Cryptocurrencies Price Prediction: Dogecoin, Bitcoin & Crypto – European Wrap 6 May

Major meme coins Dogecoin, Shiba Inu slide as Turbo surges 250% in a month 

Cryptocurrency prices are broadly stagnating on Tuesday, ahead of the Federal Reserve (Fed) meeting on the decision on interest rates on Wednesday. Leading meme coins Dogecoin (DOGE) and Shiba Inu (SHIB) face sticky overhead pressure, making recovery elusive, while downside risks emerge. However, Turbo, a relatively smaller meme token, outperformed major assets, increasing over 12% on the day to trade at $0.006 at the time of writing.

Bitcoin Price Forecast: BTC bulls show signs of exhaustion as holders realize profits, and dormant wallets are moving

Bitcoin (BTC) price is hovering around $94,000 at the time of writing on Tuesday after failing to close above the key resistance level of $97,700 last week. On-chain data shows that BTC holders are realizing profits. Additionally, BTC’s dormant wallets are moving, and if tokens are sent to exchanges, the selling pressure could increase. 

Crypto hovering at altitude

The cryptocurrency market is losing about 1%, charting a downward trend after soaring in the second half of April and plateauing at the very end of the month. With a market capitalisation of $2.94 trillion, the cryptocurrency market is just over 1% below the levels of a week ago. Among the top coins over the past seven days, anonymous Monero and zCash remain in the lead, remaining in positive territory after surging due to a hacker theft last week, which reminds us of the advantages of this type of coin.