As a researcher with extensive experience in the cryptocurrency market, I believe that Bitcoin’s recent fall below $55,000 has triggered one of the biggest liquidations in the history of the market. In such dire circumstances, it is essential to identify critical support levels that could potentially act as grounds for a reversal.
Bitcoin’s price slipped around $55,000 mark, leading to a massive sell-off in the crypto market. As the situation appears grim, identifying a key support level that could potentially halt this downturn and signal an uptrend is crucial.
The initial robust level of bitcoin’s price is predicted to be around $52,000 to $50,000. Psychologically, this region holds significance due to the round numbers involved. Precedent also shows that this area has acted as a pivot point in the past, acting both as resistance and support. Consequently, it plays a vital role in potential price reversals.
Looking at the chart for the past week, it’s clear that the $47,000 point holds significant importance. This figure aligns with the weekly moving average of 200 Exponential Moving Average (EMA), making it a noteworthy level. Previously, Bitcoin had consolidated around this area. Many market analysts consider the 200 EMA as a robust support line for long-term trends. A potential rebound from this point could provide Bitcoin with the push to resume its upward trajectory.
If Bitcoin drops below its current price, it could indicate a larger price correction is imminent. The $42,000 to $40,000 area serves as a notable support zone in Bitcoin’s price history. Previous corrections have occurred within this range, acting as a solid foundation for the cryptocurrency’s bounce back. The 200-day moving average (MA) on the daily chart also lies within this zone, further emphasizing its significance. Holding this level could prevent larger declines and potentially set the stage for an upswing.
Toncoin‘s biggest drop
As a researcher, I’ve observed a significant price decrease in Toncoin (TON) within the past 48 hours. Approximately 20% of its value was erased, causing it to drop from around $8 down to $6.6. Sadly, this decline has virtually wiped out the gains that the asset had amassed since the beginning of the month.
Multiple factors have contributed to the abrupt decrease in Toncoin’s worth. Initially, a significant number of cryptocurrencies experienced massive sell-offs due to the prevailing bearish market mood. This downturn has affected Toncoin and other digital assets as well, following Bitcoin’s recent fall below essential support thresholds.
Based on the examination of technical indicators, TON‘s price has surpassed the 50-day moving average and hovers near the 100-day moving average. Historically, this level has served as robust support. However, given the intensity of the latest market downturn, there are concerns that it might not be sufficient to prevent further declines.
As a crypto investor, I’ve observed a noteworthy drop in Toncoin’s Relative Strength Index (RSI), indicating that the token is moving towards oversold territory. This could potentially lead to further price decreases, even if there are momentary upticks on the chart, due to the prevailing bearish market sentiment.
Solana’s unexpected source of strength
Amidst the dismal market decline, an unexpected upward surge from certain assets, such as Solana, bucking the trend and performing better than others against Ethereum, could serve as a significant indication worth considering.
Despite the prevailing market pessimism, Solana’s recent accomplishments are noteworthy. In contrast to the significant losses experienced by major assets like Ethereum and Bitcoin, Solana has achieved a 8% growth.
The data implies a potential hidden bullish influence and robust investor sentiment towards Solana. On the day-to-day chart, Solana is aiming for the 100 Moving Average (MA) following its breakthrough of the 50 MA, an essential resistance point. This uptrend is significant as it goes against Ethereum’s negative trendline.
The RSI, which measures buying pressure and momentum, is on the rise for Solana. Yet, it’s crucial to remember that its value continues to decrease relative to the U.S. dollar.
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2024-07-06 03:45