Bitcoin, Ether, Major Altcoins – Weekly Market Update April 26, 2021
The Ethereum Project token ETH hit a new all-time high at $2,544 on Friday, April 16, but it hasn’t been able to maintain the bullish momentum since then. The coin registered three consecutive red days and erased more than 11 percent of its value by Sunday evening. Still, the sudden decline did not impact the general uptrend that much and the ether closed the week with a 4.4 increase.
It is worth noting that the Sunday flash crash pushed the price of ETH all the way down to the next major support zone near $1,980, but buyers were quick to react on the same day thus preserving the bullish market structure.
On Monday, the coin fell further to $2,162 but found stability near the previous weekly open and the 21-day EMA.
On Tuesday, April 20, and Wednesday, April 21, the bulls successfully initiated a recovery and reclaimed their presence above $2,400, which represented an $8.85 percent of growth for the two-day period and a daily close at $2,358 on the third day of the workweek.
On Thursday, the ETH/USDT pair hit a new all-time high touching $2,645 in the morning, but then made almost full retracement down to $2,396 to close the day with a short green candle.
The leading altcoin corrected its price down to $2,364 on Friday following the tax hike news coming from the US. The price temporarily dropped below the $2,140 support on the news but managed to recover in the late hours of the session.
The first day of the weekend was not that good for bulls as their preferred digital asset made a pullback to $2,210 losing 6.5 percent. Then on Sunday it jumped back up from the fast EMA and ended the week at $2,313.
The ether is trading at $2,482 as of the time of writing this market update.
Top 10 Movers
- Solana (SOL)
Another alternative solution to the Ethereum blockchain, Solana is on the rise thanks to its solid fundamentals and the backing by the FTX exchange.
The SOL token value increased by 47 percent for the last seven days and is now 4446 percent up from its December 2020 low of $1. The SOL/USDT pair is on a stable macro uptrend and looking at the lower timeframes (4-hour), we can establish a support line around $41, where the 21-day EMA is currently placed.
Naturally, the next target up should be the psychological $50 level. It’s worth noting that Solana is evaluated at $12.9 billion and a projected price of $100 will make it a Top 10 coin, right behind Polkadot.
Altcoin of the Week
Our Altcoin of the week is PancakeSwap (CAKE). Uniswap’s biggest competitor is growing stronger every day thanks to the lower transaction fees on the Binance Smart Chain compared to the current Ethereum Layer 1. The PancakeSwap exchange now has more than $8 billion in total value locked on its platform and more than 200,000 active users. This, combined with the Initial Farm Offering (IFO) feature, is the main driver behind the recent price surge.
The project’s native token CAKE added 37 percent to its value for the last seven days and is now comfortably sitting at the 26th spot on CoinGecko’s Top 100 list with a total market capitalization of approximately $5.47 billion, still way below the leading Defi aggregator – Uniswap, which is valued at $18.4 billion.
The CAKE/USDT pair is currently trading above its all-time high of $29.9 after hitting $34.9 in the early hours on Monday.
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