to leave a comment.
▲ Cryptocurrency ©
As investor sentiment recovers with the easing of geopolitical tensions between the US and Iran, Bitcoin, the market leader, has surpassed $78,000, and with massive short liquidations occurring, major altcoins like Pudgy Penguins are leading a formidable rally.
According to investment media FXStreet on April 23 (local time), Bitcoin (BTC) continues its stable recovery above $78,000 as the deadline for the US-Iran ceasefire proposal has been extended indefinitely. As overall market sentiment revived, CoinMarketCap's Fear & Greed Index rose from 41 to 60 on April 1, indicating a higher preference for risky assets. Notably, out of $462 million in liquidations over the past 24 hours, $352 million were concentrated in short positions, confirming that a typical short squeeze (buying pressure occurring to liquidate or cover short positions) fueled the market rally.
Amidst this positive trend, the most prominent asset is Pudgy Penguins (PENGU). Pudgy Penguins has extended its recovery for four consecutive days this week, recording a return of over 2%. It is currently settling above the 50-day Exponential Moving Average (EMA) at $0.0072 and the 100-day EMA at $0.0081, showing a firm bullish bias. While the Relative Strength Index (RSI) points to 65 and the MACD histogram is above the signal line, suggesting strong buying pressure, it faces resistance at the 38.2% Fibonacci retracement level at $0.0086. If it decisively breaks through the $0.0085 area, the path to $0.0112, where the 200-day EMA is located, will open up.
Aerodrome Finance (AERO), which surged by 11% the previous day, is currently taking a breather but still maintains a positive short-term outlook. Aerodrome Finance has successively recovered the 50-day EMA at $0.3638 and the 100-day EMA at $0.4087, and it is receiving strong support above the 50% Fibonacci retracement level at $0.4159. The Relative Strength Index (RSI) remains at 59, and the MACD is in positive territory above the signal line, indicating valid buying momentum. In case of further ascent, the first resistance level is expected to form at the 200-day EMA at $0.5175.
Sei (SEI) is also showing a stable trend, testing the 50-day EMA at $0.0613 after a three-day recovery rally. While Sei has broken above its downtrend line, indicating a positive short-term outlook, it remains trapped below the 100-day EMA at $0.0783 and the 200-day EMA near $0.1160. The Relative Strength Index (RSI) is at 58, and the MACD line has crossed above the signal line, indicating a buying advantage. If it breaks above the 50-day EMA, it could rise to $0.0783 after overcoming resistance at $0.0714, while in case of a decline, the broken trendline at $0.0604 is expected to act as the first support level.
Consequently, Bitcoin's rally triggered by easing geopolitical tensions and massive short squeezes (buying pressure occurring to liquidate or cover short positions) are invigorating the overall market. Experts conveyed a positive market sentiment, predicting that if major altcoins currently leading the market, such as Pudgy Penguins, Aerodrome Finance, and Sei, successfully break through key technical resistance levels, it could lead to a further broader market rally.
*Disclaimer: This article is for investment reference only, and we are not responsible for any investment losses based on it. The content should be interpreted for informational purposes only.*
Newsletter
Get key news delivered to your email every morning
to leave a comment.