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Buy the dip, or wait for max pain? Analysts debate whether Bitcoin price has bottomed

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Buy the dip, or wait for max pain? Analysts debate whether Bitcoin price has bottomed

It has been a rough week for the cryptocurrency market, primarily because of the Terra ecosystem collapse and its knock-on effect on Bitcoin (BTC), Ethereum (ETH) and altcoin prices, plus the panic selling that took place after stablecoins lost their peg to the U.S. dollar.

The bearish headwinds for the crypto market have been building since late 2021 as the U.S. dollar gained strength and the United States Federal Reserve hinted that it would raise interest rates throughout the year.

DXY index performance. Source: Delphi Digital
BTC/USD vs. DXY Index (inverted) and a rolling 60-day correlation. Source: Delphi Digital
BTC/USD vs. 200-week EMA vs. 14-week RSI. Source: Delphi Digital
Bitcoin fund inflows relative to price trend. Source: Twitter (NYSE:TWTR)

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Cryptocurrency

Cardano Falls 10% In Selloff

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Cardano Falls 10% In Selloff

Investing.com – Cardano was trading at $0.4936 by 10:11 (14:11 GMT) on the Investing.com Index on Tuesday, down 10.03% on the day. It was the largest one-day percentage loss since May 18.

The move downwards pushed Cardano’s market cap down to $16.8226B, or 1.36% of the total cryptocurrency market cap. At its highest, Cardano’s market cap was $94.8001B.

Cardano had traded in a range of $0.4936 to $0.5232 in the previous twenty-four hours.

Over the past seven days, Cardano has seen a drop in value, as it lost 15.6%. The volume of Cardano traded in the twenty-four hours to time of writing was $741.1072M or 0.95% of the total volume of all cryptocurrencies. It has traded in a range of $0.4919 to $0.5859 in the past 7 days.

At its current price, Cardano is still down 84.07% from its all-time high of $3.10 set on September 2, 2021.

Elsewhere in cryptocurrency trading

Bitcoin was last at $28,710.0 on the Investing.com Index, down 5.31% on the day.

Ethereum was trading at $1,914.48 on the Investing.com Index, a loss of 6.97%.

Bitcoin’s market cap was last at $549.9791B or 44.49% of the total cryptocurrency market cap, while Ethereum’s market cap totaled $233.3560B or 18.88% of the total cryptocurrency market value.

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Cryptocurrency

Avalanche nears key breakdown level that could sink AVAX price by another 65%

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Avalanche nears key breakdown level that could sink AVAX price by another 65%

Avalanche (AVAX) gained 0.5% to reach over $31 on May 23 but AVAX price remains trapped inside a trading range that appears like a “bear pennant” structure.

Bear pennants are bearish continuation patterns, i.e., they resolve after the price breaks out of them to the downside and then—as a rule of technical analysis—falls by as much as the height of the previous downtrend, also called “flagpole.”

AVAX/USD daily price chart featuring ‘bear pennant’ breakdown setup. Source: TradingView
AVAX/USD daily price chart featuring volume profile. Source: TradingView
AVAX/USD weekly price chart featuring Fib support and resistance levels. Source: TradingView
AVAX/USD daily price chart showing bullish divergence. Source: Scott Melker/TradingView

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Crypto Users Have Many Questions About Upcoming Cardano Hard Fork

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Crypto Users Have Many Questions About Upcoming Cardano Hard Fork

  • The Cardano Vasil Hard Fork will be the next upgrade on the Cardano Roadmap.
  • It does seem that some Cardano users might be a bit hesitant about the event and seem to have many questions about the effect of the event.
  • Many people in the crypto space have made their own price predictions for Cardano.

The Cardano Vasil Hard Fork will be the next upgrade on the Cardano Roadmap as it attempts to make the blockchain more robust and scalable. Cardano’s creator, Charles Hoskinson, revealed that the Cardano Vasil Hard Fork will go live on June 29, 2022.

However, it does seem that some Cardano users might be a bit hesitant about the event and seem to have many questions about the effect the event might have on their holdings. A Twitter (NYSE:TWTR) user that goes by the name of “ADA Whale” responded to the doubt in the community.

The user stated in a Tweet on May 24: “Key point: Hard fork is a scary term literally everywhere else. But not in Cardano. If you aren’t especially aware you may not even notice it.”

For clarification, Hard Forks breaks a single cryptocurrency into 2 …

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