Bitcoin and ETH Price Prediction: Risk of Downside Thrust, Doge Faces Key Hurdle

Key Insights:

  • Bitcoin is showing a few bearish signs below the $23,650 and $23,550 levels.
  • Ether (ETH) might accelerate lower below $1,650.
  • DOGE might start a major increase if it clears the $0.075 resistance zone.

Bitcoin

After a steady upward move, bitcoin price faced sellers near the $24,500 zone. The price failed to continue higher and started a downside correction below the $24,000 support.

The bears pushed the price below the $23,550 level and the 21 simple moving average (H1). BTC is now showing a few bearish signs near the $23,200 level. There is also a key bearish trend line forming with resistance near $23,680 on the hourly chart.

Bitcoin BTC Hourly Chart
BTC Hourly Chart by FXEmpire

On the downside, there is a crucial support near $22,600. A close below the $22,600 zone could start a major drop. Conversely, the price could start a fresh increase if it clears the 21 simple moving average (H1) and then the trend line resistance.

Ethereum (ETH)

ETH also followed a similar pattern after it failed to clear the $1,780 resistance zone. There was a fresh decline below the $1,725 level and the 21 simple moving average (H1).

There was a move below the $1,700 level and the bears are now attempting a move below the $1,650 support zone. The next major support is near $1,600, below which there is a risk of a move towards the $1,520 low or even $1,500.

Ether ETH Hourly Chart
ETH Hourly Chart by FXEmpire

Conversely, the price could rise again and revisit the $1,745 resistance zone. The next major resistance is near the $1,780 level.

Dogecoin (DOGE)

DOGE started a recovery wave from the $0.0500 support zone. There was a move above the $0.0620 level and the 21-day simple moving average.

The bulls attempted a push above the 23.6% Fib retracement level of the downward move from the $0.1750 swing high to $0.050 low. However, the price faced a strong resistance near the $0.0760 and $0.0750 levels.

Dogecoin (DOGE) Daily Chart
Dogecoin (DOGE) Daily Chart

DOGE also failed near a key bearish trend line with current resistance at $0.0740. The price is now consolidating below the $0.0700 level, with a decent support at $0.0650. If there is a close below $0.065, the price could accelerate lower.

Conversely, the price could clear the $0.075 and $0.076 resistance levels to start a major increase. In the stated case, it could easily rally 20%-25%.

ADA, BNB, and DOT price

Cardano (ADA) is down over 2% and trading below the $0.515 level. The next major support is seen near the $0.508 level.

Binance Coin (BNB) is slowly moving lower towards the $280 level. The key breakdown support is near the $272 level.

Polkadot (DOT) is up over 20% in a week and it is trading above the $8.50 resistance. The next major hurdle sits near the $8.80 level.

A few trending coins are SHIB, LEO, and CHZ. Out of these, CHZ is up 20% and trading above the $0.155 resistance zone.

Crypto Price Analysis July 19: NEXO, LDO, WAVES, LEO, MATIC

Key Insights:

  • NEXO emerged as one of the best-performing assets today, rising by 28%
  • LEO remained unmoved but continued its gradual decline.
  • Bitcoin and Ethereum moved up today, trading at $23.1k and $1.5k.

With the king coin and the altcoin marking a substantial rise in the past few days, most of the altcoins are following suit to close in green. Consequentially the crypto market cap is also sustaining above $1.034 trillion at the time of writing.

Nexo (NEXO)

In the span of 24 hours, NEXO shot up by 28.73% to close above $0.75. Trading at $0.778 at the time of writing, the altcoin is yet to recover the 50.8% losses it witnessed during the June crash.

For the first time in more than a month, the Awesome Oscillator turned positive, and the gradual incline might keep in the positive zone for a while longer.

Lido DAO (LDO)

Lido DAO’s native token was one among the best performing altcoins, trading at $1.63. At one point during the day, the crypto shot up by 20.69% in the span of 24 hours.

According to the Bollinger Bands, the volatility at the moment for the asset is very high, which is natural considering its 260.69% rise in 17 days, but with the candlestick above the basis, the price swing will be positive.

Waves (WAVES)

WAVES followed the broader market cues and shot up by almost 21%, trading at $6.03. However, it is yet to recover the 55.51% losses it witnessed in June.

The Chaikin Money Flow does indicate organic growth fuelled by the inflows however, it isn’t enough to help in recovering from the crash.

UNUS SED LEO (LEO)

LEO stands to be one of the only few altcoins which are treading against the market trend, rising during the June crash and falling during the recovery.

Down by 9.87% over the past 12 days, it has already invalidated half of its 18.78% recovery observed last month.

Polygon (MATIC)

Despite declining by 3.4% today, MATIC kept its 24-hour price movement positive at 23.93%, thanks to yesterday’s rise.

Being one of the only significant altcoins to mark a 170% rally in the last one month, MATIC is already overbought and might note a trend reversal over the next couple of days.

