Shiba

Bitcoin

Toncoin

Shiba Inu

Trillion

Crypto Price Prediction: The <a href="https://coingape.com/crypto-market-today-key-reasons-btc-eth-xrp-sol-doge-price-retreat/">cryptocurrency market</a> experienced high volatility this week projecting no clear initiation from bull or bear as Bitcoin price wavers around $60000. This sideways action in BTC bolstered several top altcoins for renewed recovery, but the buyers still lack sufficient momentum to sustain growth. 
Santiment reports a significant decrease in Bitcoin’s on-chain activity, hitting the lowest levels since 2019 despite reaching a record high two months ago. This decline in transaction volumes and active addresses reflects increased fear and indecision among traders, rather than predicting further price dips. 
<blockquote class="twitter-tweet" data-width="550" data-dnt="true"> 
 <img src="https://s.w.org/images/core/emoji/15.0.3/72x72/1f4c9.png" alt="📉" class="wp-smiley" style="height: 1em; max-height: 1em;"> <a href="https://twitter.com/hashtag/Bitcoin?src=hash&amp;ref_src=twsrc%5Etfw">#Bitcoin</a>'s <a href="https://twitter.com/hashtag/onchain?src=hash&amp;ref_src=twsrc%5Etfw">#onchain</a> activity is approaching historic lows as traders have dramatically slowed transactions in the 2 months since its <a href="https://twitter.com/hashtag/alltimehigh?src=hash&amp;ref_src=twsrc%5Etfw">#alltimehigh</a>. This isn't necessarily a sign of more <a href="https://twitter.com/search?q=%24BTC&amp;src=ctag&amp;ref_src=twsrc%5Etfw">$BTC</a> dips, but rather a signal of crowd fear and indecision. <a href="https://t.co/Tg5TpnVv4D">https://t.co/Tg5TpnVv4D</a> <a href="https://t.co/ldtv3FPVxA">pic.twitter.com/ldtv3FPVxA</a> 
 — Santiment (@santimentfeed) <a href="https://twitter.com/santimentfeed/status/1789383542021169208?ref_src=twsrc%5Etfw">May 11, 2024</a>
</blockquote> 
<script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script> 
Key metrics show a reduction in transactions and active addresses, with whale transactions at their lowest since December 2018, indicating even large-scale investors are cautious amidst current market uncertainties. 
Also Read: <a href="https://coingape.com/markets/top-4-crypto-to-sell-to-avoid-being-a-poor-crypto-investor/">Top 4 Crypto To Sell To Avoid Being A Poor Crypto Investor</a> 
<h2 id="b-1-bitcoin-btc-b">1) Bitcoin (BTC)</h2> 
<a href="https://coingape.com/heres-why-bitcoin-price-is-falling-sharply/">Bitcoin</a> (BTC), the first and most well-known cryptocurrency, functions primarily as a decentralized digital currency and store of value. It operates on a blockchain network secured by a proof-of-work (PoW) consensus mechanism, making it resistant to censorship and fraud. 
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 <img decoding="async" src="https://s3.tradingview.com/snapshots/i/ierbv2C7.png" alt="BITSTAMP:BTCUSD Chart " width="1946" height="893">
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 Bitcoin (BTC)| Tradingview
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The current correction trend in <a href="https://coingape.com/price-predictions/bitcoin-btc-price-prediction/">BTC price</a> can be traced using two converging trendlines that reveal a wedge pattern formation. With the overhead supply intact, the buyers struggle to drive a sustainable recovery and consolidate around $60000. 
By the press time, Bitcoin currently holds a market cap of&nbsp; $1.2 Trillion and 24-hour trading volume is at $13 Billion. 
Thus, a breakout from the wedge pattern’s upper resistance is crucial for buyers to end the current correction. The potential breakout will provide a better signal to drive a recovery rally to a $73700 high. 
Also Read: <a href="https://coingape.com/bloomberg-reveals-what-caused-bitcoin-eth-sol-xrp-shib-prices-to-crash/">Bloomberg Reveals Reasons Behind Bitcoin, ETH, SOL, XRP, SHIB Prices Crash</a> 
<h2 id="b-2-toncoin-ton-b">2) Toncoin (TON)</h2> 
