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Will $BTC Correction Plunge Below $60k in May? – Crypto News

Published

1 year ago

April 29, 2024

Dripp

Crypto Price Prediction: The cryptocurrency market has witnessed steady supply pressure since last week, evidenced by the four-day negative streak in Bitcoin. The BTC price fell from $67200 to its current trading value of $62567, registering a weekly loss of 6.9%. This correction of leading cryptocurrency has limited bullish recovery in the altcoin market, prolonging the post-halving consolidation.

Wu Blockchain recently highlighted the impending decision by the Federal Reserve on interest rates, slated for May 1, with a considerable probability of 95.6% that the rates will remain unchanged. Furthermore, the announcement of the April unemployment rate by the United States is set for May 3.

Generally, unchanged interest rates might suggest an environment of economic stability or caution from the Fed, which can boost investor confidence. This could lead to a risk-on attitude where investors might be more willing to invest in higher-risk assets, including cryptocurrencies

Thus, the digital asset could take a positive upswing in early May strengthening Bitcoin’s position to rebound from $60000 support.

Also Read: Bitcoin and Ethereum Lead Three Weeks of Crypto Investment Outflows, What’s Next?

1)Ethereum (ETH)

BITSTAMP:ETHUSD Chart — Ethereum (ETH)| Tradingview

Ethereum stands as a pioneering blockchain platform that ushered in the era of smart contracts—self-executing contracts with the terms of the agreement directly written into code. It’s the backbone for various decentralized applications (dApps) across various sectors, including finance (DeFi), entertainment, and identity verification.

Since the third week of April, Ether has experienced a fresh relief rally, uplifting its price from $2845 to $3190 registering a 12% jump. However, with border market sentiment uncertain, this recovery shows a lack of momentum and is heading close to a downsloping resistance trendline of a wedge pattern.

The Ethereum coin currently holds a market cap of $388.2 Billion, while the 24-hour trading volume is at $13.2 Billion.

If the overhead supply pressure persists, the ETH price could revert from wedge pattern resistance and bolster a correction below $2700.

Also Read: Can Ethereum Crack $4,000? On-Chain Activity and Price Pattern Suggest So

2) Dogecoin (DOGE)

BINANCE:DOGEUSDT Chart — Dogecoin (DOGE)| Tradingview

Dogecoin (DOGE) began as a meme-inspired cryptocurrency but quickly garnered a vast and vibrant community. It’s known for its Shiba Inu logo and was initially created to be a more approachable alternative to Bitcoin.

Amid the current market correction, Dogecoin showed a seven-day losing streak with its price plunging from $0.164 to $0.14 projecting a $14.9 loss. This downswing teases a breakdown below the long-coming support trendline indicating a risk for extended correction.

By press time, this eighth-largest cryptocurrency shows a market cap of $20.1 Billion.

Losing this support will accelerate the selling pressure and plunge the DOGE price to $0.122 support.

Also Read: Shiba Inu or Dogecoin: Which Is Better & Likely to Outperform This Year

3) Helium (HNT)

BYBIT:HNTUSDT Chart — Helium (HNT)| Tradingview

Helium (HNT) is a decentralized blockchain-powered network for Internet of Things (IoT) devices. Its standout feature is its peer-to-peer wireless network, which aims to provide secure and cost-effective connectivity for IoT devices anywhere in the world.

Defying the current market sell-off, the HNT price witnessed an aggressive inflow in the last five days. From the swing low of $3.41, the altcoin rallied 57% to trade at $5.34 currently. The market cap of Helium also surged to $865.6 Million and shows a 24-hour trading volume of $64.35 Million.

The rising price currently teases a break from the channel pattern which has been carrying a correction trend for the past 10 weeks. This breakout would signal an early sign of trend reversal, bolstering buyers to rechallenge resistance at $6.43 to $7.61.

Takeaway

The cryptocurrency market continues to witness post-halving volatility as recovery and correction sentiment in several cryptocurrencies lack momentum. The BTC price is also heading to the $60000 psychological level to seek suitable support for its next jump. Thus, the investors must be watchful as such consolidation may offer the right opportunity to ride a directional rally.