5 Most Popular Cryptos of the Week: SOL, DOGE, SHIB, MATIC, LEO

Key Points

  • The five most popular cryptocurrencies this week were SOL, DOGE, SHIB, MATIC and LEO.
  • Back below its 21DMA, Solana looks likely to retest annual lows around $25 per token.
  • Dogecoin and Polygon also look at risk of further losses having recently failed to break above downtrends.

Market Update

Cryptocurrency markets have been under pressure this week in tandem with stocks as risk assets ended an ugly second quarter in bearish fashion. Total cryptocurrency market cap was last around $845 billion, down more than 8.0% on the week. Bitcoin was lasting changing hands around $19,300, down just over 10% from earlier weekly peaks above $21,500. Ethereum, meanwhile, was last down about 12% on the week near $1,050.

Over the last few days, now familiar themes of growth and inflation concerns have been in focus and have weighed on crypto (and stock) prices. May US Core PCE data on Thursday showed that while there are some signs of US price pressures having peaked, inflation remains well above the Fed’s 2.0% target. Meanwhile, May US Consumer Spending data on Thursday was weaker than anticipated and resulted in many economists further downgrading their GDP growth expectations for Q2.

Moreover, some now think that the US economy is in a technical recession (defined as two consecutive quarters of negative real GDP growth). Data on Wednesday showed that US GDP growth in Q1 this year was even weaker than forecast at an annualized pace of -1.6% amid weaker than initially thought growth in consumption during the quarter.

Whilst signs of inflation peaking and growth weakening might encourage hopes that the Fed might ease of on rate hikes in the months ahead, this was not the message Fed policymakers sought to convey this week. Various policymakers lined up to offer support for another 75 bps rate hike later this month. Meanwhile, Powell was keen to emphasize that in a trade-off between getting inflation under control and supporting growth, the Fed’s priority strongly remains the former.

Over the course of Q2, which ended on Thursday, Bitcoin shed over 56% of its value, while Ethereum lost 68%. If the outlook for global growth, inflation and central bank policy further deteriorates in Q3, there is every possibility that crypto could endure further losses.

Solana

Outside of Bitcoin and Ethereum, the two largest cryptocurrencies by market capitalization, Solana scored the third-highest on crypto intelligence website LunarCrush’s social mentions metric in the last week. The cryptocurrency clocked a total of 1.1 million mentions. Solana also scored third on LunarCrush’s social engagements metric, clocking 1.39 billion engagements in the last week.

SOL/USD slid back below its 21-Day Moving Average (at $34.50) this week and at current levels in the low $32.00s per token is on course for weekly losses of around 18%. With the cryptocurrency having failed to test its 50DMA earlier this month and now back under its 21DMA, a near-term test of recent lows in the $25 area seems likely.

SOL/USD
SOL/USD eyes annual lows. Source: FX Empire

Dogecoin

Dogecoin ranks fourth over the course of the last week according to LunarCrush’s social mentions and social engagements metrics, clocking 823.8 million engagements and 358.5K mentions. The dog-inspired memecoin failed an attempt earlier in the week to break back above its 50DMA (currently at $0.075) and a medium-term downtrend but is for now holding above its 21DMA in the low $0.06s.

This may shield the cryptocurrency against a drop back to annual lows in the $0.05 area for now. But the rejection of the medium-term downtrend earlier this week likely means that a test of recent lows around $0.05 is more likely than a test of late May/early June highs near $0.09 in the near future.

DOGE/USD
DOGE/USD eyes downside after trendline rejection. Source: FX Empire

Shiba Inu

Shiba Inu ranks fifth over the course of the last week according to LunarCrush’s social mentions and social engagements metrics, clocking 426.7 million engagements and 343K mentions. The crypto community’s second favorite memecoin was last changing hands nearly bang on the $0.000010 level and is on course to post weekly losses of just under 9.0%.

Since pulling back from June highs in the $0.000012 area, SHIB/USD has been content to consolidate between its 21 and 50DMAs in a $0.0000095 to $0.0000105 range in the last few days. Depending on what happens with broader crypto sentiment as Q3 gets underway, SHIB/USD could push higher towards recent highs around $0.000012 or lower towards annual lows just above $0.000007.

SHIB/USD
SHIB/USD consolidates between 21 and 50DMAs. Source: FX Empire

Polygon

The native token on Polygon’s blockchain MATIC was the worst performer in the crypto top 50 (by market cap) over the last seven days according to CoinMarketCap, dropping over 22%. MATIC/USD was last trading near $0.46 per token and just below its 21DMA at $0.47.

The cryptocurrency has faced selling pressure for seven straight sessions since rejecting a test of its 50DMA earlier this month. Like Dogecoin, it also recently rejected a test of a key medium-term downtrend. Bears will be looking for a possible retest of recent lows in the low-$0.30s per token.

