{"id":67017,"date":"2023-04-11T14:14:33","date_gmt":"2023-04-11T08:44:33","guid":{"rendered":"https:\/\/mudrex.com\/blog\/?p=67017"},"modified":"2023-04-13T16:55:00","modified_gmt":"2023-04-13T11:25:00","slug":"mudrex-crypto-market-outlook-11th-april-2023","status":"publish","type":"post","link":"https:\/\/mudrex.com\/blog\/mudrex-crypto-market-outlook-11th-april-2023\/","title":{"rendered":"Mudrex Crypto Market Outlook | 11th April 2023"},"content":{"rendered":"\n<h2 class=\"wp-block-heading has-medium-font-size\" id=\"h-synopsis\">Synopsis<\/h2>\n\n\n\n<ul>\n<li>The crypto market slowed down last week, with Bitcoin testing the $28K short-term resistance level.<\/li>\n\n\n\n<li>The Shapella upgrade for the Ethereum network goes live on April 12. When most other top cryptocurrencies lost a bit of market dominance, ETH\u2019s dominance went higher. And the $1800 support level proved strong.<\/li>\n\n\n\n<li>The US non-farm payrolls grew by 236K in March, and the unemployment rate fell to 3.5% in March. These figures should hold strong consideration when the FOMC sits to decide the interest rates.<\/li>\n\n\n\n<li>Total crypto market capitalization remained at $1.15 Trillion. It remained flat as compared to the previous week.&nbsp;<\/li>\n\n\n\n<li>Daily trading volumes dropped significantly during the past week, dropping to a daily average of $41 Billion daily, from $72 Billion a week before.&nbsp;<\/li>\n<\/ul>\n\n\n\n<figure class=\"wp-block-image size-large is-resized\"><img fetchpriority=\"high\" decoding=\"async\" src=\"https:\/\/mudrex.com\/blog\/wp-content\/uploads\/2023\/04\/Crypto-market-cap-1024x534.png\" alt=\"\" class=\"wp-image-67026\" width=\"768\" height=\"401\" srcset=\"https:\/\/mudrex.com\/blog\/wp-content\/uploads\/2023\/04\/Crypto-market-cap-1024x534.png 1024w, https:\/\/mudrex.com\/blog\/wp-content\/uploads\/2023\/04\/Crypto-market-cap-300x157.png 300w, https:\/\/mudrex.com\/blog\/wp-content\/uploads\/2023\/04\/Crypto-market-cap-768x401.png 768w, https:\/\/mudrex.com\/blog\/wp-content\/uploads\/2023\/04\/Crypto-market-cap-1536x802.png 1536w, https:\/\/mudrex.com\/blog\/wp-content\/uploads\/2023\/04\/Crypto-market-cap.png 1600w\" sizes=\"(max-width: 768px) 100vw, 768px\" \/><figcaption class=\"wp-element-caption\">Figure 1: Total Crypto Market Capitalization<\/figcaption><\/figure>\n\n\n\n<p><\/p>\n\n\n\n<figure class=\"wp-block-image size-large is-resized\"><img decoding=\"async\" src=\"https:\/\/mudrex.com\/blog\/wp-content\/uploads\/2023\/04\/final-total-vs-BTC-1-1024x534.png\" alt=\"\" class=\"wp-image-67022\" width=\"768\" height=\"401\" srcset=\"https:\/\/mudrex.com\/blog\/wp-content\/uploads\/2023\/04\/final-total-vs-BTC-1-1024x534.png 1024w, https:\/\/mudrex.com\/blog\/wp-content\/uploads\/2023\/04\/final-total-vs-BTC-1-300x157.png 300w, https:\/\/mudrex.com\/blog\/wp-content\/uploads\/2023\/04\/final-total-vs-BTC-1-768x401.png 768w, https:\/\/mudrex.com\/blog\/wp-content\/uploads\/2023\/04\/final-total-vs-BTC-1-1536x801.png 1536w, https:\/\/mudrex.com\/blog\/wp-content\/uploads\/2023\/04\/final-total-vs-BTC-1-2048x1069.png 2048w\" sizes=\"(max-width: 768px) 100vw, 768px\" \/><figcaption class=\"wp-element-caption\">Figure 2: BTCUSD v\/s Total Crypto Market Capitalization<\/figcaption><\/figure>\n\n\n\n<p><\/p>\n\n\n\n<h2 class=\"wp-block-heading has-medium-font-size\">Key Observations<\/h2>\n\n\n\n<p>The $1.2 trillion market cap region remains a crucial point of inflection, with the market exhibiting a watchful stance over the past few weeks, as evidenced by the chart. Moreover, the upcoming unlocking of roughly 16 million staked ETH on April 12th represents a pivotal moment for market participants to consider.<\/p>\n\n\n\n<p>Furthermore, the trend in the total market cap closely mimics the trajectory of Bitcoin, which boasts a market dominance of over 47%. It is noteworthy that BTC appears to be following a Bull-Flag pattern, which is a bullish indicator.<\/p>\n\n\n\n<h2 class=\"wp-block-heading has-medium-font-size\">Analysis<\/h2>\n\n\n\n<p>The EU and US stock markets reported higher closings on Friday as fears of banking contingencies slowed. Conversely, the crypto market remained relatively flat during the previous week. The state of the employment market in the US, which was published this Friday, gave confidence that the Fed may be approaching a potential slowdown in the face of additional interest rate hikes.