Cryptocurrency Price Forecast: The Easter holiday led to an uptick in the cryptocurrency market, with leading assets Bitcoin and Ethereum seeing a 1-3% jump. This week has seen extreme volatility for the majority of major cryptocurrencies creating a narrow range as evidence of the lack of clear dominance of buyers and sellers.
However, this consolidation is likely to turn into a continuation of the uptrend as next month, April, is set to witness the much-awaited cryptocurrency event, the Bitcoin halving. This development coupled with positive inflow into Spot BTC ETFs could accelerate Bitcoin demand and broader market sentiment.
Read also: Bitcoin and Ethereum Options Expiring Over $15 Billion, Cryptocurrency Big Rise or Collapse?
1) Ethereum (ETH)
Ethereum stands as a decentralized platform that enables smart contracts and decentralized applications (DApps) to be built and run without any downtime, fraud, control, or third-party interference.
Amid the current market consolidation, ETH price is hovering in a narrow range from $3,675 to $3,470. While the sideways movement initially reflected investors' uncertainty, the 4-hour chart showed it to be part of an inverted head and shoulder pattern.
ETH price is currently trading at $3,610 with an intraday gain of 2.9%. Ethereum's market cap currently stands at $433 billion, with trading volume of $10.18 billion over the past 24 hours.
Under the influence of chart patterns, Ethereum price could break through the neckline resistance, providing buyers with a suitable starting point to chase the $4,300 target.
Read also: Ethereum price prediction as the end of correction pattern emerges to recover $4,000
2) XRP
XRP, Ripple's digital asset, is designed for fast and inexpensive cross-border payments, featuring low transaction fees and fast settlement times.
Over the past two weeks, the price of XRP has been fluctuating in uncertainty as evidenced by the formation of a narrow range and rejection candles on both ends. However, consolidation hovering above the 2-month trend line indicates that buyers are maintaining a steady uptrend.
Currently, XRP has a market cap of $34.3 billion, making it the sixth-largest cryptocurrency by market cap. If the market sees renewed bullish sentiment, XRP price may break the upper barrier at $0.667, and re-challenge the high of $0.744.
Conversely, a breakout below the lower trend line of the pattern will lead to a major correction in this altcoin.
Read Also: Detailed XRP Price on Developers and Developers, ODL Transactions Remain Neutral
3) Dujoyfat (WIF)
Dogwifhat (WIF) is a memecoin that originated from the Solana blockchain, and is riding the wave of popularity of meme coins in the cryptocurrency ecosystem. This iconic symbol was inspired by a viral internet meme showing a Shiba Inu wearing a hat.
Defying the broader market correction, WIF price showed an almost straight recovery from US$2.11 to US$4.8, recording 127.5% growth within two weeks. The market cap of this memecoin currently stands at $4.78 billion and has featured in the list of top 30 cryptocurrencies. Memecoin Dogwifhat (WIF) recently saw its market capitalization rise to $4.78 billion, pushing it into the top 30 cryptocurrencies by market cap.
WIF high price recently broke through another major resistance of $4.5, providing suitable support for buyers to reclaim the psychological level of $5, followed by $5.5.
He stays away
The cryptocurrency market is likely to break its consolidation trend in the future as we approach the eagerly anticipated Bitcoin halving event. Furthermore, the performance of the Spot BTC ETF to date is accelerating Bitcoin demand pressure and simultaneously creating bullish momentum for the broader market.
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