Cryptocurrency Market Faces Uncertainties: Potential Downtrends Amidst Continued Investment
Summary:
This article discusses the potential drop in value for Bitcoin due to increased selling pressure, while Bitcoin whales continue to buy up the cryptocurrency. The status of Ether, BNB, Solana, XRP, Dogecoin, Toncoin, Cardano, Shiba Inu, and Avalanche is also covered, with most facing significant battles against selling pressure. Despite signs of a potential downturn, some cryptocurrencies like Toncoin indicate upward trends, hinting at the volatility and uncertainty within the market.
Signs indicate that Bitcoin's (BTC) value may be falling due to increased selling pressure from bears. Renowned trader Peter Brandt suggested Bitcoin could plummet to $60,000, possibly dropping further to $48,000. Despite these predictions, Bitcoin whales seem unfazed, continuing to buy up the cryptocurrency. The tally of whale entities owning at least 1,000 Bitcoin is approaching a record high. Whales, both minor and major, remain optimistic about future prospects. As declared in a recent press release, MicroStrategy plans to issue $700 million in convertible senior notes by 2032, using the proceeds for acquiring more Bitcoin and other corporate requirements. Currently, MicroStrategy has 214,400 BTC in its possession.
Ether (ETH) experienced a significant day of long-term accumulation, with accumulation addresses purchasing 298,000 Ether within 24 hours on June 12. However, the question remains: can the whales' moves help Bitcoin recover to the $70,000 level, and will altcoins track upward too?
The strained rally for Bitcoin's value on June 12, stonewalled at $70,000 is necessarily due to bear control. The relative strength index (RSI) suggests that bears have an advantage. If the price falls beneath the 50-day simple moving average ($66,047), BTC could suffer a further drop to $60,000. Bulls are in a race against time to keep the value ascending. Bitcoin must retain a price above the 20-day EMA to climb to $70,000 and subsequently to $72,000.
Ether's recharge also faced a setback at the 20-day EMA ($3,618) on June 12. To avoid a steeper fall towards $2,850, it’s imperative bulls secure the 50-day SMA at $3,400. Bulls are expected to buy near $2,850 to maintain the range. For a positive turnaround, price must be driven above the 20-day EMA, which could trigger a relief rally to $3,887 and later, $3,977.
Meanwhile, the contest between the bullish and bearish trends sees BNB (BNB) hovering in a restricted range between $591 and $635. If the price breaks below $591, BNB may drop to $536. A push above $635 could direct the bulls towards the overhead resistance of $722.
Solana (SOL) has been caught in a descending trend for several days, with falls being halted at the 20-day EMA ($159). For recovery, a rise from the current trend and a break from the descending pattern is vital; lifting SOL to $176 and subsequently, $189.
XRP and Dogecoin aren’t faring any better with a downward moving averages and a RSI in negative territory. A decline below their critical levels could see XRP descend to a pivotal support of $0.41, and Dogecoin plummet to $0.08.
Toncoin (TON) recently broke free of its overhead resistance of $7.67, hinting at an uptrend, with a target set at $10.62. A drop below $7.67 could, however, trigger increased selling.
Cardano (ADA) must boost its price above moving averages to avoid a descent to $0.35, whereas Shiba Inu (SHIB) could plummet further if it fails to hold above the $0.000020 level.
Avalanche (AVAX) is struggling to lift off from an average of $34, with a decisive battle pending at $29. A break below this could trigger a bearish trend, with risks of descending to $25 and successively to $20.
Published At
6/14/2024 7:20:16 PM
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