Crypto Market Daily Highlights – DOGE and BNB Bucked the Top Ten Trend

Key Insights:

  • It was a mixed Friday for the crypto top ten, with dogecoin (DOGE) bucking the top ten trend.
  • The crypto market recoupled from the NASDAQ 100, which fell for a third consecutive quarter on Fed and recession fears.
  • A mixed session left the total market cap down $48 billion for the session while up $40 billion for the quarter.

It was a mixed Friday session for the crypto top ten. DOGE bucked the top tend trend. However, BTC extended its losing streak to four quarters with a bearish Friday session. Despite the bearish session, BTC revisited $20,000 for just the second time in twelve sessions.

On Friday, the crypto market tracked the NASDAQ 100 into the red, with US inflation weighing.

NASDAQ correlation
Total Market Cap – NASDAQ – 011022 5 Minute Chart

The NASDAQ 100 fell by 1.51% to end the Q3 with a 4.11% loss.

Fed fear resurfaced at the end of the week, with US inflationary pressures picking up in August. The Core PCE Price Index increased by 4.9%, up from 4.7% in July.

Softer consumer sentiment figures for September provided brief relief before the crypto market and the NASDAQ reversed session gains. In September, the Michigan Consumer Sentiment Index rose from 58.2 to 58.6, down from a prelim 59.5.

Fed Fear and market jitters over a recession led the NASDAQ 100 to a third consecutive quarterly loss, the longest losing streak since the Global Financial Crisis. The correlation between the crypto market and the NASDAQ was evident throughout the three quarters of the year.

However, a brief post-Fed policy decision decoupling from the NASDAQ 100 delivered the quarterly rise for the broader crypto market.

Post-Fed decoupling.
Total Market Cap – NASDAQ – 011022 Daily Chart

Crypto Market Ends the Third Quarter on a Bearish Note

On Friday, the crypto market fell to a mid-day low of $893.3 billion before rising to a high of $933.13 billion. However, a bearish end to the Friday session saw the market cap slide back to sub-$900 billion before steadying.

Market reaction to the US inflation numbers reignited Fed fear, leaving the market in the red for the session. The bearish Friday session left the crypto market cap down $48.4 billion for September. However, the market cap rose by $39.8 billion in the third quarter.

Crypto market cap sees bearish Friday.
Total Market Cap 011022 Daily Chart

The Crypto Market Movers and Shakers from the Top Ten and Beyond

It is a mixed Friday session for the crypto top ten.

DOGE and BNB rose by 1.29% and 0.21%, respectively, to buck the top ten trend.

However, SOL reversed Thursday’s 2.11% gain with a 2.00% loss to lead the way down.

XRP (-1.42%) also struggled while ADA (-0.68%), BTC (-0.81%), and ETH (-0.53%) saw relatively modest losses.

From the CoinMarketCap top 100, it was a mixed session.

Terra Classic (LUNC) led the way, rallying by 9.58%, with Quant (QNT) and Helium (HNT) seeing gains of 5.78% and 5.30%, respectively.

However, Chainlink (LINK) led the way down, falling by 4.03%, with Celsius (CEL) and Pancake Swap (CAKE) seeing losses of 3.72% and 3.21%, respectively.

24-Hour Crypto Liquidations Holds Steady Despite Bearish Session

Over 24 hours, total liquidations held steady during the Friday session, despite a pickup in US inflationary pressure. At the time of writing, 24-hour liquidations stood at $92.79 million, up from $91.62 million on Friday morning.

Liquidated traders over the last 24 hours also inched higher. At the time of writing, liquidated traders stood at 28,614 versus 28,061 on Friday morning. Liquidations were down over twelve hours and the final hour of the day (UTC) while up over four hours.

Crypto liquidations hold steady.
Total Market Cap 011022 Hourly Chart

According to Coinglass, 12-hour liquidations stood at $66.05 million, down from $70.50 million on Friday morning, with one-hour liquidations down from $1.97 million to $0.563 million. However, four-hour liquidations were up from $10.46 million to $14.90 million.

The chart below shows market conditions throughout the session.

US Economic Indicators Influence.
Total Market Cap 011022 Hourly Chart

Crypto Market Daily Highlights – XRP Bucks the Top Ten Trend

Key Insights:

  • It was a mixed end of the week for the crypto top ten, with XRP bucking the top ten trend.
  • Following a bearish end to the week for the NASDAQ 100, the broader crypto market saw red for a second consecutive session, reversing the Thursday and Friday decoupling.
  • The total crypto market cap fell by $7.6 billion to $885.9 billion.

