Crypto Market Analytics April 15th | Dex-Trade

Crypto Market Is in Correction, BTC Is Testing $40,000 and XRP Is The Only Green Top Alt: Trading Week Results and Expert Forecasts

If at the beginning of this week Bitcoin and key altcoins sagged, but gave clear bullish signals, today we can already talk about a clear bear market. And the point is not even in the quotes themselves, but rather in a large-scale correction against the backdrop of growing economic uncertainty in the world. The key external factors influencing the behavior of crypto investors remain the growing tension around the Eastern European region in connection with the putins war in Ukraine and the large-scale consequences of the zero tolerance policy for coronavirus in China. Other events, including Musk's Twitter buyout and Charles Hoskinson from Cardano proposal to create a DeFi platform in collaboration with the "father of electric cars," don't seem to affect digital asset prices in any way. The large-scale correction of the cryptocurrency market over the past two years has become a general economic phenomenon rather than a local consequence of the movement of whales and the movement of investments from one promising market niche to another. Therefore, the fall in the prices of promising digital currencies should be treated even more carefully. And in order to better understand today's market trends, we have prepared several analytical materials that will help you understand the current trends in the crypto market.

 

Should We Now Expect Momentum for BTC to Rise to $50,000?

Since the beginning of the month, crypto-gold has fallen in price by about 17% and has already fallen below $40,000 four times. However, only the current fall can definitely be called a purely bearish move, as the asset price is now sliding below the bullish trend between the 50-day and 100-day SMA. However, given the trio of high highs and rising lows on the crypto chart between January 22nd and March 15th, the momentum of Bitcoin’s price movement can be called positive, as the trend is clearly forming an upward parallel channel. Simply put, BTC continues to "increase momentum" in the long term, but on small timeframes rate of the main cryptocurrency remains bearish.

Proponents of the optimistic scenario predict that if the price bounces from the 200 three-day SMA, Bitcoin will have to rise to $46,198 and this will lead to a long-term trend reversal, due to which the price of the crypto asset will cross the 50-day and 100-day SMAs. By the way, they do not exclude the possibility of throwing and fixing on the lost position of $48,169 in this impulse. Moreover, popular crypto analyst TechDev claims that BTC is now in a one-year pullback, after which a clear momentum should follow. The key signal for this is a bullish reversal and a retest of the 100-day moving average (MA) already seen at the start of the 2017 bullish rally. According to him, the new momentum will be able to push crypto-gold to the tempting $50,000 mark.

 

XRP on The Wave of Hype: Main Reasons

Now the crypto of the Ripple project is the only green non-stablecoin on the market, which has been able to grow by an impressive 8% over the past day. First of all, this was influenced by the news that the court in the protracted SEC case against Ripple ruled in favor of the second one. XRP was able to rise during the bull market, with the coin’s 24-hour trading volume also rising by 51% to $2.53 billion. The coin even managed to regain its position in the TOP 10 altcoins and entered the list of leaders of the day. According to WhaleAlerts, over the current day, whales have bought XRP worth about $45.8 million.

But according to the comments of Ripples CEO, Brad Garlinghouse, the speeding up of the legal battle against the SEC and the interim positive court decision are not the only secrets of the coin’s growth. The entrepreneur talked about the successful Ripple collaboration with Allbridge to integrate XRP Ledger (XRPL) support. The new network is the 14th added since January this year. Obviously, the growth of the company and the addition of functionality have a positive effect on its native crypto.

 

DOT Shows Positive Price Movement

I’s extremely cautious to talk about the uptrend of Polkadot, which has experienced a slight increase in value by 0.5% over the past day. On the 4-hour timeframe, you can see that the bulls were able to contain the coin at the $17.4 support level and push prices higher.

The RSI indicator is currently in the oversold area, which means that further price drops are unlikely in the near term. Now the coin is trading at $18.21, and the MACD indicator has moved into positive territory, which can definitely be considered a bullish signal.