Bitcoin price remains in a downtrend this week and is trading at $38,697 as press time. Currently, technical traders are closely watching the $37,800 area, which is strong support in a classic bearish flag pattern that has been forming since Jan. 16. A breakout of the line. The yellow trend can take the price towards the $52,000 area.
Shiba Inu has dropped 9% in the past seven days, erasing most of April’s gain. Since the end of December, the SHIB price has been pushed into a neutral triangle pattern. However, despite the price dropping below the 50 and 100 Simple Moving Averages, it seems to have found strong support at $0.0002, which could also act as a key inflection area for the price.
APE was the darling of Q2 2022, growing over 87% in value over the past 21 days and currently trading at $21.97. After a break and a close above the $17.75 resistance, the price seems determined to print a new high. Most of these gains have been driven by news that Yuga Labs may soon launch a major supermarket that will use APE as a payment token, attracting a slew of investments in the coin.
XRP continues to trend sideways after falling into a six-month decline depicted by lower highs. XRP is currently down 84% from its all-time high and is currently trading at $0.61. Following previous drops, the price has consistently recovered at $0.5555, making it an important support area. All in all, the price of XRP is inching closer to the end of the triangle squeeze pattern, which suggests a breakout is imminent.
That said, investors keep a close eye on the Bitcoin price. While most believe in the upcoming volatility, it is still quite difficult to figure out the direction of the price.
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