What to Know:
- Crypto markets rebounded after a night of panic selling, with Bitcoin inching up 2% and Solana leading the charge with a 6% increase.
- Jerome Powell, the ever-vigilant Fed chair, crushed hopes of a speedy rate cut while reminding everyone that U.S. tariffs are still messing with global markets.
- Ethereum and XRP, ever the drama queens, swung wildly but seem to be catching their breath amidst the madness.
In the grand theater of cryptocurrency, Thursday morning brought some reprieve to a market that had recently suffered a particularly ugly sell-off. In came Bitcoin (BTC), rising 2% to flirt with $84,500 again. Meanwhile, the star of the day, Solana (SOL), strutted its stuff, gaining an impressive 6%. Ethereum (ETH), XRP, Dogecoin (DOGE), and BNB managed modest gains, but Solana was the one garnering all the applause.
In a subplot no one was waiting for, Hyperliquid’s HYPE surged 8.5%, presumably on the back of absolutely no news, while Celestia’s TIA took a 4% plunge. Apparently, tokens with a long unlock schedule are getting the cold shoulder, as evidenced by Mantra DAO‘s nosedive earlier in the week. Nothing says “sell me” like a long wait.
As for Jerome Powell, he delivered the classic line that echoed through the halls of the Fed: more time needed to understand the effect of tariffs on the global economy. Translation? We’re going to stick with inflation and slow growth, possibly even bringing back the infamous stagflation from the 1970s. Cheers!
Jeff Mei, COO at BTSE, shared his dismay with CoinDesk: “Traders were banking on early rate cuts, but Powell’s not having it.” So, it looks like Bitcoin will stay trapped in the $80,000-$90,000 range until more clarity arrives. And by clarity, we mean someone finally figuring out how tariffs and trade deals will affect the market.
Meanwhile, Augustine Fan, head of insights at SignalPlus, sighed deeply over Powell’s comments. “Doves are disappointed, but at least crypto markets are holding steady—technically speaking. As long as Bitcoin doesn’t dip below $81K, we’re good.”
Now, let’s take a peek at the ever-so-dramatic market analysis, courtesy of some nifty chart patterns and cold, hard numbers:
SOL Price Analysis
- SOL surged 14.5% from $119.58 to $136.01 between April 11-14, before taking a breather. Oh, the rollercoaster of crypto!
- The 13.7% volatility range offers plenty of excitement, if you’re into that sort of thing.
- Momentum indicators, though, are showing signs of weakening. It seems the buying spree has taken a pause.
- SOL has established a descending resistance trendline from that high of $136. Way to keep us on edge.
- Support now sits at $126-$127, but the 50-hour moving average has become a pesky dynamic resistance.
- If $125.67 support breaks, brace yourself for a possible downturn. But hey, it’s crypto, who really knows?
XRP Price Analysis
- XRP is playing the long game, coiling up for a potential breakout (or breakdown, depending on who you ask).
- On April 12-13, it surged from $2.00 to $2.24, marking an 11.7% range, driven by a suspiciously high volume. Someone’s getting paid.
- Now, the resistance sits at $2.18-$2.24, while support forms at $2.08-$2.10. Classic XRP volatility.
- It seems XRP’s taking a breather, after retracing to $2.09. Bulls, be cautious—there’s talk of a bearish reversal pattern. Yikes.
- The Fibonacci retracement suggests a possible stabilization at the 61.8% level, but we’re all holding our breath here.
ETH Price Analysis
- Ether has been all over the place, with a 7.8% price range between $1,546.87 and $1,666.50. Someone needs a nap.
- The technicals are not looking pretty, as ETH failed to sustain momentum after a brief flirtation with $1,690. A double top? How quaint.
- Volume surges during sell-offs are never a good sign, especially when they exceed 500,000 units. Get out while you still can?
- Right now, the 50-hour moving average at $1,625 is resistance, while support sits at $1,585-$1,590. Looks like a game of tug-of-war.
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2025-04-17 09:41