Welcome to our latest crypto market outlook for April 23rd!
As the tariff war between the US and China cools off, the crypto market is heating up. Almost all altcoins have already surged by over 30%. Here are five altcoins with great potential: CAKE, IMX, SUI, TAO, and ZK.
Today, we will cover the following topics:
– BTC Analysis
– 5 Altcoins Analysis
– Quotes / Advices
– Closing Remarks
BTC analysis
As per our latest BTC analysis, it has finally rejected the lower bound of the rising wedge pattern and the $72,000 support zone.
As long as the bulls hold, a move toward the $100,000 mark is expected this week.
As long as the $90,000 level holds, it will act as strong support.
As BTC retests this structure, we’ll be looking for trend-following long setups.
5 Altcoins Analysis
As per our last market outlook, CAKE rejected the $1.50 support level perfectly and has been trading higher since.
For the bulls to remain in control and push toward the $3 round number and resistance, a break above the last major high marked in red at $2.08 is needed.
Meanwhile, if CAKE retests the lower bound of the range, we’ll be looking for new short-term long opportunities.
IMX is also rejecting strong support around the $0.50 round number.
As long as this level holds, the only direction from here is up.
For the bulls to confirm the start of the correction phase, a break above $0.765 is needed.
In that case, a move toward the upper red trendline and the $1.50 resistance level would be expected.
As per our last SUI update, it rejected the $2 weekly support level and surged by over 60%.
As long as the bulls hold, a continuation toward the $3.30–$3.50 resistance zone is expected.
Meanwhile, every bearish correction presents an opportunity to look for trend-following long setups.
TAO also rejected the lower bound of its falling channel and the $150 round number, surging by over 90%.
It’s currently hovering around the upper boundary of the channel, so a break above the upper blue trendline is needed for TAO to push higher toward the $400 round number.
Meanwhile, as it retests the $300 support level, we’ll be looking for new long opportunities.
ZK rejected the $0.05 round number and has been trading higher since.
However, it’s important to note that this remains a correction phase for now.
For the bulls to take full control and shift the entire trend in their favor, a break above the $0.058 major high marked in red is needed.
Quotes / Advices
Trading is very competitive and you have to be able to handle getting your butt kicked.
~ Paul Tudor Jones
Closing Remarks
In summary, CAKE rebounded perfectly from the $1.50 support and is gaining bullish momentum. For a continued push toward the $3 resistance zone, a break above the key $2.08 high is essential.
IMX found strong support at the $0.50 round number and is now attempting a bullish reversal.
SUI surged by over 60% after rejecting the $2 weekly support zone.
TAO bounced strongly from the $150 round number and the lower bound of its falling channel, gaining over 90%. Currently testing the channel’s upper boundary, a break above the blue trendline could pave the way toward the $400 target.
ZK is showing early signs of a rebound after rejecting the $0.05 round number. However, it’s still within a correction phase.
