Prices of crypto tokens decline significantly during a bear season like the one we currently experience. It’s typically a challenging time to invest because it’s impossible to foresee how the coin market will develop in the future. Bull traps and rug pulls will also be present.
During these slight price declines, traders do not appear to be buying cryptocurrency as much as they are shorting it. More shorting or short selling occurs with altcoins than with bitcoin. While altcoins witnessed an average shorting of 55% over the past 24 hours, Bitcoin (BTC) had roughly 51% short holdings across exchanges. For some tokens, the bottom may have already been hit, therefore now is the perfect opportunity to use dollar cost averaging, or DCA. Let’s look at some tokens price
Over the past year, Fantom has grown significantly. The number of distinct wallet addresses on the network has increased by 3,800%. Additionally, there has been a 15,460% rise in daily transaction volume processed on Fantom. In addition, the network’s total value locked (TVL) in DeFi protocols rose in lockstep with its user base, rising by almost 11,000% over the previous year. FTM tokens price have already made a remarkable comeback in recent days (at time of writing). Let us look at the FTM price chart
The FTM has increased over the past week from roughly $0.22 to about $0.31.
After failing to penetrate the $0.31 resistance level, it retraces back to the significant $0.27 support level. FTM must surpass the $0.46 and $0.31 resistance levels in order to become bullish once more in the medium term. FTM needs to sustain its price above the important resistance level at $0.46 in order to reach it.
After a severe drop in the second week of June, the price of Bitcoin has demonstrated significant resiliency. Since then, BTC has made significant advances during the previous week. The macroeconomic outlook is still not promising as recession concerns grow. This makes it essential to hold off on buying or selling until a clear closure below resistance or above support. Let us look at the BTC price chart
After bouncing off the $19,252 support level, the price of bitcoin is now up 21% from its most recent swing low of $17,605. The support level of $20,135 may be breached by BTC, and going ahead, this level needs to hold. But if it fails to do so, the support level might go even lower, to $18,672. If the bulls are able to close over $20,135 in the following days or weeks, BTC can aim for the $23,476.51 and $21,700 key resistance levels.
The smart contract-based blockchain network Tezos, which differs from Ethereum in that it provides a much more sophisticated infrastructure, is ready to roll out a major upgrade that will further enhance its network and processes. When the project’s network processes block 2,490,369, which is expected to happen today, June 27th, 2022, the so-called Jakarta 2 upgrade will go into effect. It may or may not affect its price. Let us look at the XTZ price chart
Recently, XTZ lost the crucial $1.54 support level. Within the following days or weeks, this price level will serve as resistance. The $1.21 price level currently offers some support. For a short-term bullish tendency to succeed against downward momentum, XTZ must cross $1.54. Also, $1.97 will be the next significant level of resistance if it passes through.
And for our best, freshest research on NFT buys, Layer 1 chains, DeFi, or games, come check out Altcoin Buzz Access. Plans start at only $99 per month
For more information on cryptocurrency, visit the Altcoin Buzz YouTube channel.
Images courtesy of TradingView.
The information discussed by Altcoin Buzz is not financial advice. This is for educational and informational purposes only. Any information or strategies are thoughts and opinions relevant to accepted levels of risk tolerance of the writer/reviewers and their risk tolerance may be different than yours. We are not responsible for any losses that you may incur as a result of any investments directly or indirectly related to the information provided.
Do your own due diligence and rating before making any investments and consult your financial advisor. The researched information presented we believe to be correct and accurate however there is no guarantee or warranty as to the accuracy, timeliness, completeness. Bitcoin and other cryptocurrencies are high-risk investments so please do your due diligence. Copyright Altcoin Buzz Pte Ltd. All rights reserved.