A colossal $0.13 trillion has been wiped off the cryptocurrency market in the last 24 hours, reflecting the sell-off due to the soaring volatility. Bitcoin price hinted at the crash with its retreat beneath the $70,000 mark over the weekend.
Why Focus On Cryptocurrencies To Buy Amid The Bloodshed
The slump in BTC price triggered cascading drops in altcoin prices led by major cryptocurrencies to buy like Ethereum (ETH), Solana (SOL), Bonk (BONK), and Cardano (ADA).
The total market value suffered a major breakdown from $2.55 trillion 24 hours from the time of writing to the current $2.42 trillion. This drop amounts to $0.13 trillion approximately 5%.
Should the anticipated US Consumer Price Index (CPI) data come in hotter than the expected 3.4%, the sell-off could continue. Besides, the Federal Open Market Committee (FOMC) meeting on Tuesday and Wednesday could either prop the crypto market for a rebound or extend the crash.
Cryptocurrencies To Buy As Bitcoin Nosedives
Investors are feeling the weight of the breakdown which has annihilated hopes for a continued rally past the previous all-time high of $73,837, based CoinGecko data.
All eyes are now on the ability of the buyer congestion at $66,000 to absorb the overhead pressure and trigger a rebound. Further decline to $64,000 cannot be ruled yet.
As weak hands are shaken off, this could be a good time to focus on select cryptocurrencies to buy. Dips allow investors to accumulate more which maximises gains in the long run.
Therefore, this could be a good time to buy cryptos like Bitcoin, Ethereum, and Solana among others. Due diligence must be carried out beyond this article.
1. Cryptocurrencies To Buy Bitcoin (BTC)
After losing support at $70,000 last weekend and $68,000 on Tuesday, Bitcoin price signals an extended trend to support highlighted at $66,000.
Bitcoin hovered below several key indicators and levels on Tuesday including the broken ascending trend line support, and the Exponential Moving Averages (EMAs) like the 20-day EMA, the 50-day EMA, and the 200-day EMA.
The Relative Strength Index (RSI) position in the oversold region at 24 shows a strong bearish grip. However, this can signal an incoming trend reversal. As the RSI begins to rebound, traders may want to catch the bullish trend early by placing buy orders near the bottom of the short-term downtrend.
Bitcoin price forecast chart | Tradingview
Failure to uphold support at $67,000 may result in more declines below $66,000. In such a scenario, Bitcoin price prediction reveals that $64,000 is not out of reach.
2. Bonk (BONK)
According to CoinGecko’s data, Bonk, a well-known meme coin in the Solana ecosystem, is in the green after maintaining a 4% surge in 24 hours to hover at $0.00002785.
After climbing to $0.0000444 on May 28, Bonk started to struggle under the influence of the investors taking profits. The downturn coincided with a general bearish trend in the market.
Bonk price prediction chart | Tradingview
Bulls seem to be regaining strength as observed with the Relative Strength (RSI) as it rebounds into the neutral area above 30. Should the uptrend in the RSI continue toward the overbought, the path of least resistance will flip upwards.
Bonk is also required to reclaim position above the 20-day EMA currently at $0.000028 and push for a daily close. Such a development will help solidify the bullish comeback and validate the uptrend going into the weekend.
3. Cardano (ADA)
ADA broke below the resistance level of $0.45, indicating a bearish trend, with data from CoinMarketCap showing Cardano price trading at $0.4316, with a decrease of 1.72% in the past day.
Over the past week, ADA has seen a dip of more than 5%, trading in a range of $0.45 to $0.42. Additionally, the token has faced increased volatility in the past month, with price fluctuations.
Cardano Price chart
ADA price is currently trading in a bearish trend. If bulls successfully breach the $0.45 resistance, a resurgence in upward momentum is anticipated. This upward thrust could propel the cryptocurrency towards testing significant resistance at $0.75, and if bulls mount more pressure, ADA price could surge to $1 in the coming bullish rally.
On the downside, if market strength remains inadequate, ADA’s value may falter. It could potentially descend to its support level of around $0.4. Continued bearish pressure might exacerbate the downturn, leading to a retreat to a lower support level near $0.35 in the foreseeable future.
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John is a seasoned crypto expert, renowned for his in-depth analysis and accurate price predictions in the digital asset market. As the Price Prediction Editor for Market Content at CoinGape Media, he is dedicated to delivering valuable insights on price trends and market forecasts. With his extensive experience in the crypto sphere, John has honed his skills in understanding on-chain data analytics, Non-Fungible Tokens (NFTs), Decentralized Finance (DeFi), Centralized Finance (CeFi), and the dynamic metaverse landscape. Through his steadfast reporting, John keeps his audience informed and equipped to navigate the ever-changing crypto market.
The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
