Published on juni 23, 2024, 5:38 pm
Image source: Fox News
- Bitcoin saw a 3% decline facing selling pressure, holders defend $64,230 level amid outflows.
- Willy Woo suggests Bitcoin recovery post 'weak miners die', breaking $64,602 may spark altcoin interest.
- Promising altcoins: TON eyes $7.67 breakout, PEPE targets $0.000014/$0.000016, KAS looks to break $0.16, JASMY finds support near $0.03.
In the volatile world of cryptocurrency, Bitcoin (BTC) has seen a 3% decline this week, with bears applying selling pressure. Despite slipping below the short-term holder realized price (STH-RP) of $64,230, Bitcoin holders are working to defend this crucial level. This is evident from the sustained outflows from spot Bitcoin exchange-traded funds since June 13.
Independent analyst Willy Woo suggests that a recovery in Bitcoin might start post “weak miners die” and the hashrate picks up. If Bitcoin manages to break above $64,602, it could spark interest in alternative cryptocurrencies. Let’s take a closer look at some promising altcoins in the market.
Toncoin (TON) is holding strong above the 50-day SMA ($6.83), indicating notable buying activity at lower levels. A successful break above $7.67 could pave the way for a rally towards $8.29 and potentially even to $10. However, failure to maintain these levels could lead to a downward move towards $4.91.
Pepe (PEPE) shows signs of rebounding after correcting, with potential targets at $0.000014 and then $0.000016 if buyers can surpass key resistance levels.
Kaspa (KAS) bounced off the 50-day SMA ($0.14), hinting at support at lower levels. Breaking above $0.16 could signify further upside towards $0.18, while failure might result in consolidation between $0.14 and $0.16.
JasmyCoin (JASMY) found support near the 50-day SMA ($0.03), suggesting interest from buyers at lower prices. Resistance at the 20-day EMA needs to be overcome for a potential climb towards $0.04.
As always in cryptocurrency investments, risks abound and careful consideration should be taken before making any decisions or trades based on the information provided here. Conduct thorough research and seek professional advice when navigating through the exciting yet uncertain world of cryptocurrencies.
Original article posted by Fox News
