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Highlights
- The Bitcoin price breakdown from the support trendline shifts the near-term trend sideways.
- The LTC price witnessed intense supply press at the $112 mark.
- The currency correction trend in Dogwifhat price may be suitable for demand at combined support of $3.46 and 50% Fibonacci retracement.
Crypto Price Prediction: On Wednesday, the cryptocurrency market witnessed an ease in supply pressure following a modest uptick in Bitcoin and Ethereum. The new relief rally across top altcoin was initiated with a positive inflow into spot BTC ETFs on April 2nd. The on-chain data tracker reported a $39M net inflow into Bitcoin, suggesting a bullish shift in investor sentiment. Furthermore, Grayscale Bitcoin Trust (GBTC) saw its lowest outflow in 14 days at $81.9M.
The most awaited crypto event of the year–Bitcoin Halving is just around the corner, scheduled for April 19th. Thus, the current volatility in the market is likely a pre-halving consolidation/correction which removes weak hands in the market or stabilizes the asset before a directional move.
Thus, with the broader market bullish, the current correction may offer suitable dip opportunities in cryptocurrencies like Bitcoin (BTC), Litecoin (LTC), and Dogwifhat (WIF).
Also Read: Crypto Prices Today April 2: Bitcoin Crashes To $66K, Ethereum Below $3400, SOL & XRP Crash
1)Bitcoin (BTC)
Bitcoin stands as the original cryptocurrency, a decentralized digital currency without a central bank or single administrator, that can be sent from user to user on the peer-to-peer Bitcoin network.
Over the last two months, the largest digital asset by market cap has witnessed an aggressive recovery displayed through a steep ascending trendline in a daily chart. This rally propelled the digital asset to a new high of $73800 on March 14th.
However, the over-extended rally witnessed a minor setback recently, plunging the coin 10.67% to trade at $35952. The current market cap of Bitcoin stands at $1.3 Trillion, while the trading volume wavers at $44.3 Billion.
Amid the current correction, the Bitcoin price breaks below the aforementioned trendline, indicating the potential for further downfall. If the breakdown is sustained, the sellers drive the asset to $60800, followed by $52850.
2) Litecoin (LTC)
Litecoin, often referred to as the silver to Bitcoin’s gold, is a peer-to-peer cryptocurrency. The project stands out due to its faster transaction confirmation times and improved storage efficiency compared to Bitcoin.
Amid the current market correction, the Litecoin price is struggling to sustain above the $112 barrier. The 4-hour chart displaying three notable swing highs indicates sellers are actively defending the overhead resistance.
By the press time, the Litecoin price traded at $99.87 with an intraday loss of 6.5%. The market cap is currently wavering at $7.43 Billion which holds the assets position among the top 20 largest cryptocurrencies as per CoinMarketCap.
If the supply pressure persists, the LTC price could breach a two-week-long support trendline, accelerating the momentum for a prolonged downfall. The post-breakdown fall could retest the support region at $93.1, followed by $77.
Also Read: Binance To List New Pairs For BCH, LTC & Others, Price Recovery Ahead?
3) Dogwifhat (WIF)
Dogwifhat features a playful mascot of a Shiba Inu wearing a hat, which has endeared it to the meme-loving community within the crypto space. The WIF coin demonstrated strong performance in March, reaching a peak of $4.8 towards the end of the month
However, with the broader market correction, the WIF price entered a fresh correction this week, leading to a value of 20% down to trade at $3.89. The market cap of this memecoin also plunged $3.89 Billion, while the 24-hour trading volume stands at $840 Million.
An analysis of the daily chart shows the current correction may face support levels at $3.46, followed by $3. Conversely, the recovery attempt may face resistance at $4.15 and $4.86.
Takeaway
The cryptocurrency market initiated in quarter two of 2024 on a bearish note, sparking a fresh correction wave of the majority of coins. However, with less than 20 days of Bitcoin halving the digital assets are witnessing heightened volatility and lack of dominance from buyers or sellers. The sidelined traders may consider this an opportune moment to engage by adopting strategies that capitalize on pullbacks.
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