3 Safe-Haven Cryptocurrencies Amid Crypto Market Bloodbath

The cryptocurrency market has extended its correction phase since the first week of July, Bitcoin fell below $60,000 on Thursday. The sell-off dashed hopes that major cryptocurrencies would form local bottoms and accelerated FUD among market participants.

Recent on-chain data has revealed that Bitcoin has experienced the second-largest liquidation event in its history, surpassed only by the infamous FTX collapse in November 2022. This significant market movement occurs as Germany announces the sale of $3.5 billion in seized Bitcoin, and as defunct exchange Mt. Gox begins repaying its creditors, with plans to distribute $8.5 billion.

Despite the current selling pressure, the cryptocurrencies below show remarkable resilience and potential for further reversal.

Read too: Robert Kiyosaki Predicts Major Crash of Bitcoin and Other Assets; Here’s Everything

1. Safe Haven Cryptocurrencies – Toncoin (TON)

Ton Coin (TON) is the native cryptocurrency of The Open Network (TON), originally developed by Telegram before transitioning to a decentralized, community-managed model.

Toncoin (TON) | Trading Insight

O TON Price has emerged among the best-performing cryptocurrencies in 2024, projecting a 207.1% year-to-date (YTD) gain. Amid the current market correction, the altcoin is holding firmly above the $6.7 support.

Today, the daily chart shows a long-tail rejection from the combined support of $6.7 and the 100D EMA, indicating that demand pressure is intact. TON price is currently trading at a market cap of $17.85 billion.

If demand pressure persists, Toncoin price could rebound and challenge the $8.2 peak to extend the bull run.

2. TRON

TRON (TRX) is a blockchain-based platform designed to host a global digital entertainment system, featuring free content and decentralized applications.

TRON | Trading Insight

An analysis of the daily chart shows the TRON Price exhibiting a steady uptrend since November 2022. A dynamic support trendline has provided buyers with adequate accumulation during market dips, maintaining buy-the-dip sentiment among buyers.

On June 18, TRON witnessed its latest reversal from the ascending trendline, pushing the price up by 12.56% to trade at $0.12. Consecutively, the market cap rose to $11.07.

If the market supply pressure persists, the price of TRX could drop by 6% to revisit the ascending trendline. Until this support is intact, the TRON coin will maintain its uptrend.

Read too: Justin Sun Faces $66 Million Loss as Ethereum Sees 10% Drop, Here’s Why

3) BONK

To knock is a meme coin built on the Solana blockchain, branded as a “dog coin for the people, by the people”, community driven.

BONK | Trading Insight

Amid the recent market correction, the BONK Price dropped from $0.000045 to $0.000018, recording a loss of 59%. The price decline stopped at an ascending trendline that has been supporting BONK’s upward trajectory for the past five months.

Defying the market correction, BONK price rebounded from an ascending trendline with an 11% bounce to trade at $0.000023, while the market cap jumped to $1.57 billion. If the support holds, the altcoin could rally higher and break the trendline at $0.000027, followed by $0.000035.

Main conclusion

Selling pressure in the crypto market intensifies as Bitcoin’s price drops below $60,000, fueled by liquidations from Mt. Gox and the German government. This downward trend has spilled over into the altcoin market, with several assets falling to their lowest monthly or yearly support levels. Despite the overall bearish momentum, some cryptocurrencies have demonstrated notable resilience, holding their ground against the prevailing selling pressures.

Related articles

Frequently Asked Questions (FAQs)

A Fibonacci retracement is a technical analysis tool that uses horizontal lines to indicate areas of support or resistance at key Fibonacci levels before price continues in the original direction.

The Fear and Greed Index measures investors’ emotions and sentiments in the cryptocurrency market on a scale from 0 (extreme fear) to 100 (extreme greed).

An Exponential Moving Average (EMA) is a type of moving average that gives more weight to recent prices, making it more responsive to new information. It is used in trading to identify trends and potential buy or sell signals.

Source