This week, we take a closer look at Ethereum, Ripple, Cardano, Shiba Inu, and Polkadot.

Ethereum (ETH)

Ethereum’s downtrend appears to be coming to an end as the price has decided to move sideways above the key support. For this reason, ETH closed the week with a 2% price increase.

This cryptocurrency is now in a range between support at $2,900 and resistance at $3,370. The longer it consolidates here, the more significant the eventual breakout will be.

Looking ahead, ETH did a bullish cross on the daily MACD, which could bring optimism and put bulls back in charge. To confirm a bullish bias, the resistance at $3,370 has to fall.

Ripple (XRP)

Earlier this month, XRP failed to hold above 53 cents and fell all the way to 43 cents, which is currently acting as a key support. XRP bounced on this level and managed to close the week with a 6% price increase.

Even if buyers managed to defend the price and keep it above 43 cents, they seem unable to push this cryptocurrency to new highs. The resistance is at 54 cents and may stop any renewed buying interest.

Looking ahead, XRP has been stuck in a large range since late 2023 and was unable to have a major breakout. This has not changed this year so far. Until that happens, don’t expect a significant rally.

Cardano (ADA)

ADA managed to find good support at 46 cents and closed the week with a 2.6% price increase. As long as the key support holds, buyers could aim to regain control of the price action.

The current resistance is at 61 cents, and Cardano has not tested this level yet. A relief rally could follow if the support holds. At that point, a test of the key resistance becomes possible.

Looking ahead, if buyers manage to stop the downtrend here, they could attempt to put this cryptocurrency back on an uptrend in the coming month.

Shiba Inu (SHIB)

Shiba Inu closed the week with a 14% price increase, making it the best performer on our list. This is an impressive recovery considering that a week before the price made new local lows.

The key support is found at $0.000025. So far, buyers managed to hold here and defend SHIB from further sell pressure. The resistance is at $0.000037.

Looking ahead, the ideal scenario for this meme coin is to range above the key support and eventually attempt a new rally in May.

Polkadot (DOT)

DOT’s price action is similar to Cardano and managed to find good support above $6.7. For this reason, the price closed the week with a 1.8% price increase.

The correction appears to be coming to an end and as long as the key support holds then buyers can use this period to gather strength for an attempt at the key resistance currently found at $7.7.

Looking ahead, DOT may consolidate here before it attempt to resume its uptrend. This is contingent on the overall market turning bullish.

TL;DR

• Some analysts point to potential bearish trends for Bitcoin, predicting a drop to as low as $59,000, suggesting the cryptocurrency has reached its cycle peak.
• Peter Schiff continues his critical stance on BTC, identifying $60,000 as a key resistance level and warning of a significant potential decline if this is not overcome.

A Bearish Outlook

Bitcoin’s price has been hovering around $64,000-$67,000 in the past few days, currently trading at the lower mark. While the majority of industry participants remain optimistic that a substantial rally is just behind the corner due to the halving that took place last week, some analysts outlined somewhat bearish forecasts.

One example is the popular X user Ali Martinez, who noticed two sell signals on BTC’s 12-hour chart: “a death cross between the 50 and 100 SMA and a red 9 candlestick from the TD Sequential.”

He believes a further plunge below $63,300 may trigger a price downfall to $61,000 or even a two-month low of $59,000.

Another trader who presented a worrying scenario for BTC bulls is Mikybull Crypto. The analyst assumed that the leading digital asset has reached its cycle top and expects a price retreat from now on.

#Bitcoin is not looking great here

The cycle top is in I’m afraid pic.twitter.com/kAEMvc7egt

— Mikybull 🐂Crypto (@MikybullCrypto) April 25, 2024

The Ultimate Bear

When speaking of people who believe BTC’s value is on the verge of a decline, one should mention Peter Schiff. Most recently, the American stockbroker (who is among the harshest critics of the cryptocurrency) claimed that the asset’s current condition “is not looking good for HODLers.” He pinpointed the $60,000 level as a major resistance zone, or otherwise, BTC is going “a long way down.”

This is not the first time Schiff has predicted a grim future for the cryptocurrency. Last year, he envisioned that BTC’s rally will cease once the US SEC approves the first spot Bitcoin ETFs in the world’s biggest economy.

Recall that the regulator gave the thumbs up in January when the price of the asset was hovering around $46,000. BTC has charted a 40% increase since then.

Slothana, one of the most successful Solana meme coin presales so far, is gearing for its exchange launch as its ICO ends in two days.

This means that traders face their last opportunity to buy $SLOTH at a fixed price before it opens to the broader market, and its price becomes subject to supply and demand dynamics.

Slothana is bound to cause a stir on its IEO, with its record-breaking $15 million total raise reflecting an unrivaled market appetite.

Slothana: Unlike Anything Before

The Solana presale circuit has gifted risk-taking degens several opportunities for life-changing wealth.

Two of the most notorious are Book of Meme and Slerf, which both witnessed monumental success after their IEOs and made many millionaires in the process.

The phenomenon was widely covered; for instance, LookOnChain tracked blockchain activity to report how one BOME presale investor turned $72K into over $30 million.

However, Slothana’s $15 million total raise has already overshadowed BOME’s ($2 million) and Slerf’s ($10 million).

Slothana’s success is fueled by a slew of bullish factors, each feeding confidence to the Solana community.

Like BOME and SLERF, the sloth-themed meme coin adopts a laid-back single-tiered pricing system, ensuring all investors have equal opportunity and laying the way for a successful IEO where all holders work together.

Potential investors have two ways to buy the presale: sending SOL to the project’s wallet address or connecting their wallet to the presale site’s buy widget, offering a more seamless user experience.

But while these factors have struck a chord in the community, rumors that the anonymous Slothana team is the same quick-witted crew that created Smog are causing a frenzy.

Smog and Slothana?

It’s often thought that meme coin success is flippant and accidental, requiring nothing but luck and chance for projects to rise up the market leaderboard. However, that is rarely the case.

Hundreds of new meme coins launch daily, but most fall as quickly as they rise (and many never actually rise). This hyper-competitiveness makes it harder to get noticed, and the projects that do usually have some far-sighted help at hand.

In Slothana’s case, the community believes its founders are the same savvy marketers and developers who launched the Smog token.

Smog is a Solana-based meme coin that exploded over 100x after launching in February, peaking at a $270 million market cap within weeks. Indeed, with both seeing near-instant success, it is easy to see why speculators connect them.

But the community has spotted an even more undeniable connection, with Smog commenting on Slothana’s first X post when it had less than 50 followers.

While this does not inherently mean both projects have the same founders, it does illustrate they are connected on some level, reflecting a bright future for the latest Solana phenomenon.

That said, the opportunity to buy Slothana at presale is ending soon. With just two days until the ICO concludes, potential investors must be fast.

Follow the project on X to stay updated. Alternatively, visit its website to buy tokens.

Visit Slothana Presale

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