Bitcoin, Ether, Major Altcoins – Weekly Market Update June 27, 2022
The cryptocurrency market added $46 billion to its valuation during the last seven days and now stands at $959 billion. The top 10 coins were all in green for the same time period with Dogecoin (DOGE) and Solana (SOL) leading the pack with 27.4 and 18.8 percent increase respectively. Bitcoin (BTC) is currently trading at $21,373 while ether (ETH) is at 1,226.
Bitcoin closed the trading day on Sunday, June 19 at $20,590 in its best day since May 30 when we saw a price jump of more than $2,000 in just one day. The biggest cryptocurrency ended the previous week with a loss for the 11th time in that timeframe in the last three months.
The good news for bulls was that BTC was able to close above the lower boundary of the long-term uptrend corridor and the psychological level of $20,000.
On Monday, June 20 the BTC/USDT pair remained flat as traditional markets were also closed for the day. The 24-hour trading volumes were once again below the average values for the last 14 sessions while the Relative Strength Index (RSI) was slowly moving out of the oversold area.
Buyers attempted a breakout on Tuesday, but only managed to reach the $21,735 mark before closing flat at the end of the day. The momentum was still not on their side.
The third day of the workweek saw the biggest cryptocurrency correcting its price down to $19,967 as even worse news was coming out about the state of inflation in the European Union countries and the UK.
On Thursday there was a solid jump above the previous day’s high. BTC added 5.8 percent for the day and closed the trading session at $21,145 fully engulfing the last red candle. Bulls were showing signs of strength but the volumes were still lagging behind. Usually, a corrective move that is not supported by strong volume is not sustainable.
BTC continued to climb on Friday when it reached the $21,260 mark in an obvious consolidation after the solid increase the previous day.
The weekend of June 25-26 started with a third consecutive day in green for bulls on Saturday. Bitcoin hit $21,500.
Then on Sunday, it took a step back by moving down to $21,000.
As of the time of writing the BTC/USDT pair is trading at $21,373 in its second straight week in green.
The Ethereum project token ETH was one of the worst performing digital assets in the last few weeks and months. Even the upcoming merge and move to a Proof of Stake (PoS) consensus mechanism could not stabilize the fluctuations in its price.
Last Sunday, June 19, the price of ether rallied all the way up to $1,128, which resulted in a 13 percent increase for the day but the coin was still looking weak from a technical perspective. It has now spent three full months in the red zone. Last time we saw this in 2018 this was followed by 4 more months of selling before the market finally bottomed.
On Monday, June 20 the ETH/USDT pair remained flat and still above the psychological level of $1,000. The next major support can be found in the $750-$700 area.
The Tuesday session was no different and neither bulls nor bears were able to take over control of the market direction, so ETH closed the day without any major fluctuations.
The mid-week trading on Wednesday was when the coin started moving South again. This time it reached $1,053 and erased 7 percent of its market cap. The $1,130 line turned into short-term resistance.
On Thursday, June 23, the ETH/USDT pair rallied to $1,142 fully retracing the losses from the previous day by adding 9.6 percent to its value. It also managed to surpass the improvised short-term resistance at $1,125.
The coin continued to move in the upward direction on Friday and increased by 7 more percent to reach $1,233.
The first day of the weekend came with a move to $1,243 and a small green candle on the daily chart. The trading volumes were decreasing suggesting this is just a relief bounce.
On Sunday, it was not able to extend the rally and dropped down to $1,194
The ETH/USDT pair is currently trading at $1,226.
- Shiba Inu (SHIB)
The second most popular meme coin after DOGE, Shiba was among the top performers during the last week of trading. It made an impressive comeback after hitting a 9-month low only 9 days ago, rallying 60 percent since then to reach the zone above the 21-day EMA on the daily timeframe chart.
SHIB is now placed at #12 on CoinGecko but has the potential to go higher if the current resistance around $0.000013 is successfully surpassed as there is literally no technical resistance on both the weekly and daily timeframes all the way up to $0.000020 which is approximately 80 percent above the current price.
We can expect bulls to be supported by the 21-day EMA and the horizontal levels around $0.000010 in case of a short-term pullback.
Altcoin of the week
Our Altcoin of the week is Synthetix Network (SNX). One of the most popular DeFi protocols out there and which was also among the ones that started the DeFi summer back in 2020, Synthetix is on the rise lately thanks to a series of positive developments within its ecosystem. The synthetic assets platform which allows its users to get exposure to a wide range of crypto and non-crypto financial products and derivatives added 27 percent to its value for the last seven days bouncing 91 percent up from its recent lows.
The reason behind the price rally of the SNX token is the recently passed Synthetix Improvement Proposal 120 which allows atomic execution of the trades on Uniswap and 1Inch exchanges significantly reducing the trading speed and increasing the fees generated by the protocol and the overall volume.
SNX is currently ranked at #76 on CoinGecko with a total market capitalization of $630 million.