In June 2024, the crypto market has seen a significant correction, with leading digital assets like Bitcoin plunging from $71,000 to $64,000. This decline has influenced a broader downward trend across major cryptocurrencies, creating potential opportunities for investors to ‘buy the dip’. The significant outflow in spot BTC ETFs bolsters the current market selling. Recent
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In June 2024, the crypto market has seen a significant correction, with leading digital assets like Bitcoin plunging from $71,000 to $64,000. This decline has influenced a broader downward trend across major cryptocurrencies, creating potential opportunities for investors to ‘buy the dip’.
The significant outflow in spot BTC ETFs bolsters the current market selling. Recent data from SpotOnChain, a leading on-chain data tracker, underscores a continued trend of net outflows from Bitcoin ETFs, signaling a cautious stance among investors amid volatile market conditions. As of June 21, 2024, Bitcoin ETFs experienced a significant net outflow of $106 million, contributing to a weekly total outflow of $545 million.
$BTC #ETF Net Inflow June 21, 2024: -$106M!
• The net inflow has been negative for the entire trading week (total outflow: $545M).
• #Grayscale (GBTC) experienced an outflow of $34.2M while #BlackRock (IBIT) had a net flow of $0 yesterday.
• The cumulative total net… pic.twitter.com/gbtaF34rJw
— Spot On Chain (@spotonchain) June 22, 2024
The net outflows extend over the entire trading week, accentuating a bearish sentiment prevailing in the cryptocurrency markets.
Also Read: Crypto Prices Today June 22: Bitcoin Remains Bearish at $64K, PEPE & AI Coins Soar
Cryptocurrencies To Buy The Dip- Fetch.ai (FET)
Fetch.ai (FET) is an innovative project that combines blockchain technology with artificial intelligence (AI) to create a decentralized digital economy. It aims to enable autonomous “agents” to perform tasks, optimize systems, and facilitate efficient data exchange in a trustless environment.
Connected to the burgeoning field of artificial intelligence, Fetch.ai (FET) is poised for significant growth. Despite a recent market downturn that saw its price drop from $3.84 to $1.1—a 68% decrease—the coin’s trajectory within two parallel trendlines suggests the formation of a bullish flag pattern.
Recently, FET rebounded off the lower trendline, climbing 37% to reach $1.5, while its market capitalization increased to $1.287 billion.
A potential breakout from the pattern’s overhead trendline will signal a change in market sentiment. If the pattern holds true, the FET price will lead to an extended rally to $40.
Also Read: Could Japan’s Banking Crisis Trigger Another Bitcoin Rally? Arthur Hayes Think So
2) AAVE
Aave is a decentralized finance protocol that enables users to lend and borrow cryptocurrencies without going through a traditional financial intermediary. In mid-March, this altcoin entered a fresh correction and plunged in price from $145.8 to $79, registering a fall of 45%.
As per the data from coinmarketcap, AAVE coin shows a market cap of $1.189, while the 24-hour trading volume is at $85.8 Million.
An analysis of the daily chart shows this correction is part of a 27-month sideways trend governed by a symmetrical triangle pattern. Under the influence of this pattern, the AAVE price is poised to prolong sideways before it gives a decisive breakout.
Aave has solidified its position as a frontrunner in the decentralized finance (DeFi) sector, holding more than 60% market share in on-chain lending. Earlier this week Satoshi Clubs shared that over $13 billion has been borrowed through on-chain lending protocols, with Aave leading the charge.
More than $13B have been borrowed via on-chain lending protocols.#AAVE is the industry leader with more than 60% market share
pic.twitter.com/ttAe92INHF
— Satoshi Club (@esatoshiclub) June 18, 2024
Thus, a potential breakout from the triangle will signal a major trend reversal and chase the initial target of $660.
3) Notcoin (NOT)
Notcoin (NOT) is a token that initially gained traction through a viral Telegram game, effectively introducing many users to web3 through its “tap-to-earn” mining mechanic. Along with the growth of Toncoin, the NOT price has showcased an aggressive rally in late May.
However, with the recent market correction, the NOT price plunged from $0.029 to $0.0114 registering a loss of 50%. The Notcoin currently holds a market cap of $1.5 Billion, scouring its position as the 56th largest crypto asset.
The current downward trend in NOT price is being guided by a descending trendline, maintaining a sell-on-rallies sentiment. For buyers to take control, a breakout above this overhead resistance is essential.
A successful breakout will signal the uptrend continuation and bolster buyers to surpass the $0.1 mark in the near term.
Key Takeaway
As Bitcoin continues its correction trend into June, retail investors are feeling a sense of panic. However, it’s important to note that Bitcoin is only 12% below its all-time high of $73,750. Historical patterns suggest that a correction of 20-30% is common before an uptrend resumes. This scenario presents an opportunity for sidelined buyers to ‘buy the dip’ in cryptocurrencies, positioning themselves advantageously ahead of a potential major market reversal.
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