Technical analysis indicates that the crypto market downturn is nearing its end Buy Alert
The crypto markets have endured a tumultuous month in June, with several major cryptocurrencies experiencing significant downturns. Bitcoin (BTC), in particular, garnered attention in the final week of trading as it rapidly dropped from its stable levels around $66,000 to approximately $60,000. This decline sparked fears that the German government or Mt. Gox would further drive down the price with their announced and anticipated actions.
Similarly, Solana (SOL), the token associated with one of the most active blockchains in the industry, faced rumors of a potential major case against the token. As a result, its value plummeted from around $180 to under $130.
However, technical analysis conducted by crypto expert Ali Martinez on June 25 suggests that the market slaughter may be nearing its end. The TD Sequential indicator, a widely respected tool in the field, flashed buy signals for several cryptocurrencies, including Bitcoin, Solana, Cardano (ADA), and Shiba Inu (SHIB). This tool analyzes an asset’s past performance to predict potential reversals and identify the timing of such reversals.
Although SHIB and ADA did not experience as steep of a decline in the past week as Bitcoin and Solana, both cryptocurrencies have still seen significant drops in the last 30 days. Shiba Inu fell by 31%, from $0.00002461 to its current price of $0.00001714, while Cardano dropped by 15.91% from $0.4603 to $0.3891.
Furthermore, the rally is already evident in the 24-hour charts for three of the four cryptocurrencies mentioned, with the exception of Bitcoin. The altcoins have experienced notable increases in value throughout the day’s trading. Bitcoin, on the other hand, managed to avoid a more severe price collapse as it bounced back when it approached $59,000.
Despite this, Bitcoin’s 24-hour chart still shows a predominantly negative trend, and its expected rally is far from confirmed, especially considering its current price of $60,627.
Disclaimer: The content provided on this site should not be considered as investment advice. Investing in cryptocurrencies carries inherent risks, and investors should be aware that their capital is at risk.