Biggest Movers: WAVES Drops 17% as NEAR, SOL, and AVAX Also Take Double-Digit Hits on Friday
WAVES dropped by as much as 17% in today’s session, as crypto markets as a whole traded mostly in the red. SOL and NEAR were two notable tokens to fall in today’s session, with AVAX also falling by double digits today. W...
WAVES dropped by as much as 17% in today’s session, as crypto markets as a whole traded mostly in the red. SOL and NEAR were two notable tokens to fall in today’s session, with AVAX also falling by double digits today.
WAVES
WAVES dropped for a second consecutive session, as prices moved towards the long-term support level on Friday.
Following yesterday’s false breakout of the $16.70 resistance level, WAVES/USD slipped to an intraday low of $12.90 earlier in the day.
This drop sees prices over 17% lower than Thursday’s peak, and now on the verge of hitting a floor of $11.50.
It was only two days ago we spoke about WAVES being one of the biggest bullish movers, after it rose from this support, however it appears as if the tables have once again turned.
Looking at the chart, this decline came as the price strength failed to break out of the resistance of 40.10 on the 14-day RSI.
Should we hit this support point, you might see some bulls attempt to re-enter, in a similar fashion as to what occurred on Wednesday.
Although SOL fell to a one-month low today, with NEAR also dropping by over 15%, AVAX was Friday’s second-biggest mover.
The world’s thirteenth-largest cryptocurrency fell to an intraday low of $55.42, following yesterday’s peak at $64.16.
This drop saw prices hit their lowest point in over four months, when prices fell below $55 back on January 23.
Looking at the chart, prices marginally broke out of support at $56.50 today, however like four months ago, bulls somewhat pushed prices back above the floor.
Another floor which has thus far been steady is the support point within the 14-day Relative Strength Index, which currently sits at 34.20
Providing this level of support remains firm, we could potentially see a rebound heading into the weekend.
Will bearish pressure continue to send crypto prices lower this week? Let us know your thoughts in the comments.
Original source
Read on Bitcoin NewsRelated market context
Bitcoin Mining Cost Model Points To $47,000 Floor, But Analysts Urge Caution
TL;DR Crypto Rover says Bitcoin has never bottomed below electrical production cost, currently estimated at $47,000. Mining-cost m...
Bitcoin faces one of its biggest mining difficulty drops as miner margins collapse
The Bitcoin network is poised to execute one of the largest downward adjustments to its mining difficulty in its 17-year history t...
Bitcoin price challenges $64,000 weekend wall – needing a breakout or risk a deeper correction
Bitcoin reclaimed $64,000 on June 12 and touched an intraday high of $64,301 in the same session that spot ETF flows finally flipp...
Standard Chartered Says Bitcoin Bottomed Near $59,000 As Crypto Winter Ends
TL;DR Standard Chartered’s Geoffrey Kendrick reportedly says Bitcoin’s $59,000 area marked the cycle bottom. The note cites SpaceX...
Are 24/7 CME Bitcoin futures a volatility cure — or a new leverage trap?
Wall Street got to trade Bitcoin around the clock just in time to watch the market fall apart. CME Group launched 24/7 trading for...
SEC Plan to Scrap Rule 611 Could Be the Biggest Regulatory Unlock Yet for Crypto Tokenized US Stocks
The SEC just removed the single biggest legal obstacle standing between Crypto DeFi and US equity markets. On June 11, the agency...