Those who follow the predictions have nothing to fear about digital assets plummeting. Safely investing in the right cryptocurrencies is not rocket science. You just have to be informed about the antecedents to accurately leverage the future. That is exactly what this weekly report does.
Bitcoin price dipped below the $19,252 support level and set a swing low at $17,605 in the first two days of the week. This sudden drop was met with buying pressure from sidelined bulls that eventually pushed the candlestick up by 16% from the swing low. Bitcoin jumped back above $20,000 recently after reaching a low of $17,600 on Jun 18.
Bitcoin managed to hold above the $20,000 round level on Monday amid weak trading activity due to the US holidays and attracting enough speculative demand after dipping below the meaningful round level. This recovery removes some of the extreme oversold nature of the cryptocurrency. However, Bitcoin (BTC) slipped under the $20,000 level in Asian hours on Wednesday as a brief relief rally seemed to reverse amid recession fears in broader equity markets. Prices dropped just over $19,900 causing a 4% loss for traders in 24 hours adding to a 7% slide over the past week. The decline came as analysts at Morgan Stanley (MS) and Goldman Sachs (GS) warned on Tuesday that “recession risks were “not fully priced in.
Bitcoin price climbed past the weekly open at $20,535 and swept Monday’s high at $21,068 on June 22. This bullishness caused a lot of altcoins to trigger exponential rallies. Bitcoin (BTC) passed through the $21,000 level in European afternoon hours, adding to a steady recovery since last weekend’s plunge to almost $18,000. Bitcoin saw selling pressure in the past week amid systemic risks from within the crypto market, such as crypto lenders pausing withdrawals and the blow-up of prominent crypto fund Three Arrows Capital – which owes creditors hundreds of millions of dollars in bitcoin and other cryptocurrencies.
Friday’s recovery came as broader equity and bond markets rallied. Stocks in Asia gained, with Hong Kong’s Hang Seng increasing 2.09%, and the Shanghai Composite and India’s Sensex ending the day up 0.89%. The Stoxx Europe 600 gained 1.49% in midday trading, while futures in the U.S. added at least 0.50%. Bitcoin coiled in a sideways fashion, lagging behind descending Ethereum and Ripple. This scenario prompts caution. Will Bitcoin consolidate below the 200-week moving average at the current price of $21,200 and enable a mini crypto trading season in the process? Or will Bitcoin plummet and wipe early Altcoin buyers out of the market. Bitcoin still needs to invalidate the downtrend by breaching above $31,000, a long trajectory away from Friday’s $21,200 market value. A breach below $19,728 could be the catalyst to plummet the BTC price to $16800.
Ethereum price recovered 28% since setting a swing low at $880 over the last week., At the start of last week, ETH saw more selling, suggesting that the downtrend could continue. Since ETH breached the $1,270 high volume node, the chances of it dipping down to the next high-volume node at $745 seem likely.
Ethereum price trended slightly higher on Tuesday after closing Monday with a Doji candlestick, indicating the start of a potential consolidation period. ETH bulls seeming have been able to finally stabilize somewhat the price action, which had been totally dominated by bears for the past days, weeks, and months.
On Wednesday, Ethereum’s (ETH) price showed the same diversion mentioned above with Bitcoin price action. Although markets in other asset classes were moving in the same direction, cryptocurrency traders felt that there was not enough decompression yet for the price action.
Ethereum price has begun decorrelating from the Bitcoin price action. On Friday, June 24, the ETH price breached the 200 Week Moving Average. A piercing bullish engulfing candle established on the 2-hour chart now supports the ETH price back above $1200.
On Thursday, June 24, the Ethereum price showed an interesting volume pattern as there was a subtle turning in favor of the bulls. Invalidation of the bullish thesis is the June 18 low at $881.50. Traders should beware that Bitcoin has yet to move through the 200-week moving average, which exponentializes the potential for a losing trade setup. If $881 were to get breached, the Ethereum price could fall back to $750, resulting in a 37% decrease from the current ETH Price.
As of Friday, June 25, analysts at Inside Bitcoins noted that ETH recently crossed above the 21-day moving average and the next resistance is at $1,400 based on the daily Ethereum price chart. This could open doors for an increase to the $1,600 level and analysts have set bullish targets at $1,800, $2,000, and $2,200. Analysts have predicted a climb towards the upper boundary of the channel and predicted a continuation of the Ethereum price uptrend.
