Crypto Price Analysis 4-18: BITCOIN: BTC, ETHEREUM: ETH, SOLANA: SOL, RIPPLE: XRP, DOGECOIN: DOGE, FILECOIN: FIL, JUPITER: JUP

The crypto market registered a marginal uptick over the past 24 hours, entering a period of relative calmness after witnessing considerable movement over the past week. The market cap dropped to $2.5 trillion before rising to $2.71 trillion and then correcting to the $2.65 trillion zone. 

The market cap is up 0.79% and currently sits at $.266 trillion. Meanwhile, price action was mixed, with Bitcoin (BTC) trading marginally up while others, like Ethereum (ETH) marginally down. The flagship cryptocurrency is trading around $84,550, declining after briefly hitting $85,426 as it struggles to overcome the resistance at this level. 

ETH is down over 1% and trading at $1,579 as it attempts to reclaim $1,600. Ripple (XRP) registered a notable decline over the past 24 hours but has remained above $2 despite a drop of 2.10%. On the other hand, Solana (SOL) is marginally up, trading at $133. Chainlink (LINK), Stellar (XLM), Toncoin (TON), Hedera (HBAR), Polkadot (DOT), and Litecoin (LTC) registered notable increases. However, Dogecoin (DOGE) and Cardano (ADA) registered substantial declines. 

Republican States Pause Lawsuit Against SEC 

A federal judge has agreed to pause an ongoing lawsuit between 18 state attorney generals and a decentralized finance (DeFi) lobbyist group against the United States Securities and Exchange Commission (SEC) on Wednesday. The pause came after the parties noted the new SEC leadership. The state attorney generals, all Republicans, filed the lawsuit with the DeFi Education Fund last November after Donald Trump’s win, alleging the regulator had exceeded its authority in filing lawsuits against top crypto exchanges. The SEC suggested in a Wednesday filing that Paul Atkins’ confirmation as new Chair could end the litigation. 

“As support, the Defendants state that due to a leadership transition in the Securities and Exchange Commission, this case could potentially be resolved.”

The judge ordered all parties involved to file a joint report within 30 days but paused all deadlines for 60 days. The original lawsuit argued that the SEC’s enforcement actions intruded on state legislators’ abilities to police digital asset firms operating within their borders. 

“Some States, for instance, have enacted regulatory regimes for financial institutions focused on digital assets; others have required digital asset platforms to obtain money-transmitter licenses and security bonds to guarantee liquidity. While state regulatory approaches have varied in accordance with local needs, they have consistently endeavored to provide transparent and administrable rules of the road. And Congress has repeatedly declined proposals to give federal agencies broad regulatory power over digital assets.”

The US Congress is expected to pick up market structure legislation that could address the role of federal regulators in overseeing crypto. Until then, the SEC has dropped investigations and lawsuits into over a dozen companies. 

Crypto Markets Calm 

The crypto market has stabilized after witnessing considerable movement over the past seven days. The market cap tumbled to a low of $2.5 trillion before rising to $2.71 trillion and ultimately settling at $2.66 trillion. Markets lost momentum around the previous consolidation zone, failing to overcome the descending resistance line formed during its peak on Inauguration Day. The Fear & Greed Index is also gradually moving out of the “extreme fear” zone and has started consolidating in the “fear” zone. While this is a good sign, it is not enough to spark a full-fledged rally. 

BTC is trading in a relatively narrow range this week as it struggles to stay above the 50-day SMA and build momentum for a push above the 200-day SMA. 

Slovenia Considering 25% Tax On Crypto 

Slovenia’s Finance Ministry is considering a 25% tax on crypto trading profits under a new draft law. The draft law is open for public consultation. The bill proposes taxing crypto traders when they sell their crypto for fiat or use it to pay for goods and services. However, crypto-to-crypto transfers and transfers between wallets owned by the same users will be exempt under the new legislation. The crypto tax will align with existing tax laws, with taxpayers required to record all their transactions for annual tax returns. The tax base would be calculated on profits by subtracting the purchase price from the sale price. 

