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Cryptocurrency Market Trends as Bullish Start Turns Bearish

Picture Source: BeInCrypto

July saw a promising start for the cryptocurrency market, but the second half of the month took a bearish turn. This was particularly evident in the total market capitalization, which decreased significantly after reaching its yearly high on July 13. While some investors hold hopes for a bullish reversal in August, several cryptocurrencies have a negative outlook, indicating potential further declines. Let’s delve into four bearish cryptos that may face challenging times ahead:

Cardano (ADA): Potential Accelerated Fall Due to Lost Support

Cardano’s price surge from its yearly low of $0.22 on June 10 to a high of $0.38 on July 14 marked a notable 72% upward movement. However, the bullish trend did not last long as the crypto faced rejection from the $0.36 resistance area, leading to a breakdown from the ascending support line on August 1.

BNB Price Risks Channel Breakdown

Binance Coin experienced a decline from its yearly high of $350 on April 16 to a low of $220 on June 12, representing a 37% decrease. Currently trading within an ascending parallel channel, the crypto faces a bearish pattern. The price’s proximity to the lower portion of the channel and the $230 support area raises the risk of a breakdown.

Theta Token (THETA) Price Rejected by Long-Term Resistance

THETA’s price has been following a descending resistance line since its all-time high of $15.88 in April 2021. This long-standing line has contributed to a significant 95% price decrease. The recent rejection near the $0.60 horizontal support area raises concerns about a potential breakdown.

Curve DAO (CRV) Concludes Bearish Cryptos

Curve DAO’s price had been supported by an ascending trendline since November 2022, leading to several bounces. However, a recent breakdown from this support resulted in a new yearly low of $0.48. The crypto’s future trend remains uncertain as it attempts to reclaim the support line.

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Conclusion

Despite a bullish start, the cryptocurrency market witnessed a bearish turn in July, impacting the total market capitalization. For some cryptocurrencies, such as Cardano (ADA), Binance Coin (BNB), Theta Token (THETA), and Curve DAO (CRV), the future outlook seems bearish, indicating potential challenges ahead. Investors should exercise caution and conduct thorough research before making any investment decisions, as the market remains unpredictable.

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