Altcoins
The top altcoins to hold amid geopolitical tension in the Middle East
Cryptocurrency Price Prediction: Cryptocurrency market extended its correction on April 13 as the geopolitical tension in the Middle East triggered selling pressure on financial markets. The Iranian attack on Israel initially caused panic among market participants, leading to a notable slowdown in the crypto market.
During the last 24 hours, the Bitcoin Price plunged 5% to currently trade at $64,234, while major altcoins like Ethereum (ETH), Binance coin (BNB), and Solana (SOL) fell 7%. During the same period, Coinglass reports that a total of 256,589 traders were liquidated, equating to $962.4 million in losses, with the largest single liquidation of $8.46 million taking place on Binance for a BTC/USDT transaction.
That said, Bitcoin is often considered a macro hedge, indicating that it has absorbed much of the immediate risk aversion. So, with the upcoming Bitcoin halving, the crypto investor might find a suitable halving opportunity in the top altcoins.
Read also: Crypto market crash: Here’s why Bitcoin, ETH, SOL, XRP and SHIB fell sharply
1) Ethereum (ETH)
Ethereum is a decentralized and open source blockchain system with 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 saw notable supply pressure this week, dropping its price from a high of $3,730 to $3,021, recording a 20% decline. The market cap of the Ethereum coin also fell to $363 million, but trading volume jumped to $34 billion, a 36% increase since yesterday.
This high volume decline falls below the 38.2% Fibonacci retracement level at $3,100, favoring sellers on an extended decline. For the fall ETH PriceThe $2,800 level constitutes a crucial support area as it currently coincides with the 50% FIB, 200-day EMA, and a long-term trendline.
Thus, buyers must maintain this support level to maintain control of the asset.
Read also: 5 reasons why 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 relatively large supply compared to other cryptocurrencies, which have been partly used for innovative token burns and charitable donations.
The correction in progress 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 trend, SHIB price plunged from $0.000045 to $0.00002175 to record a 52% decline.
With a market capitalization of $12.8 billion, Shiba Inu coin holds its position as the twelfth largest cryptocurrency asset.
For buyers to rebound from the current correction trendline, they must cross the pattern’s resistance trendline. The rally following the breakout could propel the SHIB Price back to $0.0000456.
Read also: Shiba Inu Coin Price Forecast: Will the Upcoming Bitcoin Halving Influence the 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 allows developers to deploy their own blockchains without the complexity of building them from scratch.
TIA coin entered a correction trend in early February as the price reversed from the $21.14 mark. The formation of a new high indicates that traders are actively selling during bullish rebounds, leading to a 65% fall in two months to $7.27.
However, the TIA Price showed notable resilience in the face of the current market sell-off and rose 47% in two days to $10.67. The current market capitalization of Celestia coin stands at $1.89 billion, with a 24-hour trading volume of $644 million.
An analysis of daily charts shows that two descending trendlines are leading the current TIA correction trend and a breakout above them is necessary to develop a sustainable recovery.
Key to remember
The cryptocurrency market saw a notable outflow this weekend attributed to the release of Bitcoin ETFs and geopolitical issues in the Middle East. The FUD market is currently accelerating this selling pressure, indicating the potential for an extended fall. However, the upcoming Bitcoin halving continued the overall upward trend.
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