Weekly Crypto Market Analysis with Geco.one 25.04.2022
Bitcoin has fallen by more than $ 4,000 in recent days, thus increasing the range from 29 March 2022 depreciation to over 9,000 US dollars. However, it is worth noting that the BTC rate from 11 April this year moved in the horizontal trend. Therefore, the critical factor here may be that it is a correction pattern from which the market statistically breaks more frequently in the direction consistent with the previous move.
Considering the earlier drops, we observed in the first half of April this year. It is increasingly likely that Bitcoin may soon fall below the $ 39,000 currently tested support, which would drive it further to below $ 37,000 or further toward $ 35,000.
At this point, we cannot forget about the robust correlation that occurs in the broad cryptocurrency market, of which Bitcoin is a kind of helmsman. An apparent decline in BTC may significantly contribute to the sell-off of the vast majority of altcoins.
The current situation on the Ethereum quotes is also very interesting. The exchange rate of this cryptocurrency has recently dropped by nearly $ 750, which is almost 21 %.
The declines that have lasted for several days caused the ETH rate to break down from the price that has been held since 11 April this year. Consolidation is headed straight towards $ 2,800, where the upward trend is located.
However, if this support is also defeated, it will be necessary to prepare for further depreciation of Ethereum, even towards $ 2,500. It is only there that there is another significant support in the vicinity of which we could expect the emergence of greater demand response.
Looking at Solana’s quotations, we notice that after declines of over 31 % that we could observe from 11 April this year the price of this cryptocurrency remains in a horizontal trend between technical support of $ 98 and resistance in the region of $ 109.
Given that this is a form of correction after an earlier downward move, similar to BTC, there is also a statistically higher probability that the market will break the bottom. If this happens, the SOL rate could soon slide even towards the March lows, i.e. below $ 80.
The current situation on Polygon’s trading is also very similar. It is noteworthy that the Matic exchange rate breaks down on Monday morning from the 11 April consolidation.
Suppose there is no major demand reaction anytime soon that could negate the morning drops, and the breakout will be confirmed by closing the daily candle below $ 1.33. In that case, the rate of this cryptocurrency could fall towards further support around $ 1.22, respectively and a further $ 1.02.
We could also expect further declines in the XRP quotations. The exchange rate of this cryptocurrency has dropped by over 19% over the past few days, increasing the range of the ongoing from 28 March this year’s depreciation to over 29 % today.
As a result of such a significant sell-off, XRP has slipped below technical support of $ 0.70 and is currently at its lowest level since February.
If this trend continues, we could soon see the XRP rate drop close to $ 0.59 where another critical support is located.