Some experts have projected extremely bearish targets as a result of the significant drops. While anything may happen in the markets and calling a bottom is tricky, capitulations usually signal the beginnings of a bottoming pattern. Traders should prepare a buy list and consider buying in stages once the price has stopped falling.
The enormous unwinding on June 13 could be the final capitulation-level event before the market eventually strikes a bottom, thus bitcoin and altcoins are witnessing a lot of selling. The cryptocurrency markets are following the stock market lower, and selling pressure has increased as a result of a purported liquidity crisis at key lending platform Celsius, as well as traders perhaps dumping positions to fulfill margin calls. The whole crypto market capitalisation fell below $1 trillion as a result of this. Let’s take a look at some tokens prices.
On June 11, Bitcoin fell below the immediate support level of $28,700. The bears pushed the price below the important support level of $23,476 as a result of this. On June 13, the bears kept up their selling onslaught, sending the BTC/USDT pair to an intraday low of $20,816.
The relative strength index (RSI) has entered the oversold zone as a result of the recent steep drop. This means that in the next few days, a relief rally or consolidation is expected. Any recovery is likely to be met with selling in the $26,500 to $28,700 range. The pair might fall to the 19891 support level if it breaks below $20,816. To indicate that the bears are losing control, the bulls will have to lift the price over $28,700 and keep it there.
Ethereum’s investors are hoping that the upcoming Merge will help to arrest the price drop. Ethereum network programmers have postponed the difficulty bomb, paving the way for the much-anticipated Merge upgrade. The daily transactions chart for ETH in 2022 shows a consistent increase between one and two million transactions. This could suggest that the network was able to accommodate or handle transaction traffic efficiently.
On June 10, ETH fell below $1,700, signaling the bears have taken control. On June 13, the selling accelerated, and bears dragged the price to $1224, a solid support level. The pair may try to rise to the $1,700 level, which was the previous low. If bears keep selling, the pair might drop to $828, which is psychological support.
The Chainlink Blockchain had a fantastic week in terms of development this past week. On June 7, the Chainlink Network revealed a roadmap and initial implementation of staking. In addition, the Network identified 20 Chainlink services integrations across five different chains, including Chainlink External Adapter, Chainlink Price Feeds, and Chainlink VRF. As the rest of the cryptocurrency market battled bears, LINK was unable to capitalise on these network advances and fell as well. Let’s look at LINK price.
The most significant resistance is at $8.9, while the most significant support is at $5.25. The price has failed to break free of the greatest barrier at $8.9. This appears to be negative. LINK is currently trading at $6.3. It appears that if the $5.25 support is held, it will soon reach $7.7.
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