3 Must-Have Cryptocurrencies in a Cryptocurrency Market Bloodbath

The cryptocurrency market extended its correction phase in the first week of July Bitcoin The cryptocurrency price fell below $60,000 on Thursday, dashing hopes that major cryptocurrencies would form local bottoms and accelerating FUD among market participants.

Recent on-chain data revealed that Bitcoin experienced the second-largest liquidation event in its history, surpassed only by the infamous FTX collapse in November 2022. This significant market movement comes as Germany announces sale of $3.5 billion in seized Bitcoin, and as defunct exchange Mt. Gox begins paying off creditors, with plans to distribute $8.5 billion.

Despite the current selling pressure, the cryptocurrencies below show notable resilience and potential for further reversal.

Read also : Robert Kiyosaki Predicts Biggest Crash in Bitcoin and Other Assets; Here’s Everything

1. Safe Haven Cryptocurrencies – Toncoin (TON)

Yourcoin (TON) is the native cryptocurrency of The Open Network (TON), initially developed by Telegram before moving to a community-driven, decentralized model.

Toncoin (TON) | Tradingview

THE TON Price has emerged among the best-performing cryptocurrencies in 2024, projecting a 207.1% gain since the beginning of the year. Amid the current market correction, the altcoin is holding firmly above the $6.7 support.

Today, the daily chart shows a long-tail rejection from the combined support of $6.7 and the 100D EMA, indicating that demand pressure is intact. TON price is currently trading at a market cap of $17.85 billion.

If demand pressure persists, Toncoin price could rebound and challenge the $8.2 peak to extend the bull run.

2. TRON

TRON (TRX) is a blockchain-based platform designed to host a global digital entertainment system, offering free content and decentralized applications.

TRON | Tradingview

An analysis of the daily chart shows that TRON Price has been in a steady uptrend since November 2022. A dynamic support trendline has provided buyers with adequate accumulation during market dips, maintaining bearish buying sentiment among buyers.

On June 18, TRON experienced its latest trend reversal from the ascending trendline, increasing its price by 12.56% to trade at $0.12. Subsequently, the market cap jumped to $11.07.

If the market supply pressure persists, TRX price could drop by 6% to return to the uptrend line. Until this support is intact, TRON coin will maintain its uptrend.

Read also : Justin Sun Faces $66 Million Loss As Ethereum Drops 10%, Here’s Why

3) BONK

Bonk is a meme currency built on the Solana blockchain, billed as a community-driven “dog currency, for the people, by the people.”

BONK | Tradingview

Amid the recent market correction, the BONK Prize BONK stock price fell from $0.000045 to $0.000018, registering a loss of 59%. The price decline stopped at an ascending trendline that has supported BONK’s bullish trajectory over the past five months.

Defying the market correction, BONK price bounced back from an ascending trendline with an 11% jump to trade at $0.000023, while the market cap surged to $1.57 billion. If the support holds, the altcoin could bounce higher and break the upper trendline at $0.000027, followed by $0.000035.

Key takeaways

Selling pressure in the cryptocurrency market is intensifying as Bitcoin’s price falls below $60,000, driven by liquidations from Mt. Gox and the German government. This bearish trend has spilled over into the altcoin market, with several assets falling to their monthly or yearly low support levels. Despite the overall bearish momentum, some cryptocurrencies have shown notable resilience, holding their positions in the face of ongoing selling pressure.

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Frequently Asked Questions (FAQ)

A Fibonacci retracement is a technical analysis tool that uses horizontal lines to indicate areas of support or resistance at key Fibonacci levels before price continues in the original direction.

The Fear and Greed Index measures investors’ emotions and sentiments in the cryptocurrency market on a scale from 0 (extreme fear) to 100 (extreme greed).

An exponential moving average (EMA) is a type of moving average that gives more weight to recent prices, making it more responsive to new information. It is used in trading to identify trends and potential buy or sell signals.

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