The cryptocurrency market witnessed a significant downturn on April 30, with the total market capitalization declining by 4.47% to $2.22 trillion. This plunge has been accompanied by a flurry of liquidations, with over $321.29 million worth of long traders and nearly $66.53 million in shorts liquidated within the past 24 hours alone.
As market volatility escalates, investors are bracing for further turbulence in the coming days, with pivotal events such as the release of crucial data by the United States Federal Reserve on interest rates and the Federal Open Market Committee (FOMC) meeting on Wednesday looming large. Adding to the already tumultuous environment, Binance founder Changpeng Zhao’s sentencing to four months in prison after a plea deal further exacerbated market instability.
Bitcoin (BTC) Price Analysis
Bitcoin (BTC), the bellwether cryptocurrency, has been gradually declining towards the critical support level at $59,600. Bulls are anticipated to fiercely defend this level, with a potential reversal indicating their unwillingness to surrender without a battle. Should the price rebound sharply from $59,600, a rally toward the 20-day EMA ($64,897) and subsequently the 50-day SMA ($67,091) is conceivable. Conversely, a breach below $59,600 may intensify selling pressure, potentially driving the price toward the 61.8% Fibonacci retracement level at $54,298.
XRP Price Analysis
XRP faced a downward trajectory, slipping below the uptrend line on April 30, indicating strengthened bearish sentiment. With the 20-day EMA ($0.53) sloping downwards and the RSI residing in the negative zone, bears appear to be in control. The XRP price could descend to a robust support zone between $0.46 and $0.41, with a breach below potentially plummeting the price to $0.35. However, a resurgence in buying pressure, signaled by a breakout above the 20-day EMA, could pave the way for bullish momentum towards the 50-day SMA ($0.58).
Cardano (ADA) Price Analysis
Cardano (ADA) breached the crucial support level at $0.46, indicating sustained bearish dominance. With moving averages trending downwards and the RSI in negative territory, the path of least resistance appears to favor further downside movement. A sustained dip below $0.46 could propel the ADA price toward $0.40, although a reversal above $0.52 could invalidate this bearish outlook, potentially pushing the price toward the 50-day SMA ($0.58).
Renzo (REZ) Price Analysis
Renzo Protocol’s native token, REZ, faced a significant setback moments after its listing on Binance, losing nearly half its value. Listed on Binance’s Launchpool on April 23, REZ’s price plummeted from an initial $0.2578 to $0.1908 within 40 minutes of trading on April 30. Despite a slight recovery, the token traded around $0.17 at one point, marking a 34.50% decline. REZ’s underperformance coincided with the opening of its airdrop, distributing 7% of its maximum supply to eligible users. The token’s dismal debut follows Renzo Protocol’s recent challenges, including a depeg of its restaked Ether (EZETH) price on April 24.
Solana (SOL) Price Analysis
Solana (SOL) continued its downward trajectory, aiming to test crucial support at $126. Buyers are expected to vigorously defend this level, with a rebound indicating strong buying interest at lower levels. A potential rally towards the 20-day EMA ($149) could be anticipated if the price rebounds off $126 convincingly. However, failure to do so may increase the likelihood of a breach below $126, potentially setting the stage for further downside movement.
Overall, the cryptocurrency market faces heightened uncertainty amidst a broader market downturn and key events on the horizon. Investors remain cautious as they navigate through volatile market conditions, closely monitoring price movements and fundamental developments for potential trading opportunities.
