Crypto Price Analysis 6/24: BTC, ETH, SOL, AVAX, DOGE, TON, ICP, HBAR, RNDR
Release: 2024/06/24 19:45 Reading: 478
Bitcoin (BTC) Price Analysis
Bitcoin (BTC) has witnessed a significant decline in value over the past month, falling from $71,119 to its current level around $62,356. This represents a decrease of approximately 12%.
Analysts attribute this decline to several factors, including the drop in whale transactions and outflows from spot Bitcoin ETFs. As a result, Bitcoin could potentially drop further towards its support level, which is currently estimated to be around $60,000.
Ethereum (ETH) Price Analysis
Similar to Bitcoin, Ethereum (ETH) has also experienced a downward trend, losing nearly 5% of its value in the past week. ETH has been unable to break through the 20-day SMA resistance, leading to a decline towards $3,373.
If selling pressure continues to intensify, ETH could fall as low as $3,000. To prevent this, buyers must regain control above the 50-day SMA and push ETH back above $3,500.
Solana (SOL) Price Analysis
Solana (SOL) has faced significant selling pressure, dropping below the crucial $130 support level to its current value of $128.63. With the ongoing bearish trend, SOL is at risk of falling further towards $100 or below.
Avalanche (AVAX) Price Analysis
The Avalanche (AVAX) price has reached a six-month low due to sustained selling pressure, losing over 35% in value over the past month. AVAX has breached key support levels, including the 20, 50, and 200-day SMAs.
Analysts predict a further correction of 40-60%, which could push AVAX below $20.
Dogecoin (DOGE) Price Analysis
Dogecoin (DOGE) has been consolidating above $0.12 but has recently dipped below this level. If this decline continues, DOGE could fall to $0.10 or even $0.08. Buyers will need to reclaim the $0.12 level and push DOGE above the 200-day SMA to regain control.
TON Price Analysis
Toncoin (TON) has defied the general market trend, exhibiting bullish sentiment and reaching a new all-time high of $8.24. Despite a recent decline, TON remains above the 20-day SMA, indicating buying support.
However, if sellers regain control, TON could retest the $7 support level and potentially fall further.
Internet Computer (ICP) Price Analysis
Internet Computer (ICP) has been on a downward trend, losing 36% in value over the past month. ICP has fallen below key support levels, including the 20, 50, and 200-day SMAs.
The current price action indicates that sellers remain in control, and ICP could face resistance at $9.50, $11, and $12.50.
HBAR Price Analysis
The HBAR price chart suggests a bearish market, with HBAR down almost 30% in the past month. HBAR has dropped as low as $0.077 and could potentially decline further to $0.070 if sellers maintain control.
Render (RNDR) Price Analysis
Render (RNDR) has experienced a decline in value following the waning interest in AI. RNDR has broken crucial support levels, dropping below the 20 and 50-day SMAs.
While buyers have entered the market in the current session, a return of bearish sentiment could push RNDR below $7.
Disclaimer: This article is for informational purposes only and should not be construed as financial advice.
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