Insights into April Crypto Market Movements
April is shaping up to be a significant month for the crypto market, with the upcoming Bitcoin halving event set to have a ripple effect on various assets like Solana (SOL) and Fantom (FTM). Let’s delve into the ongoing market movements and provide you with insights on where these assets might be headed in the near future.
Bitcoin’s Potential Path to $77,000
- Bitcoin recently hit a record high of $73,750 before experiencing a slight decline.
- The cryptocurrency formed a bullish flag pattern on the 4-hour chart and has broken out of it, currently trading at $70,151.
- With the target price set at nearly $77,000, Bitcoin’s performance will likely be influenced by the upcoming halving event on April 22.
Solana (SOL) Poised for Growth
- Solana is currently one of the top-performing cryptocurrencies, with institutional support driving its price momentum.
- The coin saw $18 million in inflows this month, outperforming other altcoins and becoming institutions’ preferred asset.
- Solana-based DEX Jupiter also saw significant growth, becoming the largest DEX by volume and hitting a new all-time high in total transaction volume.
- SOL is testing the 61.8% Fibonacci Retracement level as support, hinting at a potential rally towards $250.
Fantom (FTM) Facing Bearish Pressure
- Fantom is not expected to see a rise in the coming month and may experience a 20% correction due to the parabolic curve pattern.
- The failure to breach the $1.12 resistance level indicates a potential drawdown towards the base 3 price level.
- Indicators like RSI and MACD are signaling bearish momentum, with FTM likely to lose the $0.80 support level.
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