The price of the first cryptocurrency decreased. However, there is a positive dynamics, but only locally 📈
On the timeframe of 4 hours, the price fell to the support level at ~$66,700. It reached it during yesterday's "shedding" in the market 📉
The price started to bounce upwards from the mentioned support. A "bullish engulfment" candlestick pattern was formed, but it is on low volume. Thus, we can draw a horizontal "price channel" here 📊
There is a pretty good chance that price will start to move up from the lower boundary of the channel. Most likely, this channel is transforming into a "bullish flag". To confirm it, we need a breakdown of the midline 🐂
📊 URPD Metric Highlights Bitcoin’s Potential for Price Surge 📈
What is UTXO/URPD?
In cryptocurrencies, an unspent transaction output (UTXO) or URPD Unspent Realized price Distribution is a distinctive element in a subset of digital currency models. A UTXO represents a certain amount of cryptocurrency that has been authorized by a sender and is available to be spent by a recipient. The utilization of UTXOs in transaction processes is a key feature of many cryptocurrencies, but it primarily characterizes those implementing the UTXO model.
Using the URPD metric, or UTXO Realized Price Distribution, offers a clear view of Bitcoin’s market dynamics and investor sentiment. This metric provides critical insights into the concentration of Bitcoin coins around the current spot price, highlighting areas of strong support and minimal resistance.
📊 Strong Support and Minimal Resistance
The URPD metric shows that about 15.9% of Bitcoin’s total supply is clustered just below the current price, indicating robust support at these levels. In contrast, only 1.1% of the supply is above the current price, suggesting minimal resistance. This imbalance implies that with continued demand, Bitcoin’s price could rise significantly.
📈 Interpreting Market Sensitivity
This metric helps identify potential support and resistance levels. The substantial support below the current price reflects strong investor confidence, while the sparse supply above suggests a high potential for rapid price increases if demand persists.
💰 Investment Implications
For investors, these insights are crucial. Strong support indicates a lower risk of significant declines, and minimal resistance above suggests considerable potential for price appreciation. This combination points to a bullish outlook for Bitcoin in the near term. 🌟
Toncoin Price Forecast: The Toncoin price forecast is for the market to remain resilient in the face of bearish pressure to reach the $7.67 resistance level.
Toncoin Long-Term Trend: Bullish (1-Day Chart) Key Levels: Zones of supply: $7.10, $7.67, $8.3 Zones of Demand: $5.85, $6.68, $7.00
Toncoin Trade Signal (SWING)
Instrument: TONUSD My opinion: Sell Stop Entry price: $7.4 Stop: $8.10 Target: $6.30 My risk setting: 1% RRR: 1:2
NB: I will close this pending trade if it is not triggered within 24 hours.
Cardano's daily chart indicates a declining trend. At the $0.458 support level on April 13, the chart showed a double bottom pattern. The price initially faced resistance from the anticipated first level, but it eventually overcame it. On the daily chart, there was a bearish candle pattern. Bearish candles occurred last week, and the $0.46 support level became a resistance level.
The price is falling in the direction of the previous low, which was $0.44.Right now, bears are in control of the Cardano market.
For MATIC/USD, the long-term outlook is bleak. Because of the sell-off that began on March 14, the value of cryptocurrencies has dropped. This happened at the $1.27 mark, following the contestants' match. The ultimate sum after a two-week cost decrease is $0.72.
Customers are putting an end to more market declines. Bulls maintained the level that was recently emphasized. It is oscillating between $0.65 and $0.72, which are the levels of support and resistance. The reason behind the low volatility is the present range phase.
Polygon (MATIC) has experienced a remarkable surge, gaining over 10% in recent weeks to reclaim the coveted $1.00 level. This rally has been driven by a combination of factors, including bullish technical signals, growing investor confidence, and positive sentiment surrounding Polygon’s ecosystem. Keep an eye on MATIC’s performance—it’s an exciting time for this cryptocurrency 🚀
Shiba Inu (SHIB) Price May Break Down $0.0000210 Level
Shiba Inu's daily chart is negative. A few weeks ago, buyers dominated the SHIB market. At $0.00002270, the price passed the threshold. A strong bullish candle seems to indicate that buyers are prepared to enter the market every day.
On February 7, bulls drove the price above $0.00004399 as the daily candle broke over a resistance level at $0.000002270. At the resistance level of $0.0000439, sellers were battling against buyers. The selling continued at the previously mentioned level, giving the bears more ammunition. The price is currently declining in an effort to break below the $0.0000210 barrier.
The price of the Cartesi token has increased by roughly 9% today. This seems like a significant recovery considering the previous price increases seen over the past two sessions. Those could be considered a pullback, while today's price movement is the real correction. This is because price action was able to move through notable landmarks.
Cartesi Contracts Downward After Popping the $0.2500 Ceiling
Today's trading activity in the CTSI market has seen considerable price downward contraction. Nevertheless, trading activities continue above the Exponential Moving Average (EMA) curves. This seems favorable at the moment, as price action still has the chance to continue upward.
Trending Coins for Today: NOT, STRUMP, DOGE, MEW, and PEPE
Newly launched coins such as Notcoin have suddenly become hotter, topping this week's list of trending coins. This token has displaced PEPE from the first spot on this list from last week, now becoming the trendiest of all coins at the time of writing. Other memecoins have also shown impressive performance, displacing some of the more prominent coins on this list. Let's take a closer look at each of them:
Notcoin (NOT) Major Bias: Bullish
Notcoin stands in the first spot on this week's list of trending coins. The coin has seen an additional 15% price increase as of the time of writing. Meanwhile, over the past 7 days, there has been an additional price increase of 173%. Its market cap is $1.41 billion, with a trading volume of approximately $670 million.