The total crypto market cap lost $72 billion of its value for the last seven days and now stands at $1,982 billion. The top 10 coins were mostly in red for the same time period with Dogecoin (DOGE) losing 22 percent while Uniswap (UNI) turned green, adding 8.2 percent. Bitcoin (BTC) is currently trading at $53,331, ether (ETH) is at $2,475.
Bitcoin formed its third consecutive red candle on the daily chart on Sunday, April 18, and continued to decrease in value. It was on its way down ever since it hit its highest ever value of $64,840 last Wednesday, prior to the Coinbase COIN stock market debut on NASDAQ.
The Sunday drop was the biggest for the BTC/USDT pair since February 23 when it erased $5,343 or almost 10 percent of its value for a day. The price of BTC moved below the short-term EMAs on the daily timeframe and touched the lower boundary of the old $59,500-$56,000 range.
On Monday, the market volatility continued to be felt by traders as the leading cryptocurrency was moving in the $57,700 – $54,230 area before closing yet another session in red at $55,600.
On Tuesday, April 20, it fell as low as $53,500 during intraday but managed to recover in the late hours of trading, eventually closing in green at the $56,480 mark.
The mid-week session on Wednesday did not bring any change in the market direction and BTC continued to hover around $56,000– a significant support/resistance line from the last few corrections and a lower part of the old trading range on the daily timeframe. Bears were once again in control and the BTC/USDT pair ended even lower – at $53,770.
On Thursday, April 22, bitcoin continued to slide, not being able to break above the 21-day EMA on the lower timeframes. It erased 4 percent for the day and reached the $51,500 – $52,000 support zone. The session was marked by extremely high volatility as the price was bouncing up and down the $55,500 – $50,400 range.
The last day of the workweek came with an even sharper drop – this time to $47,500 after US president Biden announced its latest tax hike plan. Still, the quick reaction from bulls prevented a catastrophe, and the biggest cryptocurrency closed with a small red candle to $51,177.
The weekend of April 24-25 started with another drop below the 100-day EMA on daily on Saturday, which was followed by its fifth consecutive red candle on Sunday and another intraday low – $46,960 later improved to $49,160. The coin was 12 percent down for the week.
What we are seeing on Monday is a solid reversal to the upside as BTC is trading 9 percent higher compared to the Sunday close.
The Ethereum Project token ETH hit a new all-time high at $2,544 on Friday, April 16, but it hasn’t been able to maintain the bullish momentum since then. The coin registered three consecutive red days and erased more than 11 percent of its value by Sunday evening. Still, the sudden decline did not impact the general uptrend that much and the ether closed the week with a 4.4 increase.
It is worth noting that the Sunday flash crash pushed the price of ETH all the way down to the next major support zone near $1,980, but buyers were quick to react on the same day thus preserving the bullish market structure.
On Monday, the coin fell further to $2,162 but found stability near the previous weekly open and the 21-day EMA.
On Tuesday, April 20, and Wednesday, April 21, the bulls successfully initiated a recovery and reclaimed their presence above $2,400, which represented an $8.85 percent of growth for the two-day period and a daily close at $2,358 on the third day of the workweek.
On Thursday, the ETH/USDT pair hit a new all-time high touching $2,645 in the morning, but then made almost full retracement down to $2,396 to close the day with a short green candle.
The leading altcoin corrected its price down to $2,364 on Friday following the tax hike news coming from the US. The price temporarily dropped below the $2,140 support on the news but managed to recover in the late hours of the session.
The first day of the weekend was not that good for bulls as their preferred digital asset made a pullback to $2,210 losing 6.5 percent. Then on Sunday it jumped back up from the fast EMA and ended the week at $2,313.
The ether is trading at $2,482 as of the time of writing this market update.
Top 10 Movers
- Solana (SOL)
Another alternative solution to the Ethereum blockchain, Solana is on the rise thanks to its solid fundamentals and the backing by the FTX exchange.
The SOL token value increased by 47 percent for the last seven days and is now 4446 percent up from its December 2020 low of $1. The SOL/USDT pair is on a stable macro uptrend and looking at the lower timeframes (4-hour), we can establish a support line around $41, where the 21-day EMA is currently placed.
Naturally, the next target up should be the psychological $50 level. It’s worth noting that Solana is evaluated at $12.9 billion and a projected price of $100 will make it a Top 10 coin, right behind Polkadot.
Altcoin of the Week
Our Altcoin of the week is PancakeSwap (CAKE). Uniswap’s biggest competitor is growing stronger every day thanks to the lower transaction fees on the Binance Smart Chain compared to the current Ethereum Layer 1. The PancakeSwap exchange now has more than $8 billion in total value locked on its platform and more than 200,000 active users. This, combined with the Initial Farm Offering (IFO) feature, is the main driver behind the recent price surge.
The project’s native token CAKE added 37 percent to its value for the last seven days and is now comfortably sitting at the 26th spot on CoinGecko’s Top 100 list with a total market capitalization of approximately $5.47 billion, still way below the leading Defi aggregator – Uniswap, which is valued at $18.4 billion.
The CAKE/USDT pair is currently trading above its all-time high of $29.9 after hitting $34.9 in the early hours on Monday.