Last week’s losses are still deep in crypto investors. Bitcoin is still down almost 11% on a 7-day average and Ethereum is also trading at $1,670, more than 9% lower than a week ago. Although there has already been a recovery from the low at $1,550, the all-clear signal cannot yet be given. Will a correction to $1,000 follow before the second largest cryptocurrency by market cap bounces back?
Missed PEPE? Get in now and buy $SONIK in the presale.
Not so long ago, the market capitalization of all cryptocurrencies was around $1.3 trillion. That figure is now $1.05 trillion. To clarify, $250 billion has since been withdrawn from the crypto market. A significant portion of the funds that were withdrawn went to Ethereum.
The market capitalization of the second largest cryptocurrency was more than $250 billion in April, while ETH is now valued at just $200 billion. Decreasing trend in the last few weeks. If you use the low in December last year and the high in April as reference values, ETH is currently in the middle.
About $50 billion below the high, about $50 billion above the low. All in all, still an acceptable performance. What is worrying is that the direction has reversed in the past few weeks and the uptrend has ended for now.
Get in now in time and secure $SONIK in the presale.
Not only was the trend line broken on Friday, but the EMA for the last 200 days (EMA200) was breached and at the moment it doesn’t look like this important indicator will be reached again anytime soon. On the contrary, this could now prove to be a resistance that will be difficult to break through again.
Due to the current price, which is far below the EMA50 and EMA100 lines, the direction of these two lines has also changed quickly and is pointing down. In the meantime, there has also been a death cross, which can be seen as another bearish signal. All in all, the long-term developments for Ethereum are correct, but investors should be prepared for a further correction in the short to medium term.
Price explosion ahead? Get in now and secure $SONIK in the presale.
It is questionable whether the second-largest cryptocurrency by market capitalization will actually correct itself to $1,000. After all, even at the low in December last year, at the end of the crypto winter, a price of $1,200 was still possible. However, the next important support levels are at $1,500 and then around $1,420, and a correction to this area is quite conceivable.
Diversify to hedge
Although the last week has shown that a battered Bitcoin can quickly tear down the entire market, some coins naturally always suffer more than others. In addition to numerous losers, there are again a handful of winners this week, which is why it can always be a good idea to diversify your crypto portfolio accordingly in order to better reflect the broader market.
Even in the top 100 largest cryptocurrencies by market cap, there have been a few winners over the past week. Looking even further down the line, there have also been numerous coins that have multiplied in value despite the poor conditions. The Sonik Coin is also currently giving the impression that it could soon experience a price explosion despite the difficult market environment.
Here you go directly to the Sonik Coin website.
Sonik Coin defies the bearish developments
Whenever there is not much to be gained from the top coins, speculation in smaller cryptocurrencies increases. A non-negligible part of crypto investors is used to high volatility and hopes for large price jumps within a very short time. Since the success of PEPE, meme coins in particular have offered this again. Here, overnight returns of 1,000% and more are not uncommon if the conditions are right.
With $SONIK, a meme coin is coming onto the market, and everything currently indicates that it will be the next token that is about to explode. Almost 300,000 dollars were sold in the presale within a very short time, so it should only be a matter of a few days until the hard cap of around 2 million dollars is reached.
There are many reasons for the success of $SONIK. On the one hand, the meme coin is based on SEGA’s popular “Sonic the Hedgehog”, even if the project is not related to Sonic. On the other hand, $SONIK comes with a staking function, which clearly distinguishes the meme coin from the competition.
Here you go directly to the $SONIK website.
Not only the fact that hodlers are rewarded with additional tokens when staking makes the Sonik Coin a popular alternative in the current difficult market environment. The low market capitalization at launch and the high liquidity are also ideal conditions for the next x10 – x30 coin.
Numerous Youtubers, who have already set high price targets for $SONIK and are convinced that there can be a sharp increase shortly after the listing on the crypto exchanges, also see it that way.
Buy $SONIK in the presale for a limited time.
About the author: Manuel Lippitz has been an entrepreneur and investor for several years. After founding a number of successful companies, investing in a wide variety of assets became increasingly important to him. On his real estate blog he writes about life as a landlord and with the commissioning of his first own mining stations in 2020, he increasingly focused on cryptocurrencies & NFTs and the opportunities that come with them.
Note: Investing is speculative. When investing, your capital is at risk. This website is not intended for use in any jurisdiction where the trading or investment described is prohibited and should be used only by persons and in ways permitted by law. Your investment may not be eligible for investor protection in your country or country of residence. So do your own due diligence. This website is available to you free of charge, however we may receive commissions from the businesses that we feature on this website.