After a strong correction on Monday, Bitcoin (BTC) is showing strength to hold above $40,000 levels. The correction that occurred during the weekend to Monday has made a lot of cryptocurrencies prices go down and especially the meme coins.
Traders and investors are panicking about what will happen to the crypto market as the American inflation rate spiked by 8.5%.
The DOGE price pumps 8% responding to the Billionaire Elon Musk’s proposal for twitter to accept Dogecoin for Twitter Blue subscription. This celebrity-driven rally may encourage buyers to rechallenge the overhead resistance of $0.17 for a bullish.
On April 6th, the crypto market experienced a sudden sell-off which reverted the DOGE price with a long bearish engulfing candle. However, the 100-SMA slope acted as immediate support for the price and prevented the coin holders from any excessive loss.
The coin price managed to sustain above the EMA support, and with an additional push from Elon musk, the DOGE price bounced back, displaying an 8% intraday gain.
The meme coin may soon challenge the above ceiling of $0.17 to give a strong breakout and candle-closing above it. If the buyers succeed, the trades can expect a 15% spike to the $0.2 psychological mark.
The recent price jump breached and converted the 50-and-100-day SMA into viable support levels. However, the 200-day SMA aligned with the $0.18 level may interrupt the bullish rally.
The Relative Strength Index(60) starts to recover as it escapes a breakdown below the neutral line. Moreover, the RSI slope may soon regain the 14-SMA line, providing an additional confirmation for long buyers.
- Resistance levels- $0.17 and $0.2
- Support levels- $0.135 and $0.11
The APE/USDT pair witnessed a significant correction in the past two weeks, which discounted the altcoin by 32%. A falling channel pattern carried this retracement rally and plunged the coin price to $10.6 support.
Responding to the bullish divergence in the RSI indicator, the APE price bounced back from the $10.6 support and breached the resistance trendline of the channel pattern. Furthermore, the breakout rally reached the $12.3 resistance before reverting for a retest.
The descending trendline flipped into viable support and initiated a new recovery rally. The post-rest rally pierced the $11.5 local resistance and registered a 9.89% gain.
If the buyers sustain above this resistance, the coin price will rechallenge the $12.3 resistance to continue the bullish rally.
- The APE price breached the $11.56 resistance.
- The 20 and 50 SMA are poised for a bullish crossover.
- The intraday trading volume in Apecoin is $630.5 Million indicating a 15% loss.
EMAs: The new recovery rally has regained the 20 and 50 SMA, which adds additional support levels for buyers. However, the 100 SMA slope aligned with the $12.3 resistance could interrupt the potential rally.
Vortex indicator: the VI+ and VI- slope widening the gap between them indicate strong buying momentum.
- Resistance levels: $12.3 and $13.7
- Support levels: $11.5 and $10.5
Shiba Inu Analysis
According to transaction data, the wallet tagged as “Light” purchased $6.4 million worth of SHIB tokens around three hours before press time and paid $6 worth of ETH as a fee.
As more whales started buying SHIB tokens at a large discount, the total USD value of SHIB holdings jumped to $1.19 billion, which put it in first place among all other assets. Second place among all other assets is being held by FTX Token, with 12.9% dominance.
The price of Shiba Inu skyrocketed by double digits minutes after news broke that Robinhood has listed it on its platform.
The American financial services company – Robinhood – allowed its customers to deal with Shiba Inu (SHIB), Solana (SOL), Polygon (Matic), and Compound (COMP). The additions come after last week, the firm rolled out its cryptocurrency wallet to two million users.
SHIB’s price moved above the descending trendline that was acting as resistance (in dotted line) with good volume. Since then, the price has continued upwards and may reach the key resistance at $0.00003 if momentum maintains. The current support is found at $0.000022.
Trading Volume: The volume had a nice increase last Saturday during the break, but struggled to remain at that level in the following days.
RSI: The daily RSI is found at 50 points and curving upwards. If it can make a higher high, then that would be an additional bullish signal.
MACD: The daily MACD is bullish with momentum picking up for buyers. This could anticipate a further price increase soon.
Short-Term Prediction for SHIB Price
If buyers manage to keep this momentum and don’t let the price fall below the current support, SHIB has a considerable chance to move much higher and test the key resistance at $0.00003.
The most recent correction and downtrend appear over, therefore the price action favours bulls.
- Resistance levels- $0.00003 and $0.000033
- Support levels are $0.000022 and $0.000017
The bitcoin supply continues to be strained as HODLers of last resort continue to reduce the supply available on the market.
As the inflation rates in many countries continue to be on the upside people will have no other choice than to use cryptocurrency as a hedge fund against inflation.
Crypto is the new monetary system that allows cross-border payments with minimal fees and global access in its most reliable form.
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