The crypto market was busy last week with so many surprises. Stay informed with the latest predictions through this newsletter to make the most of the week's trading sessions.
At the opening of the week, BTC/USD declined below the $40,000 psychological price level as Bitcoin risked further decline to $37k. Following its rejection at the $48,000 overhead resistance, the market declined to the low of $39,551 on April 12. As the largest cryptocurrency loses the $40,000 psychological level, BTC price is prone to further decline. After the initial selling pressure, the BTC price fell above the $43,000 support on April 8. The Crypto consolidated above the $42,000 support for three days before the recent breakdown. On April 11, the bears broke below the $42,000 support or the 0 –day SMA leading to further decline.
On April 14, Bitcoin started correcting losses and trading above $41,000 against the US Dollar. Bitcoin remained well bid above the $39,250 support zone. BTC formed a base and started a fresh increase above the $40,000 resistance zone. The bulls gained strength and were able to push the price above $40,500. There was a move above the 23.6% Fib retracement level of the main drop from the $43,415 swing high from the $39,240 low. The daily chart revealed that BTC/USD moved downward within the mind of crossing below the lower boundary of the channel. The Bitcoin price could not break above the resistance level at $41,000.
Going into the end of the week, Bitcoin broke past the $40,000 within 24 hours owing to Luna Foundation Guard’s (LFG) BTC buying spree. The price action was, however, dampened too soon as the coin, after registering a hike of 7%, dipped by 4%. The 24-hour trading volume of Bitcoin also took a hit on April 15. Bitcoin traded for $40,030, peaking slightly over the $40,000 mark. Consistent push from the bulls during the trading session pushed prices towards $42,000.
Ethereum price opened the week suffering a blow at the$3,200 support level. It traded on Monday, April 11, at $3,040 and retested a key level on the 4-hour chart. The Relative Strength Index displays a lack of interest from Smart Money Investors as the $3,040 Ethereum price hovers back into oversold territory without any bullish price action. In simpler terms, bullish support did not seem to be present in the market on Monday as traders were cautious not to counter-trend scalp the smart contract token.
The following day, Ethereum's price continued retreating as investors continued worrying about the rising bond yields. Ethereum crumbled to a low of $2,960, which was the lowest level since March 24th. It has dropped by more than 16% from the highest level this month.
However, on Wednesday, April 13, ETH/USD reclaimed the $3000 level. ETH/USD hovered above $3100 as the coin prepared to gain more bullish signals. The movement to the upside did not allow the market to bow to the selling activity under $3000 early Wednesday morning. Ethereum traded towards the 9-day and 21-day moving averages.
On Monday, owing to the broader market dump, Ethereum had stooped down to $2,950. From there on, the asset’s price gradually inclined over the next couple of days and was already sitting north of $3.1k on Thursday. Over the week, Ethereum saw major signs of capitulation. The coin showed incredible resilience in the face of major market pressure. On Friday, ETH looked poised for a major bull run as the price action largely consolidated above $3000.
For most parts of 2022, it looks like growth for Ethereum has been capped at $4000. The coin has failed to breach $4000 this year, and every time it gets close, it ends up falling back down once more. Going into the new week, we expect the price action to steady at slightly above $3000. Once this happens, ETH will likely break above $3200, and eventually, the coin will retest its 100-day SMA of around $3600 in the days ahead. If this happens, we could see gains of around 30%. But if bulls are not able to hold the $3000 support, this prediction will become invalidated. ETH remains highly volatile and may see it push lower than $3000 if current trends don’t hold.
At the opening of the week, XRP price traded at $0.70, hovering exactly where analysts forecasted it to fall on April 4th. The XRP validated the bearish thesis as it added bullish confluence based on the Relative Strength Index and fell into ideal buyers’ territory.
On April 14, the Ripple price traded around the support level of $0.71 as the coin headed toward the lower boundary of the channel. On Wednesday, Ripple's price exchanged hands at $0.71 with the potential to spike below the $0.68 support level. When compared with Bitcoin, the Ripple (XRP) moved in the same direction within the channel and with continuous selling pressure, it is likely the Ripple price would bring a new low into the market.
