As a result of the significant drops, several experts have projected extremely bearish targets. While anything can happen in the markets, making a call on a bottom is difficult, capitulations normally indicate the start of a bottoming pattern. Once the price has stopped falling, traders should build a buy list and consider buying in stages.
The massive unwinding on June 19 could be the final capitulation-level event before the market reaches a bottom, resulting in a lot of selling in bitcoin and tokens. The cryptocurrency markets are falling in lockstep with the stock market, and selling pressure has risen as a result of a rumored liquidity crisis at important lending platform Celsius, as well as traders perhaps liquidating assets to meet margin calls. As a result, the total value of the cryptocurrency market plummeted below $1 trillion. Let’s take a look at a few tokens prices
Bitcoin(BTC)
With a trip to $17,600, Bitcoin‘s lowest levels since November 2020, the weekend terrified the bulk of the market and liquidated speculators. The bears pushed the price below the important support level of $19,891 as a result of this.
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 $23,476 – $25,400 range. The pair might fall to the 19891 support level before testing the $23,476.
To indicate that the bears are losing control, the bulls will have to lift the price over $23,476 and keep it there.
Ethereum(ETH)
The price of ETH rises after a brief plunge below $1,000 as Celsius Network announces the start of re-payment. Bulls in ETH appear to have finally stabilised the price movement, which had been fully dominated by bears during the preceding days, weeks, and months. It’s too early to tell whether or not this relief effort will be successful for the tokens.
On June 18th, ETH went below $1,000, indicating that the bears had taken control of the market. The selling accelerated on June 19, and bears pulled the price down $882, a strong support level. The pair could aim to break through the $1,413 level, which was previously thought to be a support level. If bears continue to sell, the pair could fall to $828.
Algorand (ALGO)
The Algorand(ALGO) price is attempting to explode with significant upward momentum on the daily price chart. For the past four trading sessions, the tokens has been trading bullish and is on its path to breaking through the negative sloping line. Bitcoin is also increasing and affecting other cryptocurrencies on the daily price chart, which are following in BTC’s footsteps.
The most important resistance level is $0.42, while the most important support level is $0.24. The price has been unable to break through the strong barrier, which is $0.42. This appears to be a bad situation. The price of ALGO is presently $0.32. If the $0.24 support is held, it indicates that the price will soon approach $0.42.
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