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BRC-20 Tokens to Drop 25% as Bitcoin Price Fails to Reach $55K Milestone?
With the Bitcoin (BTC) Price Failing to sustain its value above the $55,000 mark, the cryptocurrency market has seen a correction of around 8% in valuation over the past 24 hours. Additionally, major coins have all plunged below their respective crucial support levels.
Following their footsteps, BRC-20 tokens have seen a similar performance wiping significant valuation from their respective portfolios. Major BRC-20 tokens such as ORDI and SATS have both seen a loss of 17.38% and 26.71% over the past day.
Concerned about the future prospects of these altcoins? Dive in, because in this article we have covered the market sentiment and price analysis of Ordi (ORDI), Bitcoin SV (BSV), and 1000SATS (SATS) and their potential targets for July.
Orders (ORDERS):
With the current correction in the cryptocurrency market, Order Price has seen a correction of over 17% in valuation with a 24-hour trading volume of $278.177 million, a change of +92.42%. Furthermore, the altcoin has plummeted by 64.60% this year, highlighting a long-term bearish sentiment.
TradingView: ORDI/USDT
The technical indicator, MACD, shows a rising red histogram, which indicates an increase in selling-buying pressure in the cryptocurrency space. In addition, the averages show an increasing bearish sentiment, suggesting that the price will continue this week.
If the market holds the ORDI coin price above its crucial support level of $28.25, bulls will regain momentum and prepare to test its upper resistance level of $50.75 in the near future. On the contrary, if bears continue to dominate, ORDI price will test its low of $17.80.
SAT (1000SAT):
Following the lead of the category leader, the second largest BRC-20 token by market cap, SATS price has plunged over 27% in the past day and 62.82% in the past month. Additionally, 1000SATS price has erased 84.76% this year, indicating strong bearish sentiment.
TradingView: SATS/USDT
The MACD has been recording a steady flat line in its histogram, highlighting the weak price action for the altcoin in the market. Furthermore, the averages are trending neutral, suggesting uncertainty in the future price action.
Moreover, the SMA indicator is consistently acting as a resistance on the SATS price chart in the 1D time frame, suggesting bearish sentiment for the altcoin in the cryptocurrency space.