Crypto Price Prediction 30/4: BTC Slips to $61K, DOGE and ADA Down 6%

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As an experienced analyst, I believe that the recent sell-off in the cryptocurrency market, particularly Bitcoin, Ethereum, Solana, XRP, and Cardano, is a cause for concern. The sudden drop in prices, combined with increased volatility and liquidations, suggest that traders are adopting a cautious stance.

During Asian trading hours on Tuesday, Bitcoin experienced a sudden decrease in value, causing its price to drop by approximately 3.3% to reach $61,705. Notably, the prices of leading altcoins like Ethereum (ETH) and Solana (SOL) declined by around 5%, while XRP and Cardano (ADA) saw a decrease between 2-3%.

According to the latest figures from cryptocurrency derivatives analysis company Coinglass, there has been a significant surge in market volatility. This turbulence led to the forced closure of positions for 65,661 traders over the last 24 hours. The combined worth of these liquidations amounted to $203.81 million.

As an analyst, I’ve observed that according to Santiment, the cryptocurrency trading volumes have dropped to figures similar to those in late January. This decrease may indicate uncertainty among market sentiments. The number of calls to buy the dip has dwindled, and many traders are holding back, apprehensive about missing out on a potential relief rally.

The trading volume of cryptocurrencies is currently at its lowest point since the last week of January. It seems that traders are experiencing a period of uncertainty and hesitation when it comes to making trades.

The calls to #buythedip have fallen considerably, and those maintaining that #crypto is in a…

— Santiment (@santimentfeed) April 30, 2024

Bitcoin’s trading volume has significantly decreased by approximately 60-65% since its peak in late February. According to Santiment, it’s important to monitor any surges in trading activity, as these could potentially signal a market reversal leading up to May.

1)Bitcoin (BTC)

Crypto Price Prediction 30/4: BTC Slips to $61K, DOGE and ADA Down 6%

Bitcoin (BTC) leads the way as the original cryptocurrency, functioning on a decentralized system that doesn’t require a central power. It employs blockchain technology to guarantee the openness and unalterability of each transaction.

Over the past week, Bitcoin (BTC) experienced a significant decrease in value, going from $67,200 to $61,447 – a decline of approximately 8.5%. This drop was accompanied by heightened trading activity, with a total volume of $28.19 billion in the last 24 hours. The increased selling pressure suggests that the market is firmly bearish, driving the asset lower.

As a crypto investor, I’d observe that by the time the press is published, Bitcoin’s market capitalization has reached an impressive $1.21 trillion. However, if the selling pressure continues unabated, the price of Bitcoin could dip by approximately 2.5%, reaching the support trendline of the symmetrical pattern around $60,000.

Keep a keen eye on this pivot level, as it could signal a impending reversal or decline for this investment within the next month.

2) Cardano (ADA)

Crypto Price Prediction 30/4: BTC Slips to $61K, DOGE and ADA Down 6%

Cardano is a cutting-edge blockchain system recognized for its research-focused ethos and commitment to security and longevity. Established by Charles Hoskinson, a co-founder of Ethereum, it aims to surmount the constraints of previous blockchain networks, including scalability and interoperability issues.

Over the past seven weeks, the price of Cardano’s coin has been gradually correcting due to a downward trendline. The altcoin reached a peak of $0.788 before plummeting to its current value of $0.437, resulting in a significant loss of approximately 44.6%.

As an analyst, I would rephrase it as follows: The current market capitalization of Cardano’s coin stands at a substantial $15.6 billion, while the trading volume has seen a significant surge, reaching $303.2 million since the previous day. However, if selling pressure continues to mount, the price of ADA could potentially drop to the levels of $0.422 and even further down to $0.4.

As an analyst, I would say that in order for buyers to take back control of this asset, they must initially see it breach the resistance line (trendline) that has been holding it back.

3) Dogecoin (DOGE)

Crypto Price Prediction 30/4: BTC Slips to $61K, DOGE and ADA Down 6%

As a crypto investor, I’ve witnessed the fascinating journey of Dogecoin from a humorous meme-inspired creation to a legitimate digital currency. The unique selling point of DOGE lies in its affordability with relatively low transaction fees and astonishingly quick confirmation times. This combination makes it an attractive choice for smaller, everyday transactions.

The Dogecoin price has dropped for seven consecutive days, decreasing from its peak of $0.164 to $0.13, representing a 17.3% decrease. This slide hints at a potential breakdown below the support trendline that has held for over a month. The sellers could be instigating an extended correction if this occurs.

The current market value of Dogecoin is $19.6 billion, keeping it ranked as the eighth biggest cryptocurrency. Following its recent downturn, the coin could potentially drop down to the next notable support level at approximately $0.122.

Key Takeaway

The cryptocurrency market is currently going through an active corrective phase, with Bitcoin reaching a low of $61,000 on Tuesday. It’s important to note that this week could bring heightened volatility as the upcoming Federal Reserve meeting approaches. This meeting may provide insight into possible changes to interest rates and monetary policy, which could significantly impact Bitcoin’s price above $60,000. Maintaining the BTC price above this level is essential to prevent a major correction trend from spreading throughout the crypto market.

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2024-04-30 15:54