What do you think about the crypto market? What digital asset is worth the investment? What was the best price performer last week? Will the trend be bearish or bullish this week? Find the answers and more in this newsletter.
BITCOIN (BTC)
After printing nine consecutive weekly red candles, a scenario not seen in its 13-year journey, Bitcoin (BTC) I was back to winning ways after topping the psychological price of $30,000. The leading cryptocurrency was up by 5.42% in 24 hours to hit $30,648 during intraday trading on Monday. Since May 10, the day Bitcoin breached $30k for the first time over a year, there has not been a single day the premier cryptocurrency did not break below $30k. With a 1.7% change, Bitcoin seemed to be stagnant. Lower highs and lower lows were confirming the bear market. As for the market sentiment, there was extreme fear. On the last day of the week, the leading cryptocurrency was up by 3.24% to hit $31,629 during intraday trading. Bitcoin carried itself to cross the $30,000 level on Monday. A level considered to be a major technical threshold; dictating the price movement of Bitcoin moving forward.
A day later, the price touched a weekly high of $32,249 but soon plunged to rest below the critical threshold. As of now, the price is back at its target, progressively increasing. As of June 2, it traded at slightly over $30,600. Over the course of the week, most major cryptocurrencies saw an uptick of about 2-4%. With the exception of Cardano- a token that managed to climb a significant 30%. The market sentiment, for the most part, was pessimistic. Given the fear of recession, investors managed to keep their distance from these relatively risky assets, maintaining a rather mundane trading volume for most cryptocurrencies.
On June 3 2022, Bitcoin traded at roughly $30,600. It broke the $30,000 strategic level at the beginning of the week. Although the current price action of Bitcoin instilled some confidence, the coin continued to follow a bearish trend. Bitcoin is selling at an average price of $29,700, and Glassnode has recorded an outflow of almost $1.3 billion, with a net discharge of nearly $700 million.
ETHEREUM (ETH)
Ethereum slid on its charts again at the beginning of the week. Over the last week, the coin lost about 10% of its value. The bears have strengthened in the market because the buyers have left the market. The coin also witnessed a sustained sell-off over the last 48 hours. Ethereum fell below its long-standing support line of $1900.Over the first 24 hours of the week, the coin tried to recover itself but the bearish price action.
On the last day of the month of May, Ethereum (ETH) managed to see some strong recovery. The coin rose above $1900. Ethereum gained around 7% in the first 24 hours of the month as the coin consolidated $1900.
At the beginning of the Month, Ethereum was bullish on its chart. ETH broke its consolidation phase and rose upwards by 4% over the last 24 hours. The king altcoin secured $1900 as a strong support level. After the coin moved past the $1700 level, the bulls started to show up in the market. The demand for the altcoin also came back into the market after Ethereum moved up and past the $1700 price mark. Continued buying strength can push ETH to trade above the $2000 price level.
On the second day of the Month, Ethereum traded at $1949. The break from the consolidation caused the coin to rise by 4% over the last 24 hours. For the coin to invalidate the consolidation bit, the coin attempted trading near the $2100 and then at $2400. Ethereum gained bearish momentum after it broke the $1,920 support against the US Dollar. Ethereum started a fresh decline after it broke the $1,920 support. The price traded below $1,900 and the 100 hourly simple moving average. There was a break below a major contracting triangle with support near $1,900 on the hourly chart of ETH/USD. The pair tested the $1,760 support and remains at a risk of more losses.
On June 3, Ethereum failed to clear the $2,000 resistance zone. There was a sharp bearish reaction below the $1,950 and $1,920 support levels. There was a break below a major contracting triangle with support near $1,900 on the hourly chart of ETH/USD. The bears pushed the price below the 61.8% Fib retracement level of the upward move from the $1,705 swing low to $2,015 high. Ether price declined below the $1,840 support and even divided below $1,800. It tested the next major support at $1,760. The price is also traded near the 23.6% Fib retracement level of the recent decline from the $2,015 swing high to $1,762 low.
As the market opened on June 4, after touching the resistance level of $1842, ETH/USD dropped with a bearish bias. The coin opened at $1832, and it further dropped towards the support level of $1700 below the 9-day and 21-day moving averages.
The Ethereum price broke to the downside and prepared to cross below the lower boundary of the channel as the bears put more pressure. Meanwhile, ETH/USD could either recover above the 9-day moving average or extend its decline towards the support level of $1500. On the upside, the next major resistance is near the $2000 level. Meanwhile, the price needs to climb above the 21-day moving average to hit the resistance levels of $2400, $2600, and $2800. If not, there is a risk of more downsides below the channel.
When compared with Bitcoin, the daily chart reveals that the Ethereum price is hovering below the 9-day and 21-day moving averages. If the price begins a bullish movement, there is a possibility that the coin may face the north. The next resistance key may be located at the 6500 SAT level. If the price rises, it could even break the 6600 SAT and above.
During the previous week, the price of Ethereum has stabilized between $2,000 and $1,700. Because of this, the ETH price remained largely unchanged compared to the last seven days and lost 2.5% of its value.
While Bitcoin has fallen below the $29K range, Ether has lost its hold on the $1800 handle and is approaching the $1700 support level. In addition, ETH’s price behavior indicates a significant chance of adverse repercussions that might push the cryptocurrency’s value below $1700. If investors are unable to defend the crucial support at $1,700, ETH is more likely to drop to the next major level at $1,450, which is also its January 2018 all-time high.
RIPPLE (XRP)
On May 30 2022, XRP price breached below a descending triangle pattern, triggering a 13% descent. XRP price breached its consolidation phase but not with massive volatility. As a result, the remittance token hovered above multiple support levels that might hinder a further move south. XRP price was consolidating for quite some time, setting up four equal lows and five lower lows since May 13.