On Friday, April 15, the Ripple price made another attempt to hit $0.91. Ripple price is eyeing the $1 after a significant recovery from its recent downtrend. XRP price recovered from its drop and crossed the resistance at $0.78. Analysts evaluated the Ripple price trend and read a bullish signal on the 4-hour candlestick chart. Ripple's price was above the 200-day EMA at $0.78, and the 100-day EMA on Saturday, providing support to the altcoin.
Going into the new week, the Ripple price prediction is down by 0.84% in the first few hours as the market value goes below $0.80. XRP/USD touched the daily high at $4078 before giving a bearish signal on Saturday. The coin traded within the 9-day and 21-day moving averages as the Relative Strength Index crosses below the 50-level. However, any bearish move below this could give the market enough strength to dig a dip, but crossing above the upper boundary might lead the market to the upside.
At the beginning of the week, Ethereum-killer Cardano was on track to recover the recent price drop as the altcoin attempted to rise above the 200-day EMA. There has been a consistent growth in Cardano’s on-chain metrics, the number of wallet addresses holding ADA, dApss on the network, and trade volume on its Blockchain.
On Tuesday, Cardano price formed an inverse head-and-shoulder setup, indicating a trend reversal. XRP price was at an interesting point in its journey to the upside since it formed a bottom reversal pattern. Tether and USD Coin arrived on Cardano's Blockchain through WingRiders DEX and could drive higher on-chain activity. Analysts believed there could be a spike in the number of investors on the Cardano network, following the arrival of USD Tether and USD Coin on the Blockchain.
Cardano's price hinted at an 80% bull rally at the earliest hours of April 15 but risked a 30% drop in Q2 before the end of the day’s trading session despite a major hard fork ahead. Cardano (ADA) price risks undergoing a severe correction in the next few months despite touting its blockchain network’s bolstering growth and a ‘major’ hard fork event in June.
ADA, which makes up about 1.75% of the total crypto market capitalization, has been trending lower since September 2021, inside a descending channel pattern that has successfully capped its multiple upside attempts. As of April 15, ADA’s price consolidates inside the $0.97-$0.92 range, signalling intentions to continue its pullback from its fake-out top near $1.25. Analysts believe if the descending channel setup continues panning out, ADA/USD could fall to its previous bottom range near $0.78 while eyeing the channel’s lower trendline around $0.65 as its primary downside target.
Solana price began the week with a drop mounting selling pressure across exchanges. Ethereum’s competitor Solana suffered a correction as on-chain activity on its blockchain network dropped. Sales of NFTs on the peer-to-peer marketplace OpenSea plunged. The drop in NFT projects developed on Solana has negatively affected on-chain activity on bitcoin's Blockchain.
On April 13, Solana's price downswing undid 47% gains seen between March 25 and April 2. Solana price seems to suffer a worse fate compared to few altcoins and it was as a result of the Bitcoin crash. Solana’s market seems to be on the decline which is an indicator that another crash could be heading its way if the immediate support is breached.
Solana prices looked more bearish as the days progressed. Solana's price is speculated to continue falling as the bulls fall to establish defensive support. Solana's price traded at $101 on Wednesday and it experienced more downside pressure from the bears at the time.
At the end of the week, Solana's price was on track to post a massive recovery as altcoins wiped out the crypto market bloodbath losses. Analysts have evaluated the Solana price trend and predicted a rally in the altcoin. It is believed that Solana's price could hit $110-115 before forming a higher low.
Avalanche was on a steady decline last week. The price of Avalanche fell by 8.27% in the last 7 days. Going into the weekend, the price declined by 6.68% in 24 hours and further shrunk by 0.42% in the earliest hours of the new week. The current price is $72.74 per AVAX and it is 50.25% below the all-time high of $146.22.
Like AVAX, DOGE was on a decline in the just concluded week. The price of Dogecoin has fallen by 6.64% in the past 7 days. DOGE’s price declined by 7.02% in 24 hours on the last day of the week. The downtrend continued by 0.78% as the trading session of the new week opened. The current price is $0.1343 per DOGE which is the same as 81.85% below the all-time high of $0.74
DDX is an Ethereum token that powers DerivaDex, a decentralized exchange for derivation contracts. The DDX token allows users to participate in the governance and operation of the exchange. The price of DerivaDao has fallen by 9.56% in the past 7 days. The price increased by 5.54% in the last 24 hours of the weekend. It is currently exchanging hands at $2.23 per DDX which is 88.78% below the all-time high of $20.76.