Authored by Nan Zhi, Odaily Planet Daily
On June 7th, BTC started a downward trend after nearly reaching $72,000, falling only $3 short. There was a brief rebound on June 12th, rising from $66,000 to $70,000 before continuing the downward trajectory.
During a significant market decline, it is often possible to determine which tokens have the most “buying the dip” value or are the strongest, based on their resistance to decline and quickest rebounds. Odaily Planet Daily divided the market trends of the past ten days into the first decline on June 7th, the second decline on June 11th, the first rebound on June 12th, and the overall market trends of the past ten days. Analysis and consolidation of data on 252 tokens on the Binance spot trading platform (excluding stablecoins and gold synthetic tokens) were conducted regarding these two aspects, leading to the following conclusions:
June 7th – First Decline
Prior to June 7th, while BTC was rising alone, most tokens had already started to decline at different times. Therefore, the analysis begins at 8:00 on June 8th, 20 hours after BTC’s significant decline. Tokens related to “Sun Yuchen” held several positions among those most resistant to decline, with other tokens such as HIGH, BTC, and ETH performing relatively well during this period. Many well-known tokens appeared on the list of biggest decliners, but their potential for rebound is yet to be seen.
June 11th – Second Decline
After three days of consolidation, Bitcoin led another round of decline for all tokens. The data was gathered from 0:00 on June 11th to 0:00 on June 12th. “Sun Yuchen” related tokens continued to dominate the list of least affected by the decline, while HIGH, which had the smallest decline in the first round, topped the list of biggest decliners. Additionally, all tokens on the list of biggest decliners showed changes, indicating that at least 20 tokens had become weak performers.
June 12th – First Rebound
Following the second day of decline, Bitcoin initiated a rebound in the market, with data collected from 0:00 on June 12th to 0:00 on June 13th. LPT proved itself through the rebound, with NOT and UNI also appearing on both the biggest decliners and quickest rebounders list. On the other hand, HIGH, PEOPLE, and OM continued their weak performance, with the biggest declines and minimal rebounds.
Ten-Day Market Summary
Based on the lowest price in the past ten days calculated from 8:00 on June 7th, the maximum decline was determined. The rebound rate was calculated based on the lowest price and the closing price at 14:00 today. The data is as follows. HIGH emerged as the weakest token in this round, with AEVO, CKB, and SATS consistently appearing on the list of biggest decliners. NOT, CRV, and UNI showed resilience, but there were no visible continuously strong tokens aside from BTC.
