As a researcher with extensive experience in the cryptocurrency market, I find Ki Young Ju’s analysis insightful and reassuring amidst the recent market correction. The concerns around government-seized Bitcoin sales seem overblown based on the data provided by CryptoQuant. While the BTC price took a hit due to various factors, it’s essential for traders not to let FUD cloud their judgment.
As a researcher studying the cryptocurrency market, I’ve observed a notable shift in market sentiment on July 1st, marked by a steep drop in Bitcoin‘s price from $63,794 to a low of $53,500. The primary causes of this bearish trend can be attributed to substantial BTC liquidations from the defunct Mt Gox exchange and regulatory actions taken by both the U.S. and German governments. This selling pressure has also influenced altcoins, resulting in an extended period of correction within the market.
Ki Young Ju, the CEO of CryptoQuant, has pointed out that concerns about significant sales of Bitcoin confiscated by governments are largely unwarranted. Over the past few years, approximately $224 billion has entered the Bitcoin market. Out of this total, only around 4%, or $9 billion, is believed to have originated from government-seized Bitcoins.
Govt #Bitcoin selling is overestimated.
Approximately $224 billion has entered this market since 2023. The realized capital includes around $9 billion worth of Bitcoin that was seized by the government.
Just 4% of the overall value that has been gained since 2023 has been cashed out so far. Government sell-offs shouldn’t unduly concern you in your trading decisions.
— Ki Young Ju (@ki_young_ju) July 5, 2024
Fear, uncertainty, and doubt (FUD) should not sway traders’ decision-making, as the true influence of such sales pales in comparison to the larger market influxes, according to Ju’s recommendation.
Given the ongoing bullish trend in the broader market, this recent price correction could offer a good buying chance for investors aiming to recoup losses from the preceding downturn.
The Open Network (TON) is home to Toncoin (TON), its indigenous digital currency. This versatile cryptocurrency empowers the creation of decentralized applications (dApps) and seamless transactions on a platform that prioritizes scalability, security, and user-friendliness.
In the wake of the latest market downturn, Toncoin has been one of the rare cryptocurrencies holding strong against heavy selling. A review of the day-to-day chart reveals that the TON price fluctuates within a tight band, oscillating between the $8.21 and $6.7 support levels.
I analyzed the altcoin market on June 5th and noticed a significant rebound of $6.7. This was indicated by a long-wick rejection candle, suggesting that buyers were actively defending this support level. As a result, the asset experienced a bullish turnaround, lifting its price by 13.8% to trade at $7.63. Furthermore, the market capitalization saw a substantial increase, reaching $19.1 Billion.
If the price of an asset breaks out above the $8.2 resistance level in a bullish manner, this could be a sign that the consolidation phase has ended. Buyers may then feel encouraged to purchase the asset, driving up its value towards the potential targets of $9.4 and subsequently $10.4.
Solana (SOL)
Solana is a robust blockchain system engineered specifically for building decentralized apps (dApps) and managing cryptocurrencies. Its key strength lies in providing impressive scalability while maintaining the essential qualities of decentralization and top-notch security.
As a cryptocurrency analyst, I’ve observed that SOL, the native token of the Solana network, displayed remarkable strength and held its ground above $122 despite the broader market correction. Notably, this support level aligned closely with the lower trendline of the triangle pattern, which subsequently fueled a significant price surge of 18.6% and lifted SOL’s value to reach $142.8. As a result, the network’s market capitalization expanded dramatically to an impressive $65.8 billion.
As a researcher studying the SOL price trend, if the current pattern persists, I anticipate a brief pause or sideways movement in the price action to rebuild its existing bullish energy.
If the price breaks out above the current trendline, it could be a sign that the uptrend is set to continue. In this scenario, the initial target for the upward movement might be around $326.
Pepe Coin (PEPE)
Pepe Coin, represented by the symbol PEPE, derives from the well-known Pepe the Frog meme character that has gained widespread popularity on the internet. Over the past seven weeks, the value of Pepe Coin has been declining due to the formation of a flag pattern in its price chart.
The short counter trend move carried by this pattern with two downsloping trendlines could bolster buyers to recuperate exhausted bullish momentum. With a 9.5% jump today, the PEPE price developed a morning star reversal candle at the channel’s lower trendline indicating the bullish setup is intact.
At the given moment, the PEPE token is priced at $0.00000973 per unit, with a total market capitalization hovering near $4.083 billion. For buyers aiming to enter the market, a successful reversal could help them surmount the resistance trendline and transform it into a reliable support level instead.
The post-breakout rally could push the asset to $0.00000135, followed by $0.00001725.
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2024-07-06 22:34