All major cryptocurrencies have weakened this Wednesday after several days of winning streak. The price of Dogecoin DOGE/USD, Polkadot DOT/USD, and EOS EOS/USD is also pressured by this situation, and several billions of dollars were wiped out from the market in less than 24 hours.
“The crypto bulls have got to be relieved that Bitcoin did not drop below the bottom end of its range, but the rally has not been enough to give them any signals that it will break out to the upside any time soon,” said Miller Tabak Chief Markets Strategist Matt Maley.
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Bitcoin is trading again below the $35,000 level, but analyst Julian Emanuel from research company BTIG said that Bitcoin could jump above $50,000 by the end of the year.
On the other side, JPMorgan Chase expects more downside for the crypto market and lowered its target on Bitcoin to $23000. Investors should consider that the risk of another bigger decline is not over, and it may take a long time for prices to see any more significant recovery.
Dogecoin (DOGE) continues to trade below $0.30 resistance
Dogecoin has weakened from $0.44 to $0.16 in less than thirty days, and the current price stands around $0.25.
If the price falls below $0.20 support, it would be a firm “sell” signal, and the next target could be around $0.15. The risk of further declines is probably not over, but if the price jumps above $0.30, we have the open way to $0.35.
Polkadot (DOT) is trading currently very close to the strong support level at $15
Polkadot is currently trading very close to the strong support level at $15, and this could indicate that the price could weaken even more. If the price breaks this support level, it would be a very strong “sell” signal, and the next target could be around $13.
Polkadot remains in a bear market, and traders should use “stop-loss” and “take profit” orders when opening their positions because the risk is currently high. On the other side, if the price jumps above $20, that could be a very good opportunity for the short-term traders, and the next target could be around $25.
EOS remains under pressure
EOS has weakened from $14.86 to $3.06 since the 12th of May, and the current price stands around $4.
There are some obvious risks when it comes to buying EOS this July, and if the price falls below $3 support, it will probably reach the $2 level soon.
Summary
All major cryptocurrencies have weakened this Wednesday, and this situation also pressures the price of Dogecoin, Polkadot, and EOS. JPMorgan Chase expects more downside for the crypto market, and traders should use “stop-loss” and “take profit” orders when they are opening their positions because the risk remains high.
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