In summary, the analysis suggests that Avalanche (AVAX) and HBAR are in bearish markets with significant selling pressure. AVAX has dropped below key support levels and is expected to decline further, potentially dropping below $20. Dogecoin (DOGE) has been consolidating but has recently slipped below a crucial support level of $0.12, leading analysts to predict further declines. Toncoin (TON) has seen significant price increases but has since experienced volatility and resistance at key levels. Internet Computer (ICP) is also in a bearish market with strong selling pressure and potential support near the $7 mark. Render (RNDR) has been on a downward trajectory due to waning AI buzz and breaching crucial support levels, but buyers have recently entered the market and could push the price higher if the bullish sentiment persists. However, any return of bearish sentiment could see RNDR drop below $7 and potentially as low as $6.
Bitcoin‘s value has seen a significant decrease in the last few weeks, going from $71,119 to its present price of $62,356. In just the past week, this digital currency has experienced a almost 6% decrease in value.
Based on the assessment of industry experts, the value of the cryptocurrency is trending downward towards its underlying support. It’s important for investors to remain cautious and avoid being swayed by distractions like complacency or temporary market fluctuations.
Bitcoin (BTC) Price Analysis
Starting from June 7, Bitcoin experienced a decline in price after hitting a peak at $70,979. Following this peak, there was a surge in pessimistic outlooks among traders, causing the value to drop below $70,000 the next day. The cryptocurrency found temporary relief around its 20-day moving average but was unable to hold its ground against selling pressure. This resulted in a further decrease to $67,376 on June 11. However, Bitcoin rallied slightly the following day before slipping back into negative territory, reaching $66,109 on June 13. The digital currency then entered a period of sideways movement until mid-June when it once again began to lose value and fell below its 50-day moving average on June 18.
The price made an attempt to bounce back on the 20th, according to the price chart, but fell short of surpassing the 50-day Simple Moving Average (SMA). Bitcoin’s sharp decrease has significantly affected the market, causing it to fall beneath the $62,500 threshold and resulting in the liquidation of numerous traders. Some contributing factors to this recent downturn include a reduction in whale transactions and outflows from Bitcoin Spot Exchange-Traded Funds (ETFs). Based on current trends, Bitcoin might decline to $60,000 as it nears its support level. Any additional drop could potentially push BTC down to around $57,500.
Ethereum (ETH) Price Analysis
As a researcher studying the cryptocurrency market, I’ve observed that Ethereum (ETH), similar to Bitcoin, experienced a setback, losing approximately 5% over the last week. Following a dip below $3,500, ETH managed to rebound to $3,622. However, it failed to surpass the 20-day Simple Moving Average (SMA), resulting in a decline of more than 3% on the 17th, pushing its price down to $3,510. The bearish sentiment intensified further the next day, causing ETH to plummet as low as $3,359 before bouncing back slightly to rest at $3,483.
On the 19th, Ethereum bounced back and reached a peak of $3,560. It then tried to surpass its 20-day Simple Moving Average (SMA) on the following day. However, this attempt was unsuccessful as selling pressure overpowered and caused the price to decrease to $3,513. Lately, Ethereum has been experiencing increased selling pressure, causing it to fall below its 50-day SMA to its present value of $3,373. If the selling pressure persists, Ethereum might drop down to $3,000. In order to prevent this outcome, buyers need to regain control by pushing Ethereum above the 50-day SMA and retaking the $3,500 level.
Solana (SOL) Price Analysis
As a crypto investor, I’ve noticed that Solana (SOL) has been under significant selling pressure since it reached a peak of $150 on the 16th. The following days saw SOL decline by 5.23% on the 17th and 4.10% on the 18th, leaving it at $137. Sellers continued to dominate the market on the 19th and 20th, pushing SOL down to $133.59, a level where it previously found support. However, sellers managed to break through this support on the 21st, causing SOL to drop nearly 4% and fall below the critical $130 mark to $128.63. Currently, sellers are in control of the market, with the price at $123.64.
If the downward trend persists for Solana (SOL), it may reach a significant support point at around $100 or even fall below that price.