According to Slovenia’s finance minister, Klemen Boštjančič, it is unreasonable that crypto trading is not taxed in the country. 

“The goal of taxation of crypto assets is not to generate tax revenue, but we find it illogical and unreasonable that one of the most speculative financial instruments is not taxed at all.”

However, Jernej Vrtovec, a member of Slovenia’s national assembly and the New Slovenia opposition party, slammed the proposal, stating it could stifle crypto growth in the country. 

“Slovenia has the opportunity to become a crypto-friendly country, but with the government’s proposals, we will miss the train again. With excessive taxation, we will once again see young people and capital fleeing abroad. Taxes should encourage, not stifle.”

Trump Slams Federal Reserve Chair 

US President Donald Trump slammed Federal Reserve Chair Jerome Powell for delaying rate cuts, accusing him of being too slow to cut interest rates. Trump’s rant against Powell could escalate a long-running conflict undermining the central bank’s political independence. Florida Senator Rick Scott agreed with Trump, stating it was time for new leadership at the Federal Reserve. 

The public criticism of the Federal Reserve breaks a decades-long convention in American politics intended to safeguard the central bank from political scrutiny, including any executive decision to replace the Fed Chair. Powell stated in his address at the Economic Club of Chicago that the Fed’s independence is a matter of law. He has also previously signaled his intent to serve the remainder of his tenure, which ends in May 2026. 

Bitcoin (BTC) Price Analysis 

Bitcoin’s (BTC) rally has stalled in recent sessions after coming across resistance around the $85,000 and $86,000 zone. However, the flagship cryptocurrency has shown resilience and has not ceded ground to the bears, holding firm above $80,000 and, in more recent sessions, above $83,000. BTC’s sideways momentum suggests that the price structure is stabilizing, and its next move either way could be decisive. 

One analyst believes BTC could be on the verge of its next breakout, which could see the flagship cryptocurrency surge to $137,000, setting a new all-time high. The analyst pointed to BTC’s weekly Relative Strength Index, which recently broke above a long-standing downward trendline. Such breakouts have historically preceded massive price rallies, implying that a bullish reversal could be underway. The analyst also flagged a bullish crossover in the Linear Moving Average Convergence Divergence on the weekly chart, pointing out that it is flipping from red to green, and the LMACD is crossing above the signal line, indicating that trends are turning positive. 

BTC registered a sharp drop after Federal Reserve Chair Jerome Powell warned that the level of tariff increases announced have been significantly larger than anticipated and that President Trump’s aggressive trade policies will result in slower growth and higher inflation. As a result, BTC fell from a day high of $86,533 but stabilized above $83,000 before entering a narrow trading range. 

The flagship cryptocurrency registered a sharp rally on Wednesday, rising over 8% to reclaim $80,000 and settle at $82,600. However, the rally lost momentum on Thursday, dropping almost 4%, slipping below $80,000 and settling at $79,592. Markets recovered on Friday as BTC rose nearly 5% to reclaim $80,000, cross the 20-day SMA and settle at $83,370. Buyers retained control on Saturday as the price registered an increase of 2.41% to cross $85,000 and the 50-day SMA and settle at $85,378. BTC was back in the red on Sunday, dropping almost 2% and settling at $83,776.

Source: TradingView

BTC started the current week positively, registering an increase of 1.01% and settling at $84,619. However, it lost momentum on Tuesday and fell to $83,701, slipping below the 50-day SMA. Buyers returned to the market on Wednesday as BTC registered a marginal increase and settled at $84,031. Buyers retained control on Thursday as the price rose 1.11% to move past the 50-day SMA and settle at $84,962. The current session sees BTC marginally down as it attempts to overcome the resistance at $85,000. If it can cross this level, a move to $90,000 is likely. 

