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The market is improving again!
Friday, June 28, 2024 ▪ 4 min read ▪ by Mikaia A.
In the capricious merry-go-round of cryptocurrencies, constancy is as rare as silence in a barnyard. Values rise and fall with a volatility that would make rollercoasters pale in comparison. But now it seems the stars are aligning for these digital currencies, and the cryptocurrency market, like a phoenix, is adorned with verdant hues.
Bitcoin: From Recession to Wave of Renewal
Bitcoin has recently gone through intense pressurecausing a notable drop in its price. This drop is largely due to the massive liquidation of 3,940 bitcoins by the United Stateswhich sowed panic among investors and eroded the already fragile confidence in the stability of the cryptocurrency market.
Last Monday, Bitcoin fell to $60,330 before plunging to $58,474, showing strong selling activity. However, buyers managed to keep the price above $60,000, an important psychological threshold.
On Tuesday, Bitcoin has shown signs of recoveryrising by 2.52% to hit $61,848, with an attempt to break above $62,000. On Wednesday, sellers regained control, taking Bitcoin to $60,854 despite an attempt to stabilize.
At the time of writing, CoinGecko shows a bitcoin price of $61,826representing an increase of 1.3% in 24 hours.
Despite these turbulences, technical indicators suggest a possible bullish reversal. The RSI near the oversold zone indicates that Bitcoin may recover soon. Analysts estimate that bulls will be particularly active between $56,500 and $60,000as a drop below this level could lead to a drop to $55,000.
If Bitcoin manages to recover, it will first target $62,000. When exceeding this limit, Bitcoin could rise to $65,000a key resistance and in case of a break above this level, a rally to $70,000 could happen, analyzes Daily Crypto.
Altcoins and Memecoins: The Other Court of Cryptocurrencies
Altcoins and memecoins, the princes and jesters of the crypto kingdom, are also experiencing significant movements.
Ethereum, the wise advisor, is currently trading at $3,457, marking an increase of 3%. BNB, the treasurer of the crypto realm, continues the uptrend with a 1.8% increase in the last 24 hours, trading around $580. Polkadot, the tireless messenger, also shows respectable gains, with a increase of 9%, reaching US$6.35.
Uniswap (UNI) and Solana (SOL) Don’t stay behind, showing respective increases of 2.4% and 8.9%reinforcing investor optimism.
These upward movements illustrate a market in full fervor, ready to challenge new heights.
In this context, memecoins add a touch of levity and surprise. Dogecoin, the favorite cryptocurrency of internet users and Elon Musk, saw its price increase 1.4% in 24 hours, settling at US$0.1247. Shiba Inu, the darling, also saw a significant increase of 1.8%, reaching US$0.00001754.
As for Pepecoin (PEPE), it registered an impressive increase of 11.6% in one month, settling at US$0.0000123. Its 24-hour performance, however, disappointed altcoin traders.
These numbers show that even the most capricious players can achieve glory in the crypto scene. Altcoins, as pillars of the crypto ecosystem, play a crucial role in diversifying portfolios and stabilizing the market, while meme coinsoften driven by enthusiastic communities and viral campaigns, they remind us that volatility and innovation are at the heart of the crypto universe.
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Mikaia A.
The blockchain and crypto revolution is underway! And on the day when the impacts were strongly felt in the economy, the most vulnerable in this world, yet with all hope, I said that you are the one who chose
DISCLAIMER
The views, thoughts, and opinions expressed in this article belong solely to the author and should not be taken as investment advice. Please do your own research before making any investment decisions.