As an experienced analyst, I believe that the current market situation for Bitcoin and altcoins is uncertain and fraught with risks. The sideways trading of Bitcoin and the lackluster trend in the altcoin market are indicative of a market in transition. The prevailing sentiment of fear has led to a major shift in market perception, with ORDI, SATS, and LeverFi emerging as top altcoins to sell.
Over the past few days, I’ve noticed Bitcoin‘s price moving sideways without showing any clear direction, causing a subdued atmosphere in the altcoin market. The daily Bitcoin chart presents repeated rejection candles at both resistance and support levels, signaling that neither buyers nor sellers are in control. In this unstable environment, the prevailing fear has fueled a significant change in sentiment, with investors considering selling coins from their portfolios in ORDI, SATS, and LeverFi to minimize potential losses.
It’s intriguing to note that crypto investors have found it challenging to generate a bullish trend despite recent favorable developments such as the substantial $310 million influx into Bitcoin spot ETFs on July 12th, marking the sixth consecutive day of positive net flows.
According to reports, the German government has allegedly disposed of its entire Bitcoin fortune, valued at approximately $2.9 billion, within the last month. This major sale comes after a string of substantial Bitcoin transfers over the past 25 days, culminating in this complete withdrawal from the cryptocurrency market.
Although the Bitcoin price has shown improvement, its inability to sustain growth suggests potential dangers of a decline. If this trend continues, the value of BRC-20 tokens may experience significant decreases.
Altcoins to Sell- ORDI
ORDI is a trailblazing digital currency established on the Bitcoin blockchain through the BRC-20 norm. By employing the Ordinals protocol underlying this standard, ORDI enables data to be etched directly onto Satoshis – the tiniest component of Bitcoin. As a result, it becomes feasible to generate distinctive digital assets such as NFTs (Non-Fungible Tokens).
Over the last 4 months, the ORDI token price has been gradually adjusting downward, forming a falling wedge pattern. With market supply pressure lessening this week, the price bounced back from the lower boundary of this pattern at around $25.8.
The bullish reversal caused a significant increase of 28.63%, lifting the asset’s value to $33.24. Simultaneously, the market capitalization surged to an impressive $695.2. Nevertheless, if the market downturn continues, sellers might attempt to push prices back down towards the support line.
A possible breakdown will accelerate the selling momentum and could target $18.45.
SATS (1000SATS)
The SATS (1000SATS) token is a BRC-20 digital currency created as a tribute to Satoshi Nakamoto, Bitcoin’s inventor. Each unit of 1000SATS stands for 1,000 satoshis.
The SATS token’s correction can be clearly monitored by noticing its descending channel pattern. The two sloping trendlines, functioning as dynamic resistance and support, indicate a decline of approximately 86.4%, ranging from $0.00000082 to $0.00000011.
Despite reaching an oversold position, causing a significant rebound to $0.0000002 and boosting the market capitalization to $431.26 Million, SATS may experience a further 15% increase if bullish trends continue, approaching the upper boundary of the channel.
When this resistance aligns so closely with the 100-day Exponential Moving Average (EMA) and the price point of $0.000000238, it forms a significant supply area for traders. Should the resistance persist, there is a strong possibility that the SATS token may experience renewed selling pressure and potentially cause another reversal or extend the bearish trend.
LeverFi (LEVER)
As a researcher studying the cryptocurrency market, I’ve come across LeverFi (LEVER), an innovative decentralized trading platform based on Ethereum blockchain. LeverFi offers on-chain leverage trading, allowing me to maximize my asset utilization. Additionally, it strives to deliver consistent returns for both traders and lenders, ensuring a sustainable yield system.
In spite of the latest market downturn, the LEVER token managed to hold its ground above the $0.002 mark. Nevertheless, the extended period of consolidation across the cryptocurrency sector fueled anxiety about an extended correction as the price formed a bearish head and shoulders chart pattern.
The price of a LeverFI token is at present $0.0022, and its market capitalization amounts to $74.7 million. A decline below $0.002 might accelerate selling pressure, potentially causing the price to drop as low as $0.00156.
To contradict this negative outlook and prove the bears wrong, a surge above the $0.0027 resistance level is required by buyers.
Key Takeaway
The fact that Bitcoin has been having a hard time surpassing the $6000 mark implies that there is still a considerable amount of Bitcoin in circulation, waiting to be sold. Although the German government’s BTC liquidation and the substantial inflows into Bitcoin have lessened selling pressure, the current price stagnation indicates that more robust demand is necessary. In case of a prolonged market downturn, BRC-20 tokens, which have recently gained popularity, are among the top altcoins to consider selling due to their potential for significant volatility.
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2024-07-13 15:48