Ethereum (ETH) Price Analysis 

Ethereum (ETH) is struggling for momentum as it trades below $1,600 after failing to establish itself above this level. Analysts worry the world’s second-largest cryptocurrency could start a fresh decline after forming a low at around $1,540. However, buyers have failed to build momentum, with the price trading flat this week despite markets staging a recovery. ETH’s sluggish price action can be attributed to a 60% decline in Ethereum ETFs. According to data from SoSoValue, Ethereum ETFs shed $12.01 million on Wednesday and have seen outflows of $909 million since President Trump’s tariffs went live. Net total assets have plunged 60%, going from an all-time high of $14.28 billion in December to $5.25 billion this week. The sustained outflows indicate institutional risk-off sentiment, hampering price growth. The decline comes as ETF issuers seek approval from the Securities and Exchange Commission to allow staking within their ETH ETF products. 

Meanwhile, Tron founder Justin Sun reiterated that he has no plans to sell his ETH holdings despite the cryptocurrency's weak price action. 

“ETH is currently at a low price, but we have no intention of selling our ETH holdings. Tron will continue to seek opportunities to collaborate with more Ethereum developers and build our industry together.”

ETH posted a rally on Wednesday, surging over 13% to cross $1,600 and settle at $1,668. However, it was back in the red on Thursday, dropping almost 9% and settling at $1,521. Market sentiment changed on Friday as buying pressure returned. As a result, ETH rose nearly 3% and settled at $1,566. Buyers retained control on Saturday, with the price rising almost 5% to reclaim $1,600 and settle at $1,644. ETH lost momentum after reaching this level thanks to selling pressure at higher levels and fell 2.92% on Sunday, slipping below $1,600 and settling at $1,596.

Source: TradingView

ETH started the current week positively, registering an increase of almost 2% to reclaim $1,600 and settle at $1,622.  However, ETH was back in the red on Tuesday, dropping 2.02% and settling at $1,589. Sellers retained control on Wednesday as ETH registered a marginal decline and settled at $1,577. Price action was muted on Thursday as ETH registered a marginal increase and remained muted during the ongoing session, with the price struggling to reclaim $1,600. If ETH fails to clear $1,600, it could start another decline and fall towards $1,400. 

Solana (SOL) Price Analysis 

Solana’s (SOL) recovery has gained momentum over the past couple of sessions after breaking past $130 and the 50-day SMA. The jump came after Coinbase implemented crucial enhancements to its Solana network infrastructure, improving its speed, resilience, and scalability. The improvements are part of the crypto exchange’s efforts to enhance its transaction processing capabilities. 

“We’ve been hard at work scaling our @Solana infrastructure to be faster, more resilient, and more scalable.”

The upgrade, coupled with growing institutional interest is a positive development for SOL, which could continue its upward trajectory after recently breaking out of a descending parallel channel. 

SOL registered a sharp jump on Wednesday, rising almost 13% to settle at $118. However, it lost momentum on Thursday, dropping over 5% to $112. Markets rallied on Friday, and SOL registered an increase of almost 8% to reclaim $120 and settle at $121. Bullish sentiment persisted on Saturday as SOL surged 9% to cross the 20 and 50-day SMAs and $130 to settle at $132. SOL was back in the red as buyers lost momentum, dropping 3% to slip below $130 and the 50-day SMA and settle at $128.

Source: TradingView

SOL started the current week with a marginal increase, settling at $129 after reaching an intraday high of $135. Price action turned bearish on Tuesday after SOL dropped 2.47% and settled at $126. Buyers returned to the market on Wednesday as the price registered an increase of over 4% to reclaim $130, cross the 50-day SMA, and settle at $131. Buyers retained control on Thursday as SOL rose almost 3% to $134. The current session sees SOL marginally up as it looks to build momentum and push towards $140.

Ripple (XRP) Price Analysis

Ripple (XRP) has traded downwards since its January peak, although it has attempted to reverse its trajectory. The price has established a support level at around $2. However, this level was breached last week after XRP fell to a low of $1.61 last Monday before rebounding to reclaim $2. Price action remained bearish on Tuesday as XRP fell over 5%, slipping below the 200-day SMA to $1.79. XRP recovered on Wednesday, rising over 14% to cross the 200-day SMA, reclaim $2, and settle at $2.05. Price action turned bearish on Thursday as XRP lost momentum, falling over 4% to $1.96. However, sentiment changed on Friday as the price rose over 2% to reclaim $2 and settle at $2.02.

