Cryptocurrency Price Analysis: Cryptocurrency markets have recently experienced a downturn following the release of better-than-expected inflation data, raising investor concerns about the future of the global economy. The core personal consumption expenditures (PCE) price index, which excludes food and energy, rose 2.8% year-on-year in March, matching February's numbers but slightly higher than expected, according to CNBC.
This recent report is part of a series of unfavorable inflation updates, leading to speculation that the Federal Reserve will keep interest rates on hold.
Therefore, the weak BTC price trade over the weekend has reinforced the sideways movement of most of the major coins, reflecting the lack of significant initiative from buyers and sellers. However, market participants see the current decline as an opportunity for the digital coin to stabilize ahead of an expected post-halving rally.
Also read: Crypto Price Prediction: Top Altcoins to Watch as Bitcoin Heads to $60,000
1) Bitcoin (BTC)
Bitcoin, the original cryptocurrency, primarily stands out for its pioneering blockchain technology that enables decentralized and secure financial transactions without the need for a central authority.
Bitcoin has come under significant selling pressure this week, resulting in its price falling from $67,000 to $63,352, a 5% decline. This leading cryptocurrency has a market capitalization of $1.25 trillion and a 24-hour trading volume of $18 billion.
If this bearish momentum continues, BTC price could drop another 5.2% and reach the triangle pattern support trend line at $60,000.
This technical setup has resulted in a consolidation trend resonating within two converging trend lines over the past two months. If the downside support holds, Bitcoin price could trigger a new rally targeting the resistance level just above $71,200.
2) Optimism (OP)
Optimism (OP) is a layer 2 scaling solution for Ethereum that aims to enhance blockchain capacity and reduce transaction costs through optimistic rollups. This technology stands out in that it enables faster and cheaper transactions while leveraging the security of the Ethereum mainnet.
Over the past seven weeks, OP price has seen a steady correction under the influence of a downtrend line. Due to the bearish economic downturn, the altcoin price fell from $4.85 to $1.8, marking a 63% loss.
However, amid the post-halving consolidation, the altcoin price returned to $2.64. Optimism Coin’s market cap is currently $2.7 billion, and trading volume has surged to $427.2 billion since yesterday.
The recent rally has broken above the aforementioned trendline signal, the end of a previous correctional trend. The post-breakout rally could send the coin price soaring to $4.
3) Shiba Inu (SHIB)
Shiba Inu (SHIB) is a meme coin that was born as a decentralized, community-driven cryptocurrency inspired by Dogecoin. For over a week, SHIB has been trading sideways, resonating within two horizontal levels at $0.000028 and $0.000023.
A daily chart projecting short bodies and long wicks indicates no buyer or seller advantage. As of this writing, Shiba Inu Coin has a market capitalization of $14.4 billion and trading volume of $361.2 million.
If SHIB price finds suitable support at $0.000023, buyers will capture the first low and anticipate early signs of a new recovery. A potential bullish swing should face overhead supply at the $0.000028 and $0.00002385 marks.
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The crypto market continues to see post-halving consolidation without much direction, as evidenced by Bitcoin's remarkable price. The altcoin market is following a similar trend, with buyers on the sidelines finding pullback opportunities as the overall trend remains bullish.
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