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BTC Sheds 2%, ADA & DOGE Drop 5% Amid Pre-Halving Uncertainty – Crypto News

Published

1 year ago

April 1, 2024

Dripp

Crypto Price Prediction: The cryptocurrency market entered April on a bearish note showcasing a 2-3% drop in Bitcoin and Ethereum in the last 24 hours. This downtick evaporated the modest growth the BTC price witnessed during the easter holiday prolonging its current sideways action. The asset has been consolidating for over a week creating an uncertain sentiment among market participants.

However, the wavering price movement could indicate a pre-halving consolidation, where the BTC price stabilizes as upcoming events could heighten the market volatility. The Bitcoin halving scheduled for 19th April will split mining reward in half from 6.25 to 3.125 bitcoins. With miner’s profitability affected, the number of new bitcoins entering circulation would shrink, but demand may remain the same or increase through spot BTC ETFs.

Thus, the Bitcoin price is poised for prolonged recovery in the near future.

Also Read: Crypto News: Top 3 Data Points to Keep an Eye on This Week

1)Bitcoin (BTC)

BINANCE:BTCUSDT Chart — Bitcoin (BTC)| Tradingview

Bitcoin (BTC), is the first and most prominent cryptocurrency that operates without a central bank or single administrator, utilizing a peer-to-peer network to facilitate transactions.

The asset rebounded from its last correction in late March as the buyers found suitable demand pressure at 38.2% Fibonacci retracement at the $60800 mark. The bullish reversal uplifted the BTC price by 18% to hit the supply zone at $71500.

However, the overhead supply shifted the price trajectory sideways creating a narrow range between $71500 and $68400. The Bitcoin price currently trades at $69600, while the market cap stands at $1.326 Trillion.

A potential breakout from the above resistance will bolster BTC to rechallenge All-time resistance of $73800.

2) Cardano (ADA)

BINANCE:ADAUSDT Chart — Cardano (ADA)| Tradingview

Cardano (ADA) is a third-generation cryptocurrency that distinguishes itself through a research-driven approach to design and development. The project aims to address scalability, interoperability, and sustainability issues faced by earlier blockchain platforms.

The Cardano price entered the current correction trend in mid-March as the price reverted from the psychological resistance of $0.8. Within three weeks, the altcoin lost 22.4% in value to current trade at $0.628.

With a market cap of $22.4 Billion, Cardano coin maintains its position as the 9th largest cryptocurrency. The price decline today is backed by $502 billion in trading volume, 48% up since yesterday. If the downside momentum persists, the ADA price is likely to challenge the support at $0.57.

However, the confluence of technical levels at this support could bolster buyers to a renewed recovery trend aiming for a $0.678 and $0.8 high.

Also Read: How Lower Top Formation Puts Cardano Price at Risk of Losing $0.5 Support

3)Dogecoin (DOGE)

BINANCE:DOGEUSDT Chart — Dogecoin (DOGE)| Tradingview

Dogecoin (DOGE) began in 2013 as a lighthearted alternative to traditional cryptocurrencies like Bitcoin, its name and logo were inspired by the popular “Doge” meme featuring a Shiba Inu dog.

While the major cryptocurrencies were stuck in a consolidation phase, the Dogecoin price showcased a high momentum rally in March’s fourth week. The memecoin rallied from $0.122 to $0.228 within a fortnight registering an 86.8% growth.

However, broader market supply pressures caused a slight reversal in DOGE’s price, bringing it to a current trade value of $0.208. With a market capitalization of $3.2 billion, it retains its status as the largest meme cryptocurrency.

In case of a fresh correction trend, the DOGE holder may mark potential supports of $0.192, and $0.16.

Takeaway

The cryptocurrency community is on edge for the forthcoming Bitcoin halving, marked on the calendar for April 19th. This event is anticipated to create supply crises in BTC, and with the launch of spot ETFs, the demand continues to grow. Thus, the broader market is likely to witness a renewed buying momentum in April.