MATIC/USD
MATIC/USD eyes further downside. Source: FX Empire

UNUS SED LEO

Bitfinex crypto exchange utility token UNUS SED LEO was the best performer in the crypto top 50 (by market cap) over the last seven days according to CoinMarketCap, rising a little over 3.5%. LEO/USD has been probing the $6.0 per token level for more than two weeks now, unable to sustain a significant break above it.

Earlier on Friday, a brief period of bullishness saw the token come close to testing early April highs in the $6.25 area. At current levels around $5.97, LEO/USD trades about 7.0% up versus Thursday’s sub-$5.60 lows.

Bitcoin and ETH Price Prediction: Bears Target Lows, Why Doge Is At Risk

Key Insights:

  • Bitcoin is showing bearish signs below the $20,000 and $19,300 levels.
  • Ether (ETH) might accelerate lower below $1,000.
  • DOGE might start a major decline if there is a close below $0.060.

Bitcoin

After a minor upward move, bitcoin price faced sellers near the $20,500 zone. The price failed to continue higher and started a fresh decline below the $20,000 support.

The bears pushed the price below the $19,300 level and the 21 simple moving average (H1). BTC declined below the $19,000 zone to enter a bearish zone. There is also a key bearish trend line forming with resistance near $19,600 on the hourly chart.

Bitcoin BTC Hourly Chart
BTC Hourly Chart by FXEmpire

On the downside, there is a crucial support near $18,500. A close below the $18,500 zone could start a major drop. Conversely, the price could start a decent recovery wave above the $19,300 level and the 21 simple moving average (H1).

Ethereum (ETH)

ETH also followed a similar pattern after it failed to clear the $1,120 resistance zone. There was a fresh decline below the $1,085 level and the 21 simple moving average (H1).

There was a move below the $1,035 level and the bears are now attempting a move below the $1,000 support zone. The next major support is near $945, below which there is a risk of a move towards the $880 low or even $850.

Ether ETH Hourly Chart
ETH Hourly Chart by FXEmpire

Conversely, the price could rise again and revisit the $1,085 resistance zone. The next major resistance is near the $1,160 level.

Dogecoin (DOGE)

DOGE started a recovery wave from the $0.0500 support zone. There was a move above the $0.0600 level and the 21-day simple moving average.

The bulls pushed the price above the 50% Fib retracement level of the downward move from the $0.098 swing high to $0.050 low. However, the price faced a strong resistance near the $0.0750 zone.

DOGE also failed near a crucial bearish trend line with current resistance at $0.0750. Besides, the price was rejected near the 61.8% Fib retracement level of the downward move from the $0.098 swing high to $0.050 low.

The price is now moving lower and trading near the $0.063 support zone. If there is a close below $0.060 and the 21-day simple moving average, the price could nosedive.

ADA, BNB, and DOT price

Cardano (ADA) is down over 6% and trading below the $0.45 level. The next major support is seen near the $0.42 level.

Binance Coin (BNB) is accelerating lower towards the $205 level. The key breakdown support is still near the $200 level.

Polkadot (DOT) traded below the $7.0 support. The next major support is near $6.50, below which the price might dive towards $6.05.

A few trending coins are LEO, OKB, and ZRX. Out of these, ZRX is still holding gains above the $0.32 support zone.

Bitcoin and ETH Price Prediction: Strengthening Bearish Case, Why SOL Might Dive

Key Insights:

  • Bitcoin is showing signs of more downsides below $20,000.
  • Ether (ETH) could dive further below the $1,100 support.
  • SOL is testing a major bullish trend line on the daily chart.

Bitcoin

Recently, bitcoin price attempted a fresh move above the $21,250 resistance zone. However, the bulls failed to gain strength and there was a bearish reaction below $21,000.

The price declined below the $20,550 support and the 21 simple moving average (H1). It even spiked below the $20,000 level and is currently consolidating losses. On the downside, there is a crucial support near $19,850.

Bitcoin BTC Hourly Chart
BTC Hourly Chart by FXEmpire

A clear move below the $19,850 zone could spark a major decline in the coming sessions. On the upside, bitcoin is now facing resistance near the $20,550 level and a bearish trend line.

Ethereum (ETH)

ETH also followed a similar pattern after it failed to clear the $1,250 resistance zone. There was a fresh decline below the $1,200 level and the 21 simple moving average (H1).

There was a move below the $1,155 support level. Ether spiked below $1,100 and is currently stuck in range. On the upside, there is a hurdle forming near $1,125 and a bearish trend line on the hourly chart.

Ether ETH Hourly Chart
ETH Hourly Chart by FXEmpire

If there is no recovery above $1,125, the price could accelerate lower below the $1,100 level. The next major support sits near the $1,020 level.

Solana (SOL)

SOL formed a base near the $25 zone and started a recovery wave. There was a slow increase above the $28 and $30 resistance levels.

The price even moved above $35 and the 21-day simple moving average. The bulls pushed the price towards the 50% Fib retracement level of the downward move from the $59 swing high to $25 swing low, where the bears emerged.

