Technical Analysis Indicates Crypto Market Downturn Nearing Its End Purchase Alert
June has been a turbulent month for the cryptocurrency markets, with several major cryptocurrencies experiencing significant downward trends. Bitcoin (BTC) garnered a lot of attention in the last week of trading as it rapidly dropped from its stable levels around $66,000 to approximately $60,000. This decline was fueled by concerns that the German government or Mt. Gox would further drive down the price with their announced actions. Similarly, Solana (SOL), the token of a highly active blockchain, was surrounded by rumors as it plummeted from $180 to below $130.
However, an analysis conducted by crypto expert Ali Martinez suggests that the market downturn may be coming to an end. Using the TD Sequential tool, which examines a cryptocurrency’s past performance to predict reversals, buy signals were detected for Bitcoin, Solana, Cardano (ADA), and Shiba Inu (SHIB). This indicates a potential price rebound for these altcoins.
While SHIB and ADA did not experience as significant a decline in the past week as Bitcoin and Solana, both cryptocurrencies have still seen substantial drops in the last 30 days. SHIB 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.
In the 24-hour charts, a rally is already visible for three out of the four cryptocurrencies mentioned, excluding Bitcoin. These altcoins have shown significant gains throughout the day’s trading. Bitcoin, on the other hand, managed to avoid a more severe price collapse as it bounced back when nearing $59,000.
Despite this, Bitcoin’s 24-hour chart still shows a predominantly red trend. With the current price of $60,627, the expected rally is not yet confirmed.
Disclaimer: The information provided on this site should not be considered as investment advice. Investing in cryptocurrencies carries risks, and your capital is at risk.
