Crypto Market Updates

Bitcoin, Ether, Major Altcoins – Weekly Market Update July 4, 2022

The cryptocurrency market erased $86 billion from its market cap during the last seven days and now stands at $876 billion. The top 10 coins were all in red for the same time period with Solana (SOL) and XRP (XRP) being the worst performers with 15.4 and 11.4 percent of losses respectively. Bitcoin (BTC) is currently trading at $19,446 while ether (ETH) is at 1,071.

BTC/USD

Bitcoin closed the trading day on Sunday, June 26 at $21,036 unable to break above the local resistance in the $22,000-$22,500 area where the 200-day Moving Average (MA) was sitting on the weekly chart. This line usually marks the begging or end of a bull market.

The start of the new seven-day period was not good for bulls either. The BTC/USDT pair continued to trade in direction of re-testing the horizontal support below $20,000. Bears pushed the price down to $20,700 where the lower boundary of the long-term uptrend corridor is located.

Things did not change much on Tuesday and the biggest cryptocurrency dropped down to $20,200, erasing almost entirely all gains from last week’s rally. The 24-hour average trading volumes started to pick up pace as the selling pressure intensified.

The mid-week session on Wednesday came with a fourth consecutive red candle on the daily chart. Bitcoin reached $19,886 intraday before closing at $20,111. The bear flag pattern came into play as the recent reversal to the upside was nothing but a bearish retest.

As we mentioned last Thursday, there is still a big chance that the coin makes a similar move to the one from July 2021 when the marked low was re-tested 2 times before BTC started moving in the opposite direction.

On Thursday, June 30 BTC fell 7 percent in the early hours of the trading day to hit $18,661. The move however was quickly retraced and the coin ended the day and the month at $19,975.

The Friday session was when bulls attempted to break above $21,000, but the failed attempt resulted in an even deeper pullback in the evening, this time to $19,285.

The weekend of July 2-3 was marked by low volatility as the coin remained flat, stabilizing in the current zone.

As of the time of writing BTC is hovering around the $19,500 mark.

ETH/USD

The Ethereum project token ETH rallied almost 46 percent from its $880 low to hit $1,281 on Sunday, June 26. Buyers almost made it to the 21-day EMA but were forced to retreat quick enough as trading volumes could not support an extended reversal of the downtrend. Still, the coin managed to add 6 percent to its market cap on a weekly basis in a rare demonstration of strength.

Sellers took advantage of the bear flag formation on the daily chart and started adding more to their short position which resulted in a significant pullback in the coming days. On Monday, the ether moved down to $1,190 at the beginning of the new week, then on Tuesday it lost even more territory and reached the $1,142 mark.

The third day of the workweek was when the leading altcoin broke below the short-term local resistance at $1,125 and hit $1,100 at the end of the session, erasing a total of 12 percent since the Sunday peak.

On Thursday bears pushed ETH even lower, to re-test the $1,000 horizontal support. It fell as low as $995 intraday but then moved up to $1,078 in the evening to end the month of June with a 44 percent loss.

Little changed on Friday as the ether registered its sixth consecutive red candle on the daily timeframe chart, but without making a new local low or breaking the psychological level of $1,000.

The first day of the weekend came with a push from bulls to $1,066 on Saturday. The ETH/USDT finally turned green.

The trading session on Sunday was marked by high volatility and a sudden jump to $1,090 in the morning before the price fell back down to $1,076 to once again close in positive territory.

The coin is currently trading at $1,072 as of the time of writing.

Leading Majors

  • COSMOS (ATOM)

Sometimes called the Internet of blockchains, COSMOS is a hosting environment where a network of sovereign blockchains is being built using the COSMOS SDK. The connected protocols are highly interoperable and customizable making them extremely flexible. This is one of the main reasons why a lot of developers choose this solution to build their projects over a more complicated alternative.

The native token of the ecosystem is ATOM, which was among the best performers in the last few weeks. The ATOM/USDT pair drew a perfect capitulation candle on the daily chart by hitting $5.5 – a 1.5-year low. Since then, it has rallied 46 percent to reach the zone around $8.5 – a solid support/resistance area and a major demand zone on the weekly timeframe from back in 2020 and 2021. It is also where the 21-day EMA currently sits on the daily chart.

We can expect to have support right above the $5 mark.

