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BTC Slips to $61K, DOGE and ADA Down 6% – Crypto News

Published

2 years ago

April 30, 2024

Dripp

Crypto Price Prediction: During the Asian trading hours on Tuesday, the Bitcoin price witnessed a sudden sell-off, recording a 3.3% drop to hit $61705. The top altcoin such as Ethereum (ETH) and Solana (SOL) also plunged to 5%, while XRP and Cardano (ADA) dipped 2-3%.

Recent data from cryptocurrency derivatives analytics firm Coinglass shows a sharp increase in market volatility, with 65,661 traders liquidated in the past 24 hours. The total value of these liquidations reached $203.81 million.

However, the crypto analytics firm Santiment projected that the cryptocurrency trading volumes have plummeted to levels last seen in late January, signaling an uncertain market sentiment. Calls to “buy the dip” have decreased, and many traders are hesitant to move their assets, fearing they might miss out on a potential relief rally.

📉 #Cryptocurrency trading volume levels were last this low during the final week of January, and it appears that traders have entered into an indecisive sentiment cycle for trading.

The calls to #buythedip have fallen considerably, and those maintaining that #crypto is in a… pic.twitter.com/c9ZGydmvuY

— Santiment (@santimentfeed) April 30, 2024

Particularly, Bitcoin has seen its trading volume drop by 60-65% since its peak in late February. Santiment suggests keeping an eye on any spikes in trading volume, which could indicate a market turnaround as we approach May.

Also Read: Bitcoin and Ethereum ETFs Are Live In Hong Kong, Will They Meet Expectations?

1)Bitcoin (BTC)

BITSTAMP:BTCUSD Chart — Bitcoin (BTC)| Tradingview

Bitcoin (BTC) is the pioneering cryptocurrency, operating on a decentralized network without the need for a central authority. It utilizes blockchain technology to ensure transparency and immutability of transactions.

For over a week, the BTC has witnessed a notable downswing leading its value from $67200 to $61447 registering an 8.5% loss. This downtick accompanied by a surge in 24-hour trading volume to $28.19 Billion accentuates the sellers’ conviction to lead the asset lower.

By the press time, the market cap of Bitcoin stands at $1.21 Trillion. With sustained selling, the Bitcoin price could plunge 2.5% to hit the support trendline of the symmetrical pattern at $60000.

This investor must closely watch this pivot level as it directs a potential reversal or downfall in the coming month.

Also Read: How Will Bitcoin Price React To FOMC Meeting?

2) Cardano (ADA)

BINANCE:ADAUSDT Chart — Cardano (ADA)| Tradingview

Cardano is a third-generation blockchain platform known for its research-driven approach and emphasis on security and sustainability. It was founded by Charles Hoskinson, one of the co-founders of Ethereum, with the goal of overcoming the limitations of earlier blockchain systems like scalability and interoperability.

Under the influence of a descending trendline, the Cardano coin has witnessed a steady correction for the past seven weeks. The altcoin plunged from $0.788 high to its current trading value of $0.437, registering a 44.6% loss.

Currently, the Cardano coin holds a market cap of $15.6 Billion, while the trading volume surged to $303.2 Million since yesterday. If selling pressure persists, the ADA price may plunge to $0.422 and $0.4.

Conversely, for buyers to regain control over this asset, first it needs to break the overhead trendline.

Also Read: Cardano Whales Dominate As ADA Surpasses Dogecoin & Litecoin Volume

3) Dogecoin (DOGE)

BINANCE:DOGEUSDT Chart — Dogecoin (DOGE)| Tradingview

Originally created as a joke based on the popular “Doge” internet meme, Dogecoin has evolved into a fully functional cryptocurrency. DOGE is known for its low transaction fees and fast transaction times, making it suitable for small, everyday transactions.

An analysis of the daily chart, the Dogecoin price is on a seven-day losing streak with its value falling from the $0.164 high to $0.13 to 17.3% loss. This downtick teasing a breakdown below the month-long support trendline indicates the sellers may drive a prolonged correction.

The market cap of Dogecoin stands at $19.6 billion, maintaining its position as the 8th largest cryptocurrency. The post-breakdown fall may push the asset to the next significant support of $0.122.

Also Read: 4 Must-Have Meme Coins For 100X Gains Before Market Recovers

Key Takeaway

The cryptocurrency market is experiencing an active correction trend with Bitcoin falling to a low of $61000 on Tuesday. Moreover, investors might anticipate increased volatility this week as the upcoming Federal Reserve meeting could offer clues about potential adjustments to interest rates and monetary policy. Thus, the BTC price sustainability above $60k will be crucial to prevent a major correction trend across the crypto market.