Cryptocurrency Price Prediction: Near US trading hours on Friday, the cryptocurrency market witnessed a sudden decline, leading to significant declines in most of the major digital assets. On April 12, the Bitcoin Spot ETF recorded net outflows of $55.07 million, while Grayscale's GBTC recorded net outflows of $166 million.
Bitcoin (BTC) has fallen by 4.4% in the past 24 hours, and its current trading price has fallen to $67,452. Ethereum (ETH) plummeted 7% over the same period, dropping its price below $3,267. Other top altcoins, Solana (SOL), fell to the $150 level, marking a hefty 12.68% decline, while XRP fell 11% to $0.54.
A total of 297,256 traders have experienced liquidations since yesterday, bringing the cumulative amount to approximately $936.12 million, according to Coinglass data.
Bitcoin's halving event is just around the corner, and the current market decline is being seen as a final cull to remove weak players from the market and attract more high-conviction traders.
Also read: Crypto prices today, April 13th: Bitcoin falls to $67,000, ETH to $3,200, SOL, XRP, ADA crash
1) Bitcoin (BTC)
Bitcoin, the first and most well-known cryptocurrency, is a decentralized digital currency that enables peer-to-peer transactions without the need for intermediaries such as banks.
BTC’s short-term trend is currently sideways as buyers struggle to break above the $73,800 resistance. However, on the downside, the support trend line protects the asset from a significant decline.
Demand pressure at this support is evidenced by a lower wick rejection candle on the 4-hour chart that is keeping the coin price above the $67,921 mark. Bitcoin's market capitalization is currently swinging at $1.327 billion, with a 24-hour trading volume of $48.07 billion.
A possible reversal from support would strengthen enough momentum for buyers to re-test the ATH at $73,800.
Related article: Bitcoin price crashes to $65,000, $925 million liquidated, options market volatile
2) Bonk
BONK is a meme coin inspired by the dog-themed coin trend and launched on the Solana blockchain. BONK stands out as a community-centered project, and its origins are deeply rooted in a “by the people, for the people” ethos.
Following a continued correction in BONK price, a descending wedge pattern may form. Two converging trend lines caused the memecoin's value to plummet from $0.000048 to $0.0000172, marking a 64% decline.
BONK's current market cap is $1.12 billion, but trading volume has surged to $226.3 billion. For buyers to regain control of this asset, they will need to break through the overhead resistance trend line.
If the breakout is successful, the buying pressure will increase again and the BONK price will be set to chase the $0.0000428 target.
Also read: Top 3 meme coin investments with 100x potential, BONK, SHIB, BUDZ
3) Render Network (RNDR)
Render Network (RNDR) is a blockchain-based platform that has revolutionized the way GPU computing power is utilized. It operates as a decentralized marketplace, allowing users with excess GPU power to connect with content creators who require rendering power for complex tasks such as 3D rendering, AI, and virtual reality projects.
During the recent market correction, Lender's price fell significantly from $13.84 to the current trading price of $8.1, representing a 41.3% loss. However, RNDR coin maintains its position as a top 40 cryptocurrency with a market capitalization of $3.098 billion.
At the moment, the downtrend is seeking support at the confluence of the uptrend line and the 100-day EMA and the 50% retracement level. Therefore, a constructive rebound show allows buyers to regain momentum and reclaim higher grounds such as $10.3 and $13.7.
Important points
As Bitcoin halving approaches, markets often experience volatility known as a pre-halving consolidation. Some investors may sell their holdings out of fear and uncertainty about how events will affect prices, while investors with stronger convictions may discount their favorite assets. It could be used as an opportunity to accumulate in price.
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