- Selling pressure on Bitcoin and Ethereum increased.
- SOL and DOGE also witnessed price drops of more than 4% in the last 24 hours.
After quite a few days of promising gains, the crypto market witnessed major corrections as several top coins plummeted.
Therefore, AMBCrypto planned to change the status of top cryptos such as Bitcoin [BTC], Ethereum [ETH], Solana [SOL], And Dogecoin [DOGE] to find out what the upcoming crypto week could look like.
Bitcoin’s week ahead
First, AMBCrypto examined the performance of the king of cryptos. According to CoinMarketCap, after a comfortable rise, BTC witnessed a correction in the past 24 hours, with its value plummeting by more than 5%.
At the time of writing, it was trading at $59,451.39 with a market cap of over $1.18 trillion.
One possible reason for this recent downturn could be an increase in selling pressure.
Our look at CryptoQuant’s facts revealed that Bitcoin’s net deposits on exchanges were high compared to the average of the past seven days, indicating that investors were selling BTC. In the meantime, the aSORP turned green.
This indicated that more investors were selling at a loss.
In the middle of a bear market, this could indicate a market bottom.
Source: CryptoQuant
Therefore, AMBCrypto checked BTC’s daily chart to see if the situation could turn bullish again. According to our analysis, the Chaikin Money Flow (CMF) remained bearish.
However, the Money Flow Index (MFI) gave hope of a trend reversal as it recorded a slight rebound. This allows BTC to retest $61.6k this week.
Source: TradingView
Altcoins: assessment of the upcoming crypto week
Next, AMBCrypto planned to assess the state of the top altcoins, starting with Ethereum. ETH’s last 24 hours have been worse than BTC’s, as the token’s price fell by more than 7%.
At the time of writing, ETH was trading at $2,543 with a market cap of over $306 billion. Similar to BTC, ETH’s net deposits on the exchanges were also high compared to the average of the past seven days, indicating increasing selling pressure.
If selling pressure pushes ETH further down, the token could fall to $2.28k this week. The likelihood of this happening seemed likely as both the CMF and MFI recorded a downward trend.
However, if the bulls manage to stage a comeback, ETH could target $2.8k first.
Source: TradingView
Solana bears also dominated the market in the past 24 hours as the token’s value fell by more than 4%. At the time of writing, it was trading at $146.99 with a market cap of over $68 billion.
Our analysis of Hyblock Capital’s data showed that if the bearish rice trend continues, investors could see the SOL fall to $140.
Source: Hyblock Capital
Read Solanas [SOL] Price prediction 2024–2025
Last but not least, AMBCrypto checked how DOGE, the world’s largest memecoin, was doing. It is no surprise that DOGE also witnessed a 4% decline in the past day.
At the time of writing, it had a value of $0.1009. According to our analysis, a continued price decline could push DOGE towards $0.09. However, if the bulls step up their game, Dogecoin could reach $0.11 this week.
Source: Hyblock Capital
