2024 has been a stellar year for cryptocurrencies. However, this growth is often overshadowed by strong corrections, a trend that could soon impact altcoins such as Celestia (TIA), Kaspa (KAS), BitTensor (TAO), and Helium (HNT). Despite TAO’s impressive YTD gain of over 100%, TAO’s April outlook appears bearish and portends a potential downturn as the company attempts to capitalize on its overhyped artificial intelligence narrative.
Meanwhile, HNT is struggling to maintain its stride after surging in February as it tries to capitalize on the Decentralized Physical Infrastructure Networks (DePin) narrative. As April approaches, altcoin corrections for some tokens may become more intense.
Celestia could set you back $8.5.
Celestia (TIA), a modular network focused on providing solutions for blockchain creation, reached an all-time high (ATH) of $20.77 on February 10th. This was followed by a strong correction, with the price reaching $13.8 on March 27th. TIA, one of the biggest synonyms for blockchain modularity, failed to keep up with the overall cryptocurrency surge in 2024. YTD growth this year is less than 1%.
Over the past few days, TIA’s EMA line has been bearish with the short-term line being lower than the other lines and very close to the current price line.
Exponential moving averages (EMAs) are an important tool in technical analysis, designed to smooth price data over a specific period of time by giving more weight to recent prices, making them more responsive to new information than simple moving averages (SMAs).
A “dead cross” occurs when the short-term EMA crosses below the long-term EMA, a signal traditionally considered bearish. Like the TIA, the short-term EMA line has moved below the long-term line and is closely aligned with the current price. This setup may indicate a bearish outlook. If the downward trend continues, TIA price could fall to $8.5, the price reached in December 2023.
Read more: Top 11 DeFi Protocols to Watch in 2024
Kaspa is in crisis.
Throughout 2024, Kaspa (KAS) has seen its valuation rise 15%, demonstrating a positive trajectory for digital assets. Despite this growth, the asset faces the threat of a significant correction that could erase its annual gains.
The cryptocurrency has plummeted 41% over the past three weeks, down from a high of $0.188 on February 20. Currently positioned as a decentralized P2P payment network, Kaspa’s Relative Strength Index (RSI) is at a neutral 47. , which means it is neither overbought nor oversold.
KAS’ downturn began on March 4th. The short-term EMA line was lower than the long-term line, causing prices to decline until March 20th. On March 26, a new dead cross was formed. This indicator often indicates a further price decline in KAS.
A dead cross suggests further decline. The price of KAS may fall to $0.099 or even $0.075.
BitTensor (TAO) is capitalizing on the AI hype, but it may need a fix next time
The artificial intelligence sector has maintained an impressive growth trajectory this year, and BitTensor is strategically positioned to capitalize on this surge. Amazingly, the token has grown by over 110% this year alone. Starting the year with a value of $274, it rose incredibly to an all-time high of $752.13 by March 7, representing an explosive growth of 174.5%.
However, after reaching this peak, the Tao price began to decline and stabilized at around $580. In particular, a technical change was observed on March 20th when TAO’s short-term exponential moving average (EMA) fell below its long-term average, causing the price to fall sharply from $655 to around $580 in just two days.
Although there was a brief recovery to $621, the price bounced back to the $580 level and the EMA line continued to suggest a bearish trend for TAO. If this downtrend continues, TAO could face significant price support levels, potentially falling to a low of $524 or even $415, testing a critical threshold for market value.
Helium (HNT) is down 10% this year – is there a stronger correction ahead?
If TAO is leveraging the IA narrative, Helium is attempting to do the same using DePin (Decentralized Physical Infrastructure Network). This has been hot since mid-2023, but HNT YTD price growth is less than 10% despite the hype. The token started the year at $6.96 and reached $10.03 on February 15th. Although this is a significant level, HNT’s all-time high is $54.81, reached on November 12, 2021.
Despite all the hype surrounding DePIN and the overall growth of cryptocurrencies in 2024, the fact that HNT has not moved any closer to ATH certainly raises a red flag for investors as the coin may have lost momentum.
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On March 11, the short-term EMA line crossed below the long-term line, forming a death cross. Then the price of HNT began to fall in free fall. It recovered briefly on March 20, but continued to decline, and the current HNT price is $6.18. If the downtrend continues, it could soon reach $4.74, and if that support is not strong enough, HNT could return to its December 2023 price and test support at $2.17.
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