Crypto Analysis: Bitcoin Loses Strength, ETH Struggles Below $3k, Starknet (STRK) Rises 9%, FET Up 38% On Weekly
The cryptocurrency prices remain volatile amid wild swings in Bitcoin and Ethereum prices. At press time, BTC is changing hands just below $51,000 as the bears attempt to push the price below the $50,000 barrier. Major altcoins are exhibiting a very similar price action, turning their daily candles red. However, Starknet, SingularityNET (AGIX), Filecoin (FIL), and Fetch.AI continue to shine.
A broader look at the market reveals that the best-performing cryptocurrencies are from DePin and AI categories. The hype related to Sora and the ongoing surge in Nvidia stocks appears to be the driving factors behind this rally.
The scheduled Dencun upgrade, along with the ETH Denver event, is keeping Ethereum in the news. The coin recently surged above $3,000 for the first time since 2022. However, the sluggish BTC price action thwarted the bulls’ attempt to break out. Consequently, the leading smart contract asset trades at $2,930 on Friday afternoon.
The crypto prices seem to be having a minor correction due to profit-taking after a massive rally. According to most analysts, the bullish market structure remains intact for most coins. However, some altcoins like Celestia (TIA), Superverse (SUPER), SEI, and RUNE have started to print bearish candles. This hints at a deeper pullback in the coming days.
Bitcoin Price Prediction
As described earlier, there is no major shift in the market structure of BTC/USD despite a 4% correction from the recent peak of around $53,000. The latest technical analysis shows a strong resistance at $52,500 which is acting as a range high.
At the same time, there seems to be strong support around $51,300, which has now been broken. If the bulls fail to reclaim this support anytime soon, the Bitcoin price prediction of $48,189 might become a reality. This price target is in alignment with the next major support area.
Fetch.AI Is Up 69% YTD
The growing popularity of AI platforms has resulted in a strong surge in AI coins. In this regard, Fetch.AI (FET) has emerged as the flagship AI coin with a market capitalization of $1.1 billion. It is having fierce competition with the Sam Altman-backed Worldcoin (WLD), which has soared 98.5% in the last 7 days.
Currently, the FET price is facing resistance from its 2021 all-time high of $1.20. It might experience strong selling pressure around this level. However, another bullish leg might follow as soon as it overcomes this resistance.