Going into the new week, the Ethereum price could become a very favorable digital asset for day traders in the coming days. Ethereum price could get explosive. Ethereum price shows bullish signals forecasting a recovery rally towards $2,500 for the summer. The bulls have been rallying all weekend as the smart contract token has risen 35% since the unexpected sell-off that occurred on June 18. The Ethereum price is now believed to have hurdled 80% of stage 1 of the summertime bull-run everyone is hoping for. Ethereum price currently trades at $1,223 as the bulls have produced two impulsive waves confined within a parallel channel. If the bull market is genuine, an additional spike above the trend channel’s upper bounds could create the final wave with targets between $1,400 and $1,750. When the rally loses momentum, a three-wave pullback will occur, re-routing towards targets between $1,400 and $1,200.
At the start of last week, Ripple’s price continued to slide lower. Ripple price dipped into the $0.240 to $0.315 weekly demand zone and then recovered 13% from the lowest point at $0.287. However, the fresh start to the week saw heavy pressure from sellers. Fortunately for XRP price, the demand zone was a significant source of support making a sell-off unlikely. Xrp price traded within wave four territory, keeping the bearish trend intact.
On Tuesday, June 21, the Ripple price continued to coil. Ripple price traded at $0.33 amidst the legal dispute. Ripple price must hurdle the $0.38 level to confidently call a local bottom. If $0.38 were to get breached, the bulls could aim for $0.64, resulting in a 100% increase from the current XRP price.
On Wednesday. Ripple (XRP) price saw from the RSI that bulls have already pre-positioned for a leg higher, with XRP price seeing buying alongside $0.32. Bulls being well-represented results in XRP price action being underpinned. Ripple’s XRP price surprised sleeping bulls as the digital remittance token rose 16% in just a few short hours on Thursday. The bullish surge came just two days after Ripple announced plans to hire 100 new employees to bring forth the next phase of their blockchain solutions.
Going into the weekend, Ripple’s price traded at $0.365 within a previous support level dating back to the May 11 sell-off. If the bull run is genuine, Ripple should hurdle the triangle apex at $0.395 and cross back into the 40-cent price levels. A pullback should commence somewhere in the mid $0.40 zone and provide an excellent entry for bullish traders, placing a stop loss below the June 19 lows at $0.298.
However, the other scenario could be a sharp drop into new lows, as the current rally could be a zigzag correction. A safe bearish invalidation point is the top of wave four at $0.4650. If 0.465 gets breached, long-term counts towards $1.20 and higher will be back on the cards with confidence resulting in a 237% increase from the current Ripple price.
Ripple price, as of Saturday, June 25, trades at $0.36. The digital remittance token has shown an influx in buying pressure on intra-hour time frames. If the technicals can sustain, the bulls will likely print a bullish Morning Star pattern which will be a favorable entry signal for long-term investors. As previously mentioned, a break above the psychological $0.40 barrier could trigger a buying frenzy in the coming weeks to propel the XRP price back to $0.51.
At the beginning of the week, Cardano’s price surged above $0.50 as the cryptocurrency markets went through a bullish impulse. The Layer 1 token appears to have gained strength after rebounding off the 50-hour moving average on the four-hour chart.
Cardano’s price had recovered the psychological $0.50 level on Tuesday helped by the more positive market sentiment surrounding the cryptocurrency ecosystem. ADA price was also hinting at what could be considered a potential double bottom formation at $0.455, the level where it closed on Saturday and where it also had set a bottom close on May 27. It is still early to call for such formation, as Cardano bulls still have long ways to go before the needed break past the interim high above $0.64 to confirm such a reversal trend.
As of Wednesday, Cardano’s price showed an interesting outlook as it faced a resistance confluence. Cardano price had tried overcoming the 8-day Exponential Moving Average (EMA) twice over the last week and was rejected both times. After both of these corrections, ADA’s consolidation was again slowly heading toward the said EMA at $0.484, which coincides with the weekly open.
