correction phenomenon that typically eliminates weak hands from the market and welcomes strong buyers. As BTC price challenges the $60,000 mark as resistance once again, bulls are using the opportunity to invalidate the previous breakdown and return to a recovery trend.
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