Altcoins to Buy: The Bitcoin price trajectory has been sluggish since last weekend trying to stabilize above $50000. The daily chart projecting a long-wick neutral candle suggests no clear indication from buyers to sellers to drive this asset.
According to Coinglass data, 96,521 crypto traders were liquidated, resulting in total liquidations amounting to $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, valued at approximately $915.3 million, to exchanges and market makers. This substantial movement is part of a larger sell-off that began on June 19, during which the government has transferred a total of 26,071 BTC, equivalent to $1.527.9 million.
The German government has 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 holds 23,788 BTC, worth around $1.32 billion.Â
Additionally, the U.S. government and the now-defunct Mt. Gox exchanges are poised to further liquidate their BTC holdings. This coordinated sell-off could lead to increased supply pressure for Bitcoin and its price to $50000.
Amid the potential downfall, the sidelined traders can consider Altcoins to buy like Solana (SOL), Pepe Coin (PEPE), and Chainlink (LINK)
Solana is a high-performance blockchain platform designed for decentralized applications (dApps) and crypto-currencies. It aims to provide fast, secure, and scalable blockchain solutions.
Following Ethereum, the Solana coin is the next best asset for the potential launch of Exchange-Traded Funds (ETFs). With the recent S-1 filing from large asset management companies for Solana-based ETFs, the SOL price shows active demand pressure at $122.
The horizontal level is close to the support trendline of the triangle pattern formation. The Solana price currently trades at $137.5, while the market cap holds at $63.6 Billion.
A potential breakout from the triangle resistance trendline could drive a bullish rally to $210, followed by $326.
Also Read: Solana Outperforms Ethereum Amid $441M Money Inflow Into 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 is strictly resonating within two trendlines of flag pattern formation. The pattern is known to drive a short counter-trend move for buyers to regain strength.
Today, the PEPE price rebounded 12.2% from the lower trendline to trade at $0.0000095, while the market cap uplifted to $3.88 Billion. If the pattern holds true, the PEPE price must breach the overhead trendline to signal uptrend continuation.
The post-breakout rally could bolster PEPE buyers to surpass the last high of $0.00001745 and enter a price discovery mode.
Also Read: PEPE, WIF, And These Meme Coins Recovers, Where Others Failed
Chainlink (LINK) is a decentralized oracle network that enables smart contracts on various blockchains to securely interact with real-world data and external APIs. LINK, the native cryptocurrency of Chainlink protocol trades at $12.9, while the market cap holds at $7.86 Billion.
Currently, the $12.2 stands as the major support for LINK price to prevent a major downfall. A potential reversal from this floor could push the 25.5% up to challenge the overhead trendline at $16.2.
The potential breakout from the falling trendline is crucial for buyers to regain control over this asset and reclaim high ground above $20.
Key Takeaway
Amid the ongoing Bitcoin liquidation from fallen Mt. With The Gox exchange and the U.S. and German government, the BTC price has been facing aggressive supply pressure. With the downward trend intact, the asset is poised to lose the current $55000 support and head towards the $50000 psychological level. However, the extended correction could offer one of the best opportunities for dip buyers looking for altcoins to buy.
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Frequently Asked Questions (FAQs)
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 closing 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