Going into the weekend, Cardano’s price remained under pressure despite experiencing a bounce-back Thursday. ADA price again found support at the $0.45 support on a negative Wednesday for most cryptocurrency markets. This level, which had not been seen since June of last year, has become the only remaining lifeline for Cardano bulls, having acted as support three times in the last month. Still, buyers of the layer 1 token are not showing up, which is reflected in the lower highs that each relief rally attempt in the past two weeks has finished at.
Cardano price is a scalpers market Cardano price coils in a tug-of-war-like fashion, which will surely induce a volatile market in the coming days. The ongoing struggle for grounds comes as a surprise as other cryptocurrencies are already beginning their ascent higher to recover losses since the June 13 sell-off. The sideways market indicates smart money’s interest for the Ethereum alternative smart contact token though upside potential may be capped at just under $0.68.
Cardano’s price currently trades at $0.48, leaving room for a 35% increase in value without invalidating the macro thesis. Countertrend scalpers may be enticed to play both sides of the market due to the spread. A breach above $0.51 could be the catalyst to propel the Cardano price to the Jun 13th Weekly high at $0.66. Bears however are likely eyeing the current ADA price, hoping it falls below $0.41 to induce the long-anticipated decline to $0.20.
Solana’s price was still suppressed within the $30 region as the 3rd week of June’s trading session commenced. The price action traded mostly sideways as neither the bulls nor the bears could produce a confident rally. The 4-day chart printed an indecision doji candle with significant volume which suggested an anomalous scenario in play. The overall trend was bearish; thus, the thesis will be written from a bearish perspective until more price action validates the idea for a bullish countertrend rally.
Solana price provided confluence of more decline. The Volume Profile indicator has substantially increased without much price movement. Secondly, a Fibonacci retracement tool surrounding the large decline on May 12, into the new swing low at $25, suggests a 50% retracement level at $44.50 has not been breached. The bears must breach this level first before looking for early entries as previous outlooks forecast that the centralized smart token contract token could fall well below $20.
On Thursday, Solana’s price showed an increased momentum going into the third weekend of June. Still, a bull run was unconfirmed. The bulls have managed to recover 40% of lost gains since the June 12 low at $27.80. The rise in value came with sparse volume, as most investors were unsure of the current market conditions. Solana price traded at $40 as the bulls continued to hike upwards on the 9-hour chart
Solana price could take sleeping bulls by surprise as the first signs of retaliation might turn into an all-out bullish frenzy if the bears do not act soon. Solana’s price has been increasing since the unexpected June sell-off attributed to liquidity pool losses and network issues. Since the plummet, the bulls have been casually trotting higher until this weekend when the bulls printed a bullish engulfing candle into a high at $42.92 on the 2-day chart.
Solana’s price currently trades at $40.60 as profit-taking has started to occur. The Relative Strength Index shows subtle bullish divergence and has pierced the buyers’ support level at 40. This critical evidence may throw the bears off their high horse, as attempting to short the newly breached resistant zone is professionally unwise. Targets for a $10 Solana price anticipated from long-term forecasts may have to wait as the bulls could continue rallying higher towards $50 and $55 if market conditions persist.
In the past seven days, Tether’s price has risen by 0.08%. In the last 24 hours, the price has increased by 0.00%. The price has dropped by 0.01% in just one hour. USDT is currently priced at $0.999365. At $1.22, Tether is 18.08% below its all-time high.
USD Coin (USDC)
USD Coin is on the decline this week. Since the beginning of the week, the USD Coin price has fallen by 0.04%. In the last 24 hours, the price has declined by 0.02%. Price has dropped by 0.00% in just one hour. USDC currently trades at $1.00 per unit. With the new price of $1.00, the product reaches an all-time high.
During the past seven days, the price of BNB has increased by 14.62%. There has been an increase of 0.58% in the price in the last 24 hours. A 0.99% increase in price has been recorded in just the last hour. Currently, the price per BNB is $241.716158. There is a 65.02% decline in BNB from its all-time high of $690.93.
Dogecoin is on the rise this week. A significant increase in Dogecoin’s price over the past 7 days has been 30.02%. During the last 24 hours, the price increased by 9.86%. In just the past hour, the price grew by 0.47%. The current price is $0.077135 per DOGE. Dogecoin is 89.58% below the all-time high of $0.74.
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