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Cryptocurrencies Price Prediction: Bitcoin, Shiba Inu and Algorand – European Wrap 4 May – FXStreet


FXStreet Team FXStreet Team

Bitcoin price has kick-started its attempt to move higher, picking up Ethereum and Ripple along with it. Investors can expect BTC to revisit Monday’s high and reevaluate directional bias from there.
Bitcoin price begins its journey higher. Bitcoin price bounces off the lower trend line of the ascending parallel channel, which is formed after drawing trendlines above and below three sets of higher highs and higher lows. Investors can expect BTC to slice through the 100-day Simple Moving Average (SMA) at $41,009, which is the first major hurdle.
BTCPERP 2022 05 04 13 32 50 637872507242404615 637872572999715638
Shiba Inu developers have announced the reward schedule for the meme coin. The first round of rewards will be distributed on May 17, 2022. 
Shiba Inu’s burn portal was launched recently to promote the reduction in the token’s circulating supply. 
BurntSHIB can be exchanged for RYOSHI, the native token of Ryoshi’s Vision. RYOSHI is an ERC20 token on the Ethereum blockchain; holders of burntSHIB are entitled to 0.49% of all transactions that involve RYOSHI tokens.  
Algorand price is at a significant point in its recovery after the recent downswing, and it could be preparing for a new leg-up. A bounce off the midpoint of the decline will be key and decide the directional bias for ALGO.
Algorand price crashed 25% between April 28 and April 30 and set a range low at $0.537. This move was followed by a 38% ascent that set the range high at $0.742. As ALGO kick-starts its pullback, there is a good chance for ALGO to retest the 50% retracement level at $0.639. 
ALGOPERP 2022 05 04 14 46 37 637872543109328602 637872575060110716

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Polkadot has questionable price action that needs further narrative before forecasting anything more than a 12% rally for the bulls. Traders should consider looking for more profitable opportunities.
Algorand price is displaying bullish signals. Traders should keep an eye on the digital asset and find an entrypoint. Algorand price is coming back to retrace a breached support zone after an impressive 40% rally that kickstarted the month of May.
LUNA price is up against the same renewed selling pressure of risk-on assets around the globe. But there is some strong signs of bulls stepping up to prevent LUNA from dipping further. LUNA price made another push down to a price level identified May 4.
Bitcoin price has fallen to its lowest point all month as the price has finally tested the anticipated $36,500 price level. The current price could be the final low for April. Bitcoin price appears to print the anticipated Wyckoff spring within the $37,000-$40,000 range.
Bitcoin is likely to slide below $37,699 to collect liquidity before heading higher. BTC has prematurely triggered a minor run-up, leaving its downside objective unfulfilled. Investors can expect BTC to slide lower and collect liquidity below a significant level before triggering a full-blown impulse move.
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