It was a mixed Sunday session for the crypto top ten. XRP bucked the top ten trend, while SOL and DOGE led the way down. BTC fell short of $20,000 for a seventh consecutive session and ended the day at sub-$19,000 for the fourth time in the week.

It was a quiet Sunday session, with no crypto news stories to weigh on investor sentiment. On Thursday and Friday, the crypto market decoupled from the NASDAQ 100, rising for two consecutive sessions. However, a bearish weekend prevailed, with investor angst over Fed monetary policy and the economic outlook testing investor resilience.

However, this morning, the NASDAQ 100 Mini was down 34 points, while the crypto market cap is up $1.12 billion (0.13%).

NASDAQ decoupling
Total Market Cap – NASDAQ – 260922 Daily Chart

Crypto Market Falls for a Second Consecutive Week to Sub-$900 billion

On Sunday, the crypto market cap rose to a mid-afternoon high of $908.1 billion before sliding to a low of $875.9 billion. A late partial recovery left the crypto market cap down $7.6 billion to $885.9 billion for the session.

The crypto market cap fell by $9.51 billion in the week, leaving the market cap down $72 billion for September.

Crypto market cap sees red.
Total Market Cap 260922 Daily Chart

The Crypto Market Movers and Shakers from the Top Ten and Beyond

It was a mixed Sunday session for the crypto top ten.

XRP bucked the top ten trend, rising by 0.50%. However, it was a bearish session for the rest of the top ten.

DOGE and SOL slid by 3.09% and 3.16%, respectively, to lead the way down

ADA (-1.11%), BTC (-0.62%), BNB (-0.18%), and ETH (-1.72%) also saw red.

From the CoinMarketCap top 100, it was a mixed session.

ApeCoin (APE) led the way, gaining 5.59%, with Chainlink (LINK) and Maker (MKR) rising by 3.21% and 4.59%, respectively.

However, ravencoin (RVN) slid by 7.10% to lead the way down, with Terra Classic (LUNC) and Lido DAO (LDO) both seeing losses of 6.34%, respectively.

24-HourCrypto Liquidations Inched Higher in a Bearish Session

Over 24 hours, total liquidations rose on Sunday but remained low despite the crypto market falling for a second consecutive session.

At the time of writing, 24-hour liquidations stood at $74.63 million, up from $63.12 million on Sunday morning.

Liquidated traders over the last 24 hours also increased. At the time of writing, liquidated traders stood at 34,027 versus 27,917 on Sunday morning.

Liquidations were also up over four hours while down over the last hour and 12 hours.

Crypto liquidations
Total Crypto Liquidations 260922

According to Coinglass, 12-hour liquidations stood at $62.62 million, down from $63.12 million on Sunday morning, with one-hour liquidations down from $6.45 million to $0.901 million.

However, four-hour liquidations increased from $12.63 million to $23.32 million. The chart below shows market conditions throughout the session.

Hourly crypto market cap chart
Total Market Cap 260922 Hourly Chart

Crypto Market Daily Highlights – XRP Leads the Top Ten Rebound

Key Insights:

  • It was a bullish start to the week for the crypto top ten, with XRP leading the way.
  • Fed and recession fears sent the crypto market into the deep red before a rebound, supported by the NASDAQ 100.
  • The total crypto market cap rose by $11.7 billion to $907.1 billion.

It was a bullish Monday session for the crypto top ten. XRP led the crypto top ten on investor optimism towards the outcome of the SEC v Ripple case. However, BTC fell short of $20,000 for the fourth time since July 3.

Fed and recession fears continued to grip the crypto market going into the Monday session. Following Sunday’s reversal, BTC and ETH tumbled to new September lows. Market fears of Fed monetary policy sending the global economy into a recession weighed.

However, the NASDAQ 100 delivered market support through the US session as bets of a percentage point rate hike eased. There were no US economic indicators or crypto news stories to influence, leaving the NASDAQ to provide direction.

On Monday, the probability of a 75-basis point was 81.0% versus 19.0% for a percentage point hike. The latest split was less hawkish than on Sunday when the chance of a percentage point hike stood at 21%. The NASDAQ 100 rose by 0.76%, with the NASDAQ 100 Mini up 58.5 points this morning.

NASDAQ correlation.
Total Market Cap – NASDAQ – 200922 5 Minute Chart

Crypto Market Returns to $900bn in a Choppy Monday Session

On Monday, the crypto market cap tumbled to an early low of $856.8 billion before rebounding to a high of 915.9 billion.

The bullish Monday session left the crypto market cap up $11.7 billion to $907.1 billion. However, the market cap is down $54 billion for September.

