Bitcoin and Ethereum paused their trajectory as this technical indicator burned a cycle peak signal. The recovery that followed resulted in the liquidation of too many leveraged traders. Regardless, both cryptocurrencies still have a top target.
Bitcoin price sees a small retracement before continuing its uptrend
The bitcoin price rally appears to be in a rising parallel channel since January 8, as it created two high peaks and three low lows.
At the time of writing, BTC appears to be falling due to the loop peak signal of the Momentum Reversal Indicator (MRI), presented in the form of a red candlestick on the daily chart.
This setup envisages a four-to-one candlestick correction. Therefore, if the downtrend continues, Bitcoin price will likely head towards support at $ 54,978, coinciding with the 50 Simple Moving Average (SMA) and 78.6% Fibonacci retracement level.
A bounce off this hurdle could push the flagship cryptocurrency by 37% towards the upper trendline around $ 75,300, and a $ 67,600 exit on the MRI’s exit line.
Cardano has been trading in a bearish trend for several days on the 4-hour chart and the price is currently at a key support level for the bulls. Despite the weak price action, Cardano has seen a huge increase in the number of new addresses joining the network.
Cardano price could explode as on-chain metrics get stronger
On the 4-hour chart, Cardano price formed a descending triangle pattern with a critical support level of $ 1.16. The digital asset should defend this point at all costs, and the proportions according to various indicators support the bulls.
The number of new addresses that joined the Cardano network last week increased 43%, despite the significant price drop experienced by the digital asset. In the same period, the number of active addresses also increased by 30%, outperforming ADA buyers.
The In / Out of the Money Around Price (IOMAP) chart shows a significant area of resistance between $ 1.17 and $ 1.20 with an ADA volume of 4.6 billion. This coincides with the upper resistance trendline of the descending triangle pattern.
A break above the upper limit will make the bulls rise by 8% to $ 1.31. This movement is calculated with reference to the height between the lower trendline and the upper bound of the model.
On the other hand, failing to keep the key support level at $ 1,163 will quickly push the Cardano price to $ 1.06.
Swipe price is watching all-time highs
The swipe price is on the verge of a major bull rally as it came out of a recently rising triangle model. SXP buyers set higher lows due to aggressive bid orders, but the $ 3.8 resistance level prevented the altcoin from rising.
A rising triangular pattern is formed when the straight feed barrier is connected using trend lines. The technical formation predicts a 57% increase as determined by measuring the distance between the high pivot on February 19 and the pivot low on February 23.
For the $ 4.96 Swipe price, the target is achieved when this distance is added to the $ 3.8 breakpoint.
Although SXP did not come out many times, it rose 32% on Sunday, creating a convincing daily candlestick near that level. At the time of writing, the altcoin was trading at $ 4.33, up 38% on the horizon.
If the Bulls manage to push the SXP above the $ 4.68 exit line of the Momentum Reversal Indicator, this confirms the current bullish narrative and provides Swipe with a platform for explosion.
The backwind of this bullish view is the increasing number of daily active addresses, indicating that investors interested in SXP are increasing from the current price. This metric increased by 41%, showing 447 new addresses joined the Swipe network on April 4th.
Moreover, the recent break turned the $ 3.74 emergency supply barrier into a support hurdle. Based on IntoTheBlock’s Global In / Out of the Money (GIOM) model, there are about 941 addresses that previously purchased approximately 18.7 million SXP tokens here. Therefore, these investors will act as a buffer for any short-term bearish pressure.
While everything seems to be looking for SXP, a drop in a Supply barrier to $ 3.8 could lead to that rise. A breach below the $ 3.32 supply barrier would reveal 30.8 million SXP tokens held by 1,600 addresses as “Out of Money”. Such a move could bring these investors to breakeven, increasing the selling pressure.
In this scenario, the Swipe price can be expected to decline 16% from $ 2.77 towards the 61.8% Fibonacci retracement level. This move will invalidate the bullish outlook and increase the likelihood of a downtrend.