Altcoin of the Week

Our Altcoin of the week is Evmos (EVMOS). Evmos is a Proof of stake (PoS) application-specific blockchain built on top of the Cosmos SDK. It is fully interoperable with the Ethereum mainnet and EVM-compatible environments meaning developers can move all their preferred features and code from an Ethereum EVM chain to Cosmos thus enjoying benefits from the two blockchain ecosystems at once.

The coin was one of the very few to close the previous seven-day period in green following closely the price of ATOM, the COMOS ecosystem native token, which bounced back up strongly from its bottom two weeks ago.

Still, the Total Value Locked on Evmos registered a 25 percent drop on a monthly basis.

The EVMOS/USDT pair is currently at a horizontal resistance marked by its previous highest daily candle close at $2.3. If it manages to break this important line, the price of EVMOS can rally and go directly into price discovery mode.

Potential support at $1.9.

EVMOS is currently ranked at #90 with a total market cap of approximately $457 million.

Bitcoin and Ether Market Update June 30, 2022

The total crypto market cap decreased by $110 billion for the period since Monday and now stands at $852 billion. The top ten coins are all in red for the last 24 hours with Solana (SOL) ether (ETH) being the worst performers with 9.1 and 8.6 percent of losses respectively. At the time of writing bitcoin (BTC) is trading at $19,050. Ether is at $1,017.

BTC/USD

Bitcoin closed the trading day on Sunday, June 26 at $21,036 in its first losing session after a three-day-long upward movement. The $22,000-$22,500 area is viewed by many as a dynamic resistance mainly because it is where the 200-day Moving Average (MA) is currently sitting on the weekly chart. This line usually marks the begging or end of a bull market. Bitcoin ended the week with a 1.8 percent increase.

On Monday, the BTC/USDT pair continued to trade in direction of re-testing the horizontal support below $20,000. Bears pushed the price down to $20,700 where the lower boundary of the long-term uptrend corridor is located.

Things did not change much on Tuesday and the biggest cryptocurrency dropped down to $20,200, erasing almost entirely all gains from last week’s rally. The 24-hour average trading volumes started to pick up pace as the selling pressure intensified.

The mid-week session on Wednesday came with a fourth consecutive red candle on the daily chart. Bitcoin reached $19,886 intraday before closing at $20,111. The bear flag pattern came into play as the recent reversal to the upside was nothing but a bearish retest.

There is a big chance however that the coin makes a similar move to the one from July 2021 when the initially created low was re-test 2 times before BTC started moving in the opposite direction.

As of the time of writing, the price is hovering around $19,000.

ETH/USD

The Ethereum project token ETH rallied almost 46 percent from its $880 low to hit $1,281 on Sunday, June 26. Buyers almost made it to the 21-day EMA but were forced to retreat quick enough as trading volumes could not support an extended reversal of the downtrend. Still, the coin managed to add 6 percent to its market cap on a weekly basis in a rare demonstration of strength.

Sellers took advantage of the bear flag formation on the daily chart and started adding more to their short position which resulted in a significant pullback in the coming days. On Monday, the ether moved down to $1,190, then on Tuesday it lost even more territory and reached the $1,142 mark.

The third day of the workweek was when the leading altcoin broke below the short-term local resistance at $1,125 and hit $1,100 at the end of the session, erasing a total of 12 percent since the Sunday peak.

What we are seeing midday on Thursday is a re-test of the $1,000 horizontal support.

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.

BTC/USD

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.

ETH/USD

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.

Leading Majors

  • 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.

Bitcoin and Ether Market Update June 23, 2022

The total crypto market cap decreased by $6 billion for the period since Monday and now stands at $911 billion. The top ten coins were all in green for the last 24 hours with Binance Coin (BNB) and Solana (SOL) leading the pack with 4.5 and 3 percent gains respectively. At the time of writing bitcoin (BTC) is trading at $20,787. Ether (ETH) is at $1,114.

BTC/USD

Bitcoin closed the trading day on Sunday, June 19 at $20,590 on 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 week in red and 22 percent lower compared to the previous seven-day period making it a total of 11 red candles in that timeframe in just three months’ time.

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, 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 the inflation in the European Union countries and the UK.

What we are seeing midday on Thursday is a solid jump above yesterday’s high. BTC is trading at $20,776.

ETH/USD

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 attract investors.

Last Sunday, 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.

