Bitcoin experienced a dip in price, reaching a daily low of $61,765 before recovering to $63,710. The recent launch of Bitcoin ETFs in Hong Kong did not have a significant impact on the price. Now, let’s take a look at the current predictions for some popular altcoins and their potential price movements.
TON Coin, like many other altcoins, failed to break above the 50-day SMA ($5.27) despite bouncing off it on April 27. This suggests that investors are quick to sell during minor rallies, reflecting the overall sentiment. The formation of lower highs in Bitcoin’s price is also contributing to the selling mood among altcoin investors. If TON Coin fails to surpass $5.7, we could see a dip towards $4.7 and $4.5, especially if it closes below $5.27. Considering its popularity in recent months, bulls may be looking for new opportunities, which could result in increased volatility, particularly in futures trading.
Dogecoin (DOGE) recently broke below a symmetrical triangle, indicating bear dominance. The DOGE/USDT pair might retreat to the main support level at $0.12, where bulls are expected to step in. However, if it closes below this crucial level, a drop to the long-watched support level at $0.08 could occur, leading to a prolonged period of price consolidation. The 20-day EMA ($0.16) and the descending trend line will continue to act as strong resistance for bulls. Overcoming this resistance could open up targets of $0.23 and $0.27.
Cardano (ADA) is facing volatility ahead of tomorrow’s Fed interest rate decision, which will greatly influence the interest rate reduction path for the year. Before that, ADA Coin experienced a bearish push, breaking below the crucial support level at $0.46. However, buyers are currently stepping in at $0.458. Downward sloping moving averages and a negative region RSI suggest the potential for further selling towards $0.4. On the other hand, if the price moves in the opposite direction, targets of $0.52 and $0.58 could be aimed for.
It’s important to note that the information provided in this article does not constitute investment advice. Investors should be aware of the high volatility and risk associated with cryptocurrencies and should conduct their own research.
