Buy Alert: Technical analysis shows crypto slaughter almost over

June has been a bloody month for the crypto markets with many of the most prominent cryptocurrencies experiencing severe downtrends.

Bitcoin (BTC) took much attention in the last week of trading as it rapidly fell from its relatively steady levels near $66,000 to about $60,000 amidst fears that the German government or Mt. Gox might soon collapse the price further with their announced and anticipated actions.

Likewise, Solana (SOL), the token of one of the most active blockchains in the sector, sparked rumors, with some claiming a huge case against the token will soon be revealed as it collapsed from around $180 to under $130.

Picks for you

R. Kiyosaki reveals his Bitcoin trading strategy 46 mins ago
How rich is Oregon's progressive senator: Jeff Merkley's net worth revealed 18 hours ago
AI predicts Shiba Inu price for July 1, 2024 20 hours ago
ChatGPT-4o sets Bitcoin price as Mt. Gox set to dump $9 billion BTC 20 hours ago

Bitcoin and altcoins flash buy signals almost simultaneously

Technical Analysis (TA) conducted in the small hours of June 25 and posted on X by the crypto expert Ali Martinez, however, shows that the slaughter may be near its end. 

Indeed, TD Sequential, a well-regarded TA tool, flashed buy signals for a string of cryptocurrencies, including Bitcoin, Solana, Cardano (ADA), and Shiba Inu (SHIB).

This particular tool analyzes an asset’s past performance to determine whether a reversal is imminent and to identify when such a reversal might occur.

Though SHIB and ADA did not suffer as steep a decline in the last 7 days of trading as Bitcoin and Solana, both cryptocurrencies are substantially down in the last 30 days. 

Shiba Inu fell 31% from $0.00002461 to its press time price of $0.00001714, while Cardano dropped 15.91% in the time frame from $0.4603 to $0.3891.

Is the rally confirmed?

Additionally, the rally is already visible in the 24-hour charts for three out of the four cryptocurrencies – all except Bitcoin – and the altcoins have significantly risen over the course of the day’s trading.

For its part, BTC escaped a more dire price collapse, at least for the time being, as it bounced up just as it was approaching $59,000.

BTC 24-hour price chart. Source: Finbold

Despite this, the coin’s 24-hour chart is still decidedly red and, given that Bitcoin price today stands at $60,627, its expected rally is far from confirmed.

Disclaimer: The content on this site should not be considered investment advice. Investing is speculative. When investing, your capital is at risk.

Comments

Post a Comment

Popular posts from this blog

Barry Silbert deletes old tweets amid GBTC selloff

Under-fire Digital Currency Group founder Barry Silbert has apparently deleted a raft of his old tweets . According to his X (formerly Twitter) account, Silbert signed up in October 2011, however, at the time of writing, his timeline shows no tweets or replies older than January 5 this year. Luckily for die-hard Silbert fans, X user Pledditor has screenshotted some of his “greatest hits.” Looks like @BarrySilbert has deleted all his old tweets The good news? I have screenshotted some of his greatest hits pic.twitter.com/GLWPbCf5mN — Pledditor #FixTheFilters (@Pledditor) January 15, 2024 Read more: Former DCG advisor Larry Summers on list of Jeffrey Epstein’s ‘Harvard friends’ Among the messages saved by Pledditor is a classic in which Silbert brands himself a “ complete and total professional failure ,” and one in which he advises Dogecoin holders to convert it to bitcoin. It’s not clear what prompted Silbert’s Social Media cull but he’s currently taking Social Media flak
Read more

Trader Issues Warning on Solana Rival That’s Up 247% in One Month, Updates Outlook on LDO and One Other Altcoin

Image
A widely followed crypto strategist warns that a Solana (SOL) competitor that’s up more than 3x in the last 30 days is flashing signals that it may have printed a short-term top. The pseudonymous analyst known as Altcoin Sherpa tells his 205,700 followers on the social media platform X that while layer-1 blockchain Sei (SEI) is still in an uptrend, it starting to show signs of bullish exhaustion. “Why it looks good: -consolidation and highly bullish high time frame market structure -still bullish on all time frames -EMAs (exponential moving averages) all catching up + other alts looking strong Why it doesn’t: -could be an exhaustion pump here and last big move up -could be rotation from others (SOL/SEI/etc/) to ETH season also known as ARB/LDO/OP -dying volume/some signs of distribution here.”  Source: Altcoin Sherpa/X At time of writing, SEI is trading for $0.785, up over 247% from its 30-day low of $0.226. The trader is also keeping an eye on the price
Read more

Nuant becomes a member of the OpenWealth Association

On January 18, Nuant joined the OpenWealth Association, contributing to advancing digital assets risk management within Swiss banking, WealthTech, and traditional finance, per the information shared with Finbold. In doing so, Nuant recently joined traditional finance entities such as Credit Suisse, LGT, VP Bank, and WealthTech firms like Assetmax and InvestSuite. This strategic partnership represents a noteworthy progression in crypto investment risk management within Switzerland’s financial sector. The OpenWealth Association aims to establish, uphold, and implement open Application Programming Interface (API) standards within the global wealth management community. This commitment aims to facilitate seamless financial data exchange among institutions. Nuant as representative of the CeDeFi sector Cryptocurrency Anthony Scaramucci says Bitcoin to skyrocket to $170,000 by 2025 Cryptocurrency Donald Trump says he’ll ‘never allow a CBDC’ if elected
Read more