As of the time of writing this market update, the leading altcoin is trading higher, at $1,111, and is close to fully retracing the losses from the previous day.

Bitcoin, Ether, Major Altcoins – Weekly Market Update June 20, 2022

The cryptocurrency market erased $47 billion from its market cap in the last seven days and now stands at $914 billion. The top 10 coins showed mixed results for the same time period with Bitcoin (BTC) losing 22 percent while Solana (SOL) added 16.2 percent. Bitcoin is currently trading at $20,760 while ether (ETH) is at 1,152.

BTC/USD

Bitcoin closed the trading day on Sunday, June 12 at $26,554 on its sixth consecutive day in red after the failed attempt from bulls to surpass the upper boundary of the trading range. Instead, this led to a break below the support zone and a significant increase in long position liquidations.

The new week started with fresh new lows as BTC reached the sub-$25,000 area for the first time since December 2020. To be more precise, bears were able to drag the price down to $22,350, which caused a 16 percent correction.

The digital assets market was in freefall just like traditional markets as the United States inflation and CPI data continued to disappoint and investors were offloading their risk assets from their portfolios in a search of a way to protect their funds.

On Tuesday, June 14, the BTC/USDT pair hit $20,909 during intraday, but somehow managed to avoid another double-digit losing session and closed the daily candle at $22,150.

The mid-week trading on Wednesday was again marked by extreme volatility across all risk asset markets. The biggest cryptocurrency, in particular, hit the lower line of the long-term monthly uptrend channel near $20,135 bouncing back up to $22,620 in the evening.

On Thursday, the coin started moving South again, dropping another 9.6 percent as there was no sign of a bottom yet. It remained flat on Friday, close to the lower boundary of the monthly uptrend channel.

The weekend of June 18-19 started with an ugly 7 percent drop to $17,600 on Saturday.

Many market participants started to re-enter the market pointing out this as the long-expected capitulation candle.

On Sunday, the market turned green and BTC rallied all the way up to $20,560. The relief bounce continues on the first day of the new week.

ETH/USD

The Ethereum project token ETH was one of the worst-performing crypto assets and it is no wonder given the fact a big part of the DeFi protocols are using it as collateral, so the series of liquidations and force selling affected its price. This, in combination with the Bearish Pennant formation on the daily timeframe chart, resulted in a catastrophic reversal to the downside after a period of trading in a range.

On Monday, June 13 we saw the ETH/USDT pair trading below $1,200 for the first time since January 2021 losing 16 percent of its value. The coin briefly touched the $1,169 mark as many were wondering if we are not going to see a triple-digit ETH in the coming days.

The selloff continued on Tuesday as bulls were in full capitulation mode. The DeFi giant Celsius and Three Arrows Capital – one of the largest crypto hedge funds were both on the brink of a collapse due to the severe market conditions and the non-stop pressure against their liquidation levels. The ether remained flat after a super volatile session.

On Wednesday, the United States Federal Reserve (FED) announced a fresh new 0.75 basis points rate hike, which was more or less in line with the expectations. The market reacted positively and the ether closed in green, at $1,236

However, the bullish momentum was not there anymore and the one-day long rally was fully retraced on Thursday when the coin reached $1,066 entering the January 2021 zone of support for the first time since then.

The Friday session was relatively calm with no significant price changes. ETH remained close to the upper boundary of the horizontal support.

The selloff continued on the first day of the weekend when bears pushed the price down to $873. The market crash led to a series of liquidations on the major exchanges.

The Ethereum token partially recovered in the afternoon and even turned green on Sunday, eventually closing the week at $1,124. This of course was bad news for late sellers who got immediately liquidated.

What we are seeing on Monday is a continuation of the reversal to the upside.

Leading Majors

  • Solana (SOL)

Solana is often criticized for its lack of decentralization and the regular downtimes which are unacceptable in the Web3 world, but when it comes to traders’ favorites – it comes up almost immediately as one of the first names they mention.

The coin almost hit its July 2021 low last week but since then is moving up only, adding the stunning 39 percent if we include today’s session making it the best performing digital asset in the Top 10 list.

It is now back at #9 with a market cap of approximately $12.3 billion. Bulls will most probably attempt a break above the 21-day EMA on the daily timeframe chart and the horizontal resistance near $40 while bears will be hoping for rejection there and a continuation of the downtrend.