Avalanche (AVAX) Price Analysis
The price of Avalanche (AVAX) reached a six-month minimum, plunging nearly 16% in the last week and 35% over the past month. Analyzing the AVAX price graph reveals its bearish trend. Since reaching $41.20, AVAX has been on a steady decline. By June 2, the digital currency had dipped below its 20-day, 50-day, and 200-day Simple Moving Averages (SMAs), triggering heightened selling pressure that brought the price close to a critical support level at $30. This level was surpassed on June 15, resulting in AVAX sliding to $29.99.
At present, the value of AVAX stands at $24.50. Analysts predict that this cryptocurrency may experience a more significant decrease, ranging from 40% to 60%. Consequently, AVAX could potentially fall beneath $20 in the future.
Dogecoin (DOGE) Price Analysis
As a researcher studying the cryptocurrency market, I’ve noticed that Dogecoin (DOGE) has been holding steady above the important $0.12 threshold since it dipped below the 200-day Simple Moving Average (SMA) on the 18th of this month. The coin’s price has exhibited a notable lack of significant movement, save for the 21st when we observed some heightened volatility. This consolidation phase has been a breath of fresh air after DOGE experienced a substantial decline from its price above $0.16 at the beginning of the month.
Recently, DOGE has dropped below the $0.12 mark during this session. Analysts had anticipated that such a dip might lead DOGE to test lower levels like $0.10 or even $0.08. If DOGE manages to bounce back, investors would aim to retake the $0.12 level and propel it beyond its 200-day Simple Moving Average (SMA). The reason for this decline in DOGE could be attributed to its absence from X payment filings.
TON Price Analysis
As a researcher studying the cryptocurrency market, I’ve noticed that Toncoin (TON) has bucked the trend and maintained a bullish outlook since early May. The broader crypto market is experiencing a surge in optimism, leading to a new record high of $8.24 for TON just nine days ago. Based on the price chart, it appears that TON has established an ascending channel pattern, indicating a significant increase of approximately 16% over the past month.
Following its peak, TON experienced a significant downturn, falling beneath the 20-day Simple Moving Average (SMA) on the 18th, representing a nearly 7% decrease. Nevertheless, buyers managed to prop up TON above the 50-day SMA, suggesting substantial purchasing at that point. Consequently, TON bounced back and reached $7.33 by the 22nd, an uptick of 2.51%. However, a strong resistance at this price prevented further growth, causing TON to drop by 3.10% during the current session, with sellers dominating the market. TON currently has support at $7, and if bearish trends continue, the price may fall to this point. If sellers gain control at this level, TON could challenge the 20-day SMA and the resistance at $7.50.
Internet Computer (ICP) Price Analysis
The value of Internet Computer (ICP) has been decreasing significantly over the past month, dropping by approximately 36%. This decline has been accompanied by notable price instability. At present, ICP is trading beneath its 20-, 50- and 200-day Simple Moving Averages (SMAs), which suggests a predominantly bearish market sentiment and increased selling pressure. This could potentially lead to even further drops in the ICP price. Examining the chart, we observe that ICP encounters its initial resistance level around $9.50 – this is where the 20-day SMA lies presently. Furthermore, there are resistance levels at $11 and $12.50 as well.
The decrease in ICP‘s price creates a potential purchasing window for investors, especially when they decide to invest at the right moment. A robust support level around the $7 figure might shield against additional falls and offer a chance for traders to jump into the market.
HBAR Price Analysis
As a crypto investor, I’m closely monitoring the HBAR price chart, and it appears that the market is bearish for this cryptocurrency. Over the past month, HBAR has plummeted nearly 30%, and since mid-May, its trajectory has been downward. The lowest point reached was $0.077 on the 23rd, and during the current session, it dipped as low as $0.072. If HBAR continues to slide, we might witness a further decline to around $0.070.
Render (RNDR) Price Analysis
As a researcher observing the cryptocurrency market, I’ve noticed that RNDR‘s price has experienced a setback following the decrease in hype surrounding AI technologies. After peaking at $10.70 during the initial week of June, the value of RNDR began to plummet, with sellers forcing it below significant support levels. A notable decline on June 7 caused RNDR to drop beneath both its 20-day and 50-day Simple Moving Averages (SMAs). The bearish trend continued throughout the month, resulting in a decrease from $9.57 to $7.02. However, recent buying activity has emerged, causing the price to rise by 1.47%. If this upward momentum continues, the resistance level at $7.50 may be challenged.
However, any return of the bearish sentiment could see RNDR drop below $7 and drop as low as $6.
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2024-06-24 15:12