Crypto Price Forecast ⁴⁄₁₄: Best Alternative Cryptocurrencies to HODL Amid Geopolitical Tensions in the Middle East

Latest Trends

• Ethereum (ETH) is establishing a high-demand zone at $2800 due to multiple technical levels converging.
• A breakout from the wedge pattern could signal a new upward trend for Shiba Inu.
• Celestia (TIA) is experiencing a significant correction influenced by two downward trendlines.

The cryptocurrency market continued its correction on April 13th, driven by geopolitical tensions in the Middle East. The Iranian attack on Israel initially sparked panic among investors, leading to a downturn in the crypto market.

Over the past 24 hours, Bitcoin dropped by 5% to \(64234, with other major altcoins like Ethereum (ETH), Binance Coin (BNB), and Solana (SOL) also falling by 7%. During this period, Coinglass reported 256,589 traders being liquidated, resulting in \)962.4 million in losses, with the largest liquidation of $8.46 million on Binance for a BTC/USDT trade.

Bitcoin, often seen as a macro hedge, absorbed much of the risk aversion, potentially offering investors a discount opportunity in alternative cryptocurrencies ahead of the upcoming Bitcoin halving.

1) Ethereum (ETH)

Ethereum, a decentralized blockchain platform with smart contract capabilities, is a leading player in the world of programmable blockchains. Despite facing supply pressure, ETH’s price dropped from \(3730 to \)3021, a 20% decrease. The market cap fell to \(363 million, but trading volume surged to \)34 billion, a 36% increase from the previous day.

The current drop below the 38.2% Fibonacci retracement level at \(3100 indicates a bearish sentiment, with \)2800 serving as a critical support level due to its alignment with the 50% FIB, 200-day EMA, and a long-standing trendline.

2) Shiba Inu (SHIB)

Shiba Inu, a decentralized meme-inspired cryptocurrency, is known for its active community and unique token burns. The price of SHIB experienced a 52% drop from \(0.000045 to \)0.00002175 within a falling wedge pattern. To reverse the correction, buyers need to breach the pattern’s resistance trendline, potentially driving the price back to $0.0000456.

3) Celestia (TIA)

Celestia (TIA) is a blockchain project simplifying decentralized application creation and deployment. Despite a 65% decline from \(21.14 to \)7.27, TIA has shown resilience in the recent market sell-off, bouncing back by 47% to $10.67. A breakout above the downsloping trendlines is crucial for a sustainable recovery.

Key Insights

The crypto market faced significant selling pressure due to the Bitcoin ETF outflow and geopolitical tensions in the Middle East, leading to a potential prolonged downturn. However, the upcoming Bitcoin halving could maintain the overall bullish trend.

The information provided is based on personal opinions and market conditions. Conduct your research before investing in cryptocurrencies. The author and publication are not liable for any financial losses.

For more crypto news, prices, and updates, subscribe to the daily newsletter.

Sahil, a seasoned trader with expertise in technical analysis, closely monitors asset price movements and explores cryptocurrency opportunities driven by his trading passion.