the price of bitcoin (BTC) remained stuck in the tight $39,000-$42,000 range for another weak week for investors. Since early April, BTC has lost 13.6%, pulling back from March’s gain of 5.4%.
According to the analyst Mike Ermolayevpublic relations manager at change nowthis movement of BTC is not surprising, as the Bitcoin market remains highly correlated to traditional stock markets, which face a number of macroeconomic challenges.
“The broader market environment is undergoing rapid change, with a wide range of commodities hitting new highs, bond yields trending higher and supply chain disruptions and inflation appearing to become more frequent. “, did he declare.
According to him, in this context, the Bitcoin undergoes a volatility compression, which means that when the zone shrinks, price action tightens like a coil spring. Then it moves quickly when the pressure is released.
“Furthermore, the consistent on-chain behavior suggests that Bitcoin has exited the correction phase and is in the accumulation phase,” he points out.
Ermola also points out that a descending wedge pattern is forming on the RSI, indicating a period of consolidation before another upward move, characterized by lower lows and lower highs with a range of contraction.
4 cryptocurrencies that could increase by more than 30%
Faced with a scenario of uncertainty for Bitcoin, the analyst points out that cryptocurrency investors should turn to altcoins and cites as examples STEPN (GMT) and ApeCoin, which even in times of tension in the crypto-market currencies managed to print gains. expressive and only in the last 48 hours they have increased by more than 30%.
“I have selected a few cryptocurrencies that I believe can surprise the market as well as GMT and Apecoin and show appreciation while the major cryptocurrencies in the market follow BTC in a fall or a sideways movement,” he points out. he.
The first cryptocurrency on the list of experts is the Raiden network (RDN) which he points out has great upside potential as the bulls seem to have full control over the value of the crypto asset.
“With a market cap of $12,636,587, its RDN token gained 61.8% and traded at $0.237735. Monthly and weekly, it outperformed BTC by 75.08% and 72.50% respectively “, did he declare.
Second, the analyst indicates One Ledger (BTA) which is a blockchain designed specifically for interoperability use cases within enterprises.
It allows you to build business applications thanks to its modularization tool, which will communicate with the OneLedger protocol through its API gateway to communicate synchronously with different public and private blockchains.
“Its OLT token has seen a weekly gain of 70.4% and is up 287.7% in the last 30 days. It is currently trading at $0.08516 with a market cap of $36,972,627,” he said.
Steem Network and XCAD
In the third position, the analyst indicates the Steamwhich is a community-driven blockchain network and is also the network of the Steemit social media platform and allows users to earn rewards for their posts and interactions in the community.
“STEEM gained 52.6% last week and 37.4% for the month, trading at $0.5379 with a market capitalization of $213,215,878. Following Binance’s announcement of adding support to the STEEM/USDT pair, the momentum and trading volume for STEEM increased,” he said.
To complete the list, XCAD Network (XCAD) that gives content creators additional monetization options and helps smaller creators leverage YouTube algorithms to grow their channels.
Creators are given DeFi tools to create an incentive economy by tokenizing their audience’s engagement with their content. XCAD Network also has an NFT Marketplace that allows one-click creation of rare and limited-edition NFTs.
“The XCAD token is trading at $4.80 with a market cap of $115,582,716. The week-over-week gain was 61.5% and the monthly increase was 47.0%. outperformed BTC by 48.24%, while on a monthly basis it was ahead of the major cryptocurrency by 16.74%.