Altcoins to Buy: The Bitcoin price trajectory has been sluggish since last weekend trying to stabilize above $50,000. The daily chart depicting a long-pig neutral candle indicates no clear indication of buyers to sellers to drive this asset.
According to Coinglass data, 96,521 crypto traders were liquidated, resulting in total liquidations of $425.37 million. Bitcoin (BTC) faced $190 million in liquidations, while Ethereum (ETH) saw $94 million in liquidations.
Furthermore, WuBlockchain reported that the German government transferred 16,038.7 BTC, worth approximately $915.3 million, to exchanges and market makers. This significant move is part of a larger sale that began on June 19, during which the government transferred a total of 26,071 BTC, equivalent to $1,527.9 million.
The German government transferred 16,038.7 BTC ($915.3M) to exchanges and market makers today. They have transferred a total of 26,071 BTC ($1527.9M) since they started selling coins on June 19, and there are currently 23,788 BTC ($1.32B) in the address…
— Wu Blockchain (@WuBlockchain) July 8, 2024
Currently, the address associated with these transactions contains 23,788 BTC, worth approximately $1.32 billion.
In addition, the US government and the now defunct Mt. Gox exchanges poised to further liquidate their BTC holdings. This coordinated selling could lead to increased supply pressure for Bitcoin and its price to $50,000.
Amidst the possible doom, traders who sideline Altcoins may consider buying such as Solana (SOL), Pepe Coin (PEPE) and Chainlink (LINK)
Solana is a high-performance blockchain platform designed for decentralized applications (dApps) and cryptocurrencies. It aims to provide fast, secure and scalable blockchain solutions.
After Ethereum, the Solana coin is the next best asset for the potential launch of exchange traded funds (ETFs). With the recent S-1 filing of major asset management companies for Solana-based ETFs, the SOL price is showing active demand pressure at $122.
The horizontal level is close to the support trend line of the triangle pattern formation. The Solana price is currently trading at $137.5, while the market capitalization stands at $63.6 billion.
A potential breakout of the triangle resistance trendline could fuel a bullish rally to $210, followed by $326.
Also Read: Solana Outperforms Ethereum Amid $441M Money Inflows To Crypto
Pepe Coin (PEPE) is an Ethereum-based meme coin inspired by the popular internet meme character, Pepe the Frog.
The ongoing correction in PEPE price resonates strictly within two trend lines of flag pattern formation. The pattern is known to drive a short countertrend move for buyers to regain strength.
Today, the PEPE price bounced back 12.2% from the lower trendline to trade at $0.0000095, while the market cap rose to $3.88 billion. If the pattern is true, the PEPE price should breach the overhead trendline to indicate the continuation of the uptrend.
The rally after the breakout could strengthen PEPE buyers to surpass the last high of $0.00001745 and enter a price discovery mode.
Also Read: PEPE, WIF, and These Meme Coins Recover Where Others Have Failed
Chainlink (LINK) is a decentralized oracle network that enables smart contracts on multiple blockchains to securely communicate with real data and external APIs. LINK, the native cryptocurrency of Chainlink protocol, is trading at $12.9, while the market capitalization stands at $7.86 billion.
Currently, the $12.2 stands as the key support for LINK price to avoid a major crash. A potential reversal from this floor could push up the 25.5% to challenge the overhead trendline at $16.2.
The potential breakout of the descending trendline is crucial for buyers to regain control of this asset and regain high ground above $20.
Key takeaways
Amid the ongoing Bitcoin liquidation from fallen mountain Met Gox exchange and the US and German government, the BTC price has faced aggressive supply pressure. With the downtrend intact, the asset is poised to lose the current $55000 support and head towards the $50000 psychological level. However, the extended correction could provide one of the best opportunities for dip buyers looking for altcoins to buy.
related articles
Frequently Asked Questions (Frequently Asked Questions)
The Fear and Greed Index measures the general sentiment of the cryptocurrency market. It ranges from 0 to 100.
A liquidation in cryptocurrency trading refers to the forced closure of a trader’s leveraged position due to a partial or total loss of the trader’s initial margin.
Price discovery mode occurs when an asset reaches a new all-time high or low and there is no historical data to suggest where the price will go next. In
Disclaimer for Uncirculars, with a Touch of Personality:
While we love diving into the exciting world of crypto here at Uncirculars, remember that this post, and all our content, is purely for your information and exploration. Think of it as your crypto compass, pointing you in the right direction to do your own research and make informed decisions.
No legal, tax, investment, or financial advice should be inferred from these pixels. We’re not fortune tellers or stockbrokers, just passionate crypto enthusiasts sharing our knowledge.
And just like that rollercoaster ride in your favorite DeFi protocol, past performance isn’t a guarantee of future thrills. The value of crypto assets can be as unpredictable as a moon landing, so buckle up and do your due diligence before taking the plunge.
Ultimately, any crypto adventure you embark on is yours alone. We’re just happy to be your crypto companion, cheering you on from the sidelines (and maybe sharing some snacks along the way). So research, explore, and remember, with a little knowledge and a lot of curiosity, you can navigate the crypto cosmos like a pro!
UnCirculars – Cutting through the noise, delivering unbiased crypto news