Source: TradingView

Bullish sentiment intensified on Saturday as XRP rallied almost 7% to cross the 20-day SMA and settle at $2.15. Sentiment changed on Sunday as XRP fell nearly 2% after reaching a high of $2.24, ultimately settling at $2.11. Price action was muted on Monday as XRP registered a marginal increase. However, it was back in the red on Tuesday, dropping over 2% to $2.08. Sellers retained control on Wednesday and Thursday, with the price registering marginal declines. The current session sees XRP marginally up as it attempts to stay above the 20-day SMA and $2.

Dogecoin (DOGE) Price Analysis

Dogecoin (DOGE) was quite bullish towards the end of last week, as it raced to $0.167. However, it lost momentum after reaching this level and failed to cross the 20-day SMA. As a result, sellers took control, driving the price to $0.153 by Tuesday. Price action has been relatively muted since, with DOGE struggling to push back above $0.160. DOGE registered a sharp rally last Wednesday, rising 12.90% to $0.160. However, it lost momentum on Thursday, dropping almost 5% to $0.152. Markets recovered on Friday, and the price registered an increase of 4.45% to $0.159. Buyers retained control on Saturday as DOGE registered a rise of 4.76% and settled at $0.167.

Source: TradingView

However, the bulls lost momentum after failing to cross the 20-day SMA. As a result, the price dropped almost 3% on Sunday and settled at $0.162. Sellers retained control on Monday as DOGE dropped 2.71%, slipping below $0.160 and settling at $0.158. Price action remained bearish on Tuesday, dropping over 3% to $0.153. DOGE has remained relatively muted since, registering marginal increases on Wednesday and Thursday and moving to $0.155. The current session sees DOGE static at $0.155.

Filecoin (FIL) Price Analysis

Filecoin (FIL) has been trading downwards since the weekend, losing momentum after reaching an intraday high of $2.60 on Sunday. FIL was bullish towards the end of last week, rising over 9% on Wednesday and settling at $2.46. However, it was back in the red on Thursday, falling almost 5% to $2.34. Market sentiment changed on Friday as buyers returned to the market. As a result, FIL rose 4.41% and settled at $2.45. Buyers retained control on Saturday, with the price rising almost 5% to cross $2.50 and settle at $2.56. Despite the bullish momentum, FIL was back in the red on Sunday, dropping nearly 3%, slipping below $2.50 and settling at $2.49.

Source: TradingView

FIL started the current week positively, rising 1.41% and settling at $2.53. However, buyers lost momentum on Tuesday, dropping 4.49% and settling at $2.41. Sellers retained control on Wednesday as FIL dropped 1.27% to $2.38. Sellers retained control on Thursday as FIL registered a marginal decline. The current session sees the price up over 3% and trading at $2.45. If buyers can maintain momentum, FIL could reclaim $2.50.

Jupiter (JUP) Price Analysis

Jupiter (JUP) registered an increase of almost 14% on Wednesday, rising to $0.378 as bullish sentiment picked up towards the end of last week. However, it was back in the red on Thursday, falling 4.01% to $0.363. Buyers returned to the market on Friday, and the price rose over 6% and settled at $0.385. Buyers retained control on Saturday as JUP rose almost 6% to cross $0.40 and settle at $0.407. Despite the positive sentiment, JUP was back in the red on Sunday, dropping over 6%, slipping below $0.40 and settling at $0.382.

Source: TradingView

JUP remained bearish on Monday, starting the week with a marginal decline. Selling pressure increased Tuesday as JUP fell over 6% to $0.655. JUP recovered on Wednesday, rising 1.88%, and continued to push higher on Thursday, rising 1.41% and settling at $0.367. The current session sees the price up over 3% and trading at $0.378. Buyers will look to retain control and attempt to reclaim $0.40.

Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.