SOL Daily Chart
SOL Daily Chart by FXEmpire

Recently, there was a bearish reaction towards the $35 level and the 21-day simple moving average. SOL price is now trading near a key bullish trend line with support near $34.50 on the daily chart.

A downside break below the trend line support could spark a drop towards the $25 level. Conversely, the price might recover and rise towards the $45 level.

ADA, BNB, and DOT price

Cardano (ADA) settled below the $0.50 level. The price is showing bearish signs and might continue to move down towards the $0.45 support.

Binance Coin (BNB) is down 5% and trading below the $220 and $225 levels. The next major support is near the $210 level.

Polkadot (DOT) is moving lower towards the $7.00 support. A downside break and close below $7.00 could set the pace for a move towards $6.62.

A few trending coins are LEO, ZRX, and SNX. Out of these, ZRX is gaining pace above the $0.35 resistance zone.

LEO Holds Near $5.0, Remains Resilient As Cryptocurrency Markets Fall

Key Points

  • Cryptocurrencies markets have stabilized on Sunday after tumbling on Saturday, with the Bitcoin price in the mid-$18,000s.  
  • LEO has outperformed the rest of the crypto market this weekend, recovering 15% from Saturday’s lows.  
  • The token fell as low as $4.30 on Saturday but has since recovered back to near-$5.0.  

Cryptocurrency markets appeared to broadly stabilize on Sunday after experiencing sharp downside on Saturday in a continuation of recent bearish moves as a result of the increasingly hawkish US Federal Reserve and growing US recession fears. Having slipped as low as the $760 billion on Saturday, total cryptocurrency market capitalization was last just above $800 billion, down more than $400 billion or over 30% in the last two weeks alone.  

The world’s largest cryptocurrency by market capitalization Bitcoin was last changing hands near $18,500 and down about 2.0% on the day, having slumped more than 7% alone on Saturday to break below the important psychological $20,000, $19,000 and $18,000 levels before printing fresh annual lows in the mid-$17,000s. Ethereum, the world’s second-largest cryptocurrency by market cap, was last trading in the mid-$900s per token, having dipped to fresh 2022 lows in the $800s on Saturday.  

BTC/USD
BTC/USD continues recent slump into the weekend, falls under key $20K level.

UNUS SED LEO – Coin of the Day 

According to CoinMarketCap data, crypto exchange Bitfinex’s utility token UNUS SED LEO is the best performing cryptocurrency in the top 20 by market cap over the last 24 hours. LEO, which offers holders discounted trading fees on the Bitfinex exchange, dipped from around $5.0 per token to as low as $4.30 on Saturday in tandem with the meltdown in Bitcoin and other cryptocurrencies.  

But LEO has since seen a sharp recovery back to close to the $5.0 per token level, a 15% bounce from Saturday lows. The bounce comes at a time when most other cryptocurrencies have failed to mount a recovery from this weekend’s losses and is in fitting with the cryptocurrency’s recent outperformance versus most of its major rivals.  

LEO/USD
LEO/USD bounces from Saturday lows. Source: FX Empire

Indeed, in 2022, while most of the rest of the cryptocurrency market has suffered from high global inflation, a weakening global economy, hawkish central banks and a bear market in global equities, UNUS SED LEO has been a very strong performer. Though it has pulled back aggressively from February’s all-time highs in the $8.50 area, it still trades over 30% higher on the year.  

While the cryptocurrency market has shed over $1.2 trillion in value (or over 60%) since the start of April, LEO has only dropped about 13%. Some have argued that LEO’s unique tokenomics mean the cryptocurrency can be viewed as a comparative safe haven compared to other tokens.  

iFinex, Bitfinex’s parent company, has committed to purchasing and then burning LEO tokens equal to 27% of the company’s revenues. The burn mechanism to “continue to 100% of tokens have been redeemed”, iFinex said when it released the token back in 2019. This means the token is deflationary, a property that some in crypto think helps preserve a token’s value.  

Crypto Market Daily Highlights – June 16 – ETH and SOL Tumble

Key Insights:

  • Wednesday’s bullish session was short-lived, with bitcoin (BTC) and the broader market hitting reverse on Thursday.
  • Investors responded further to the Fed’s largest rate hike since 1994 and the prospects of more aggressive moves ahead to curb inflation.
  • The bearish session saw the total market cap tumble by $87 billion.

It was a particularly bearish session for the crypto market on Thursday. Recession fear gripped the global financial markets in the wake of the Fed’s largest rate hike since 1994.

The Bank of England and the Swiss National Bank followed the Fed with rate hikes, adding to the market angst. This time, central banks are not hiking rates to cool economies but to curb inflation at a risk to economic growth.

Bitcoin (BTC) resumed its downward trend, falling for the ninth day in ten sessions.

