Crypto Price Prediction 13/5: Can $ETH Reversal from $2850 Spark the Altcoins Revival?
Crypto Price Prediction: The Bitcoin price dazzling around the $65000 and $60000 levels for over a week has surged the uncertainty among market participants. While the minor up days during this consolidation have triggered notable inflow in several altcoins the buyers still struggle to lead sustainable growth.
Wu Blockchain highlighted that this week, the U.S. will release its Consumer Price Index (CPI) data for April, which is expected to show a 3.4% year-over-year increase, slightly down from March’s 3.5% rise according to forecasts. The expected increase is partly due to higher gasoline prices in April, which could keep inflation rates elevated. However, there is some relief on other fronts, such as the wholesale used car market, where auction prices reportedly decreased by 2.3% in April.
This week the United States will release important CPI data for April. It likely rose 3.4% over the year, compared to a 3.5% annual increase in March, according to forecasts. Higher gasoline prices in April may cause inflation to remain high. But wholesale used car auction prices…
— Wu Blockchain (@WuBlockchain) May 13, 2024
Higher inflation may lead to tighter monetary policies which can diminish risk appetite, causing declines in crypto markets.
1) Ethereum (ETH)
Ethereum is a decentralized blockchain platform known for its versatility and the introduction of smart contracts—self-executing contracts with terms directly written into code.
The Ether coin witnessed a sideways trend for over a month with its price resonating within two horizontal levels of $3300 and $2875. With the renewed buying interest in the market which bolstered the BTC price to rebound from $60000, the ETH price also bounced back from $2875 support and surged to the $2960 mark.
As per the data from Coinmarketcap, the market cap of Ethereum surged to $3505.6 Million while the 24-hour trading volume is at $10.4 Billion.
Thus, a breakout above the range’s overhead resistance of $3300 led to escape current consolidation. The potential breakout will release a build of bullish momentum and allow buyers to rechallenge the $4090 high.
Also Read: Ethereum (ETH) Price Drops Another 1.5% Amid Massive Whale Deposit on Coinbase
2) Stacks (STX)
Stacks (STX) is a unique blockchain solution that aims to bring smart contracts and decentralized applications (dApps) to Bitcoin. Unlike traditional blockchains that operate independently, Stacks leverages Bitcoin’s security and stability through its innovative consensus mechanism, Proof of Transfer (PoX), which anchors the Stacks blockchain to Bitcoin.
The current correction trend of the Stacks price can be followed using two converging trend lines of a falling wedge pattern. This pattern is known to lead to a temporary pullback for buyers to regain their strength.
Today, the STX price jumped to $3 to trade at $2.05 and shows a market cap of $29.68 Billion.
For potential buyers a breakout beyond the pattern’s upper boundary is needed to signal the uptrend resumption. A successful breakout will push the STX price to $3.13, followed by $3.84.
However, until the wedge pattern is intact, the Stacks coin will prolong its current correction trend.
3) Dogecoin (DOGE)
Dogecoin (DOGE) started as a meme-inspired cryptocurrency in 2013 but has since gained a massive following and real-world usage. It’s known for its low transaction fees and fast transaction times, making it a popular choice for microtransactions and tipping online.
For the past seven weeks, a downsloping trendline has been leading the correction trend in DOGE price. Under the influence of this dynamic resistance, the meme coin’s value tumbled from $0.228 to its current trading price of $0.143, registering a loss of 38%
By the press time, Dogecoin held a market cap of $20.7 maintaining its position as the ninth largest cryptocurrency. For buyers to regain a firm grip over this asset, they must breach the overhead trendline which could bolster a rally to $0.228.
Also Read: Dogecoin and Shiba Inu Await Breakout for Over 100% Rally
Key Takeaway
On Monday, Bitcoin’s price rose by 2% to $62,540, prompting a modest increase in the altcoin market. However, this uptick isn’t substantial enough to suggest a significant shift in market dynamics. A more definitive confirmation of recovery would require Bitcoin to surpass the $65,000 threshold, signaling a stronger potential for continued upward momentum.
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