With crypto prices plummeting to the dismay of many investors, what should you do and how do you trade smartly with the right predictions. Find out the answers through this weekly report.
BITCOIN (BTC)
Bitcoin price dipped below $25,000 after entering Monday’s trading session in a negative posture. The downswing appeared to have derived from the break of an ascending triangle on the four-hour chart. BTC’s price has reached the triangle’s target at exactly $24,864.
The next day, June 14, Bitcoin’s price dipped below its 200-week moving average at $22,500 to hit a low of $20,800. A sell-off that began before the weekend intensified after the June 13 Wall Street opening bell, with Bitcoin and altcoins falling in step with United States equities.
Bitcoin was down 5.7% on Tuesday, ending the day at around $22K. The decline picked up on Wednesday morning, taking another 3.3% off the price to $21K, declining for the eighth consecutive day and losing 30% in seven days. Bitcoin’s (BTC) price tanked to a 52-week low of $20,800 earlier on Wednesday, down by over 70% from its all-time high of $68,788.
Bitcoin was down 0.7% on Wednesday, ending it near $21.8K, although it was a hair away from $20K in the first half of the day. Bitcoin price prediction continued to be a tough proposition as the crypto market continues to trend south, despite bulls showing some intent to fight around psychological key levels. This was certainly the case on Wednesday for Bitcoin, as the key $20,000 was defended ahead of the Federal Reserve 75 basis-point interest rate hike. The market had already priced out an aggressive rate hike like that one in the previous days of losses, which helped
BTC gained some ground above that key price area. Thursday trading re-initiated the bearish price action, though, and the biggest cryptocurrency lost almost 8% for the day.
At the end of the week, Bitcoin’s price remained underpinned just above $20,000. Expect a better and healthier rally when BTC hits $19,036 or $16,020 for a turnaround. Bitcoin (BTC) price closed out the week with another loss in the books as bulls were grasping and struggling to balance price action above $20,000. But bulls could be in for a disappointing treat as bears will sit on their hands refraining from buying BTC to close out their short positions. With that imbalance, bulls could quickly stop and see their cash being burned by losses as BTC prices will inevitably move below $20,000 in these current headwinds. The risk is now that early-bird buyers are stuck in losing trades and might start to cut those losses, triggering the inevitable: a drop below $20,000.
BTC price will then hit $19,036 quite quickly and print new lows for 2021 and 2022. That pivotal technical level, with $16,020 as a fail-safe system, could be where Bitcoin finally hits its turning point. Do not expect a V-shaped recovery but rather an L-shape or W-shape once that lower level around $16,000 is reached, mainly because the catalyst that currently is suppressing cryptocurrencies is not a theme that will change overnight but needs a gradual change backed by data and signs of a turning before dreaming back of $30,000.
ETHEREUM (ETH)
When the week opened, the Ethereum price was in distress as firm rejection unfolds. Ethereum’s (ETH) price was set to drop another 30% as bulls got burned in the ASIA PAC trading session after a firm rejection triggered another downside move. That broken equilibrium will and can only be mended if ETH price tanks further in search of a new level where bulls will want to buy, which could be below $1,000. ETH price already said goodbye to $2,000, next goodbye is $1,000
Ethereum price traded at the whim of a storm raging through global markets, where repricing has been happening since last Thursday. The ECB’s weak rate path message going forward triggered a cold shower for investors.
On June 15, Ethereum’s price nosedived as bears chased $1,000, and analysts predict a further decline in the altcoin. Experts warn Ethereum holders after a major squeeze comprising $100 million liquidity pushed ETH price 20% lower on Uniswap. Ethereum price continued its rout on Wednesday as it tested the psychological $1,000 mark. ETH saw +10% losses in 24 hours, which adds up to a 40% value reduction over the past week. It is difficult to keep making Ethereum price predictions with the current market behavior, which is aggregating heavy risk-off positions and demand for US dollars with the own issues of the cryptocurrency market.
On Friday, Ethereum’s price currency traded at $1,076. The anomalous indicator reading warrants significant belief that reversal could occur. Invalidation of the bearish trend was at $1760. If the bulls can accomplish this hurdle, new all-time highs in the $5,000 zone will be a confident target, resulting in a 365% increase from the current Ethereum price.