Market cap returns to $900bn.
Total Market Cap 200922 Daily Chart

The Crypto Market Movers and Shakers from the Top Ten and Beyond

It was a bullish Monday session for the crypto top ten.

XRP led the way, rising by 7.69%, with SOL (+4.90%) a distant second.

BNB (+2.14%), DOGE (+1.92%), and ETH (+3.11%) also found strong support, while ADA (+1.12%) and BTC (+0.65%) trailed.

From the CoinMarketCap top 100, it was a mixed session.

Helium (HNT) and apecoin (APE) led the way, rallying by 15.41% and 15.56%, respectively. Algorand (ALGO) ended the day up 8.56%.

However, Chainlink (LINK) was among the worst performers, falling by 2.97%. Huobi Token (HT) and polkadot (DOT) saw losses of 0.57% and 0.93%, respectively.

24-HourCrypto Liquidations Continue Uptrend as Volatility Spikes

Over 24 hours, total liquidations increased as Fed and recession fears delivered a choppy session.

At the time of writing, 24-hour liquidations stood at $292.44 million, up from $264.19 million on Monday morning.

Liquidated traders over the last 24 hours declined, however. At the time of writing, liquidated traders stood at 71,318 versus 99,009 on Monday morning.

Liquidations over twelve and four hours were down, reflecting the market rebound, while one-hour liquidations increased.

Liquidations rise.
Total Crypto Liquidations 200922

According to Coinglass, 12-hour liquidations stood at $98.29 million, down from $226.35 million on Monday morning, with four-hour liquidations falling from $140.44 million to $24.44 million. However, one-hour liquidations increased from $2.79 million to $4.27 million, reflecting the early Tuesday market decline. The chart below shows market conditions throughout the session.

Crypto market sees early Tuesday pullback.
Total Market Cap 200922 Hourly Chart

The Once in a Lifetime Reason to Buy Ethereum Right Now

Ethereum is about to undergo a once-in-a-lifetime metamorphosis that will be remembered for decades. My conservative estimate is that Ethereum prices will 2x over the next month and continue to climb higher and possibly faster than it ever has or will. I am not alone in my stance on the world’s largest decentralized finance ecosystem, and (for the time being) the number two crypto asset.

Ethereum vs Bitcoin comparison

I am not going to say that it will be greater than Bitcoin, honestly, they are two different coins with two entirely different purposes and use cases. Bitcoin will always be Bitcoin and no coin, not even Ether can take its place. Bitcoin is the most decentralized, unstoppable, un hackable, and most importantly uninflatable place to safeguard your purchasing power which will never exceed a maximum of 21 million BTC.

Ethereum 2.0 becomes eco-friendly

While the argument for or against PoS vs PoW is a topic that deserves its own report if not dozens, the following that PoS has gained is undeniable and will help Ethereum flourish in the future due to its eco-friendly consensus mechanism. The chart below shows the total number of Ethereum staked already in Ethereum 2.0, illustrating that regardless of price action interest in Eth 2.0 has grown at a steady rate since 2020.

ETH 2.0

Ethereum’s ecosystem and its role in cryptospace

Ethereum on the other hand is a virtual machine, an engine “or brain” of sorts powering the latest and greatest things crypto has to offer, a list that is always growing. Holding Ethereum is not so much an asset used to hedge against inflation rather it is a bet on the future of finance and the endless use cases that have grown to support Ethereum’s ecosystem.

This includes NFTs, yield farming, smart contracts, decentralized finance, and inspired countless similar layer-1 competing chains such as Avalanche, Cardano, and Solana. Not to mention the many layer-2 chains such as Polygon, Arbitrum, and Loopring AND the countless ERC-20 tokens that run on Ethereum, such as Shiba Inu, USDC, Chainlink, and over 4,000 others.

ETH Eco coins

Token dynamics

It shouldn’t be understated what this will likely do to Ethereum. Following the merge creation of new Ethereum coins “Ether” which is currently 2 Ether per block. Last month issuance of newly created coins paid to PoW miners averaged 13,000 per day, this equates to a 4.5% increase in Ethereum’s total supply every year.

After the merge, only stakers will be rewarded with new coins and the issuance will decrease by 90% down to only 1,600 per day! This has the real possibility of making Ether a deflationary asset. Assuming that its usage does not decrease, the gas fees paid to the network which are burned thereafter could easily exceed the newly minted Ether issued to stakers.

More performance

The creation of Eth 2.0 will also increase its throughput for transactions at a much higher multiple while also solving a lot of the scaling issues Ethereum has faced throughout its seven-year history.

