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WIF, ICP, ADA Price Analysis as Bitcoin Completes 4th Halving

Published 20/04/2024, 09:47
© Mundo Crypto PR WIF, ICP, ADA Price Analysis as Bitcoin Completes 4th Halving

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  • WIF was overbought, indicating that the price might drop below $2.70.
  • With increasing volatility, the price of ICP could rise to $15 in the short term.
  • ADA might retrace as the short-term EMAs suggested a bearish trend.

After the completion of the 4th Bitcoin (BTC) halving, the price of several cryptocurrencies spiked. However, there were a few that made double-digit increases in the last 24 hours. These include dogwifhat (WIF), whose value jumped by 11.83%, Internet Computer (ICP) which recorded a 14.48% increase, and Cardano (ADA) with a 10.55% rise.

However, it remains uncertain if these tokens would be able to sustain the hike. Here, Coin Edition looks at the possibility and how their respective prices might fare over the weekend and the coming days.

dogwifhat (WIF)

At press time, WIF changed hands at $.2.83. From the 4-hour chart, the price had initially dropped to $2.28 on April 18. But bulls found support at the same spot and helped the meme coin rally even though there was resistance at $2.70.

Meanwhile, the Relative Strength Index (RSI) which faced the upside earlier had turned down. This was a sign that WIF’s momentum was losing its bullish strength. Hence, a decline could be next. If this is the case, the price of WIF could fall below $2.70 again.

However, if bulls return to save the situation, the meme coin might target $3 next. This could be validated considering that the Money Flow Index (MFI) reading increased. But if the MFI hits a reading of 80.00, the token might be overbought, and WIF might retrace further.

WIF/USD 4-Hour Chart (Source: TradingView)

Internet Computer (ICP)

The ICP/USD 4-hour chart displayed a downtrend from April 8 to 18. However, it seemed that sellers got exhausted moments after the price hit $11.87. Thereafter, the direction reversed to the upside.

At press time, ICP changed hands at $14.48. Furthermore, the Bollinger Bands (BB) expanded, indicating increasing volatility around the token. However, the upper band of the BB tapped ICP above $14, indicating that the token was overbought.

As such, a potential decline could be imminent. The RSI reading was close to 70.00, reinforcing the BB indications. While ICP’s price has the potential to hit $15, a retest of $13.14 could also be possible.

ICP/USD 4-Hour Chart (Source: TradingView)

Cardano (ADA)

ADA bounced off the $0.44 support and broke the $0.47 resistance as its price almost hit the $0.50 psychological zone. If ADA hits $0.50, it could rally to $0.56. However, an overhead resistance at $0.51 might hinder the potential.

ADA/USD 4-Hour Chart (Source: TradingView)

In the meantime, the 20 EMA was below the 50 EMA on the charts. This indicates that ADA’s uptrend might not last. Furthermore, the fact that 50 EMA was also ahead of the 100 EMA suggested a bearish performance in the coming weeks. Hence, traders might need to watch out.

The post WIF, ICP, ADA Price Analysis as Bitcoin Completes 4th Halving appeared first on Coin Edition.

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