With the weekend being around the corner, the crypto asset is all igniting a strong depleting trend, shedding huge gains. The crypto market cap which was on the verge to test the $2 trillion levels, plunge hard to $1.84 trillion at the moment. While the total trading volume also has plunged by more than 28%. The BTC dominance also dropped by nearly 0.23% bringing it close to 40%. However, the monthly close may play a vital role in determining the May trade.
Bitcoin (BTC) Technical Analysis
- Bitcoin price is trending within a symmetrical triangle and heading towards the lower support
- As the buying volume appears to have squeezed a bit, the weekend trade may be pretty bearish which may compel the price to end the monthly trade on a bearish note
- No doubt the asset may witness an interim rebound, but may eventually land up within the descending braces that may drag the price close to INR 26.7L
- Yet the upcoming monthly trade may begin with a notable uptrend that may continue throughout the month including a couple of pullbacks.
- However, the uptrend may continue further with the June and July trend may establish a stagnant trend trying to test INR 38.23 L
Apecoin (APE) Technical Analysis
- Apecoin price is maintaining a significant uptrend, swinging within an ascending parallel channel that may hit INR 1500 soon
- Despite a strong bearish pressure is mounting within the crypto space, the asset is sustaining above pivotal levels
- On the other hand, in the short time frame, the price is attempting a v-shape recovery showcasing its strength
- Therefore, the close of the monthly trade could be a consolidated one, but the May’s trade may witness a significant spike
- However, the long-term forecast is currently bullish but if the market sentiments change, the asset could eventually plunge hard below the support levels
Read More: Apecoin Technical Analysis
Anchor Protocol (ANC) Technical Analysis
- ANC price is currently swinging within a deep bearish trend within a descending triangle, testing the crucial levels
- The triangle is primed to slice through the support levels and test the lower support at INR 115 if the plunge intensifies until the monthly close
- However, a strong rebound could be much in place as the asset ranges below the current support at INR 149.87
- The price may ignite a larger flip in the next couple of days which could lay a bullish start for the May trade
- If in case the price maintains a healthy uptrend, the price could regain the levels above INR 250 by the end of May and head to test April highs at INR 350 at the beginning of June trade
Read More: Anchor Protocol Technical Analysis
Zilliqa (ZIL) Technical Analysis
- ZIL price is showcasing an interesting trend nowadays which is primed for an interim jump beyond INR 9 in the upcoming week
- However, the price is expected to get rejected and plunge hardback to the lower support to end the monthly trade
- With a bearish end, the price may flip hard since the beginning of May trade and achieve a 2-digit figure soon beyond INR 11
- Soon the price may reach the April highs above INR 17 by the end of May and a bullish close could establish highs above INR 20 in June
Read More: Zilliqa(ZIL) Technical Analysis
BitTorrent (BTTC ) Technical Analysis
- The BTTC price is mirroring a similar trend that it underwent a couple of months before and hence a strong uptrend may be imminent
- The price fell to the lower trend line before and flipped notably to ignite a strong upswing further
- The price yet again ranged high and mirrored the previous drop, but yet to reach the apex of the descending consolidation.
- Therefore after chopping around narrow regions, the BTTC price may end the April trade around INR 0.00014 levels
- However, the May trade may be extremely bullish which may range to the April highs and later to the Feb highs to form the new yearly highs by June-July 2022
Read More: BitTorrent Technical Analysis
How to Invest Crypto with CoinDCX?
Buying or selling any crypto asset is extremely easy and safe on CoinDCX with the best deals. Just download the CoinDCX App and follow the further instructions. Once verified, fund your wallet and buy your favorite crypto
Investing in crypto has become simple with CoinDCX Crypto Investment Plan (CIP). Here you can invest in any crypto in simple weekly installments. Therefore, start in Bitcoin & other cryptos with Crypto Investment Plan now!
Disclaimer: Crypto products and NFTs are unregulated and can be highly risky. There may be no regulatory recourse for any loss from such transactions. In case you have any queries, write to [email protected].
The above information represent the independent views of Primestack Pte. Ltd, Neblio Technologies Pvt. Ltd, and/or their affiliate entities and are for informational & educational purposes only. The content, information or data provided above is not an offer, or solicitation of an offer, to invest in, or to buy or sell any interest or shares, virtual digital assets/ crypto products or securities, or to participate in any investment or trading strategy. Any statement or communication made above shall not be treated as a legal, financial, investment or tax advice by the reader. The calculations, data, risk-return formulations, performance or market capitalization indicators captured above are based on the independent data sourcing including collation of public information and/or analysis performed by analysts, advisors or employees of Primestack Pte. Ltd/ Neblio Technologies Pvt. Ltd and/or their affiliate companies and/or any third party. Past performance is not indicative of any future results. The reader(s) are hereby advised to consult their financial/ legal/ tax advisor(s) before making any investment.