Active Ethereum addresses skyrocketing

I will end this piece with a chart that shows the number of active Ethereum addresses on a per-day basis, notice the rapid increase of transactions on the network since 2020 which includes the massive spike in July that almost hit 1 million transactions on a single day! This clearly shows the support and momentum that has been building in anticipation of this once-in-a-lifetime event.

ETH Active adresses

For anyone interested in viewing more articles on Bitcoin, simply click this link.

Bitcoin and ETH Price Prediction: Bulls Seem Exhausted, LINK Eyes $12.50

Key Insights:

  • Bitcoin struggled to stay above $24,250 and corrected lower.
  • Ether (ETH) failed to maintain its rally above $1,950.
  • LINK is signaling a rally towards $12.50 on the daily chart.

Bitcoin

Bitcoin has seen bullish price action over the past few days, which saw it climbing above the 21-day simple moving average (H1) and ranging above the $24,000 level.

The bulls, however, were unable to push BTC above the resistance at $25,000, which sent prices lower back towards the support at $23,600.

BTC has now fallen through a key trendline that had previously provided support on several occasions.

Bitcoin BTC Hourly Chart
BTC Hourly Chart by FXEmpire

BTC needs to consolidate above the $23,600 level before it can begin moving higher towards the $25,000 zone again. A fall from its current support will see BTC heading back to the $23,200 level which previously served as support.

Ethereum (ETH)

ETH also followed a similar path after it spiked above the $1,900 level. The price failed to gain strength for a move above the $1,950 resistance zone.

There was a downside correction below the $1,900 level and the 21-day simple moving average (H1). The price of ETH is now following a descending channel pattern with resistance near $1,900 on the hourly chart. If ETH breaks through this level, support can be found near $1,800.

Ether ETH Hourly Chart
ETH Hourly Chart by FXEmpire

With the Goerli merge now successfully completed and just weeks remaining until the mainnet Merge event, the sentiment around Ethereum remains bullish.

Chainlink (LINK)

After consolidating above the $6 level for several days, LINK bulls were able to push the price past the resistance at $6.50 and $7.20.

The price has now settled above the $8.00 level and the 21-day simple moving average. The bulls are now targeting $10 which is a previous and psychologically significant resistance zone. Notably, LINK is trading above the 23.6% Fib retracement level of the downward move from the $18.00 high to $5.30 low, indicating bullish price momentum.

Chainlink (LINK)
Chainlink (LINK) Daily Chart by FXEmpire

The price is up over 6% today which is a positive sign, however, if LINK is unable to breakout above $10, it may retrace and fall back towards the $8 support zone.

ADA, BNB, and DOT price

Cardano (ADA) is stuck near the $0.530 level. To start a fresh rally, the price must clear the $0.55 resistance zone.

Binance Coin (BNB) is stable near the $320 level. If there is a bearish reaction, the price might test the $305 support.

Polkadot (DOT) is consolidating near the $9.30 level. The next immediate resistance is near $9.45, above which it could test $9.80.

A few trending coins are NEAR, OKB, and HT. Out of these, HT gained over 20% and broke the $5.20 resistance level.

Crypto Price Analysis August 8: FLOW, ROSE, LINK, NEAR, EGLD

Key Insights:

  • Flow noted a 15.88% rise today to trade closer to $3.
  • Oasis Network’s ROSE emerged as a top performer rising by 23%.
  • Bitcoin and Ethereum rose too to trade at $23.9k and $1.7k, respectively.

The crypto market enjoyed a green candle today, and in doing so, it also managed to cross the $1.1 trillion mark.

Led by altcoins, the market gained almost $30 billion in the last 24 hours, but the king coin and the altcoin king also contributed by rising to $23,937 and $1,775, respectively.

Flow (FLOW)

The altcoin shot up by almost 16% from yesterday’s lows to trade at the price of $2.98. FLOW has already rallied by more than 86% in the last 12 days, recovering the losses of June in doing so.

The Awesome Osccilator’s green bars further reassure that the rally will stick for the next few days.

Oasis Network (ROSE)

ROSE was among the highest gainers of the day, rallying by more than 23% in the span of 24 hours.

However, the Chaikin Money Flow still noted a downtick, indicating outflows from the asset, which is a matter of concern since the altcoin is yet to recover the 65% losses from the crash of May.

Chainlink (LINK)

LINK increased by 11.09% today as the altcoin came closer to almost recovering the entirety of the June dip.

The divergence of the Bollinger Bands will provide the altcoin with enough volatility to recover the 46% crash of May as well.