The US equity markets reversed gains from Wednesday, with the NASDAQ 100 sliding by 4.08%. After tracing the NASDAQ through the morning, bitcoin decoupled from the NASDAQ 100 late in the US session, with the crypto market taking a big hit in the afternoon session.

BTC decouples from the NASDAQ
NASDAQ BTC 170622 5 Minute Chart

Crypto Market Cap Slides to Another New Current Year Low

Thursday’s bearish session saw the total crypto market cap fall back to $852 billion. Another $87 billion came off the table as investors fretted over the threat of a global recession.

Thursday’s loss marked the ninth in ten sessions. For June, the total market cap has fallen in 12 of the 16 sessions, resulting in a $425 billion market cap slump.

Crypto market cap tumbles.
Total Market Cap 170622 Daily Chart

With the markets focused on the threat of a global recession, a marked shift in the regulatory landscape will be another headwind the markets will need to manage over the near term.

From the top ten cryptos, ETH and SOL led the way down, with losses of 13.7% and 13.4%, respectively. DOGE was close behind, sliding by 12.1%.

Things were no better for the rest of the top ten. ADA (-10.9%), BNB (-10.0%), BTC (-9.7), and XRP (-8.9%) all struggled.

From the CoinMarketCap top 100, UNUS SED LEO (LEO) was the only crypto to buck the market trend, rising by 1.2%. ApeCoin (APE) was the biggest loser, tumbling by 19%.

For Tron (TRX), risk aversion masked USDD movements on the day, leaving TRX at risk of an extended sell-off.

After recovering to $0.98 levels, USDD fell back to a day low of $0.9705, the pullback coming despite the efforts of the TRON DAO Reserve to restore the dollar peg.

USDD unpegged
USDD 7-Day Chart 170622

On Thursday, TRX fell by a relatively modest 5.8%, while the collateral ratio fell from Thursday’s 317.88% to 282.28% this morning.

USDD Collateral Ratio
USDD Collateral Ratio 170622

Total Crypto Liquidations Eased Back Following Fed Policy Decision

Despite Thursday’s extended sell-off, total liquidations failed to reach levels seen on Tuesday. However, liquidations reflected market sentiment through the second half of the day.

While 24-hour liquidations fell back from Thursday morning’s $538 million to $210 million, at the time of writing, 1-hour liquidations painted a bleaker picture.

According to Coinglass, 1-hour liquidations stood at $22 million.

Crypto liquidations need tracking.
Total Crypto Liquidations 170622

Crypto Daily News Highlights

  • Elon Musk got hit with a $258 billion lawsuit by a disgruntled DOGE investor.
  • TRON DAO Reserve grappled with the unpegging of the USDD from the dollar.
  • Exchange inflows peaked as miners and investors looked to limit losses and preserve capital.
  • Celsius troubles continued, with four US states investigating the beleaguered DeFi lender.
  • Kraken joined a small list of platforms entering a hiring spree.

Crypto Market Daily Highlights – June 15 – BTC and ETH Find Support

Key Insights:

  • It was a bullish Wednesday session for the crypto market. Bitcoin (BTC) and Ethereum (ETH) ended their extended losing streaks.
  • The bullish session came despite the Fed delivering the largest rate hike since 1994 to curb inflation.
  • Another choppy session saw the total crypto market cap fall by $84 billion to a new current-year low of $834bn before bouncing back.

It was a bullish session for the crypto market on Wednesday. The broader market responded favorably to the highly anticipated Fed monetary policy decision, with bitcoin (BTC) ending an eight-day losing streak.

Bitcoin was heading for a ninth day in the red with a fall to a new current year low of $20,084 before finding late support.

Investor reaction to the Fed monetary policy decision tested bitcoin support late in the day before bitcoin tracked the NASDAQ into positive territory.

BTC finds NASDAQ support.
BTC-NASDAQ 160622 5 Minute Chart

Crypto Market Cap Slides to a New Current Year Low Before Rebounding

After eight consecutive days in the red, the total crypto market cap recovered from another slide to end the day up $27 billion.

Tracking gains across the US equity markets, the broader crypto market responded favorably to the Fed rate hike and FOMC projections.

The total market cap fell to a new 2022 low of $834 billion before a move through to $950 billion levels. $84 billion came off the table before a broad-based crypto market rebound.

Crypto Market Cap
Total Market Cap 160622 Daily Chart

While the broader crypto market responded favorably to the Fed, downside risks linger.

Near-term, these include an anticipated shift in the regulatory landscape and the threat of a global economic slowdown.

From the top ten cryptos, SOL rallied by 17.47% to lead the way, with ADA (+10.79%) and DOGE (+12.96%) close behind.

BNB (+4.76%), BTC (+2.03), ETH (+2.39%), and XRP (+6.55%) also found support.

From the CoinMarketCap top 100, UNUS SED LEO (LEO) and Bitcoin SV (BSV) bucked the broader market trend, falling by 7.51% and 6.26%, respectively.

Tron (TRX) found much-needed support, with a 13.31% rally reversing a 12.99% slide from Tuesday.

