Altcoins
Key Altcoins to Watch as Bitcoin Heads Toward $60,000
Cryptocurrency Price Prediction: The cryptocurrency market saw a significant slowdown this week following the post-halving correction in Bitcoin. This supply pressure could be attributed to renewed geopolitical tensions in the Middle East and a notable outflow from Spot BTC ETFS. After rising to $67,250, BTC price plunged 6.6% to currently trade at $62,751.
Wu Blockchain reports a significant decrease in Bitcoin volatility, with levels dropping from 70% to 50%, and an increase 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.
On a more positive note, the launch of spot BTC and ETH ETFs in Hong Kong could act as a catalyst, signaling growing interest from Asian institutional investors in the crypto market. Next week’s upcoming event could provide a crucial gateway for the influx of Asian institutional capital into the crypto space.
Read also: Best time to buy long positions on Bitcoin (BTC) and Ethereum (ETH): QCP Capital
1)Ethereum (ETH)
Ethereum (ETH)| Commercial view
Ethereum stands out for 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 the price saw strong volatility resonating between the two horizontal levels of $3,290 and $2,875. The daily chart projecting neutral candles with higher wicks on either side indicates no clear dominance from bulls or buyers.
THE Ethereum Price is currently trading at $3,123, with a market cap of $381.19 billion. For buyers to regain control of the asset, they need to break the overhead trendline of the descending wedge pattern in the daily charts.
A potential breakout could support ETH price to reach a target of $3,730, followed by a high of $4,010.
2) TRON (TRX)
TRON (TRX)| Commercial view
TRON (TRX) is a decentralized blockchain-based platform aimed at creating a free, global digital content entertainment system. It uses peer-to-peer technology to eliminate middlemen, which can reduce costs and increase operational efficiency of sharing digital content.
Defying broader market uncertainty, TRX coin rallied for nine consecutive days, allowing its price to rebound from $0.105 to $0.12 to record $0.12. An analysis of the daily chart shows that this rise has crossed the resistance trendline which carried the last correction trend since early March.
TRON coin is currently trading 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 If the recent breakout holds, buyers will have a proper launch pad to lead a new recovery trend. The post-breakout rally could encourage buyers for another breakout to $0.12 and is expected to retest the $0.144 high.
Read also: Ethereum Price Climbs as TRON Founder Justin Sun Hoards 15,000 ETH, What’s Next?
3) Pepe Coin (PEPE)
Pepe Coin (PEPE)| Commercial view
Pepe’s piece (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 uses a deflationary model.
On April 23, the PEPE Price experienced a decisive breakout of the resistance trendline of a 6-week channel pattern, signaling the end of the correction trend. However, the recent market sell-off has halted the rally, limiting the price movement of this memecoin around $0.0000068.
Pepe coin currently has a market capitalization of $2.9, with a 24-hour trading volume of $694.5 million. If the market as a whole returns to a recovery sentiment, the coin price will challenge the overhead resistance at $0.0000092 and $0.0000108.
Read also: 3 cryptocurrencies to sell to avoid losses during the Bull Run
Take away
In April, the cryptocurrency market faced notable volatility attributed to investor sentiment regarding the Bitcoin halving. BTC price has not seen any clear initiation from sellers or buyers for over a month now, resulting in sideways action in the daily chart. Thus, marginalized buyers may wait for a better signal projecting buyer conviction to lead the post-halving rally.
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