<a href="https://coingape.com/blog/what-will-be-my-portfolio-if-toncointon-price-hits-20/">Toncoin</a> (TON) is the native cryptocurrency of The Open Network (TON), originally initiated by Telegram but now developed by an independent community. TON aims to enhance blockchain scalability and user-friendliness, supporting high-speed, low-cost transactions. 
<figure style="width: 100%" class="wp-caption alignnone">
 <img decoding="async" src="https://s3.tradingview.com/snapshots/w/Wz2dbaEO.png" alt="OKX:TONUSDT Chart " width="1946" height="893">
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 Toncoin (TON)| Tradingview
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Defying the current consolidation, the <a href="https://coingape.com/markets/toncoin-price-prediction-as-ton-eyes-10-on-hashkey-partnership-time-to-buy/">TON price</a> has shown a sharp upswing since the onset of May. Within two weeks, the coin price jumped $4.6 to $7.047 registering a 53.16%. The market cap of Toncoin also surged to $24.4 Billion, maintaining its position as the eighth-largest cryptocurrency. 
With sustainable buying, the TON price is likely to breach the swing high resistance of $7.67 and provide buying suitable support to lead the higher rally. As per the traditional pivot level, the post-breakout rally can face overhead supply at $9 and $10 psychological levels. 
On a contrary note, if the altcoin faces renewed supply pressure at $7.67, the rising prices enter a sideways trend. 
Also Read: <a href="https://coingape.com/markets/toncoin-price-forecast-is-ton-recovery-heading-to-10-in-may/">Toncoin Price Forecast: Is $TON Recovery Heading to $10 in May?</a> 
<h2 id="b-3-shiba-inu-shib-b">3) Shiba Inu (SHIB)</h2> 
<a href="https://coingape.com/trending/shib-burn-how-many-shiba-inu-tokens-are-burnt-till-date/">Shiba Inu</a> (SHIB) is a meme-based cryptocurrency that began as an experiment in decentralized spontaneous community building. Initially created as a fun alternative to Dogecoin, SHIB stands out due to its massive and engaged community, often referred to as the “ShibArmy.” 
<figure style="width: 100%" class="wp-caption alignnone">
 <img decoding="async" src="https://s3.tradingview.com/snapshots/x/xDWwr3jz.png" alt="BINANCE:SHIBUSDT Chart " width="1946" height="893">
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 Shiba Inu (SHIB)| Tradingview
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In the daily chart, this Shiba Inu coin shows a texted example of symmetrical triangle formation as its price actively resonates within two converging trendlines. This second-largest meme cryptocurrency currently trades at $0.0000225 and holds a market cap of $13.27 Billion.&nbsp; 
For buyers to current consolidation, a breakout above the overhead trendline is needed to release build-up momentum. A successful breakout will push the <a href="https://coingape.com/price-predictions/shiba-inu-shib-price-prediction/">SHIB price</a> to $0.00003285, followed by $0.0000456. 
Also Read: <a href="https://coingape.com/blog/shiba-inu-vs-pepe-which-erc-20-memecoin-to-buy/">Shiba Inu vs PEPE: Which ERC 20 Memecoin to Buy</a> 
<h2 id="span-style-font-weight-400-key-takeaway-span">Key Takeaway</h2> 
The Bitcoin price consolidation above $60000 is accelerating the uncertainty among market participants. While the supply press hits a prolonged downfall with the development of a wedge pattern. However, if the pattern holds, the BTC price is under a temporary pullback which often results in a significant rally 
The post <a href="https://coingape.com/markets/crypto-price-prediction-12-5-will-btc-60k-or-slide-into-correction/">Crypto Price Prediction 12/5: Will $BTC Hold $60K Support or Slide into Prolong Correction?</a> appeared first on <a href="https://coingape.com">CoinGape</a>.

Crypto Price Prediction 12/5: Will $BTC Hold $60K Support or Slide into Prolong Correction?

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