A steadying in the USDD and news of the TRON DAO Reserve making moves to reestablish the dollar peg, easing market nerves.

While the USDD continued to sit below $0.98, the collateral ratio stood at 317.88%.

Total Crypto Liquidations Eased Back Following Fed Policy Decision

Following Tuesday’s spike, total liquidations eased back further going into the Thursday session.

According to Coinglass, 24-hour liquidations stood at $538 million, down from $578 million levels on the day prior. While down from the Tuesday jump to $1,070, however, 24-hour liquidation levels remained elevated.

One-hour liquidations pointed to a steadying in market cap conditions, with one-hour liquidations at $11.78 million.

Crypto Liquidations
Total Crypto Liquidations 160622

Crypto Daily News Highlights

  • SEC sent letters to crypto exchanges to establish whether the appropriate safeguards are in place to tackle insider trading.
  • Fed delivered the largest rate hike since 1994. The crypto market followed US equities into positive territory.
  • The BTC price reversal weighed on bitcoin mining profitability, which fell to its lowest level since Oct-2020.
  • TRON DAO Reserve calmed market fears of another stablecoin collapse, delivering TRX price support.
  • Binance announced 2,000 open positions while other crypto platforms cut payrolls.

Crypto Market Daily Highlights – June 14 – BTC and ETH See Red

Key Insights:

  • Crypto market conditions calmed on Tuesday, with the broader market ending extended losing streaks.
  • Ethereum (ETH) bucked the trend, falling for an eighth consecutive day, with bitcoin (BTC) also seeing red.
  • The choppy session saw the total crypto market cap fall by $69 billion to a new current-year low of $858.7bn before late support kicked in.

It was a mixed session for the crypto market on Tuesday. While the broader crypto market ended an extended losing streak, the bitcoin (BTC) fell for an eighth consecutive day.

The eighth day in the red saw bitcoin fall to a new current-year low of $20,838 before a partial recovery to $22,000. Bitcoin last stood at sub-$21,000 in December 2020.

Helium (HNT) was a front runner, while Monero (XMR) and Tron (TRX) saw heavy losses.

Dip buyers delivered much-needed support ahead of the Fed’s monetary policy decision on Wednesday, which has weighed on the crypto market.

Crypto Market Cap Slides to sub-$900 Billion

Following Monday’s $130.6 billion wipeout, the total crypto market cap fell by just $3.6 billion on Tuesday.

Significantly, however, the market cap fell to a new current-year low of $858.6 billion before returning to $900 billion. Tuesday’s decline marked the eighth consecutive daily fall.

Crypto market cap falls again.
Total Market Cap Daily Chart 150622

For June alone, the total crypto market cap is currently down $379 billion, following a $380 billion tumble in May and a $375 billion slump in April.

While the crypto market found support on Tuesday, downside risks remain as the market looks ahead to the Fed monetary policy decision on Wednesday.

The markets have priced in a 50 basis point rate hike. A hike in line with expectations would leave investors to focus on the Fed’s inflation, GDP, and interest rate projections.

Investor fear of a more aggressive rate path trajectory has hit riskier assets. An upward revision to the March projections will likely further test the appetite for riskier assets.

Other market considerations include plans to roll out more stringent regulatory measures and the stability of stablecoins.

On Tuesday, TRX came under selling pressure as investors reacted to algorithmic stablecoin USDD losing its dollar peg. TRX slumped by 12.9% on Tuesday, following a 16.1% slide on Monday.

From the top ten cryptos, ADA (+3.88%), SOL (+3.46%), and XRP (+3.41%) led the way.

BNB (+0.09%) and DOGE (+2.69%) also found support.

BTC slid by a further 1.58% to lead the way down, however, with ETH ending the day with a 0.02% loss to buck the broader market trend.

From the CoinMarketCap top 100, Monero (XMR) joined TRX in the deep red, with a loss of 10.83%.

Total Crypto Liquidations Eased but Remained Elevated

Following Tuesday’s spike, total liquidations eased going into the Wednesday session.

According to Coinglass, 24-hour liquidations stood at $578 million, down from $1,070 million levels on the day prior. While down from Tuesday levels, however, 24-hour liquidation levels remained elevated.

Crypto liquidations ease.
Total Crypto Liquidations 150622

One-hour liquidations pointed to a steadying in market cap conditions, with one-hour liquidations at $7.7 million.

Crypto Daily News Highlights

  • Bank of England Governor Andrew Bailey took another swipe at the crypto market.
  • Crypto investors prep for the Fed monetary policy decision and projections.
  • Tron (TRX) took a hit in response to algorithmic stablecoin USDD losing its dollar peg.
  • Ripple general counsel Stuart Alderoty took aim at the SEC over a muddied regulatory environment.
  • BlockFi was fined $943,000 for failing to register securities in the State of Iowa.
  • While the crypto winter takes its toll on crypto platforms, Ripple Labs, Binance, and Tron announced upbeat plans.
  • CEO and co-founder of Terraform Labs Do Kwon denied cashing out $2.7 billion.

