Crypto market is looking to bounce back from current dips

In a macro sense, the crypto market has lost most of its momentum. Whales consider it an opportunity to begin accumulating the next best tokens. However, the industry is still looking for a bounceback. Shiba Inu has failed to recover, and BTC’s price is in a free fall. However, ADA is expected to mark an uptrend, but not right now—sometime later this month.

Their overall estimated prediction values for the end of 2024 are intact. That is one optimistic, or rather bullish, sentiment right there.

BTC is down to $62,503.32, with a slip of 8.56% in the last 24 hours at the time of writing this article. The support level has been identified at ~$55,000; moving below that margin could potentially open the door to another downfall to $50,000 and then to $40,000. Bitcoin ETF inflows are keeping the token’s performance comparatively stronger. The next event, which is Bitcoin Halving, has expectations from everyone to pull the price up.

Halving will effectively reduce the supply and cut the mining rewards. Assuming demand and ETF inflows are sustained, the token will gradually uptick and surpass the milestone of $100k soon. Analysts are bullish that the similar inflow could pave the way for the $150k milestone, too. Needless to say, it is critically based on the assumption that the ETF inflow is sustained for the remaining months of the year.

A comparison between Gold and Bitcoin has been painted to better explain that the Bitcoin market has a better chance of maturing faster than Gold.

Shiba Inu has dropped massively by 12.42%, listed at $0.0000248 at the time of articulating this piece. It is far from reaching the mark of $1. The holders now want SHIB to at least establish significant support. The Relative Strength Index could show overselling conditions, signaling that the reversal trend is in order.

Ethereum may pave the way for Shiba Inu as a dominant asset. Cardano’s ADA has slipped by 11.83% in the last 24 hours, listed at $0.6049 right now. Technical indicators show that $0.5200 is the next best support level. RSI is in the neutral zone to show that the graph can go either way.

As for ETH, holders are speculating that the approval of the Ether ETF by the US SEC will boost the price. The token is listed at $3,237.34, dropping 10.17% in the last 24 hours.

Every token has recently hit a high note. For instance, BTC was above $70,000 before it retraced to the origin of ~$65,000. Similarly, ETH was closer to surpassing $4,000, but it has now made its way back to ~$3,200.

David Cox

David is a finance graduate and crypto enthusiast. He projects his expertise in subjects like crypto and Blockchain while writing for CryptoNewsZ. Being from Finance background, he efficiently writes Price Analysis. Apart from writing, he actively nurtures hobbies like sports and movies.

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