The crypto market witnessed selling pressure on Monday as Bitcoin dropped below $60,000, with major altcoins like Ethereum and Binance Coin also experiencing declines. Digital asset investment products saw a second consecutive week of outflows, with a total reduction of $1.2 billion in assets under management. Ethereum faced significant outflows, while Solana, Litecoin, and Polygon saw inflows.
Solana, a high-performance blockchain platform, is currently seeking support at a lower trendline after trading sideways for the past three months. The potential rebound could lead to a 32% gain if the price breaks out beyond the triangle range. Pepe Coin, a meme-inspired cryptocurrency, is in correction mode under a bull flag pattern, hinting at a potential rally if there is a breakout from the overhead trendline. Dogwifhat Coin, another meme-based cryptocurrency, is in the oversold region, pointing to a potential reversal as the RSI indicator shows renewed demand pressure.
The broader market sentiment remains bearish, with BTC and altcoins experiencing selling pressure. However, with a bullish trend overall, investors can look for dip opportunities in Solana, Pepe Coin, and Dogwifhat Coin. It is essential to conduct thorough research and analysis before investing in cryptocurrencies to mitigate risk and make informed decisions. Stay updated on market trends and be prepared to act swiftly in response to changing market conditions for a successful trading experience.
