In the midst of a period where the overall crypto market is stabilizing, Bitcoin’s price remains steady, showing neither significant gains nor losses. Meanwhile, Pepe Coin and Pendle are experiencing upward momentum, approaching new all-time highs.
Bitcoin’s halving event is coming up in April, four years after the last one. This has led to increased excitement in the market, along with the approval of Bitcoin ETFs in the United States. As a result, Bitcoin surged to a record high of $73,800 recently, benefiting other major altcoins too. While this week’s market sentiment is uncertain, the overall trend remains bullish, suggesting the possibility of continued market recovery.
Bitcoin Overview Amidst Volatility
Bitcoin, the pioneering concept of decentralized digital currency, operates on a peer-to-peer network without a central authority. As of press time, the BTC price stands at $70,274, marking a modest intraday gain of 0.3%.
Bitcoin (BTC)| Tradingview
The current market capitalization of Bitcoin sits at $1.38 trillion, with a recorded trading volume of $22.2 billion since yesterday.
This week, Bitcoin has experienced significant volatility, fluctuating within a tight range between $71,500 and $68,500. Despite this volatility, renewed buying spurred by the BTC ETF suggests bullish momentum. Buyers may aim to breach the overhead trend and surpass the recent high of $73,800.
However, there’s a possibility of a downside scenario. A breakdown below the $68,500 support level could lead to a 3% decline in the Bitcoin price, potentially hitting a long-standing support trendline.
Pepe Coin (PEPE) Overview
Pepe Coin is a digital currency that capitalizes on the meme culture surrounding the Pepe the Frog character, blending humor with cryptocurrency innovation. On March 19th, the PEPE price hit a bottom at $0.00000582, marking a healthy retracement of 50% for buyers to regain strength.
Pepe Coin (PEPE)| Tradingview
Following this positive turnaround, the memecoin asset experienced a notable 48% surge within two weeks, currently trading at $0.0000086. Pepe Coin holds the 40th rank among the largest cryptocurrencies, boasting a market capitalization of $3.65 billion.
A bullish candle recorded a 12.6% jump, teasing an upside breakout from the weekly resistance of $0.00000864. If successful, this breakout could accelerate buying pressure, potentially pushing the coin price by 25% to reach $0.0000108.
Pendle: Tokenizing Future Yield Streams
Pendle is a decentralized finance (DeFi) platform specializing in the tokenization of future yield, allowing users to own and trade yield streams before they are realized. This innovative project offers investors a unique tool for hedging against interest rate fluctuations and optimizing their yield strategies.
Pendle| Tradingview
Data from the crypto analytics firm Santiment indicates a significant increase in the market capitalization of Real World Assets (RWAs), signaling a growing trend towards the tokenization of physical assets on the blockchain.
Despite the current market correction, the price of Pendle has experienced a strong rally from $2.3 to $4.73, marking a remarkable 103% growth within a fortnight. Currently, the asset is in a price discovery mode, with potential resistance at the $5 psychological level. However, a potential pullback could find support at $4.3 and $3.7 levels.
In Summary
The cryptocurrency market experienced notable volatility this week, largely influenced by Bitcoin’s wavering price behavior around the $70,000 mark. The formation of neutral candles with long rejections has contributed to spreading uncertainty among the majority of major altcoins.
Despite the uncertainty, market participants remain optimistic due to the continuous inflow into Spot Bitcoin and the upcoming halving event. There is anticipation for a significant bull run in the near future, driven by these factors.
Important: Please note that this article is only meant to provide information and should not be taken as legal, tax, investment, financial, or any other type of advice.
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