OVERVIEW

Pullbacks Suck, But They’re Normal

Oof. When all you’ve seen over the last few months is green on the screen, a couple days of red can make the market feel like its dead. 😵

But don’t forget: in crypto market bull runs, pullbacks and retracements can exceed 40%.

In today’s Litepaper, we’re going to look at where support is for Bitcoin ($BTC) and Solana ($SOL), how Stocktwits’ Sentiment Data is being used, silver’s monthly chart, and the news in three sentences.

Here's how the market looked at the end of the trading day:  

HEATMAP
Total Crypto Market 🌡️

3 biggest gainers from today: Bittesnor ($TAOAI), Litecoin ($LTC), and Pendle ($PENDLE).

3 biggest losers from today: Kava ($KAVA), Aptos ($APT), and Axelar ($AXL).

Memecoin Market 🤑

3 biggest gainers from today: MAGA ($TRUMP), Memecoin ($MEMECOIN), and Book Of Meme ($BOME).

3 biggest losers from today: Degen ($DEGEN), ERC20 ($ERC20), and Myro ($MYRO).

TECHNICAL ANALYSIS
Technically Speaking 📈

Red is all over the place, and people are looking for where support is. Let’s look. 👀

Bitcoin

$BTC has several support levels on its monthly chart, the closest being the trendline its sitting right on top of at $65, 324. Below that? The Tenkan-Sen at $58,000.

Solana

The weekly chart shows how congested $SOL’s been over the past couple weeks and where the closest level of support is: the Tenkan-Sen at $151.54.

Below that, the $115 value area should be tough for bears to crack (if it drops that low) due to a trendline and the weekly Kijun-Sen in that zone. Another key piece of data here is the Kumo Twist on the week of April 8 - that’s a time cycle to watch for the probable start of a big move. 🦅

STOCKTWITS SENTIMENT DATA
Bearish Moves, But Sentiment & Message Volume Extremely Bullish 🤔

Few cryptocurrencies are as important or as beaten down as Monero ($XMR). But as beaten down as it is, there might be some positive signs for its price action. 😲

For some analysts and traders, Stocktwits’ Sentiment Data is more than just a random tool. For them, it’s a critical and powerful leading indicator that can precede traded volume.

In other words, for some analysts and traders, the sentiment data, price action, and other indicators are signaling a probable bottom. 👍

TECHNICAL ANALYSIS
Silver Breaking Out? 😲

Ya, it’s not crypto, but metals hold a special place in a lot of crypto hearts. ♥️

We last looked at silver ($XAG) in the March 15 Litepaper. The chart looked like this:

After a couple of weeks of testing and rejection against that neckline, here’s where silver is at now:

We’re only two days into April, so a lot can happen, but the drive up here in metals is something to pay attention to. ☔

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RECAP
News In Three Sentences 📰

🔍 Big money: The US Department of Justice initiated a test transfer of 0.001 BTC to a Coinbase wallet from a batch of over 30,100 bitcoin linked to the Silk Road hack. This move suggests preparation for a larger sale of these coins, previously confiscated during the shutdown of the Silk Road online black market. From Blockworks.

🚨 Not that kind of stake: Coinbase has highlighted potential risks associated with the growing sector of Ethereum restaking, citing concerns over the stability of liquid restaking tokens (LRTs) and yield expectations. Despite the appeal of restaking for Ethereum’s infrastructure and innovation, the practice's complexities and the competitive pursuit of high rewards may introduce financial instabilities. The report urges the blockchain community to balance the opportunities with transparency and risk assessment to navigate the emerging restaking landscape safely. Cryptoslate has more.

💰 More big money: Bitcoin miners enjoyed their most profitable month ever in March, generating over $2 billion in revenue, thanks to a surge in Bitcoin's market price. This record-breaking achievement comes just before the Bitcoin halving event, which is expected to cut miner revenues by half, posing a challenge to less efficient mining operations. Despite potential future reductions in income, large mining firms are taking strategic steps to ensure survival. More from CryptoPotato.

💸 In and out: Following a period of significant outflows, the crypto market has seen a recovery with $862 million in inflows, largely driven by a surge in Bitcoin investments. This influx reflects growing investor optimism, particularly around the Bitcoin halving event, expected to create a supply shock and potentially boost prices. From DailyCoin.

Links That Don’t Suck 🔗

🐱 'Ansem's Cat' Meme Coin Named After Solana Influencer's Cat Teleports To $100M Valuation In One Day

🙊 BAYC surges to lead NFT sales but Solana dominates the top 10

🤑 Crypto Venture Capital Firm Paradigm Looking to Raise Up to $850M for New Fund: Bloomberg

😡 Facebook Sold Private Messages on Messenger to Netflix

⚔️ Witcher 4 Is Not "Witcher 3 In New Clothing," Dev Says

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