Crypto Market Daily Highlights – June 10 – ADA, BNB, GMT, and MATIC

Key Insights:

  • It was a bearish Friday, with the broader crypto market declining for a fourth consecutive day.
  • US inflation figures for May sent the crypto majors into freefall after inflation hit another 40-year high.
  • Among the top ten, Binance Coin (BNB) faired better than most, falling by just 1.0%.

After a mixed Thursday session, the crypto market recoupled with the NASDAQ 100 to see deep red.

Cardano (ADA) reversed Vasil hard fork-driven gains from earlier in the week.

US inflation figures for May did the damage on Friday. The NASDAQ 100 tumbled by 3.52% in response to US inflation hitting a new 40-year high.

In May, the US annual rate of inflation accelerated from 8.3% to 8.6%. A modest decline in crude oil prices provided little comfort at the end of the week.

While the inverse correlation between bitcoin (BTC) and WTI Crude weakened, the correlation with the NASDAQ 100 strengthened on Friday. The correlation reflected investor sentiment towards inflation and Fed monetary policy ahead of next week’s FOMC meeting.

BTC correlation with the NASDAQ strengthens.
NASDAQ BTC WTI 110622 5 Minute Chart

Crypto Market Cap Gives Up $60 Billion Before Steadying

After having avoided sub-$2,000 billion for a second consecutive day, the total crypto market cap slumped to a day low of $1,157 billion on Friday.

A $58 billion tumble came in response to the US inflation figures. A modest recovery to $1,16 billion levels was of little consolation late in the day.

From the top ten cryptos, ADA slid by 9.2%. BNB faired the best among the top ten, falling by just 1.2%.

BTC (-3.4%), DOGE (-5.0%), ETH (-7.1%), and XRP (-4.7%) all reacted to the inflation numbers.

From the top 100, Chainlink (LINK) was among the worst performers, tumbling by 13.3%.

MATIC (-6.3%) and GMT (-8.5%) also saw heavy losses alongside the broader market.

Several cryptos bucked the trend on Friday.

UNUS SED LEO (LEO) (+1.5%), Bitcoin SV (BSV) (+3.1%), and Huobi Token (HT) (+1.0%) found support.

Total Crypto Liquidations Spiked on Friday

Total liquidations spiked on Friday, as the broader market reacted to the latest US inflation numbers.

According to Coinglass, 24-hour liquidations stood at $298.31 million, up from $103.50 million on Thursday. More significantly, liquidations over 12 hours stood at $239.70 million, taking 24-hour liquidations to levels seen last week.

1-hour liquidations suggested a steadying in market conditions.

At the time of writing, total liquidations over one hour stood at $8.35 million.

Crypto liquid spike after US inflation numbers.
Total Crypto Liquidations 110622

Crypto Daily News Highlights

  • The SEC is investigating Terraform and founder Do Kwan.
  • Following news of the Lummis and Gillibrand bill, the CFTC and the SEC will battle it out for oversight of digital currencies.
  • Bloomberg expanded the Bloomberg Terminal coverage to include 50 cryptocurrencies.
  • In the SEC v Ripple case, a court ruling went against the SEC ahead of a major court ruling next week.
  • Global bitcoin (BTC) adoption could be up by a further 10% by 2030.

Crypto Market Daily Highlights – June 9 – BTC, BNB, GMT and SOL

Key Insights:

  • A bitcoin (BTC) fell back to sub-$30,000 for a ninth consecutive session before wrapping up the day at $30,000 levels.
  • On Thursday, inflation jitters and a NASDAQ sell-off weighed on the broader market.
  • From the crypto top 10, Solana (SOL) found strong support, with Chainlink (LINK) on the move following this week’s staking news.

It was yet another mixed Thursday session for the crypto market. Market reaction to network news updates provided modest support.

Bitcoin (BTC) saw red for a third consecutive day and revisited sub-$30,000 for the ninth day in a row.

A 2.75% slide in the NASDAQ contributed to the bearish sentiment, though the correlation weakened through the US session. Bitcoin managed to avert a late dive in the US session.

Late in the Thursday session, the inverse correlation between bitcoin and WTI crude oil remained evident, however.

BTC inverse correlation with WTI
NASDAQ BTC WTI 100622 5-Minute Chart

Crypto Market Cap Avoided sub-$2,000 Billion for a Second Day

Modest losses across the crypto majors ensured that the total crypto market cap avoided sub-$2,000 billion for a second consecutive day.

After falling to a day low of $1,202 billion on Wednesday, the total market cap declined to a day low of $1,205 billion before returning to $1,210 billion levels.

