Bitcoin’s upward momentum from Monday has stalled, and investors are now focused on defending the $62 level. The entire cryptocurrency market is currently in a consolidation phase. As of now, BTC is priced at $62,056.56, experiencing a 2% drop in the last 24 hours.
Similarly, Ethereum (ETH) is aiming to reach the $3,500 mark, while Ripple (XRP) is approaching the $0.50 resistance. Cardano (ADA) has successfully surpassed the $0.40 resistance zone, and Solana (SOL) is in the spotlight after a surge above $152.
Let’s delve deeper into the details:
Bitcoin Price:
Recent analysis shows that Bitcoin has lost stability above $63,000 and is now hovering around $62,000. It has experienced a 2% drop in the past 24 hours, but still maintains a 1% increase for the week.
Currently, Bitcoin is making efforts to overcome the resistance level at $63,500. If it manages to close above $64,000, the price could steadily rise. The next significant resistance level lies near $66,500.
On the downside, the initial support level is around $58,000, with the next major support at $52,500. If the price falls below this level, it may resume its downtrend.
Ethereum Price:
Ethereum has stabilized above $3,320 and shows positive signs above the $3,400 resistance. The next significant resistance lies near $3,650, and if surpassed, the price may test $3,820.
On the downside, the initial support level is now around $3,320, with the next major support at $3,250.
Altcoin Stability:
Major altcoins are currently experiencing a period of stability, with only a few showing significant movements. For example, Avalanche (AVAX) is priced at $28.61 and has seen a 1% decrease in value, while Uniswap (UNI) has registered a 1.05% drop. In contrast, Toncoin (TON) has witnessed a 5% price increase, and Cardano (ADA) has exhibited a 4% rise to $0.4190. Other altcoins have remained stable throughout the day.
Meme Coins:
Meme Coins are having a remarkable recovery, especially on the Solana network, where tokens like Bonk (BONK), Floki (FLOKI), and Brett (BRETT) have gained attention. After a period of modest movements, these tokens have led a notable market rally.
Currently, the market capitalization of Meme Coins is valued at around $48 billion. Dogecoin (DOGE) and Shiba Inu (SHIB), known for their canine themes, continue to dominate this segment in terms of capitalization but face increasing competition. The total trading volume of these digital assets recently reached $3.49 billion.
Among these tokens, Bonk (BONK), the first dog-themed token on the Solana blockchain, has experienced a 10% increase, with its current price reaching $0.00002670. However, it is currently undergoing a correction to around $0.00002537.
Disclaimer:
The views and opinions expressed in this article, as well as those of anyone mentioned, are for informational purposes only and should not be considered financial or investment advice. Investing or trading cryptocurrencies carries the risk of financial loss.
Editor’s Choice:
Bitcoin’s price could potentially fall further, providing a buying opportunity, according to a trader’s analysis. Additionally, there is bullish potential for memecoin Solana and AI altcoins.