RIPPLE (XRP)
Ripple price validates last week’s bearish trade setup as a breach of $0.3839 immediately sent XRP into a free-fall decline. The digital remittance token consolidated at $0.29 on Monday. Considerable volume poured in, warranting the idea for vicious volatility spikes throughout June. If market conditions persist, an extended target at $0.24 could occur.
As of June 15, Ripple’s price had not seen a 50% retracement from any decline following last week’s trade setup, suggesting an extended impulse wave is underway. Ripple price was highly risky as it plummeted towards $0.25
Ripple price traded in territory unseen since January of 2021. On Wednesday, the bulls were treading on thin ice as they had established a primitive level of support in the $0.31 zone. The bullish retaliation was not enough to justify a countertrend scalp. Analyzing the decline from last week’s trade setup, the bears have printed an anticipated impulse wave down. However, the technicals suggest the downfall may not be over as the retracements within each decline do not bestow enough bullish signals to label the downtrend over.
Ripple price traded within the vicinity of wave 4 of a previous degree. The bearish candlesticks have been progressively larger throughout each decline, which resembles wave 3 price action. A retest of $0.29 could fool traders into believing in a double bottom formation. However, said price action could actually be the catalyst to induce a wave 5 sellers frenzy into $0.25.
Ripple price has crashed 28% in the first four days of the week from $0.411 to $0.293. This downswing pushed XRP into the weekly demand zone, extending from $0.240 to $0.315. This tailwind increased the remittance token’s chance to trigger a bounce. Xrp price traded within wave four territory, keeping the bearish trend intact. However, a simple breach of $0.34 could invalidate the downtrend and trigger a rally back into $0.40, resulting in a 25% increase from the current XRP price
Analysts believe that Ripple price has more pain to come, and although not trying to sound apocalyptic, there are bound to be some casualties in this cryptocurrency winter. Only the strong and viable cryptocurrencies will survive the freeze against those that only got backed by some hipsters but do not hold any long-term importance of support from key stakeholders within the sector. If XRP is one of those that remains to be seen, it is getting dangerous as the last line of defence is nearing. XRP price is already too far off from $0.40 to still try and maintain that level to pop back to $0.50. Instead, the selling gravity will trigger another leg lower in the descent of XRP price and looks set to go all the way to $0.17. That amounts to another 50% correction to the downside in what looks to be an actual pain trade after hitting $0.90 back in end-March, totalling 67.90% of XRP thus far gone up in smoke.
CARDANO (ADA)
Cardano price, like several cryptocurrencies, is experiencing a steep sell-off to start the third trading week of June. Cardano’s price traded at $0.44 on Monday, June 13. The bears established a strong engulfing candle on the 2-day chart, which looks unchallenged. The engulfing candle was accompanied by severe selling pressure, which indicated a sweep of the lows event in the coming days, as the May 11 lows at $0.39 never saw a second leg.
On Tuesday, Cardano’s price showed potential for a 60% run-up to retest the weekly resistance barrier at $0.776. The relief rally could stop prematurely if the buyers fail to flip the $0.550 hurdle into a support level. Cardano’s price seemed to make quite a comeback after crashing violently. This massive downswing is a common theme across all cryptocurrencies as the bear market rages on. However, for ADA, a relief rally seems to be incoming.
Cardano’s price shows that it produced three daily candlestick closes around the $0.470 level between May 11 and June 14. Additionally, the sellers seem to be taking a break, allowing Bitcoin, Ethereum, and other altcoins to bounce and recover a part of the losses. With these two supporting factors, Cardano’s price is also ready for a quick relief rally.
The upside objective seems to be roughly 60% away from the current level at $0.486, which is the weekly resistance barrier. However, climbing to this barrier is not an easy task; ADA needs to flip the $0.550 hurdle into a support floor, which is a starting step.
As of June 17, Cardano’s price traded just below the psychological $0.50 level, after a rollercoaster week. ADA is one of the few high-cap cryptocurrencies that has avoided +20% losses over the past seven days, spending the last five ones actually in neutral territory. Cardano had already crashed 50% during early May, setting its interim low at $0.40 on May 12, a level that has not been close to being tested during this crypto brutal month of June. A support level at $0.45 has been respected twice on May 28 and June 14, which may bring Cardano bulls some hope of a relief rally in case the general mood surrounding the crypto market finally improves. That said, ADA bulls should probably need to exercise caution as advised in the main thesis of this article.
