Cryptocurrency Price Prediction: Cryptocurrency markets are expected to experience high volatility this week, with no clear bullish or bearish opening as Bitcoin prices hover around $60,000. This sideways movement in BTC has strengthened some top altcoins towards recovery once again, but buyers still lack enough momentum to sustain growth.
Santiment reports that Bitcoin on-chain activity has decreased significantly, reaching its lowest level since 2019, despite hitting an all-time high two months ago. This decline in trading volume and active addresses reflects growing anxiety and indecision among traders, rather than predicting further price declines.
Key indicators show declines in trading and active addresses, with whale trading at its lowest level since December 2018, prompting even large investors to remain cautious amid current market uncertainty. It shows.
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1) Bitcoin (BTC)
Bitcoin (BTC), the first and most well-known cryptocurrency, primarily serves as a decentralized digital currency and store of value. It runs on a blockchain network secured by a proof-of-work (PoW) consensus mechanism, making it resistant to censorship and fraud.
The current correction trend in BTC price can be tracked using two converging trendlines that reveal the formation of a wedge pattern. With overhead supply intact, buyers are struggling to drive a sustainable recovery and consolidate around $60,000.
As of this writing, Bitcoin's market capitalization currently stands at $1.2 trillion, with a 24-hour trading volume of $13 billion.
Therefore, a breakout from the upper resistance of the wedge pattern is very important for buyers to exit the current correction. A possible breakout would be a better signal for a rally to the $73,700 high.
Also Read: Bloomberg Reveals Reasons Behind Bitcoin, ETH, SOL, XRP, SHIB Price Crash
2) Toncoin (TON)
Toncoin (TON) is the native cryptocurrency of The Open Network (TON), originally launched by Telegram but now developed by an independent community. TON aims to improve blockchain scalability and ease of use, supporting fast and low-cost transactions.
Contrary to the current consolidation, TON prices have shown a sharp increase since the beginning of May. Within two weeks, the coin's price increased from $4.6 to $7.047, registering 53.16%. Toncoin's market capitalization also surged to $24.4 billion, maintaining its position as the 8th largest cryptocurrency.
With sustainable buying, TON price is likely to break above the swing high resistance at $7.67 and provide suitable buying support to lead the bullish market. Following the traditional pivot levels, the post-breakout rally may face overhead supply at the psychological levels of $9 and $10.
Conversely, when the altcoin faces new supply pressure at $7.67, the price increase enters a flattening trend.
Also Read: Toncoin Price Prediction: Is $TON Recovery Heading Towards $10 In May?
3) Shiba Inu (SHIB)
Shiba Inu (SHIB) is a meme-based cryptocurrency that began as an experiment in decentralized, spontaneous community building. Initially created as a fun alternative to Dogecoin, SHIB is distinguished by its large and engaged community, often referred to as the “ShibArmy”.
On the daily chart, this Shiba Inu coin is actively resonating within two trend lines where prices converge, providing a textual example of a symmetrical triangle formation. This second largest meme cryptocurrency is currently trading at $0.0000225 and has a market capitalization of $13.27 billion.
For buyers heading into the current consolidation, a breakout above the overhead trendline is needed to release any upward momentum. A successful breakout will cause SHIB price to rise to $0.00003285 and then to $0.0000456.
Also read: Shiba Inu vs PEPE: Which ERC 20 Memecoin should you buy?
Important points
With the price of Bitcoin firmly above $60,000, uncertainty among market participants is accelerating. Meanwhile, supply presses will experience a prolonged slump due to the development of a wedge pattern. However, when this pattern holds, the BTC price will experience a temporary decline, often leading to a significant increase.
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