For the broader market, avoiding another heavy sell-off is essential. Steering clear of sub-$2,000 billion levels will be the key. However, headwinds remain that could force another sell-off and revisit the May 12 low of $1,082 billion.

crypto market cap avoids sub-$2,000 bn
Total Market Cap 100622 Daily Chart

These include US inflation and Fed monetary policy, market sentiment towards the economy, and crypto regulatory news updates. Later today, US inflation figures for May will draw plenty of attention ahead of the Fed monetary policy decision and forward guidance on Wednesday.

Progress of the Lummis and Gillibrand bill on Capitol Hill would ease some of the regulatory uncertainty that plagues the market.

On Thursday, Chainlink (LINK) rallied by 6.40%, with STEPN (GMT) and Solana (SOL) rising by 2.47% and by 2.93%, respectively.

Chainlink network news and the announcement of LINK staking continued to provide LINK support.

From the top 100, Polkadot (DOT), Polygon (MATIC), UNUS SED LEO (LEO), FTX Token (FTT), Uniswap (UNI), VeChain (VET), Tezos (XTZ), Theta Network (THETA), Helium (HNT) and OMG Network (OMG) also found support.

However, for most of the crypto top ten, Thursday was a bearish session.

ADA saw a five-day winning streak come to an end, with a 1.40% decline.

BTC (-0.38%), with ETH (-0.18%), and XRP (-0.10%) also seeing red.

BNB (+0.45%) and DOGE (+0.07%) ended the day relatively flat.

Total Crypto Liquidations Ease Back from Thursday Levels

Over 24 hours, total liquidations continued to fall back from levels seen earlier in the week.

According to Coinglass, 24-hour liquidations stood at $103.5 million, down from $158.58 million on Wednesday. Earlier in the week, 24-hour liquidations had stood at $300 million levels.

1-hour liquidations suggested stable market conditions

At the time of writing, total liquidations over one hour stood at $2.93 million.

Total liquidations steady.
Total Crypto Liquidations 100622

Crypto Daily News Highlights

  • Tether announced the launch of USDT on Tezos, making it the thirteenth blockchain.
  • Fidelity and Charles Schwab plan to offer cryptocurrency services.
  • SEC got a win, with the courts upholding the Terraform Lab subpoenas.
  • CFTC Commissioner Summer Mersinger sees the CFTC as the lead regulator for the crypto sector.

Bitcoin and ETH Near Major Crossroads, Why LEO Could Surge

Key Insights:

  • Bitcoin cleared the $30,000 resistance and started a consolidation phase.
  • Ether (ETH) is facing resistance near $1,915.
  • LEO bulls seem to be eyeing an upside break above $5.25.

Bitcoin

Recently, bitcoin price started a decent increase above the key $28,550 level. The price was able to surpass the $29,400 resistance level and the 21 simple moving average (H1).

There was also a move above a connecting bearish trend line with resistance near $29,100 on the hourly chart. It opened the doors for a steady increase and the price climbed above the $30,000 resistance zone.

Bitcoin BTC Hourly Chart
BTC Hourly Chart by FXEmpire

On the upside, bitcoin is now facing a major resistance near the $30,800 zone. A clear move above the $30,800 zone could start another steady increase, may be towards $31,500. If the bulls fail, the price could decline and revisit the $29,400 support.

Ethereum (ETH)

ETH also started a fresh increase from the $1,720 zone. The bulls were able to push the price above the $1,825 resistance zone and the 21 simple moving average (H1).

It even cleared the $1,880 level, but the bears seem to be active near $1,915. A close above the $1,915 is needed to start a decent increase. In the stated case, ether price could rise and test the $2,000 resistance zone.

Ether ETH Hourly Chart
ETH Hourly Chart by FXEmpire

If not, there is a risk of a move towards the $1,825 support and a major bullish trend line on the hourly chart.

UNUS SED LEO (LEO)

LEO started a strong decline after it topped near the $8.00 level. The bears pushed the price below the $6.50 and $6.00 support levels.

It even moved below the $5.00 level and the 21-day simple moving average. Finally, the price found support near the $4.80 zone. Recently, LEO price started a fresh increase above the $5.00 level.

LEO Daily Chart
LEO Daily Chart by FXEmpire

The price is now trading above the 21-day simple moving average, but there is a major hurdle waiting near $5.25. There is also a key bearish trend line at $5.26 on the daily chart. A clear move above the $5.25 resistance could initiate a strong rally.

The next major resistance is near the $6.20 level. If there is no upside break, the price could restart decline and test the $4.20 level.

ADA, BNB, and DOT price

Cardano (ADA) gained over 10% and was able to surpass the $0.52 resistance. It seems like the bulls might aim a break above the $0.55 resistance.

BNB is consolidating near the $312 and $315 levels. On the upside, the bears might remain active near the $320 level.

Polkadot (DOT) is up 5% and trading above the $10.00 level. An immediate resistance is $10.50, above which it could rise to $10.80.

A few trending coins are EGLD, AAVE, and THETA. Out of these, THETA is up 10% and trading above the $1.25 resistance zone.