Bittime - The approaching approval of an Ethereum ETF is predicted to have a positive impact on the crypto market as a whole.
This could push up the prices of various altcoins, including Tezos (XTZ), Hedera Hashgraph (HBAR), and IOTA (MIOTA).
Tezos (XTZ)
Tezos, one of the pioneers in the blockchain industry, has now become one of the leading zombie tokens on the market.
Even though the network has poured millions of dollars into partnerships with big companies like Manchester United, RedBull Racing, and McLaren, Tezos has not been able to attract enough users.
Data shows that NFT volumes on Tezos have experienced a drastic decline, fueled by concerns that the NFT industry has died amid minimal demand.
According to DeFi Llama, the Total Value Locked (TVL) of DeFi on Tezos is only $60.6 million, much less than new blockchains such as Blast, Arbitrum, and Base.
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Tezos Price Increase Analysis
Daily chart analysis shows that Tezos price has plummeted from this year's high of $1.6 to below $1.
Throughout its movement, this token has penetrated the 61.8% Fibonacci Retracement level. More worryingly, Tezos forms a death cross pattern when the 200-day and 50-day Exponential Moving Averages (EMA) cross each other.
Tezos price is predicted to experience a downward (bearish) trend in the near future. The next important level to watch is $0.859, which is the lowest point reached this month.
Also read: 5 Crypto Coins with Impressive Performance Right Now
Hedera Hashgraph (HBAR)
Hedera Hashgraph (HBAR) has experienced quite volatile price movements in the last few weeks.
On April 24, the price of HBAR peaked at $0.1821, but then experienced a sharp decline to reach the current $0.011.
This decline occurred despite several important announcements from Hedera, such as a major software update and new partnerships.
Hedera Hashgraph (HBAR) Price Analysis
The decline in HBAR prices was attributed to a plunge in Hedera's total value locked (HTLC) which reached around $148.68 million from this year's record high of over $180 million.
This decrease in HTLC indicates that activities in the Hedera ecosystem are not running optimally.
Despite the decline, HBAR price on Friday morning was still trading above $0.1100, slightly above the 50-day and 100-day EMAs.
The MACD indicator shows neutral movement, while daily trading volume has decreased.
Hedera Hashgraph Price Short Term Outlook
Based on these conditions, HBAR's short-term prospects are considered neutral. The main support level is at $0.10, while the main resistance level is at $0.1235.
The next HBAR price movement will depend on market sentiment and fundamental developments in the Hedera ecosystem.
Also read: BEP20 Upgrade: BNB Smart Chain Network Update by Binance
IOTA
The price of the IOTA token has come under intense pressure over the past few weeks, fueled by concerns about the growth of its ecosystem.
Shimmer, a recently launched EVM network, performed underwhelmingly with total assets reaching just $4 million, raising concerns about its future.
Also Read How to Buy Crypto:
IOTA Price Analysis
Daily chart analysis shows a death cross pattern on the IOTA token, where the 200-day EMA breaks below the 50-day EMA.
This is a bearish signal indicating a potential price decline. IOTA price is currently still below the 50% Fibonacci retracement level, strengthening indications of a bearish trend.
IOTA Price Short Term Outlook
However, there is a glimmer of hope amidst this pressure. IOTA token found strong support at the $0.002 level (78.6% retracement), forming a triple-bottom pattern.
This pattern indicates a potential price reversal, although it needs to be confirmed with further movement.
Nevertheless, the bearish outlook still dominates. If IOTA price breaks the triple-bottom low of $0.20, it is likely to fall further to the key level of $0.1500.
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How to Buy Crypto on Bittime
You can buy and sell crypto assets in an easy and safe way via Bittime. Bittime is one of the best crypto applications in Indonesia which is officially registered with Bappebti.
To be able to buy crypto assets on Bittime, make sure you have registered and completed identity verification. Apart from that, also make sure that you have sufficient balance by depositing some funds into your wallet. For your information, the minimum purchase of assets on Bittime is IDR 10,000. After that, you can purchase crypto assets in the application.
Monitor price chart movements of Bitcoin (BTC) , Ethereum (ETH) , Solana (SOL) and other cryptos to find out today's crypto market trends in real-time on Bittime.
Also Read:
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DISCLAIMER: This article is informational in nature and is not an offer or invitation to sell or buy any crypto assets. Trading crypto assets is a high-risk activity. Crypto asset prices are volatile, where prices can change significantly from time to time and Bittime is not responsible for changes in fluctuations in crypto asset exchange rates.
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