Market Overview
- Bitcoin continues its decline amid widespread risk-off sentiment following Israel's confirmed strike on Iranian nuclear facilities.
- FARTCOIN, ENA, and LDO experience double-digit crashes, reflecting heightened market caution.
- Technical analysis suggests deeper correction risks if Bitcoin breaks below $100,000 support.
The cryptocurrency market faced intense profit-taking pressure after geopolitical tensions escalated. Bitcoin (BTC) fell nearly 2% during Friday's trading session, dragging major altcoins like Ethereum (ETH), Solana (SOL), and Dogecoin (DOGE) down by approximately 10% over 24 hours. XRP recorded a 6% decline during the same period.
Key Altcoins Under Pressure
- Fartcoin (FARTCOIN): Crashed 20% after failing to sustain above $1.53 resistance.
- Ethena (ENA): Down 20% from Wednesday's high, now testing $0.28 support.
- Lido DAO (LDO): Fell sharply after rejection at $1 psychological resistance.
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Bitcoin Technical Analysis
- Current Price: $102,664 (testing 50-day EMA at $104,458)
- Critical Support: $102,000–$100,372 (30-day low)
- MACD: Shows failed bullish crossover with recovering bearish histogram
- RSI: At 45, indicating weakening momentum
A daily close below $104,458 could accelerate declines toward $100,000. Conversely, holding above 50-day EMA may enable consolidation before potential rebound to ATH $111,980.
Altcoin Deep Dive
FARTCOIN Price Action
- Support Levels: $1.00 (psychological), $0.92 (May 7 low)
- Resistance: $1.36 (breakout point)
- RSI: 45 and declining
- Outlook: Bearish below 50-day EMA ($1.13)
ENA Market Behavior
- Key Support: $0.28 (weekly low), $0.25 (30-day low)
- MACD: Bearish crossover confirmed
- Potential Reversal: Needs break above $0.30
LDO Technical Outlook
- Critical Juncture: Retesting broken trendline
- Support: $0.74 (May 6 low)
- Recovery Signal: Clear break above $1 required
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FAQ Section
Q: Why did Bitcoin suddenly drop?
A: Geopolitical tensions and profit-taking triggered the selloff after Israel's strike on Iran.
Q: Will altcoins recover soon?
A: Recovery depends on Bitcoin stabilizing above $100K and market sentiment improving.
Q: Is this a good time to buy the dip?
A: Caution advised until clear support levels hold. Monitor RSI and MACD for reversal signals.
Q: How low can ENA go?
A: Next major support at $0.25 if $0.28 fails to hold.
Q: What's FARTCOIN's resistance?
A: $1.36 serves as key breakout level for potential rebound.
Note: All price data reflects market conditions at time of analysis. Always conduct independent research before trading.