3 Safe Haven Cryptocurrencies to Start From Amid the Crypto Market Bloodbath

The cryptocurrency market has been extending its correction phase since the first week of July, Bitcoin fell below $60,000 on Thursday. The sell-off dashed hopes of major cryptocurrencies forming local lows and accelerated FUD among market participants.

Recent on-chain data has revealed that Bitcoin has experienced the second largest liquidation event in its history, surpassed only by the infamous FTX crash in November 2022. This significant market movement comes as Germany announces the sale of $3.5 billion worth of seized Bitcoin, and as the Mt. Gox exchange begins repaying its creditors, it plans to distribute $8.5 billion.

Despite the current selling pressure, the cryptocurrencies listed below are showing remarkable resilience and potential for a new reversal.

Read also: Robert Kiyosaki Predicts Biggest Crash for Bitcoin and Other Assets; Here’s Everything

1. Safe Haven Cryptocurrency – Toncoin (TON)

Toncholine (TON) is the native cryptocurrency of The Open Network (TON), originally developed by Telegram before moving to a decentralized, community-run model.

Toncoin (TON) | Tradingview

THE Price TON has emerged among the best-performing cryptocurrencies in 2024, forecasting a year-to-date (YTD) gain of 207.1%. Amid the ongoing market correction, the altcoin is holding firmly above the $6.7 support.

Today, the daily chart is showing a long-tail rejection from the combined support of $6.7 and 100D EMA, indicating that demand pressure is intact. TON price is currently trading at a market cap of $17.85 billion.

If demand pressure persists, Toncoin price could recover and challenge the $8.2 high, extending the bullish phase.

2. Trunk

TRON (The TRX) is a blockchain-based platform designed to host a global digital entertainment system, featuring free content and decentralized applications.

TRON | Trading View

An analysis of the daily chart shows the TRON Price riding a steady uptrend since November 2022. A dynamic support trend line has provided buyers with adequate accumulation during market dips, keeping the buy sentiment on the downside among buyers.

On June 18, TRON witnessed its latest reversal from the ascending trend line, increasing its price by 12.56% and settling at $0.12. As a result, the market cap rose to $11.07.

If the supply pressure in the market persists, TRX price could drop by 6% to revisit the rising trend line. As long as this support is not intact, TRON coin will maintain its uptrend.

Read also: Justin Sun Faces $66M Loss as Ethereum Sees 10% Drop, Here’s Why

3) DISGUSTING

To beat is a meme coin based on the Solana blockchain, billed as a community-driven “dog coin for the people, by the people.”

BONK | Trading View

In the context of the recent market correction, the BONK Price dropped from $0.000045 to $0.000018, recording a loss of 59%. The price decline stopped at an ascending trend line that has supported BONK’s bullish trajectory over the past five months.

Defying the market correction, BONK price bounced off an ascending trend line with an 11% jump to trade at $0.000023 while the market cap jumped to $1.57 billion. If the support holds, the altcoin could bounce higher and breach the upper trend line of $0.000027, followed by $0.000035.

Key takeaway

Selling pressure in the cryptocurrency market intensifies as Bitcoin price plunges below $60,000, driven by Mt. Gox and German government liquidations. This downtrend has spread to the altcoin market, with several assets falling to their lowest monthly or yearly support levels. Despite the overall bearish momentum, some cryptocurrencies have shown considerable resilience, holding their positions against the prevailing selling pressure.

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Frequently Asked Questions (FAQ)

A Fibonacci retracement is a technical analysis tool that uses horizontal lines to indicate areas of support or resistance at key Fibonacci levels before the price continues in the original direction.

The Fear and Greed Index measures the emotions and feelings of investors in the cryptocurrency market on a scale from 0 (extreme fear) to 100 (extreme greed).

An exponential moving average (EMA) is a type of moving average that gives more weight to recent prices, making it more responsive to new information. It is used in trading to identify trends and potential buy or sell signals.

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