The post BRC-20 Tokens To Drop 25% As Bitcoin Price Fails To Hold $55k Mark? appeared first on Coinpedia Fintech News
With the Bitcoin (BTC) price failing to hold its value above the $55,000 mark, the cryptocurrency market has recorded a correction of approximately 8% in valuation within the past 24 hours. Further, top tokens have all plunged below their respective crucial support levels.
Following in their footsteps, the BRC-20 tokens have recorded a similar trend by erasing significant valuation from their respective portfolios. Top BRC-20 tokens such as ORDI and SATS have each recorded a loss of 17.38% and 26.71% over the past day.
Concerned about the future prospects of these altcoins? Dive in as, in this article, we have covered the market sentiments and price analysis of Ordi (ORDI), Bitcoin SV (BSV), and 1000SATS (SATS) and their potential targets for July.
Ordi (ORDI):
With the ongoing crypto market correction, the Ordi price has recorded a correction of over 17% in valuation with a 24-hour trading volume of $278.177 Million, a change of +92.42%. Moreover, the altcoin has plunged 64.60% this year, highlighting a long-term bearish sentiment.
TradingView: ORDI/USDT
The technical indicator, MACD, displays a rising red histogram, indicating an increase in the selling-over-buying pressure in the crypto space. Furthermore, the averages show increased bearish sentiment, suggesting the price will continue this week.
If the market holds the ORDI coin price above its crucial support level of $28.25, the bulls will regain momentum and prepare to test its upper resistance level of $50.75 in the coming time. Conversely, if the bears continue to dominate, the ORDI price will test its low of $17.80.
SATS (1000SATS):
Following in the footsteps of the category leader, the second-largest BRC-20 token by market cap, the SATS price has plunged over 27% within the past day and 62.82% over the past month. Further, the 1000SATS price has erased 84.76% this year, indicating a strong bearish sentiment.
TradingView: SATS/USDT
The MACD has recorded a constant flatline in its histogram, highlighting a weak price action for the altcoin in the market. Furthermore, the averages display a neutral trend, suggesting uncertainty in future price action.
Moreover, the SMA indicator constantly acts as a resistance to the SATS price chart in the 1D time frame, suggesting a bearish sentiment for the altcoin in the cryptocurrency space.