The crypto market extended its correction phase right from the first week of July as Bitcoin dropped below $60000 on Thursday. The sell-off crushed the hopes of major cryptocurrencies forming local bottoms and accelerated FUD among market participants.

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

JUST IN: On-chain data confirms this is the second-largest liquidation event in #Bitcoin‘s entire history, right after the #FTX collapse in November 2022.

This comes amidst news that Germany is selling $3.5B worth of seized $BTC, and Mt. Gox begins paying back $8.5B to… pic.twitter.com/Cf1GJgU1ga

— WhaleWire (@WhaleWire) July 5, 2024

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

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

Cryptocurrencies- Toncoin (TON)

Toncoin (TON) is the native cryptocurrency of The Open Network (TON), originally developed by Telegram before transitioning to a decentralized model managed by the community.

Toncoin (TON)| Tradingview

The TON price emerged among the top-performing cryptocurrencies in 2024 projecting a Year to Date (YTD) gain of 207.1%. Amid the current market correction, altcoin is holding firmly above $6.7 support.

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

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

TRON

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

TRON| Tradingview

An analysis of the daily chart shows the TRON price riding a steady uptrend since November 2022. A dynamic support trendline has been providing buyers with suitable accumulation during market dips, maintaining buy-the-dip sentiment among buyers.

On June 18th, the TRON witnessed its latest reversal from the ascending trendline, uplifting the price 12.56% to trade at $0.12. Consecutively, the market cap surged to $11.07.

If market supply pressure persists, the TRX price could plunge 6% to revisit the rising trendline. Until this support is intact, the TRON coin will maintain its bullish trend.

Also Read: Justin Sun Faces $66M Loss As Ethereum Records 10% Fall, Here’s Why

3) BONK

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

BONK| Tradingview

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

Defying the market correction, the BONK price rebounded from an ascending trendline with an 11% jump to trade at $0.000023, while the market cap jumped to $1.57 Billion. If the support holds, the altcoin could rebound higher and breach the overhead trendline of $0.000027, followed by $0.000035.

Key Takeaway

The selling pressure in the cryptocurrency market intensifies as Bitcoin’s price falls below $60,000, driven by liquidations from Mt. Gox and the German Government. This downward trend has spread to the altcoin market, with several assets dropping to their lowest monthly or annual support levels. Despite the overall bearish momentum, some cryptocurrencies have demonstrated notable resistance, maintaining their positions against the prevailing selling pressures.

The post 3 Cryptocurrencies as Safe Haven Amid Market Bloodbath appeared first on CoinGape.

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Filed under: News - @ July 5, 2024 5:21 pm