- Selling pressure on Bitcoin and Ethereum increased.
- SOL and DOGE also experienced price drops of over 4% within the last 24 hours.
After several days of promising gains, the crypto market saw major corrections as several top coins tumbled.
Therefore, AMBCrypto planned to take a closer look at the conditions of top cryptos such as Bitcoin [BTC], Ethereum [ETH], Solana [SOL], and Dogecoin [DOGE] to find out what the upcoming crypto week might look like.
Bitcoin’s week ahead
First, AMBCrypto examined the performance of the king of cryptos. According to CoinMarketCap, after a comfortable rise, BTC saw a correction in the last 24 hours as its value fell by more than 5%.
At press time, it was trading at $59,451.39 with a market capitalization of over $1.18 trillion.
A possible reason behind this latest downturn could be an increase in selling pressure.
Our look at CryptoQuant’s data revealed that Bitcoin’s net deposits on exchanges were high compared to the last seven-day average, suggesting that investors were selling BTC. Meanwhile, its aSORP turned green.
This indicated that several investors sold at a loss.
In the middle of a bear market, it can indicate a market bottom.
Source: CryptoQuant
Therefore, AMBCrypto checked BTC’s daily chart to find out if things could turn bullish again. According to our analysis, Chaikin Money Flow (CMF) remained bearish.
However, the Money Flow Index (MFI) gave hope of a trend reversal as it registered a slight increase. This could allow BTC to retest $61.6k this week.
Source: TradingView
Altcoins: Assessment of the upcoming crypto week
Next, AMBCrypto planned to assess the state of top altcoins, starting with Ethereum. ETH’s last 24 hours was worse than BTC’s as the token’s price fell by over 7%.
At the time of writing, ETH was trading at $2,543 with a market capitalization of over $306 billion. Like BTC, ETH’s net deposits on exchanges were also high compared to the past seven-day average, suggesting increasing selling pressure.
If selling pressure pushes ETH further down, the token could fall to $2.28k this week. The chances of that happening seemed likely as both CMF and MFI registered downticks.
However, if the bulls manage a comeback, ETH may aim for $2.8k first.
Source: TradingView
Solana bears also dominated the market in the last 24 hours as the token’s value fell by more than 4%. At press time, it was trading at $146.99 with a market capitalization of over $68 billion.
Our analysis of Hyblock Capital’s data revealed that if the bearish trend continues, then investors could see SOL fall to $140.
Source: Hyblock Capital
Read at Solana [SOL] Price prediction 2024-2025
Last but not least, AMBCrypto checked how DOGE, the world’s largest memecoin, fared. Not much of a surprise, DOGE also saw a 4% drop over the past 24 hours.
At press time, it had a value of $0.1009. According to our analysis, a continued price decline could push DOGE down to $0.09. But if bulls up their game, Dogecoin might touch $0.11 this week.
Source: Hyblock Capital