ETH Breaks The $4k Mark | Outlook On LTC, ADA & DOGE
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While the godfather Bitcoin continues its consolidation, Ethereum is reaching newer heights – thanks to its strong fundamental. ETH/USDT pair has now broken the $4000 mark and made a brand new all-time high value. This came after ETH broke the $3000 mark not less than a week ago. Apart from this, a few high market-cap altcoins showed some significant price action and in this article, let’s explore all of them.
Bitcoin (BTC)
From the above BTC/USDT price chart, it is clear that Bitcoin is still continuing its consolidation market. At the time of writing, the price of BTC was hovering around $55.5k, with buyers and sellers showing equal strength. The expert technical analysis predicts that BTC could continue its downtrend till the $52k support level. Strong institutional buy is anticipated at this level, and it is recommended to hold BTC at this point before it resumes its long-term bullish trend.
Ethereum (ETH)
One of the reliable expert opinions stated that ‘Investing in Bitcoin at $5k in the mid of 2017 would be as lucrative as investing in Ethereum at its current price.’ The current market cap of Ethereum is about $463 billion, and its dominance in the crypto market is about 20%. There are close to 116 million ETH circulating in the market, and there’s no hard cap on the total ETH supply.
At the time of writing, the price of the ETH/USDT pair was close to the $3900 mark. The nearest round number resistance is at the $4100 level. The market just started to see the seller momentum building up, as we can see the formation of a Bearish Spinning Top Candlestick pattern. In case of any adverse selling pressure, the price could eventually reach its immediate support at $3,500. If the bearish momentum continues, the next support levels to look at could be $2933 and $2147. However, it is very unlikely for the price to reach these levels. Crypto experts are still pretty bullish on Ethereum’s price based on its fundamentals.
Litecoin (LTC)
The LTC/USDT pair has broken the crucial psychological level of $400. At the time of writing, the price of Litecoin was around $409, with $450 as its immediate resistance. In case of any adverse selling pressure, make sure to have a keen look at the supports areas on the 4-hour and daily timeframes at $334 and $277, respectively. Although the fundamentals are strong for Litecoin, the technical analysis indicate bearish momentum. As you can see, the 14-period RSI is at 72, indicating the asset class is already overbought. Therefore, make sure to be careful if you are an intraday trader. But if you are a swing trader or investor, you can definitely buy and hold Litecoin at this point.
Cardano (ADA)
As we can see in the above price chart, the ADA/USDT pair has finally broken its consolidation. The Cardano crypto has been in the ranging market for over three months now (since February). A few days ago, this crypto broke the upper limit of the range to make a brand new all-time high value. While doing so, ADA has broken the most anticipated level – $1.50 to reach the $1.76. The 10-period moving average is very much below the price action indicating a clear bullish momentum in this pair.
Dogecoin (DOGE)
The growth seen by Dogecoin since the beginning of 2021 is almost unparallel to the price surges of any other crypto in the industry. A surge of 13000% is no joke, and investments in this crypto at the right time would have changed your life. With support from Elon Musk, Mark Cuban and other retail traders on Reddit, DOGE managed to surge over $0.5 from $0.02 in just about three months. The most anticipated ‘Saturday Night Live’ hosted by Elon Musk this time has set a lot of expectations as he tweeted this just a few days before the live.
It is expected that DOGE could pump and break the $1 mark right after the show. However, things didn’t go as expected as Elon referred to this crypto as ‘Hustle.’ Also, his mother’s statement ‘I hope you aren’t giving me Dogecoin as the Mother’s Day gift’ wasn’t very favourable to this crypto. Right after the show aired, DOGE fell by about 30%, and till now, the downtrend has continued to ~44%. Crypto experts suggest that this could be the right time to jump in, buy and own Dogecoin before it gets pumped again.
We hope you find this article informative. Still thinking of owning a crypto portfolio? Don’t. Invest in top growing, high potential cryptos now by visiting our reliable list of Crypto Exchanges. All the best!
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