Cardano price action is hard stuck between two high-time frame-resistance barriers that are likely to restrict its movement. On a lower time frame as well, ADA seems to be trading between a short-term support level and a resistance barrier. However, a closer look reveals that the so-called “Ethereum-killer” is likely to sweep for sell-stop liquidity before establishing a directional bias.
At the close of the week, Cardano price delivers a false bullish signal with price action underpinned at $0.415. ADA Price sees the 55-day Simple Moving Average coming in as a trend line from the topside. Cardano’s (ADA) price could be in the making of a catastrophic mistake as bulls are jumping on the false sense of safety that price action is underpinned by the pivotal historical level at $0.415. Traders could be so focused on buying the dip that they forget that the 55-day Simple Moving Average (SMA) is coming in from the top and has already capped the price action from previous weeks. This completion of this formation will result in a break to the downside below $0.415 and open up a massive area that will hold over 80% of losses in case of ADA price tanks in search of the next pivotal support that only comes in at $0.075.
Cardano price is signalling a wrong message to cryptocurrency traders this week as most jump, preparing for a bullish move as ADA price action looks to be underpinned at $0.415. However, risk comes from the top side, where the 55-day SMA is dropping sharply, has already capped the topside from the previous two weeks, and is set to do that again this week. With that price pressure further building to the downside, it is just a matter of time before pressure against the bulls who bought at $0.415 and higher becomes intolerable.
SOLANA (SOL)
Solana price has been on a freefall since April 4 and has produced not one but nine weekly consecutive down candlesticks. With the crypto market looking as bearish as ever, investors can expect more bleeding as Solana’s price continues to nosedive. Solana’s price has dropped roughly 88% from its all-time high at $261.51. This downswing was a result of multiple reasons with the most recent being the LUNA crash. So far, SOL has crashed 20% over the last week and is currently trading between the $47.43 resistance barrier and the $24.52 support level.
Solana’s price traded at $30, now an 88% decrease from the all-time highs at $259.90 on Monday, June 13. The bears flexed their guns, printing several engulfing candles, which seemed unchallenged. The most disturbing signal which confounds the bearish idea is the volume pattern. The bears have significantly shown up with pressure, a well-defined ramping pattern, and the influx of transactions as prices descend.
On Tuesday, Solana’s price came close to retesting the $24.52 weekly support level after a 56% crash. Solana’s price has been on a rollercoaster ride, mostly sliding lower for the better part of 2022 and the last quarter of 2021. With the bearish market conditions pausing, the chances of a minor relief rally seem likely. Solana’s price has crashed 82% since April 2 and 90% since November 2021. This massive downswing comprises multiple fallouts within the crypto community. Regardless of the fundamentals that caused this nosedive, SOL seems to have come in proximity to the weekly support level at $24.52.
As of 18 June, Solana’s price reports 8.68 billion lost from Total Value Locked this year. Solana’s price showed bearish signals that may linger in the Smart Contract’s investor sentiment for months. Solana’s price showed disturbing signals to end the third week of June’s trading session. The bears have suppressed prices into the $30 dollar range, a price level unseen since July 2021. An increase of volume has poured in, which is rather peculiar as the price has yet to recover substantially from the $28 low that occurred Monday, June 13.
TETHER (USDT)
Over the past seven days, Tether has risen by 0.08%. There has been an increase of 0.03% in the price over the past 24 hours. It has dropped by 0.01% in just the past hour. USDT is currently priced at $0.998605 per unit. There is a difference of 18.15% between Tether’s all-time high and its current price of $1.22.
BNB (BNB)
BNB’s price has fallen by 5.36% over the past seven days. In the last 24 hours, the price increased by 8.18%. The price has risen by 2.31% in just the last hour. There is a current price of $212.154606 per BNB. At $690.93, BNB is 69.29% below the all-time high.
BINANCE USD (BUSD)
Within the past seven days, the price of Binance USD has decreased by 0.10%. Since yesterday, the price has decreased by 0.18%. A price drop of 0.11% has taken place in the last hour alone. There is a price of $0.9995 per BUSD at the moment. $1.11 is 9.95% below the all-time high of Binance USD.
DOGECOIN (DOGE)
A rise of 11.48% has occurred in Dogecoin’s price over the last 7 days. 5.61% increase has been seen in the last 24 hours. A 2.04% increase has been seen in just one hour. The current price is $0.059835 per DOGE. Dogecoin is 91.91% below the all-time high of $0.74.
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