<\/p>\n\n\n\n<p>However, it is also evident that the short term correlation between equity and the crypto markets is relatively low. The crypto market is slowing down after an excellent start to the year, as apparent from the charts and asset prices.<\/p>\n\n\n\n<figure class=\"wp-block-image size-full\"><img decoding=\"async\" width=\"600\" height=\"371\" src=\"https:\/\/mudrex.com\/blog\/wp-content\/uploads\/2023\/04\/Market-Dominance-10-april.png\" alt=\"\" class=\"wp-image-67023\" srcset=\"https:\/\/mudrex.com\/blog\/wp-content\/uploads\/2023\/04\/Market-Dominance-10-april.png 600w, https:\/\/mudrex.com\/blog\/wp-content\/uploads\/2023\/04\/Market-Dominance-10-april-300x186.png 300w\" sizes=\"(max-width: 600px) 100vw, 600px\" \/><figcaption class=\"wp-element-caption\">Figure 3: Market dominance of different cryptocurrencies<\/figcaption><\/figure>\n\n\n\n<p><\/p>\n\n\n\n<h2 class=\"wp-block-heading has-medium-font-size\">Deep dive into the top gainer and loser<\/h2>\n\n\n\n<p>We closely analyze the performance of top 50 coins by market capitalization, and take a closer look at the best and the worst performers of the week.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\" style=\"font-size:17px\">Dogecoin (DOGE) up by 6.08% \u2b06\ufe0f<\/h3>\n\n\n\n<p>DOGE experienced a surge of ~30% within a short span, subsequent to Elon Musk&#8217;s alteration of the Twitter profile logo from a blue bird to an image of the popular Shiba Inu dog meme that inspired the coin.&nbsp;<\/p>\n\n\n\n<p>However, the rally proved to be short-lived as DOGE registered a daily loss of more than 8% on Thursday. This decline in the coin&#8217;s value can be partly attributed to Twitter&#8217;s recent reversion to its original logo, which resulted in a loss of momentum for DOGE.<\/p>\n\n\n\n<figure class=\"wp-block-image size-large is-resized\"><img loading=\"lazy\" decoding=\"async\" src=\"https:\/\/mudrex.com\/blog\/wp-content\/uploads\/2023\/04\/DOGEUSD_2023-04-10_19-40-18-1-1024x580.png\" alt=\"\" class=\"wp-image-67024\" width=\"768\" height=\"435\" srcset=\"https:\/\/mudrex.com\/blog\/wp-content\/uploads\/2023\/04\/DOGEUSD_2023-04-10_19-40-18-1-1024x580.png 1024w, https:\/\/mudrex.com\/blog\/wp-content\/uploads\/2023\/04\/DOGEUSD_2023-04-10_19-40-18-1-300x170.png 300w, https:\/\/mudrex.com\/blog\/wp-content\/uploads\/2023\/04\/DOGEUSD_2023-04-10_19-40-18-1-768x435.png 768w, https:\/\/mudrex.com\/blog\/wp-content\/uploads\/2023\/04\/DOGEUSD_2023-04-10_19-40-18-1-1536x870.png 1536w, https:\/\/mudrex.com\/blog\/wp-content\/uploads\/2023\/04\/DOGEUSD_2023-04-10_19-40-18-1-2048x1160.png 2048w\" sizes=\"(max-width: 768px) 100vw, 768px\" \/><figcaption class=\"wp-element-caption\">Figure 4: DOGE technical analysis<\/figcaption><\/figure>\n\n\n\n<p><\/p>\n\n\n\n<p><strong>Our verdict<\/strong>: As was expected, DOGE followed a short-lived rapid rally. With the volumes dipping, and demand rapidly dying down, we can expect the price-action to follow suit.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\" style=\"font-size:17px\">Hedera Hashgraph (HBAR) down by 8.76% \u2b07\ufe0f<\/h3>\n\n\n\n<p>Hedera Hashgraph&#8217;s native token had a tough time this week following its rally over the previous week. However, this price action was expected as part of the market correction. We had anticipated this move, when we published our previous edition of the market outlook report. You can find that&nbsp;<a href=\"https:\/\/mudrex.com\/blog\/mudrex-crypto-market-outlook-4th-april-2023\/?utm_source=report+10th+April&amp;utm_medium=email&amp;utm_campaign=report\" target=\"_blank\" rel=\"noreferrer noopener\">here<\/a>.