BTC Trades in Tight Range Above 20-Day EMA
The Bitcoin chart indicates indecision among the bulls and bears as BTC traded in a tight range for all of last week. However, the price remains above the 20-day EMA, which is a positive.
It is commonly accepted that tight ranges are followed by volatility, and Bitcoin’s current position bodes well for the bulls. If the price rebounds off the 20-day EMA, that means the bulls are buying the dips. A rally above $29,000 could trigger upside above $30,000 and possibly $32,500.
If the price drops below the 20-day EMA, we could see BTC retest the breakout level of $25,000.
ETH/BTC Pair Surges Ahead of the Shapella Upgrade on April 12
In 2023, the ETH/BTC pair dipped by over 7.5% year-to-date. However, ahead of the Shanghai hard fork on April 12, the pair rallied last week and is set to wipe out its losses this year. The upgrade will enable the withdrawal of about 1.1 billion ETH rewards for stakers, totaling over $2 billion at the time of writing.
Ether’s price has seen a crucial technical rebound, and many experts view the hard fork as a long-term positive for the cryptocurrency. Consequently, Ether has performed better than Bitcoin in April, with the ETH/BTC pair growing by nearly 4.75% month-to-date, achieving 0.066 BTC at the time of writing.
This bounce was expected, and the upward trajectory might lead to an extended bullish retracement. Fractal analysis suggests Ether could reach 0.075 BTC by June, a 10% increase from current levels. However, a significant drop below key support/resistance levels could hinder or negate this bullish outlook.
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Solana Introduces State Compression to Reduce Cost of On-Chain Storage
Following various development stages and implementation, compressed NFTs are now available on Solana’s mainnet-beta, paving the way for innovative on-chain product experiences, according to Solana Foundation tech lead Jon Wong.
Solana has introduced ”state compression,” a new solution designed to significantly decrease on-chain storage expenses. The technology is set to reduce the cost of creating 1 million NFTs on the platform to roughly $110.
State compression utilizes Merkle trees, a data structure recognized for its ability to condense the verifiability of a data tree into a “hash” or “fingerprint.” This compression-friendly structure enables developers to store minimal data on-chain and make updates directly in Solana’s ledger, significantly reducing storage costs while maintaining Solana’s security and decentralization.
Wong highlighted that compressed NFTs are 2,400-24,000 times more cost-effective than their uncompressed counterparts with the same structure.
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