Altcoin of the Week

Our Altcoin of the week is Basic Attention Token (BAT). This digital advertising protocol made an unexpected reversal to the upside last week which continues into Monday.

BAT was previously strongly correlated to the price movement of the popular metaverse tokens like MANA and SAND but is now outperforming them both with a significant margin.

The BAT/USDT pair added 12 percent to its valuation during the last seven days, bouncing up from a year and a half low ($0.264).

Coming into Monday, it is trading at $0.38 or 12 percent higher compared to yesterday.

The coin is currently ranked at #76 on CoinGecko with a total market capitalization of approximately $577 million.

BAT hit old support on the weekly timeframe and is now on its way to test the daily timeframe resistance in the $0.41-$0.45 area, above the 21-day EMA.

Bitcoin and Ether Market Update June 16, 2022

The total crypto market cap erased $80 billion from its valuation for the period since Monday and now stands at $903 billion. The top ten coins were all in green for the last 24 hours with Solana (SOL) leading the pack with 12.2 percent of gains. At the time of writing bitcoin (BTC) is trading at $21,270. Ether (ETH) is at $1,122.

BTC/USD

Bitcoin closed the trading day on Sunday, June 12 at $26,554 on its sixth consecutive day in red after the failed attempt from bulls to surpass the upper boundary of the trading range. The coin lost 6.6 percent for the day and 11.1 percent for the seven-day period.

The new week started with fresh new lows as BTC reached the sub-$25,000 area for the first time since December 2020. To be more precise, bears pushed the price down to $22,350, which resulted in a 16 percent correction.

The digital assets market was in freefall just like traditional markets as the United States inflation and CPI data continued to disappoint and investors were offloading their risk assets from their portfolios in a search of a way to protect their funds.

On Tuesday, June 14, the BTC/USDT pair hit $20,909 during intraday, but somehow managed to avoid another double-digit losing session and closed the daily candle at $22,150.

The mid-week trading on Wednesday was again marked by extreme volatility across all risk asset markets. The biggest cryptocurrency, in particular, hit the lower line of the long-term monthly uptrend channel near $20,135 bouncing back up to $22,620 in the evening.

What we are seeing on Thursday is a continuation of the downtrend. Bitcoin is trading at $21,200.

ETH/USD

As mentioned last week, the Ethereum project token ETH found itself in a Bearish Pennant formation on the daily timeframe chart, which resulted in a catastrophic reversal to the downside after a period of trading in a range.

The major altcoin closed the trading session on Sunday, June 12 at $1,440 well below the extremely stable horizontal support around $1,700. It erased 20 percent from its market cap in the last seven days only.

The Monday session saw the ETH/USDT pair trading below $1,200 for the first time since January 2021 losing 16 percent of its value. The coin briefly touched the $1,169 mark as many were wondering if we are not going to see a triple-digit ETH in the coming days.

The selloff continued on Tuesday as bulls were in full capitulation mode. The DeFi giant Celsius and Three Arrows Capital – one of the largest crypto hedge funds were both on the brink of a collapse due to the severe market conditions and the non-stop pressure against their liquidation levels. The ether remained flat after a super volatile session.

On Wednesday, the United States FED announced a fresh new 0.75 basis points rates hike, which was more or less in line with the expectations. The market reacted positively and the ether closed in green, at $1,236

The coin is currently trading at $1,118.

Bitcoin, Ether, Major Altcoins – Weekly Market Update June 13, 2022

The cryptocurrency market erased $326 billion from its market cap in the last seven days and now stands at $962 billion. The top 10 coins were mostly in red for the same time period with ether (ETH) and Solana (SOL) being the worst performers with 33 and 31 percent of losses respectively. Bitcoin (BTC) is currently trading at $23,700 while ether (ETH) is at 1,200.

BTC/USD

Bitcoin ended the previous seven-day period with its first green weekly candle since the end of March thus breaking the losing streak. However, this move looked rather weak and more like a temporary consolidation before the next leg down as part of the general downtrend. The coin closed the Sunday, June 5 trading at $29,959 still below the July 2021 lowest weekly candle close but above the mid-term horizontal support at $28,500.

On Monday, June 6, the BTC/USDT pair made an unexpected break above the 21-day EMA on the daily timeframe chart and hit the $31,800 mark while adding 4.7 percent to its market cap for the day. The 24-hour trading volumes briefly jumped above the average value for the last 14 sessions. We could still see a bullish divergence between the current price action and the Relative Strength Index (RSI) which crossed its middle level.

