Cryptocurrency Price Prediction: Cryptocurrency markets extended their correction on April 13th as geopolitical tensions in the Middle East caused selling pressure across financial markets. Iran's attack on Israel initially caused panic among market participants, leading to a notable downturn in the cryptocurrency market.
Bitcoin price has fallen 5% in the past 24 hours and is currently trading at $64,234, while top altcoins such as Ethereum (ETH), Binance Coin (BNB), and Solana (SOL) are down 7%. did. During the same period, Coinglass reported that a total of 256,589 traders were liquidated, with losses amounting to $962.4 million. The largest single liquidation was $8.46 million on Binance on a BTC/USDT trade.
That said, Bitcoin is often seen as a macro hedge, indicating that it has absorbed much of the immediate risk aversion. Therefore, as Bitcoin halving approaches, crypto investors may find good discount opportunities in top altcoins.
Also Read: Crypto Market Crash: Here's Why Bitcoin, ETH, SOL, XRP, SHIB Plummeted
1) Ethereum (ETH)
Ethereum is a decentralized open-source blockchain system with smart contract capabilities. It stands out as a cutting-edge programmable blockchain that allows developers to create decentralized applications (dApps) and deploy them on the platform.
The second-largest cryptocurrency, Ether, has experienced significant supply pressure this week, with its price falling 20% to $3,021 from a high of $3,730. The market capitalization of Ethereum coin also fell to $363 million, but trading volume surged to $34 billion, an increase of 36% from yesterday.
This massive drop is below the 38.2% Fibonacci retracement level at $3,100, favoring sellers against a prolonged decline. For the decline in ETH price, the $2800 level currently stands as an important support zone as it coincides with the 50% FIB, the 200-day EMA, and the long-term trend line.
Therefore, buyers need to maintain this support level to maintain control of the asset.
Also read: 5 reasons why Ethereum will lose to Bitcoin
2) Shiba Inu (SHIB)
Shiba Inu (SHIB) is a decentralized cryptocurrency that emerged as part of a wave of meme coins, digital assets inspired by internet memes. It stands out for its vibrant community and relatively large supply compared to other cryptocurrencies, which are partly used for innovative token writing and donations to charities.
The ongoing correction in Shiba Inu price can be tracked through a descending wedge pattern consisting of two converging trend lines and dynamic resistance and support. As a result of this pattern, SHIB price plummeted from $0.000045 to $0.00002175, a 52% decline.
With a market capitalization of $12.8 billion, Shiba Inu Coin holds its position as the 12th largest cryptocurrency asset.
For buyers to rebound from the current correction trendline, they will need to break through the pattern's resistance trendline. The post-breakout rally could bring SHIB price back to $0.0000456.
Also read: Shiba Inu Coin Price Prediction: Will the upcoming Bitcoin halving impact the recovery?
3) Celestia (TIA)
Celestia (TIA) is a blockchain project designed to simplify the creation and deployment of decentralized applications. Its modular consensus and data availability layers allow developers to deploy their own blockchains without the complexity of building one from scratch.
TIA coin entered a correction trend in early February when the price reversed from the $21.14 mark. The formation of a new low indicates that traders are aggressively shorting on a bullish rebound, which would send the stock down 65% to $7.27 in two months.
However, TIA price has shown remarkable resilience against the current market decline, rising 47% to $10.67 within two days. The current market capitalization of Celestia coin is $1.89 billion, and the 24-hour trading volume is $644 million.
Analysis of the daily chart shows that two downtrend lines are leading the current corrective trend in TIA and a break above them is needed to develop a sustainable recovery.
Important points
Cryptocurrency markets saw notable outflows over the weekend due to Bitcoin ETF outflows and geopolitical issues in the Middle East. FUD in the market is currently accelerating this selling pressure, indicating the possibility of an extended decline. However, with the upcoming Bitcoin halving, the overall trend remains bullish.
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