Crypto Price Prediction: The cryptocurrency market prolonged its correction on April 13th as the geopolitical tension in the Middle East triggered selling pressure across finance markets. The Iranian attack on Israel initially caused panic among market participants leading to a notable downturn in the crypto market.

In the last 24 hours, the Bitcoin price plunged 5% to currently trade at $64234, while top altcoins like Ethereum (ETH), Binance coin (BNB), and Solana (SOL) fell 7%. In the same period, Coinglass reports a total of 256,589 traders were liquidated, amounting to $962.4 million in losses, with the largest single liquidation of $8.46 million occurring on Binance for a BTC/USDT trade.

Having said that, Bitcoin is often viewed as a macro hedge indicating that it absorbed much of the immediate aversion to risk. Thus, with the upcoming Bitcoin halving the crypto investor may find a suitable discount opportunity in top altcoins.

Also Read: Crypto Market Crash: Here’s Why Bitcoin, ETH, SOL, XRP, SHIB Fell Sharply

1) Ethereum (ETH)

Ethereum is a decentralized, open-source blockchain system featuring smart contract functionality. It stands out as the leading programmable blockchain, where developers can create decentralized applications (dApps) and deploy them on the platform.

This second largest cryptocurrency Ether witnessed notable supply pressure this week, leading its price from a high of $3730 to $3021 registering a 20% drop. The market cap of the Ethereum coin also fell to $363 Million, but the trading volume surged to $34 Billion accounting for a 36% jump since yesterday.

This high volume drop breaks below the 38.2% Fibonacci retracement level at $3100, favoring sellers for a prolonged downfall. For the falling ETH price, the $2800 level stands as a crucial support zone as currently coincides with 50% FIB, 200-day EMA, and a long-coming trendline. 

Thus, the buyers need to maintain this support level to retain control over the asset.

Also Read: 5 Reasons Ethereum is Losing Ground to Bitcoin

2) Shiba Inu (SHIB)

Shiba Inu (SHIB) is a decentralized cryptocurrency that emerged as part of the wave of meme coins—digital assets inspired by internet memes. It stands out for its vibrant community and its relatively large supply compared to other cryptocurrencies, which have been partly used for innovative token burns and donations to charity.

The ongoing correction in Shiba Inu price can be followed through a falling wedge pattern consisting of two converging trendlines and dynamic resistance and support. Under the influence of this pattern, the SHIB price plunged from $0.000045 to $0.00002175 to register a 52% drop. 

With a market cap of $12.8 Billion, the Shiba Inu coin holds its position as the twelfth largest cryptocurrency asset.

For buyers to rebound from the current correction trendline, they must breach the pattern’s resistance trendline. The post-breakout rally may propel the SHIB price back to $0.0000456.

Also Read: Shiba Inu Coin Price Forecast: Will Upcoming Bitcoin Halving Influence Recovery?

3) Celestia (TIA)

Celestia (TIA) is a blockchain project designed to simplify the creation and deployment of decentralized applications. Its modular consensus and data availability layer, enable developers to deploy their own blockchains without the complexity of building them from scratch.

The TIA coin entered a correction trend in early February as the price reversed from the $21.14 mark. The formation of a new lower high indicates the traders are actively selling at bullish bounces leading to a 65% downfall in two months to hit $7.27.

However, the TIA price showed notable resilience to the current market sell-off and 47% within two days to hit $10.67. The current market cap of Celestia coin stands at $1.89 billion, with the 24-hour trading volume at $644 Million.

An analysis of daily charts shows two downsloping trendlines are leading the current correction trend in TIA and a breakout above them is needed to develop sustainable recovery.

Key Takeaway

The cryptocurrency market witnessed a notable outflow on the weekend attributed to the Bitcoin ETF outflow and geopolitical issues in the Middle East. The market FUD is currently accelerating this selling pressure indicating the potential for a prolonged downfall. However, the upcoming Bitcoin halving has kept the broader trend bullish.

The post Crypto Price Prediction 4/14: Top Altcoins to Hold Amid Geopolitical Tension in Middle East appeared first on CoinGape.

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Filed under: News - @ January 1, 1970 12:00 am