Market analysis
Bitcoin price drops again
Bitcoin price attempted to break out of the $64,000 area, but it failed to clear the $65,000 resistance zone. The price formed a high at $64,301 and later started to decline.
The price declined below the $63,800 level. The price declined below the 50% Fibonacci retracement level of the upward move from the $62,408 swing low to $64,301 high. Bitcoin is currently trading below the $63,200 level and the 100 hourly simple moving average.
There is also a key bearish trend line forming with resistance at $63,350 on the hourly chart of the BTC/USD pair. The pair is signaling a bearish bias below the 76.4% Fibonacci retracement level of the upward move from the $62,408 swing low to $64,301 high.
The immediate resistance is near $63,350 or the trend line. The first major resistance could be at $64,000 or $64,300. If the $64,300 resistance can be clearly broken, the price is likely to rise. The next resistance is currently located at $65,000.
If there is a clear break above the $65,000 resistance area, the price might continue to rise. In such a case, the price could move up to $65,500. The next major resistance is near the $66,200 area. If there is further gains, Bitcoin might drop to the $67,500 resistance area in the near term.
Will BTC’s losses be even greater?
If bitcoin fails to clear the $63,350 resistance zone, it is likely to continue its decline. An immediate support on the downside is near $62,400.
The first major support is $62,000. If there is a close below $62,000, the price could start a decline towards $61,200. If there is a further decline, the price could drop towards the $60,000 support area in the near term.
Technical indicators:
Hourly MACD – The MACD is currently accelerating in the bearish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now below the 50 level.
The main support level – $62,400, followed by $62,000.
Major Resistance Levels – $63,350, $64,000 and $65,000.
The market is still volatile, but although Bitcoin is trading sideways, before any hot sectors rise, we must be careful that the market continues to fall. When investing in the cryptocurrency circle, you must not have the idea that it will definitely rise or fall. The cryptocurrency market is changing rapidly, and if you are not careful, you will lose everything!
Which cryptocurrencies are worth watching after the Bitcoin halving?
RNDR
Metaverse + AI + Depin + Sol multiple buffs, there is a lot of room for narrative, and I have also said in previous articles that May and June will be a node for the outbreak of the artificial intelligence sector.
In summary, Render Network is leading the way in revolutionizing the rendering and streaming of 3D environments and visual effects. Through the RNDR token, it has established a key position in a multi-trillion dollar market, providing unprecedented opportunities for the creation and sharing of 3D content. The project has clear strategic advantages and offers a compelling value proposition to large enterprises, especially for industries with high rendering costs, providing an effective way to reduce costs. In the GPU field, RNDR is unbeatable, and as a leader, it is expected to show even more outstanding performance as the industry surges.
ON
OP is a low-cost, lightning-fast Ethereum secondary blockchain. As the leader of the Cancun upgrade, it plays an important role in the ETH ecosystem. 2024 is expected to be the focus, and the Ethereum space is much larger than Bitcoin. The Optimism Ecosystem is an overview of the applications and integrations in the Optimism ecosystem. Optimism solves the real needs of developers and users. The Optimism Foundation is a non-profit organization dedicated to the development of the Optimism Collective.
OP is its native governance token, which is mainly used for governance protocols.
Optimism Coin has been declining significantly over the past two months. The coin’s price has recovered from this dynamic resistance level three times, indicating that traders continue to sell the asset on market rallies, a key sign of an established downtrend.
However, with the recent Bitcoin halving, OP found it appropriate to form a local bottom around the psychological level of $2. The positive shift from this support has seen the asset rise 45% in two weeks.
With an intraday gain of 12.6%, the coin’s price is on the verge of breaking above the upper trendline. A daily candle closing above the resistance trendline will signal a change in market dynamics in favor of buyers.
A rally following the breakout could see Optimism Token surge to a potential target of $3.4, followed by $4, and $4.78.
Conversely, if supply pressure and the downtrend line persist, continued consolidation could extend the target below the $2 support level.
DOGE
In the latest Dogecoin price prediction, the outstanding 24-hour trading volume of $700 million pushed DOGE up 2.75% to trade at $0.150180. As the meme-inspired cryptocurrency remains at the 8th position on CoinMarketCap with a market cap of about $21.64 billion, market watchers speculate on the actions of large-scale investors.
Dogecoin has experienced significant growth over the past year, along with Bitcoin, Ethereum, and Ripple, with Bitcoin rising approximately 350% from a low of $15,000, pushing the entire cryptocurrency market cap to $25,000 One hundred million U.S. dollars. The rally sets up a potentially transformative week for cryptocurrencies, especially given the market’s recent moves and strategic comments from influencers.
Tesla’s Elon Musk has recently re-entered the cryptocurrency conversation, having previously significantly influenced Dogecoin’s popularity.
An executive at Musk’s Company
HIM
As a leader in decentralized exchanges, the project has been working hard to promote development and the price is expected to reach $50.
Uniswap is a token exchange protocol based on Ethereum. It is decentralized, not only different from traditional cryptocurrency exchanges, but also different from ordinary decentralized token exchanges. Uniswap is a set of contracts deployed to the Ethereum network, and all transactions are conducted on the chain.
Like other DEXs, it allows users to freely deposit tokens for exchange and withdraw them freely, without the registration, identity verification, and withdrawal restrictions of centralized exchanges.
At the same time, compared with other DEXs, its gas utilization rate is higher, so the gas fee is cheaper; its counterparty is not other trading users, it trades with the token pool, and there is an automatic market-making model to calculate the transaction price.
Uniswap (UNI) is a strong presence in the decentralized finance space, providing users with a decentralized trading platform. UNI is trading at $7.94, with a sharp increase of 3.36% in the last day, demonstrating its ability to effectively respond to temporary changes in the market. It has shown a consistent increase of 1.00% throughout the week, with a particularly outstanding performance in the last month, with an impressive increase of 35.63% in value. Uniswap ranks 23rd among cryptocurrencies with a market capitalization of $4.75 billion, demonstrating its market importance through a trading volume of $125.77 million in the past 24 hours. The balanced market environment is maintained by the supply dynamics of the token, which includes 598,736,140 UNI tokens in circulation.
