Bitcoin (BTC) has dropped for six consecutive days in a row. It’s currently declined by 54% as of this writing. The king of cryptocurrency plunged by 4.3% and traded under $22,000 on Monday. It has increased by 14% last week yet ended with a retracement.

On Sunday, BTC prices have improved a bit by 14%. The slight spike in price marks the traders’ massive sell-off happening at the $23,000 range or BTC being sent to exchanges.

BTC volume or flow towards exchanges has increased in the past 24 hours. There was a marked increase in terms of net deposits implying the large volume of BTC being moved to exchanges that can help them exit their current BTC position.  Buying window is seen from July 14.  

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BTC Prices Show Resistance At $23,000

More so, it is expected that BTC prices will continue to be consistent showing some support at the $20,500 range and resistance seen at around $23K.

We should be paying close attention to GDP growth statistics on Thursday as analysts estimated a growth of roughly 0.5%. Meanwhile, a GDP that hovers below 0.5% will give away a bearish movement for both the digital and traditional markets. A negative sentiment is predictive of the possibility that the economy will move into recession.

If in case the price range doesn’t hold up at $22,000, Bitcoin may fall in a heap at $19,000. It’s apparent that BTC is attempting to keep with the tremendous selling pressure initiated by the bears. Bitcoin has had massive gains since June 18 wherein the digital gold jumped from $20,700 to as much as $23,800 in just two days.

BTC total market cap at $401 billion on the daily chart | Source: TradingView.com

Will Bitcoin Price Bottom Out?

Now, it’s dangerously leaning towards $19,000. But, can Bitcoin really bounce swiftly to this uncomfortable figure? With the large inflows present in the market, this dangerous bounce to $19,000 is a possibility and can pose a huge problem in the market.

There are different factors supporting the possibility that the recent towards $23,000 was in fact a bear pit as BTC was able to breech the resistance and then was able to revert back, leaving the bulls suffering incremental losses.

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BTC is said to be in the process of bottoming out following its gains of 25% and then cascading down to $17,500 on June 18.

Bitcoin’s minimal loss suggests that BTC Bulls are cooking up their next move. BTC is seen to be oversold due to its weak RSI in June 13. This seems like a familiar trend when BTC’s RSI also dropped to 20 in March 9 and consequently rallied to $69,000 in November 2021.

Featured image from Coinpedia, chart from TradingView.com

Cardano (ADA) has seen a lot of volatility in recent weeks. After hitting new lows during the January crypto slump, the coin has recovered a bit but lags behind some of the major coins in terms of gains. But is there any upside for growth? After all, the coin has traded in the red in the last two trading sessions. Here are some highlights:

• At press time, Cardano had shown some signs of reversing the downward trend.

• The coin is trading at $1 down about 4% in the last 24 hours.

• Cardano has seen strong support at the $1 over the last few weeks.

Data Source: Tradingview

Cardano (ADA) – what to expect in the coming days

Geo-political tensions in Eastern Europe have been playing a key role in influencing investor sentiment in crypto over the last few weeks. In fact, it is estimated that over $160 billion in crypto value has been lost due to this threat of war. For this reason, expect a lot of volatility around Cardano (ADA) in the days ahead. 

However, the key to watch here is the $1 support. Despite massive selling pressure, ADA bulls have held this support very well. If indeed the coin is able to keep the price action above $1, then a surge towards $1.5 is possible. But if we dip below $1, then there will be a significant additional weakness to come.

Is Cardano (ADA) a good buy today?

Cardano (ADA) has always been a good buy in the long term. But price volatility in recent weeks has made it a bit harder for investors to truly predict the direction of this asset. 

The truth is ADA is one of those few coins in the market that should be in your portfolio. It has a proven track record of delivering value, superb fundamentals, and a lot of credibility in the crypto space.

The new week kicked off with a buying frenzy as Bitcoin’s value jumped above $38,000 for the first time in over a month. This acted as a catalyst for the global altcoin market which saw a near 10% increase in market cap to $1.53 Trillion. Dogecoin, which held the seventh position in the crypto rankings, was the highest percentage gainer among the top 10 coins- climbing by 15% over the last 24 hours.

Dogecoin 4-hour chart 

DOGE’s chart indicated a breakout above $0.20 resistance after a period of consolidation which lasted for four days. The 20-SMA (red) ran bullish during this period and lent support to minor declines in the market. The breakout triggered an immediate jump of 13.6% as DOGE climbed above its 200-SMA (green) for the first time since 3 June.

Possible trend switch?

As DOGE bulls made key developments, its EMA Ribbons noted an interesting changeup. The indicator, which combines several moving average lines, was witnessing a crossover at the time of writing. The last time this occurred was in early June when DOGE rose by 60% but bears were quick to negate this outcome.

The candles were unable to hold above these ribbons and eventually dropped lower as a bearish trend resumed in the market. This had not been the case over the past few days, which saw DOGE consistently find support at its EMA Ribbons.

Stabilization Needed? 

While a trend switch was in play, Relative Strength Index did highlight overbought conditions in the market which warranted the need for stabilization. The next few sessions could pan out this way, especially since the price headed towards a resistance zone of $0.226-0.230. The coming sessions could see DOGE find a resting ground close to $0.215-support before making its next leg upwards. Once this occurs, DOGE’s next target would be its 23rd May low of $0.249.

Conclusion 

Dogecoin’s overall trend was noting a crucial change and an ADX reading of 40 meant that another price swing was possible in the next 24 hours. However, RSI did indicate possibilities of a slight correction before DOGE resumed its bullish run. This could take place between a defensive zone of $0.226-0.230.