April 10th Market Analysis from LBank Derivatives
Last week, the cryptocurrency market experienced a period of stability, with limited trading opportunities available. The information provided indicates that the price of Bitcoin (BTC) remained steady, with a weekly fluctuation amplitude of only 5%.
Additionally, trading volume contracted, suggesting that investors should observe the subsequent trends if they do not hold lower-cost spot positions.
The BTC weekly chart reveals that three consecutive high-level adjustments doji candles have formed, suggesting that the market will likely face a directional choice in the near future.
This development could indicate potential changes in the market sentiment and upcoming price movements.
Meanwhile, the Ethereum (ETH) weekly chart shows a relatively healthier trend compared to BTC.
ETH is still trading above its support level, and as long as it does not break below, it can continue to be seen as a bullish signal. The market outlook for ETH remains optimistic.
Notable Altcoins:
Litecoin (LTC) has followed an upward trend along its trend line. With the halving event approaching and the axis line adjusted for two weeks, LTC is expected to continue its bullish trajectory, aiming to stabilize above the $93 level.
$OG:
Lastly, the $OG 4-hour chart indicates a sharp increase in the price of this fan token, reaching a daily gain of over 400%.
The token experienced a massive surge in volume at the bottom, but the current 4-hour candlesticks show signs of a potential top formation. In the short term, a pullback is expected for $OG.
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Disclaimer: The opinions expressed in this blog are solely those of the writer and not of this platform.