The Tuesday session brought us a full retrace of the solid green candle we just mentioned above in the morning hours of trading. BTC corrected its price down to $29,400 before climbing back up to $31,100 in the evening.

The mid-week trading day on Wednesday came with another break below the 21-day EMA as the biggest cryptocurrency was struggling to choose a direction. It fell down to $30,173 losing 2.8 percent.

On Thursday, June 9, the BTC/USDT pair closed flat, right below the 21-day EMA on the daily timeframe chart. The coin was still trading in a range.

The last day o the workweek came with a solid drop for bitcoin. It lost 3.3 percent and once again hit $29,100 in preparation for another test of the horizontal support.

The weekend o June 11-12 started with a drop to $28,400 on Saturday that was followed by a 6 percent pullback to $26,600 on Sunday. The biggest cryptocurrency was now trading below its extremely stable support.

As of the time of writing this market update, bears are pushing the price even lower – around $23,580 as many are already looking at the previous bull-run high as a potential bottom.

ETH/USD

The Ethereum project token ETH was not able to turn green at the last weekly candle close and instead closed its ninth consecutive seven-day period in red. Still, the good news for buyers was that the coin managed to keep trading above the long-term horizontal support right above $1,700. However, support gets weaker and weaker with every test, so the most probable scenario here will be a short rally in the upward direction to collect liquidity before attempting a major break downwards.

On Monday, June 6 the ETH/USDT pair climbed up for the third day in a row reaching the $1,925 mark before closing a little bit lower – at $1,861 later in the evening.

The coin was still trading below the 21-day EMA and the short-term diagonal resistance but the trading range was getting narrower suggesting a potential breakout in either direction is imminent.

On Tuesday, the ether once again tested the already-mentioned support and corrected its price down to $1,810.

The third day of the workweek came with a drop to $1,790 and the coin was now clearly in a pennant formation that can result in a downtrend continuation.

On Thursday, June 9, the ETH/USDT pair remained flat, but below the lower boundary of the mentioned bearish pennant formation. This could lead to a potential drop to the zone right above $1,000 if all technical analysis rules for the target of the classical Bearish Pennant formation are kept.

The Friday session brought only pain for bulls. The ether broke below the long-term horizontal support and erased 7 percent of its market cap by hitting $1,662.

The strong selloff activity continued over the weekend. The leading altcoin lost another 8 percent on Saturday and 6.6 percent on Sunday which resulted in it ending the seven-day period at $1,430 and with a 20 percent loss.

What we are seeing midday on Monday is another yearly low as bears were still in full control of the market and ETH was in full capitulation mode. The price is currently hovering around $1,200 for the first time since January 2021.

Leading Majors

  • XRP (XRP)

In times like these, we just need to look at a random token on the Top 10 list as currently all of them are registering double-digit losses.

The Ripple company token XRP for instance is trading around $0.30 today, 10 percent down for the day. The current level is a solid support/resistance zone on the weekly timeframe. It has served as a point of control many times in the past so buyers could use it as DCA if they remain long-term crypto believers.

The next level of support is near $0.23.

Altcoin of the week

Our Altcoin of the week is Leo Token (LEO). Also known as Unus Sed Leo, LEO is the native coin of the iFinex group, the parent company of the Bitfinex exchange. LEO was literally the only non- stablecoin on CoinGecko’s Top 100 list that finished last week in green. It added 7.6 percent to its valuation and hit $5.58 as a seven-day high.

Looking at the weekly timeframe chart, the LEO/USD pair was in a consolidation after hitting a new all-time high back in February 2022. It stabilized its price around the $5 horizontal support and the 21-period EMA and started moving in the upward direction at the end of May. LEO is more than 13 percent up since hitting its short-term bottom.

It is not fully clear what is the reason behind the recent surge in the price of the Bitfinex exchange token but it most probably has to do something with the troubles Binance and its BNB token are having with the United States Securities and Exchange Commission. Earlier this year, on February 8, the United States Department of Justice (DOJ) announced it has seized over $3.6 billion worth of Bitcoin (94,000 BTC) that were stolen from the exchange in a hack back in 2016.

Leo is currently trading at $5.44 and is ranked at #15 with a total market capitalization of approximately $5 billion.