Bitcoin and the altcoins have resumed downward correction as price breaks below the moving average lines. The cryptos were repelled after facing rejection at the overhead resistance levels. The cryptocurrencies are trading in the bearish trend zone which will result in a further decline of the coins. Nonetheless, recovery will begin as the altcoins reache the oversold regions of the market.
BTC/USD Major Trend: Bullish
Bitcoin’s (BTC) price has plunged below the moving average lines. Since July 19, buyers have been making concerted efforts to breach the $24,000 overhead resistance.
However, the bulls broke the overhead resistance but could not sustain the bullish momentum above the $25,000 support. The largest cryptocurrency was repelled as bears broke below the moving average lines on July 19. BTC price dropped to the low of $20,790 but the bulls bought the dips. For the past 48 hours, Bitcoin is fluctuating above the $20,000 psychological price level. The current bearish trend is not over as Bitcoin is likely to further decline. In the meantime, the BTC price is making an upward correction as it reaches the high of $21,235. The selling pressure will resume if Bitcoin faces rejection at the recent high.
However, the downtrend will resume if the crypto’s price retraces and break below the $20,790 support. Meanwhile, on a weekly chart, a retraced candle body almost tested the 61.8% Fibonacci retracement level on March 21. The retracement shows that BTC will fall to level 1.618 Fibonacci extension or level $11,005.83.Meanwhile, Bitcoin is at level 35 of the Relative Strength Index for period 14. It indicates that Bitcoin is in the bearish trend zone as it approaches the oversold region.
SAND/USD Major Trend: Bearish
The Sandbox (SAND) price has resumed downward correction as price breaks below the moving average lines. The cryptocurrency declined below the moving average lines as buyers failed to keep the price above the $1.50 overhead resistance.
The altcoin declined to the low of $1.04 and resumed consolidation above the current support. However, the coin is likely to further decline to the previous low at $0.73 or $0.90.Meanwhile, on May 12 downtrend, a retraced candle body tested the 78.6% Fibonacci retracement level. The retracement suggests that SAND will fall to level 1.272 Fibonacci extension or level $0.0475. Meanwhile, SAND is at level 30 of the Relative Strength Index for period 14. It indicates that SAND has reached the oversold region of the market. The selling pressure is likely to subside as buyers emerge in the oversold region.
MANA/USD Major Trend: Bearish
Decentraland (MANA) price is in a downward correction as price breaks below the moving average lines. MANA declined to the low of $0.81 as bulls bought the dips.
The altcoin fell to an oversold region of the market. Nonetheless, the altcoin will further decline to the low of $0.71 before a resumption of the uptrend. MANA is below the 20% range of the daily stochastic. It indicates that the market has reached the oversold region. The selling pressure has reached bearish exhaustion as buyers emerge in the oversold region.
APE /USD Major Trend: Bearish
ApeCoin’s (APE) price is in a downtrend as price breaks below the moving average lines. The cryptocurrency rallied to the high of $7.71 but turned from the $8 resistance zone.
The altcoin declined to the low of $5.07 and resumed consolidation above the current support. The current support is the historical price of June 28 and July 5. In June and July, the cryptocurrency retraced below the current price level and rebounded above the current support. Today, the altcoin is fluctuating above the $5.07 support. A break below the $5.07 support will cause the altcoin to reach the low of $4.17 price level. On the other hand, if the altcoin rebounds above current support, it will signal the resumption of the uptrend. Meanwhile, APE is at level 30 of the Relative Strength Index for period 14. It indicates that the coin has reached the oversold region.
ENJ /USD Major Trend: Bearish
Enjin Coin (ENJ) price is in a downward correction as price breaks below the moving average lines. The upward correction was repelled at the high of $0.70 as the altcoin declined to the low of $0.54.
This is the historical price level of June 25. The current support is holding as the market resumes upward. Buyers will attempt to push the altcoin to the previous high. Meanwhile, on a weekly chart, a retraced candlestick body tested 78.6% Fibonacci retracement level on March 28. The retracement suggests that ENJ will decline but reverse at level 1.272 Fibonacci extension or $0.38. From the price action, the altcoin retested the 1.272 Fibonacci extension on June 18 and resumed upward.
