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Highlights
- The falling wedge pattern leads to the current correction trend in ETH price.
- The SHIB price has aggressive supply pressure at $0.0000286 resistance.
- The mid-term trend in Hedera price is bullish evidenced by steady higher high and low formation.
Crypto Price Prediction: On April 24th, the cryptocurrency market witnessed a sudden sell-off which plunged the BTC price to $63300. This downtick could be attributed to the renewed conflict in the Middle East and a notable outflow in Spot Bitcoin ETFs.
Yesterday, the Spot BTC ETF recorded a total net outflow of $121 million. Grayscale’s GBTC ETF saw a substantial outflow of $130 million in a day, in sharp contrast to Fidelity’s ETF FBTC, which attracted a net inflow of $5.61 million, while the ARKB ETF by Ark Invest and 21Shares drew $4.17 million.
According to SoSoValue, yesterday the total net outflows for Bitcoin spot ETFs were $121 million.
Grayscale's ETF GBTC had a net outflow of $130 million in one day; the Bitcoin spot ETF with the highest net inflow was Fidelity's ETF FBTC, with a net inflow of $5.61 million in a… pic.twitter.com/C8cc1gT2ei
— Wu Blockchain (@WuBlockchain) April 25, 2024
In the last 24 hours, Bitcoin (BTC) and Ethereum (ETH) showcased around 4% loss, while other top altcoins like Solana (SOL), Toncoin (TON), and Dogecoin (DOGE), registered around 8% dip.
However, the market participants perceive this dip as a post-halving correction which could provide pullback opportunities to investors and stabilize the crypto market for the potential rally.
Also Read: Breaking: US SEC To Deny Spot Ethereum ETFs – Reuters
1) Ethereum (ETH)
Ethereum is a decentralized, open-source blockchain system featuring smart contract functionality. With a market cap of $376.2 Billion, Ether stands as the second largest cryptocurrency, just below Bitcoin.
Amid the recent Bitcoin halving, the ETH price rebounded from $2850 support last weekend and surged 15% to test $3300. However, the lack of momentum kept recovery limited evidenced by the ETH price struggle to break overhead resistance.
However, the on-chain data tracker Lookonchain flagged a large-scale Ethereum transaction by an address, possibly linked to Justin Sun, who withdrew 7,128 ETH ($22.34M) from Binance. This move comes after the address amassed 154,570 ETH ($492.23M) since April 8, amid the current market correction, indicating a strategic acquisition amidst lower prices and anticipation of a bullish reversal.
Update:
0x4359 (possibly #JustinSun) withdrew 7,128 $ETH($22.34M) from #Binance again 7 hours ago and he had bought 154,570 $ETH($492.23M) at $3,177 since Apr 8.https://t.co/UYhZurPwcf pic.twitter.com/PGuYggfagL
— Lookonchain (@lookonchain) April 25, 2024
Thus, a renewed recovery sentiment toward Ether could allow buyers to give a bullish breakout from the falling wedge patterns, signaling the end of the correction period.
Also Read: Ethereum Co-founder Vitalik Buterin Criticizes Misuse of “ZK” in ZKasino Scandal
2) Shiba Inu (SHIB)
Shiba Inu (SHIB) is a decentralized meme token that has evolved into a vibrant ecosystem. Gaining popularity as a Dogecoin alternative, SHIB stands out with its own decentralized exchange, ShibaSwap, and plans to expand into an NFT market and gaming.
Amid the recent market sell-off, the Shiba Inu price reverted from $0.0000282 and plunged 13% to trade at $0.0000247. In the daily chart, this downswing showed another lower-higher formation indicating the correction trend is active and traders continue to sell off bullish bounces.
By the press time, the SHIB coin stands at a market cap of $14.5 Billion, while the 24-hour trading volume is at $875 Million.
If the selling pressure, the memecoin could breach the $0.0000238 support and seek support at $0.0000185.
Also Read: Shiba Inu Coin: SHIB Burn Spikes 2200% Igniting Bullish Sentiments, $0.000036 Ahead?
3) Hedera (HBAR)
Hedera (HBAR) is a public network that uses hashgraph consensus, a faster alternative to blockchain, aiming for high throughput, minimal fees, and low latency.
In the last two days, the HBAR price has witnessed a heavy outflow resulting in a sharp price drop from $0.182 to $0.133 accounting for a 37.6% fall. The current market cap of Hedera coin stands at $4.081 Billion maintaining its position as the 25th largest cryptocurrency.
The falling price is poised to test the physiological level of $0.1 seeking suitable support to revert the price higher. This support coinciding with multiple technical levels indicates a higher potential for buyers to counterattack.
Also Read: Breaking: Hedera and Archax Enable First Tokenized BlackRock MMF Shares
Key Takeaway
The cryptocurrency market is likely witnessing a post-halving correction— a period known to trigger a final dip in digital assets before triggering the anticipated rally. This pullback could remove the weak hands from the market and stabilize the asset to recuperate bullish momentum.
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