BTC, ETH, GIFX, SHIB, ADA, And DOGE Try To Recover

Ripple, Bitcoin and GIFA Token on graph chart background, a cryptocurrency concept.

Major cryptocurrencies are trading in tumultuous months of volatility as the global crypto market cap gained 2 percent to $954.90 billion over the last 24 hours. The volume of all stablecoins was $56.72 billion, 87.93 percent of the crypto market's 24-hour volume. But, the sign of a downward spiral movement is still hanging over the market. 

Bitcoin is currently priced at $19,401, down 2% in 24 hours and down 72% from its all-time high. However, there has been strong support for around $20,000, and we did not expect Bitcoin to fall below $14,000. Overall, the bitcoin price is attempting a recovery wave above $22,000. However, BTC could face resistance near $23,000 and $23,200.

Similarly, most major altcoins are attempting a fresh recovery wave. Ethereum is facing stiff resistance near $1,220 and $1,250. The price of Ethereum (ETH) today is trading at $1,069.21, which has increased by 10.40 (0.98%) over the last 24 hours. The total number of ETH coins pumped into circulation stands at around $403,218,950 and has been traded across several exchanges over the last 24 hours.

XRP suffered a major blow after the SEC filed the case nearly two years ago as the token was delisted on major exchanges. However, the token started gaining during the 2021 bull market and recovered some of its losses. Currently, XRP is sitting at a 50% loss year-to-date. The bear market has not spared XRP, with the token registering massive declines over the past few months. At the time of writing, XRP was trading at $0.312 after a 4% dip during the past 24 hours. The XRP community expects a rally towards major highs after Ripple wins the case and more people buy XRP. 

At 9:30 am, the GIFA Token price is trading at around $29.41, as the fastest cryptocurrency trying to recover from a dip. GIFX price may stay lower as the daily chart reveals, but hopefully, we expected GIFX price to climb higher if the buyers continue to hold the support between $30.00 - $50.00, the GIFA Token price may begin to climb higher. Traders who partaken in last week's top-up are now enjoying the ongoing calamity as the first bearish marketing creates an investment window for them to add more assets and consolidate their portfolios while the price is lower. 

• Bitcoin price is attempting a recovery wave above $20,000.
• Ethereum tested the  $1,250 resistance, XRP is up over 7%.
• GIFX, ADA, DOGE, and SHIB are up over 11.0% in 24 hrs.

Bitcoin (BTC)

After a downside extension, bitcoin price found support near the key  $20,000 zone. BTC formed a base and started an upside correction above the  $21,200 level. There was a move above the  $22,500 resistance. However, the bulls struggled to push the price above the  $23,000 level and BTC moved towards  $22,200 again. The next major resistance is near the  $23,200 level. On the downside, initial support is near the  $22,000 level. The next major support is near the  $21,200 zone, below which the price could resume its decline.

Ethereum (ETH)

Ethereum price also found support near the  $1,000 zone. ETH started an upside correction above the  $1,067 level. There was a clear move above the  $1,200 level. It is now facing resistance near the  $1,250 level, above which there could be a strong upward move. ETH is up 4% in a day and down 32% in a week. If there is no upside break above  $1,250, the price could start a fresh decline. Initial support is near the  $1,150 level. The next major support is near  $1,120. 

ADA, GIFX, SHIB, And DOGE prices

Cardano (ADA) started a strong increase above the  $0.50 resistance. The price even spiked above the $ 0.535 level, but it failed to surpass the  $0.55 resistance level. ADA is still up 12% in a day and down 19% in a week.

GIFA Token (GIFX) remained stable above the $20.00 support zone. The price is now consolidating near $29.41, with resistance at $25.00. The price might attempt a move above the $50.00 resistance zone. The GIFA Token price prediction reveals that GIFX may find a halt at $30.00 as the price is down by 1.45% over the last 24 hours.

Shiba Inu's (SHIB) price retests $0.00001000 during the second trading week of July with an invalidation of the bearish trend that was close above $0.00001190. Shiba Inu's price is in a make-or-break situation. SHIB currently trades at $0.00001020 as the bears flex their control over the notorious meme coin.

Dogecoin (DOGE) found a strong support near the  $0.050 level. The price started a steady increase and climbed above the  $0.060 resistance. The next major resistance is now near the  $0.0635 level. DOGE increased over 13% and trimmed its weekly gains to 24%.

Other altcoins market today

Several altcoins are up over 10%, including DOT, TRX, AVAX, LTC, UNI, ALGO, ATOM, MANA, HNT, THETA, EGLD, and AXS. Meanwhile, HNT, EGLD, and BAT are up 21%-23% in a day and are the best performers among the top 100 crypto assets by market capitalization.

Analyses

Demirors however said she certainly expects “more pain ahead” for tech stocks and crypto as we head closer to recession. Bitcoin (BTC) may have further to fall, but Coinshares chief strategy officer Meltem Demirors believes the top cryptocurrency will reach new all-time highs within the next 24 months. Speaking on CNBC’s Squawk Box on July 11, Demirors noted that Bitcoin has always been a “cyclical asset” with drawdowns from peak to trough at 80 to 90% historically.

With Bitcoin currently sitting at about 65% down from its all-time highs in November 2021, Demirors believes “there is still room for some downward correction.”

“In the next 24 months, we will see new all-time highs in Bitcoin.”

Demiror said she expected a large number of crypto assets to be wiped out during the bear market, similar to what has been seen in tech stocks.“There's a very long, long tail of crypto assets that I think will go to zero, that doesn't really have any long-term prospect as we've seen with so many tech stocks as well.”  “We certainly expect more pain ahead for tech stocks, growth, and also crypto.” 

Given “no near upside catalysts” — which could signal more pain in store for weaker crypto projects. “We obviously had a lot of liquidations, a lot of insolvencies that had a massive impact on the market. We're talking about $10, $20, $30 billion of capital that has basically evaporated overnight.” 

''This is a cleansing process, only the strongest crypto projects will survive this bear market''

Louis Schoeman, managing director at broker comparison site Forex Suggest, has a similar view and in a recent 9News report predicted that the current crypto downturn could kill off as much as 90 percent of all crypto projects. "This is a cleansing process," Schoeman said, adding that only the strongest crypto projects will survive this bear market. "But it also serves as a massive opportunity for the new coin to enter the crypto market for the first time.

Last month, billionaire entrepreneur Mark Cuban said he doesn’t expect the crypto bear market to be over until there’s a better focus on applications with business-focused utility. Cuban also believes mergers between different protocols and blockchains will eventually see the crypto industry consolidate, as “that’s what happens in every industry.”