Many cryptocurrencies have seen their prices drop in the past few days. Bitcoin, for example, dropped from $43,376.38 to $30,516.07 in a matter of days. The crypto market has been on a downtrend, and the total market capitalization has been hovering for a while now, and many expect it to drop further in the coming days.
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Bitcoin (BTC)
Bitcoin has lost more than $150 billion in a week. This reflects the increased volatility of markets in recent days. The price of bitcoin has reached a significant low point today. Despite being down almosom it 50% frts 6-month high last November, it’s still been on a downtrend.
The percentage of holders profiting from their positions on the BTC market has dropped below 50% for the first time in March 2020. Currently, 46.54% of the addresses own coins that give them a profit and 48.66% give them a loss.
BTC is priced at $31,256.87, ranks #1 on CoinMarketCap, and has a supply of 21,000,000 coins. Its market cap is 595 billion dollars.
In the 1D timeframe, $BTC/USDT has formed a Bullish Shark Pattern and currently heading towards its 2nd potential reversal zone. Marked horizontal support is an important level from which we can see a reversal. In contrast, a successful breakdown of the horizontal support confirms a further bearish trend in the market.
Ethereum (ETH)
Ethereum has lost over $50 billion in value, marking an almost 10cline today. The price today went below the $2,300 level.The recent OthersideCoin sale has led to excessive fees on the Ethereum blockchain, with some transactions going as high as four figures. In just 3 hours, this sale had more fee output from the Ethereum network than all transactions from the previous two weeks.
ETH is priced at $2,348.20, ranks #2 on CoinMarketCap, and has a supply of infinite coins. Its market cap is 285 billion dollars.
On the 1D timeframe, $ETH/USDT has formed a bearish descending triangle chart pattern. The price is also moving on strong horizontal support, and a bearish move is expected. A surge in bearishness will lead to a downturn in the price of equities.
Algorand (ALGO)
Algorant is an innovative blockchain project that utilizes pure proof-of-stake. This is a unique variation of Proof of Stake with a low minimum requirement for participation and is highly democratic. Algorand has a lot of promising features. They are quick, low-fee, and interoperable with other blockchains in the ecosystem. This will help their future price and increase the likelihood of wider adoption.
ALGO is priced at $0.5935, ranks 29 on CoinMarketCap, and has a supply of 7,217,365,388 coins. This coin ranks among the Top 100 coins on CoinMarketCap and has a market cap of around 4 billion dollars.
In the 1D timeframe, the price action of $ALGO/USDT has formed a falling wedge chart pattern.ALGO is Consolidating inside a falling wedge. We have to wait for a breakout or breakdown, and then we will enter it.
1inch Network (1INCH)
1inch Network is a decentralized exchange aggregator that looks for sources of liquidity on multiple exchanges and offers users access to 116 of them. Some analysts think the coin will continue to rise, while others are predicting that it will become devalued in the future.
1INCH is priced at $1.06, ranks #107 on CoinMarketCap, and has a supply of 1,500,000,000 coins. Its market cap is 436 million dollars.
In 2H timeframes, the price action of $1INCH/USDT has formed a descending triangle chart pattern. The price is trying to break through the upper trendline. We will be waiting for the result of a retest to see if it heads in a new direction.
PAX Gold (PAXG)
PAXG is a digital asset backed by gold reserves held by a for-profit company, Paxos. Each PAXG token can be redeemed for one troy ounce of gold held in vaults by the company, and its market value fluctuates in accordance with supply and demand. Gold is a great way to invest as it maintains its value over the long term. In addition, it’s helpful for hedging against inflation due to its properties, ensuring that you won’t lose money over prolonged periods.
PAXG is priced at $1,840.84, ranks #90 on CoinMarketCap, and has a supply of 328,824 coins. Its market cap is 650 million dollars.
In a 1D timeframe, the price action of $PAXG/USDT has formed an ascending triangle chart pattern. Unfortunately, it has broken below the ascending trendline, and we have to wait for a successful retest then we will enter PAXG.
Closing Thoughts
Discipline and Patience are the most important components of a successful trade. According to the above analysis, the coins we just discussed about might make you decent gains if other market conditions prevail favorably. Again, it’s your hard-earned money that you’ll be using. Do Your Own Research before investing.
Disclaimer: Our analysis is for educational purposes .
