Bitcoin’s journey to sustain its Monday momentum has hit a hurdle, as investors are now keen on safeguarding the US$62 level. The broader cryptocurrency market is currently undergoing a phase of consolidation. As of the latest available data, the price of BTC stands at US$62,056.56, reflecting a 2% decline over the past 24 hours.
In a similar vein, Ethereum (ETH) is striving to breach the $3,500 threshold, while Ripple (XRP) is inching closer to the $0.50 resistance mark. Cardano (ADA) has successfully surpassed the $0.40 resistance barrier, and Solana (SOL) is in the limelight for its surge above $152.
This article delves into the following key points:
1. Bitcoin price analysis
2. Ethereum price update
3. Stability of Altcoins
4. Memecoin trends
Bitcoin Price Analysis:
Recent technical analysis signals a loss of stability for Bitcoin above US$63,000, currently hovering around US$62,000. Despite a 2% dip in the last 24 hours, the cryptocurrency has still managed to clock a 1% weekly gain.
Chart analysis by TradingView shows Bitcoin grappling with the $63,500 resistance level. A decisive close above $64,000 could pave the way for a sustained price uptrend, with the next significant barrier lying at around $66,500. On the flip side, initial support is situated near $58,000, followed by a major support zone close to $52,500, below which a downtrend may resume.
Ethereum Price Update:
Ethereum has stabilized above $3,320, exhibiting encouraging signs above the $3,400 resistance point. The next major hurdle awaits near $3,650, beyond which the price may aim for $3,820.
Altcoin Stability:
Most major altcoins are currently in a phase of stability, with only a handful displaying notable price movements. Avalanche (AVAX) is priced at US$28.61, experiencing a 1% decrease, while Uniswap (UNI) has faced a 1.05% drop. Conversely, Toncoin (TON) surged by 5%, and Cardano (ADA) saw a 4% upswing to reach $0.4190. Other altcoins have largely maintained stability throughout the day.
Memecoin Trends:
The realm of Memecoin is witnessing a remarkable recovery, particularly within the Solana ecosystem, where tokens like Bonk (BONK), Floki (FLOKI), and Brett (BRETT) stand out. Following a period of subdued movements, these tokens spearheaded a significant market rally.
The collective market capitalization of Memecoins now stands around $48 billion. Dogecoin (DOGE) and Shiba Inu (SHIB), famed for their canine-themed nature, continue to dominate this space in terms of market capitalization, albeit facing escalating competition. The total trading volume of these digital assets recently reached $3.49 billion.
Among these tokens, Bonk (BONK), the pioneering dog-themed token on the Solana blockchain, witnessed a 10% surge, pushing its current price to $0.00002670 before undergoing a correction to approximately $0.00002537.
Disclaimer:
The opinions and viewpoints presented in this article, whether by the author or any mentioned individual, are strictly for informational purposes and should not be deemed as financial or investment advice. Engaging in cryptocurrency investments or trading carries inherent financial risks.
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