The most striking issue in the cryptocurrency market is the selloff situation. Prices drop effectively when there is a sale. So, which cryptocurrencies have a sell alert? Let’s take a look at our article.
selloff alarm for 4 cryptocurrencies
On-chain analytics platform Glassnode Alerts posted on Twitter this morning. He shared that investors have reduced the amount of Bitcoin (BTC) they hold after the difficult week in the crypto money market last week. According to the post, the number of BTC addresses 1000 and above dropped to a 1-month low.
The analysis platform also announced in a separate tweet that the cryptocurrency BTC supply, which has been active for the last 5 years or more, has reached an all-time high (ATH) of 28.929%. The previous ATH was mentioned on June 10, 2023. Accordingly, it was 28.926%. This clearly means a selloff situation for BTC. The price of BTC has dipped towards the key support level of $25,522.06 over the past 48 hours. It continued to trade just above the key price point at the time of writing. However, technical indicators suggest that it will drop below the level in the next 24-48 hours.
https://twitter.com/glassnodealerts/status/1667777599542640642
selloff status for cryptocurrency MATIC
The price of Polygon (MATIC) has recovered somewhat in the last 24 hours after falling 33.13% last week. Cryptocurrency MATIC is trading at $0.6049 after posting a 3.70% gain. On the other hand, MATIC is trading close to its 24-hour high at $0.6148. However, its daily low was $0.5593. Also, the daily trading volume has dropped more than 30% in the last 24 hours. Accordingly, it was approximately 666 million dollars. Also, Layer-2 cryptocurrency entered the trend list of CoinMarketCap and took the number 2 position. Accordingly, it ranked behind Binance Coin (BNB) and ahead of ChitCAT (CHITCAT).
The price of MATIC declined below the key support level at $0.7183 in the past 24 hours. It also tested the next important support level at $0.5845. On the other hand, it fell below this level. However, it managed to close yesterday’s trading session above the key price point again. At the time of writing, the price of the cryptocurrency was trading slightly above the $0.5845 support.
Meme coin Dogecoin
The price of Dogecoin (DOGE) seems to have recovered somewhat from the crypto market attack that occurred last week. Accordingly, the cryptocurrency DOGE has made a 24-hour gain along with many other cryptos. The 2.26% gain in the past day meant that the meme coin was trading at $0.06203. However, this latest gain was not enough to turn the altcoin’s weekly performance green again. DOGE’s price has dropped more than 14.65% in the last 7 days. In addition, DOGE has managed to outperform the crypto market leader Bitcoin (BTC) by 0.84% in the last 24 hours. DOGE also traded close to a 24-hour high of $0.06251. On the other hand, it also hit the daily low of $0.0591. In the past day, meme coin also experienced a drop in its total daily trading volume. DOGE’s trading volume was approximately $494 million, down 38.45% from the previous day’s total.
From a technical standpoint, the price of the cryptocurrency DOGE dropped 11.11% yesterday. It then dropped below the key support level at $0.06308 in the past 48 hours. Accordingly, this drop also caused the price of meme coin to temporarily slide below the next important support level of $0.05786. It was able to recover somewhat yesterday to close at $0.06175. Technical indicators on DOGE’s daily chart showed overwhelming selling pressure for DOGE. The 9-day EMA line was bearish below the longer EMA line on April 22, 2023. Accordingly, it is positioned below the 20-day EMA line. Since then, two technical indicators have been strong resistance levels for crypto price. If DOGE’s price continues to decline in the next 24-48 hours, it could turn the aforementioned support level into resistance at $0.05786. On the other hand, a daily close above $0.06308 in the next 48 hours indicates that DOGE will climb to $0.06930 in the next few days.
Stargate Finance (STG)
The price of the cryptocurrency Stargate Finance (STG) reached a yearly high of 1.38 on February 13, 2023. However, it has been in decline ever since. During this time, the price bounced off the $0.6 support level several times. The latest jump took place on May 15. This bounce helped STG price form a morning star pattern (green ellipse). This is usually a bullish pattern that causes the trend to turn upwards. However, the price broke below the $0.6 support level this week, invalidating the bullish pattern. This is extremely bearish as it traps the bulls and often leads to a subsequent sell-off. In this case, the price of STG will drop to the next level of horizontal support at $0.44. It is also potentially on the cards for $0.35. The RSI indicator supports this possibility as it has dropped below the 50 level and is trending downwards.
The daily chart shows that the coin STG price has continued its downtrend since it broke below an ascending parallel channel. This pattern has a target of $0.44, which is calculated by measuring the height of the pattern and projecting it from the breakout point. This target coincided with the aforementioned horizontal support level. Therefore, this downward move is likely to act as a bottom point.
The most likely outlook shows that the STG price will continue to decline in the near future. The closest target is $0.44. It could also potentially drop as low as $0.35. This view will be invalid if the price rises sharply from the current level and retraces the $0.6 support level. However, this seems unlikely at the moment.
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