KAVA, Swipe, and Tellor prices slumped on Apr 18 and remain under pressure as candlestick arrangement reveals. Despite firm fundamentals, KAVA/USDT prices may fall back to $4 in a retest, while SXP and TRB prices may correct to $3 and $60, respectively.
In any market, corrections are inevitable.
Take a case of Swipe.
Boasting of 5.5X gains year-to-date–and deservedly leading to positive Swipe price forecasts–SXP bulls are undoubtedly in the driving seat. However, SXP/USDT prices are likely to correct if candlestick arrangement and general Swipe technical analysis lead.
For instance, SXP trading volumes are down four percent on the last day to $537 million. At the same time, prices fell from Apr 2021 peaks, tumbling to as low as $3 on Apr 18.
Although bulls may in control from a top-down analysis, bears could force prices lower in the immediate term.
SXP/USDT Price Analysis
After an outstanding performance of Q1 2021, SXP prices expanded to record levels.
However, in the last few days, trading volumes have been tapering.
Preceding Apr 18 dump, SXP prices were grinding higher, albeit with lower participation.
With exhausted SXP bulls, Apr 18 sell-off forced prices below the middle BB–the primary support line. Besides, the bear bar is conspicuous and wide-ranging, confirming the sell-off that picked off from Apr 11.
Therefore, the odds of deeper corrections are high.
Accordingly, SXP traders may sell the pullbacks with immediate targets at $3—Apr 18 lows and $1.85—the 61.8 percent Fibonacci retracement level of the Q1 2021 trade range.
Cross-chain DeFi will define the future, and the Kava Protocol is already leaving footprints in this sphere. As such, traders are bullish, as Kava price predictions in recent times show.
Nonetheless, despite what lies ahead, the crypto price correction of Apr 18 didn’t spare KAVA bulls. Average daily trading volumes are down 30 percent to $82.8 million as KAVA prices contracted 20 percent week-to-date.
KAVA/USDT Price Forecast
Kava protocol fundamentals may be solid, but technical candlestick arrangement points to a fragile token with decreasing participation.
On the daily chart, the KAVA price cleanly broke below the middle BB—the main flexible support line of Q1 2021.
Although there is a long lower wick suggesting buying pressure in lower time frames, KAVA bears may take over in a correction.
Unless KAVA bulls reverse Apr 18 losses by driving back prices above $7 with increasing volumes, every high may be an unloading opportunity with immediate targets at $4–Apr 18 lows.
More profound losses may see KAVA retest Q4 2020 highs of $2.5.
Altcoins took a plunge on Apr 18, reflecting the general state of the crypto market following Bitcoin’s hash rate shocks. Still, Tellor prices remain in an uptrend, albeit with candlestick arrangement’s stain that may slow down bulls.
Overly, Tellor buyers are optimistic going by TRB/USDT price predictions. As such, dips may provide a loading opportunity.
From the daily chart, prices are trending below the middle BB—a bear hint of correction. Second, trading volumes jumped—a suggestion that participants are either doubling down or exiting trades—depending on how Apr 19 closes.
TRB/USDT Price Prediction
The uptrend remains firm, but after Apr 18 losses, the TRB price could slip in days ahead. Presently, TRB/USDT prices are below the 20-day moving average in a bear breakout pattern.
Although there is demand in lower time frames, TRB may slip as long as bears force prices below $80.
Therefore, in a correction, TRB traders can unpack the immediate term by fading the primary buy trend with sell targets at $60.
Further losses below Feb highs may trigger a dump that may see TRB/USDT prices fall back to $45—the 61.8 percent Fibonacci retracement level of the Q1 2021 trade range.
Chart courtesy of Trading View
Disclaimer: Opinions expressed are not investment advice. Do your research.
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