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Buy Alert: Technical analysis shows crypto slaughter almost over

Buy Alert: Technical analysis shows crypto slaughter almost over

June has been a bloody month for the crypto markets with many of the most prominent cryptocurrencies experiencing severe downtrends.

Bitcoin (BTC) took much attention in the last week of trading as it rapidly fell from its relatively steady levels near $66,000 to about $60,000 amidst fears that the German government or Mt. Gox might soon collapse the price further with their announced and anticipated actions.

Likewise, Solana (SOL), the token of one of the most active blockchains in the sector, sparked rumors, with some claiming a huge case against the token will soon be revealed as it collapsed from around $180 to under $130.

Bitcoin and altcoins flash buy signals almost simultaneously

Technical analysis (TA) conducted in the small hours of June 25 and posted on X by the crypto expert Ali Martinez, however, shows that the slaughter may be near its end. 

Indeed, TD Sequential, a well-regarded TA tool, flashed buy signals for a string of cryptocurrencies, including Bitcoin, Solana, Cardano (ADA), and Shiba Inu (SHIB).

This particular tool analyzes an asset’s past performance to determine whether a reversal is imminent and to identify when such a reversal might occur.

Though SHIB and ADA did not suffer as steep a decline in the last 7 days of trading as Bitcoin and Solana, both cryptocurrencies are substantially down in the last 30 days. 

Shiba Inu fell 31% from $0.00002461 to its press time price of $0.00001714, while Cardano dropped 15.91% in the time frame from $0.4603 to $0.3891.

Is the rally confirmed?

Additionally, the rally is already visible in the 24-hour charts for three out of the four cryptocurrencies – all except Bitcoin – and the altcoins have significantly risen over the course of the day’s trading.

For its part, BTC escaped a more dire price collapse, at least for the time being, as it bounced up just as it was approaching $59,000.

BTC 24-hour price chart. Source: Finbold

Despite this, the coin’s 24-hour chart is still decidedly red and, given that Bitcoin price today stands at $60,627, its expected rally is far from confirmed.

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