Crypto Investing
11 Apr 2022

Week 15 Crypto Market Update: BTC, ETH, APE, LUNA, and SOL

Ananda Banerjee

We saw some sharp dips across the crypto market over the weekend. But they are probably better characterized as a blip rather than a downtrend or a bull trap for now. Despite trading in red, close to 4.70%, the broader crypto space still seems to have the legs to move ahead, provided crypto assets, user sentiments, and global developments are in sync with investors’ expectations.

Broader Market Highlights

  • Dogecoin (DOGE) saw liquidations worth $4.76 million on Sunday, 10 April 2022, followed by a sharp price dip.
  • As per the price action chart, Avalanche (AVAX)—currently trading in a range—seems to be on the verge of a breakout.
  • Terra bagged another lot of Bitcoin (BTC) worth $176 million, taking its holding value upward, to almost $1.7 billion.

On-Chain Metrics

Outlook: Neutral

If you have been following our market updates, you would know how important “Bitcoin Inflow to Exchanges” is, as an on-chain metric. This metric signifies the volume of bitcoins (BTCs) that people are moving into the exchanges—primarily for sale.

Week 15 BTC inflow

Disclaimer: Insights mentioned are time-sensitive and should not be considered as financial advice. Please Do Your Own Research (DYOR).

Yesterday, that’s 10 April 2020, sellers moved 21.9K BTCs to various exchanges—a number still lower than the 180-day average. Yet, compared to the 14.73K BTCs moved at the onset of Week 14, the number has increased slightly.

This development means that people have been dumping their BTCs over the week, causing the price correction.

Note: Bitcoin has close to 43% market dominance in the crypto space, and analyzing its on-chain metrics can help you understand the broader market better.

Inferences

  • HODLers are still in-charge.
  • There has been some profit-booking over the weekend.
  • We need to closely monitor the BTC inflow volume to gauge the next shift.

Fear-and-Greed Index

Outlook: Bearish

This time last week, the Fear-and-Greed index was holding steady at 52. Prospective buyers and sellers appeared to have reached an impasse with the Week 14 Fear-and-Greed index levels stuck at “Neutral.” Since then, sellers have had the upper hand as they managed to inflict a few cuts here and there.

Week 15 Fear-and-Greed

Disclaimer: Insights mentioned are time-sensitive and should not be considered as financial advice. Please DYOR.

With the market correcting by close to 4% over the weekend, the index is now at 32, hinting at fear. Yet, we aren’t too concerned as of now and think that it is better to wait this period out. So stay put and watch to see if the index crosses the 40 mark before considering new moves.

Inferences

  • The 20-point drop, week-on-week, is driven by selling pressure.
  • The correction might be a consolidating move, driven primarily by seller-induced volatility.
  • The broader market breadth is still positive.
  • The growing fearfulness also takes the social vibe into consideration, not just the price action.

Current Conversion Standard: $1 = (₹78.70)

Key Coins

Bitcoin 

Outlook: Neutral

Despite the dip, Bitcoin is trading with over 8% gains month-on-month. Yes, it started rallying a fortnight ago, but the past week hasn’t been great for buyers. Increased seller pressure has pushed BTC to $42,295 (₹33,28,616.50).

Week 15 BTC

Source: Trading View

Disclaimer: Insights mentioned are time-sensitive and should not be considered as financial advice. Please DYOR.

The 4-hour chart might suggest a recovery if BTC manages to hold on to the immediate support at $41,869 (₹32,95,090.30). For BTC to start inching higher, the (black) 20-EMA* line needs to cross the 50-EMA line in the near term. With the Moving Average Convergence/Divergence (MACD) line trading above the signal line, the MACD indicator hints at building momentum.

BTC might assume a clear upward direction if the MACD Line moves above the baseline. Also, the price might have to cut through the resistance of $44,729 (₹35,20,172.30) for an upswing. For price dips from here, $40,308 (₹31,2,239.60) is a crucial level to consider.

*Exponential Moving Average

Ethereum

Outlook: Neutral

Ethereum (ETH) has gained close to 25% over the past 30 days. Yet, it doesn’t have the strongest charts, especially the 4-hour one. ETH is currently trading at $3,170 (₹2,49,479) and seems to be range-bound for now, with key support and resistance levels placed at $3,088 (₹2,43,025.60) and $3,307 (₹2,60,260.90) respectively.

Week 15 ETH

Source: Trading View

Disclaimer: Insights mentioned are time-sensitive and should not be considered as financial advice. Please DYOR.

The MACD indicator for the same “range-bound” time period seems to be making higher highs, revealing chances of an upswing. But then, you need to keep an eye on the (blue) MACD line in the short term as there might be some more correction if it drops below the (orange) signal line. 

ApeCoin

Outlook: Bearish

ApeCoin (APE), the token of the Bored Ape Yacht Club (BAYC), is up by almost 3.5% as of today. APE is one of the newer tokens to surface in the crypto arena and is currently trading at $11.39 (₹896.393). On pulling out the hourly chart, we realize that APE is closing in on a “Rounded-Top” formation—which might be followed by a sharp dip.

Week 15 APE

Source: Trading View

Disclaimer: Insights mentioned are time-sensitive and should not be considered as financial advice. Please DYOR.

If APE moves lower from here, there might be strong support at $10.97 (₹863.34). However, if APE moves higher, you might be looking at a double bottom formation with two higher lows. In that case, you must keep an eye on strong resistance at $11.54 (₹908.20). The volume at the counter has dropped and needs to get back up for APE to breach the immediate resistance.

Terra

Outlook: Bearish

Terra (LUNA) hasn’t had the best of weeks despite buying BTC in abundance. Currently trading at $88.715 (₹6,981.87), LUNA seems to have broken the ascending channel pattern, on the downside, as per the daily chart. If it keeps moving lower, unfazed by global developments, there might be support at $82.68 (₹6,506.92).

Week 15 LUNA

Source: Trading View

Disclaimer: Insights mentioned are time-sensitive and should not be considered as financial advice. Please DYOR.

However, if it comes across as a false breakout and LUNA enters the channel again, it will need to break past the upper trendline to have any chance of moving upwards. However, the MACD line has crossed below the signal line, hinting at waning momentum and a short-term correction. 

Solana

Outlook: Neutral

Solana (SOL) is trading in green—up by almost 38%, month-on-month. However, the weekly correction came across as unexpected. As per the 4-hour chart, SOL is trading inside a “Descending Broadening Wedge,” which might give a breakout on the upside.

Week 15 SOL

Source: Trading View

Disclaimer: Insights mentioned are time-sensitive and should not be considered as financial advice. Please DYOR.

For any chances of a breakout above the upper trendline, SOL will have to go past the resistance at $120 (₹9,444). Currently trading at $111.25 (₹8,755.38), SOL might have immediate support placed at $108.55 (₹8,542.89). The RSI** is currently trading at a value zone of 45 and might need to cross 50 with ease for a bullish signal.

**Relative Strength Index

Conclusion

The crypto market correcting over the weekend needn’t be alarming. After the rally at the end of March and the positives revealed by the recently concluded Bitcoin Miami Conference, the correction that we are seeing now is not unexpected. Consequently, none of the crypto assets look very weak on the charts.

The correction might last for some more time, so it is advisable to keep tracking your crypto assets, following a quintessential DYOR strategy and steering clear of FUD (Fear-Uncertainty-Doubt). And if your heart is set on any of the tokens discussed here, you can download the CoinSwitch app to track them better for 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. The information provided in this post is not to be considered as investment/financial advice from CoinSwitch. Any action taken upon the information shall be at user's own risk.

writer

Ananda Banerjee

Content Writer

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