&nbsp;<\/p>\n\n\n\n<figure class=\"wp-block-image size-large is-resized\"><img loading=\"lazy\" decoding=\"async\" src=\"https:\/\/mudrex.com\/blog\/wp-content\/uploads\/2023\/04\/HBARUSD_2023-04-10_22-42-42-1-1024x580.png\" alt=\"\" class=\"wp-image-67025\" width=\"768\" height=\"435\" srcset=\"https:\/\/mudrex.com\/blog\/wp-content\/uploads\/2023\/04\/HBARUSD_2023-04-10_22-42-42-1-1024x580.png 1024w, https:\/\/mudrex.com\/blog\/wp-content\/uploads\/2023\/04\/HBARUSD_2023-04-10_22-42-42-1-300x170.png 300w, https:\/\/mudrex.com\/blog\/wp-content\/uploads\/2023\/04\/HBARUSD_2023-04-10_22-42-42-1-768x435.png 768w, https:\/\/mudrex.com\/blog\/wp-content\/uploads\/2023\/04\/HBARUSD_2023-04-10_22-42-42-1-1536x870.png 1536w, https:\/\/mudrex.com\/blog\/wp-content\/uploads\/2023\/04\/HBARUSD_2023-04-10_22-42-42-1-2048x1160.png 2048w\" sizes=\"(max-width: 768px) 100vw, 768px\" \/><figcaption class=\"wp-element-caption\">Figure 5: HBAR technical analysis<\/figcaption><\/figure>\n\n\n\n<p><\/p>\n\n\n\n<p><strong>Our verdict<\/strong>: We can expect HBAR to follow a range-bound movement over the course of this week. The Exponential Moving Average (EMA), which is depicted by the light blue line inside the Bollinger Bands, is a strong virtual resistance level, where traders are bound to become active.<\/p>\n\n\n\n<h2 class=\"wp-block-heading has-medium-font-size\">Conclusion<\/h2>\n\n\n\n<p>The cryptocurrency market is currently exhibiting a range-bound movement as it approaches the $1.2 trillion market cap region. The unlocking of 16 million staked ETH on April 12th is undoubtedly crucial.<\/p>\n\n\n\n<p>The short-term correlation between equity and the crypto markets is relatively low at the moment. As for the top gainers and losers, Dogecoin experienced a brief surge due to Elon Musk\u2019s tweet, but its price is expected to decline. In contrast, Hedera Hashgraph\u2019s native token is expected to follow a range-bound movement in the short term.<\/p>\n\n\n\n<p>With BTC\u2019s price action signalling the formation of a Bull-Flag pattern, which is a bullish pattern, the coming days are indeed going to be exciting.&nbsp;<\/p>\n\n\n\n<h2 class=\"wp-block-heading has-medium-font-size\">Disclaimer<\/h2>\n\n\n\n<p>Please be advised that the information contained in this crypto market research report is for educational purposes only and should not be construed as financial advice. This report is a general overview of the cryptocurrency market and does not intend to provide specific investment advice or recommendations. The opinions and analysis provided in this report are based on the best knowledge available at the time of publication and are subject to change without notice.<\/p>\n\n\n\n<p>This report is not an offer to buy or sell any securities, commodities, or financial instruments, and we do not endorse any particular cryptocurrency. By reading this report, you acknowledge that you have read and understood this disclaimer and agree to hold harmless the authors, publishers, and distributors of this report from any and all claims arising from your use of this report.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Synopsis Key Observations The $1.2 trillion market cap region remains a crucial point of inflection, with the market exhibiting a watchful stance over the past few weeks, as evidenced by the chart. Moreover, the upcoming unlocking of roughly 16 million staked ETH on April 12th represents a pivotal moment for market participants to consider. Furthermore, [&hellip;]<\/p>\n","protected":false},"author":14,"featured_media":67154,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_eb_attr":"","footnotes":""},"categories":[1082],"tags":[],"_links":{"self":[{"href":"https:\/\/mudrex.com\/blog\/wp-json\/wp\/v2\/posts\/67017"}],"collection":[{"href":"https:\/\/mudrex.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/mudrex.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/mudrex.com\/blog\/wp-json\/wp\/v2\/users\/14"}],"replies":[{"embeddable":true,"href":"https:\/\/mudrex.com\/blog\/wp-json\/wp\/v2\/comments?post=67017"}],"version-history":[{"count":3,"href":"https:\/\/mudrex.com\/blog\/wp-json\/wp\/v2\/posts\/67017\/revisions"}],"predecessor-version":[{"id":67155,"href":"https:\/\/mudrex.com\/blog\/wp-json\/wp\/v2\/posts\/67017\/revisions\/67155"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/mudrex.com\/blog\/wp-json\/wp\/v2\/media\/67154"}],"wp:attachment":[{"href":"https:\/\/mudrex.com\/blog\/wp-json\/wp\/v2\/media?parent=67017"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/mudrex.com\/blog\/wp-json\/wp\/v2\/categories?post=67017"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/mudrex.com\/blog\/wp-json\/wp\/v2\/tags?post=67017"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}