On June 2, XRP price puzzled traders as it recalibrated and shifted position. After a pretty volatile month, this month’s pivots are further away, leaving the current price action at the mercy of either the red descending trend line or the floor at $0.3616.
On June 4, XRP price seems to be stuck trading between the $0.395 and $0.450 range. XRP price was at a place where a breakdown of crucial levels could lead to a steep correction. However, if the same barriers absorb the incoming selling pressure things could flip bullish and trigger a rally.
XRP price bounced 38% from the May 12 swing low at $0.336 and set a swing high at $0.466. Since this point, the remittance token created a range, extending from $0.395 to $0.450 and has stayed within it for the most part. XRP price swept the lower limit at $0.395 and created an equal low of sorts at $0.375 before attempting a rally. While Ripple climbed 15% and pierced the midpoint at $0.422, it failed to hold up. As a result, the sell-off pushed the remittance token back below the range low to where it currently trades – $0.385.
Now, there is a chance for the XRP price to sweep the equal lows formed at $0.375 and take a U-turn. Assuming bulls step in and rescue Ripple, the resulting rally will likely sweep the range high at $0.450. This ascent would constitute 20%, but if buyers do not book profit, the rally could tag the $0.486 hurdle, bringing the total gain to nearly 30%.
CARDANO (ADA)
Despite a massive drop in altcoin prices on May 30, analysts believe Cardano price could recover from its slump. A leading crypto analyst has set an upside target of $10 for Cardano price and reveals a bullish outlook on the altcoin. Cardano price has suffered an 85% drop from its all-time high. After slipping 85% from its all-time high, Cardano price is on track to make a comeback.
On the last of the month of May 31, Cardano price broke sharply above the short-term downtrend. ADA prices rallied at least 40% as buy-the-dip traders returned to the scene. Cardano price shot through the short-term red descending trend line in the morning as globally, risk appetite returned. Bulls were feasting themselves on stocks and cryptocurrencies, making both asset classes rally higher. A tipping point has now been reached, and markets have finally factored in all moving parts from the geopolitical turmoil that has had risk assets in a choke hold since the beginning of 2022.
At the beginning of the month of June, ADA price showed strong bearish influence on the volume indicator. Cardano price continues the dramatic narrative as the digital asset has rallied an impressive 40% rally over the weekend. The ADA price is commencing a profit-taking consolidation with extreme bearish signals. Solely from a technical perspective, the indicators could be pointing to a catalyst in the making as bears are stepping in with confidence.
Cardano price shows bearish confluence on the Volume Profile Indicator. The ramping pattern displayed at the top of the newly established uptrend is the last pattern any investor wants to see. The indicator could be warning newer investors of a “sweep the lows” event in the coming weeks, with bearish targets at and below $0.20. It is worth noting that the bulls have not produced a candle of substantial strength to counter the bearish rally.
SOLANA (SOL)
On May 28, Solana price displayed shocking price action amongst intraday traders. The bears were able to suppress the price back to $40 even. The newfound bearish force is signaling more downtrend in the coming days. Solana price traded at $41,140% lower than the April highs at $140. Despite the significant declining advance, the bears are still entering the market to continue the mayhem. The triangle formation, which surrounded the SOL price for the last two weeks, was breached.
On May 30, SOL price showed a bullish reentrance on the volume indicator. Solana price displayed thought-provoking price action amongst crypto enthusiasts. The bulls managed to establish some support at the $43 level. The newly established bullish barrier is certainly an unforeseen anomaly, which has investors wondering whether or not to provide additional support.
Solana price currently traded at $45, a whopping 80% lower than the all-time highs at $250. Such a significant decline is truly a remarkable presentation of smart money’s influence within the crypto ecosystem. In the first week of June, Solana price briefly swept below the $37.37 support level, creating another lower low. The upside for SOL was capped due to the recent flip of the $41.25 high-time-frame support into a resistance barrier.
Solana price action consolidated between the $41.25 support level and the $55.97 hurdle for roughly three weeks since May 12. However, due to the bearish outlook of the crypto market and SOL investors losing faith in the blockchain, things have worsened. This development is visible in the price action as Solana price has crashed below the $55.97 and $41.25 high-time frame-support levels, flipping them into resistance barriers. Due to the recent breakdown of the $41.25 barrier, things have become much worse, forecasting a potential crash to $24.54.
As a result, SOL crashed 21% and shattered the $41.25 support floor, flipping things bearish. While a failure to recover above the said hurdle would pose threats to the gains of Solana price, investors need to pay close attention to the $37.37 level.
This support level is key in making or breaking the situation for SOL bulls. A breakdown of this foothold will confirm a bearish onslaught and knock Solana price further by 15% to retest the $31.59 barrier. In some cases, the bears might extend this downtrend to retest $30.
DOGECOIN (DOGE)
This week, Dogecoin prices are declining. There has been a decline of 1.08% in the price of Dogecoin over the past week. There has been an increase of 1.94% in the price over the last 24 hours. The price has shrunk by 0.79% just in the last hour. The current price is $0.083035 per DOGE. Dogecoin is 88.78% below the all-time high of $0.74.
BINANCE (BNB)
Binance USD has declined by 0.05% in the past 7 days. In the last 24 hours, the price declined by 0.05%. Just in the last hour, the price has increased by 0.05%. BUSD is currently trading at $1.0005 per unit. $1.11 is 9.86% below Binance USD’s all-time high.
TETHER
The price of Tether has declined this week. Tether’s price has fallen by 0.01% over the past week. In the last 24 hours, the price declined by 0.00%. The price grew by 0.00% in the past hour. There is a price of $0.999145 per USDT at the moment. Tether is 18.10% below the all-time high of $1.22.
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