Today’s Crypto Price Analysis: BTC- ETH- SOL- DOT- TON- SHIB- LTC- ATOM
Release: 2024/07/05 19:00 Reading: 434
Crypto Market Correction
The cryptocurrency market has experienced a significant downturn, with Bitcoin (BTC) currently trading below $55,000. Ethereum (ETH), Solana (SOL), and Toncoin (TON) have also declined sharply.
Bitcoin (BTC)
BTC has been declining since facing resistance at $64,000 on Monday. Despite a brief rally, it fell by over 4% to trade around $54,688. This drop coincides with a large BTC transaction from Mt. Gox, indicating potential selling pressure.
Ethereum (ETH)
ETH has lost the crucial $3,000 support level, reflecting bearish sentiment. It plunged by 10.77% in the past 24 hours, trading below $2,850. ETH faces resistance at $3,100 and $3,300, but if selling pressure continues, further decline is possible.
Altcoins
- Solana (SOL): SOL has declined by 14%, facing resistance at the 50-day SMA and 200-day SMA. It currently trades around $124.72, with support at $120.
- Polkadot (DOT): DOT has experienced a 15% drop, reaching a low of $4.92 but subsequently recovering above $5. It attempts to reclaim the $5.50 support level.
- Toncoin (TON): TON has fallen by 11% in the past 24 hours, trading below $7. It faces resistance at this level, and a sustained recovery requires retaking $7.
- Shiba Inu (SHIB): The meme coin has lost 18% in the past 24 hours, falling below $0.000014. Further declines may lead to support levels at $0.000013.
- Litecoin (LTC): LTC has seen a dramatic 20% drop, trading around $58.37 after a brief rebound. It attempts to climb back above $60.
- Cosmos (ATOM): ATOM has struggled to surpass the 20-day SMA, falling below $6.50 and currently trading around $5.06. It aims to recover and approach $6.
Market Sentiment
The Fear and Greed Index indicates Fear, suggesting that prices may continue to fall. Oversold RSI values for BTC, ETH, and several altcoins suggest potential short-term recoveries. However, sustained bullish momentum depends on these assets holding key support levels and overcoming resistance.
Disclaimer: This article provides information only and should not be considered financial advice.
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