Near Protocol (NEAR)

NEAR, on the other hand, despite rising by 14.28% in 24 hours, was nowhere near reclaiming all that it lost in May during the 50% dip.

Additionally, the Relative Strength Index (RSI) is also reaching the overbought zone, and once the indicator is above the 80.0 mark, the trend will flip, leaving the altcoin vulnerable to price falls.

Elrond (EGLD)

Elrond dipped by 4% today despite rising by almost 32% in the 12 days before today, during which it almost recovered half of the 51.95% crash of June.

The MACD regained its bullish crossover, creating room for recovering the rest of the losses as well.

Crypto Price Analysis July 15: COMP, KSM, QNT, NEXO, LINK

Key Insights:

  • Compound stood as one of the best performers of the day with an 11.4% rise.
  • NEXO was among the few altcoins to counter the broader market’s bullishness.
  • Bitcoin and Ethereum were observed to be trading at $20k and $1.2k, respectively.

Most of the cryptocurrencies had a positive day today as the broader market noted growth. Closing above $910 Billion, the crypto market cap reclaimed the critical level today.

The king coin remained consolidated at $20.7k, whereas the altcoin king rose to $1.2k at the time of writing.

Compound (COMP)

COMP investors had a good day today as the coin continued its rally, rising by 14.2%. This brought the altcoin to trade at $56.41. At the same time, the altcoin also recovered its June losses almost completely.

The Awesome Oscillator highlights rising bullishness on the indicator, which could help COMP completely recover the 51.44% downfall from the last month.

Kusama (KSM)

Kusama’s native token KSM followed the bulls today to rise by 10.33% in the last 24 hours, trading at $54.08 at the time of writing.

However, going forward, the rise might slow down since the converging Bollinger Bands indicate reducing volatility in the market.

Quant (QNT)

QNT noted one of the highest 24-hour rally in the crypto market today, shooting up by almost 26%. In the process, it also reclaimed $100 as support to trade at $106.94.

The rise was supported by the investors, too, as the uptick in the Chaikin Money Flow exhibited organic inflows.

Nexo (NEXO)

On the other end of the spectrum in the market today stood NEXO which remained mostly unchanged, trading at $0.6.

Despite the MACD highlighting an active bullish crossover in the case of the altcoin, NEXO isn’t making much growth due to the rising bearishness, which could make it difficult to recover the 50.8% crash it witnessed in June.

Chainlink (LINK)

LINK accompanied NEXO in going nowhere today as the altcoin moved by just 1.23%, still trading at $6.19, the same level it was at a month ago.

The Relative Strength Index (RSI) isn’t indicating any immediate bullishness either, lingering in the bearish zone under the 50.0 neutral mark.

Top 7 Altcoins for July 2022 – ETH, SHIB, ADA, LINK, CEL, QNT, STORJ

Key Insights:

  • Ethereum and Cardano are both about to witness critical changes to their network this month.
  • Celsius is leading the crypto space with the highest ROI at the moment.
  • The ROI alone is not a contributing factor when it comes to investment.

A considerable part of the crypto space is driven by investors who are looking to make profits out of the wild volatility that the market experiences.

However, it is not just the Return on Investments (ROI) that makes a project worthy of one’s money, its overall development also plays a critical role.

Thus it is imperative that one completely understands what a cryptocurrency offers beyond money, and that is what these seven altcoins highlight as well.

Ethereum (ETH)

The king of the altcoins, Ethereum, holds a lot of potential as an investment this month as the DeFi pioneer is preparing for the arrival of ‘The Merge’ as well as the Difficulty Bomb next month.

Scheduled for August, these two events will bring an overhaul to the network, which investors and developers have been preparing for since December 2020.

Although the one-month ROI on ETH isn’t particularly impressive, it is the anticipation of the potential profits that investors can reap by entering low.

Shiba Inu (SHIB)

As much as one may want to discredit Shiba Inu for everything it stands for (and believe me, I support you for doing so), the meme coin has managed to amass an audience that has been in preparation for the arrival of Shiba Inu’s SHIB: The Metaverse.

The development is set to be a game-changer for the network, making it a viable asset for investment as well. This is why getting in while it is still picking up pace is an excellent opportunity for those looking to gain profit.

Cardano (ADA)

Similar to Ethereum, Cardano is also going to experience an overhaul to its DeFi front this month as the Vasil hard fork is scheduled to go live on the mainnet by the end of July.

After recently going live on the testnet, Vasil is said to make an impact not only on the network but also on the native asset.

Chainlink (LINK)

One of the standout cryptocurrencies in the market is Chainlink, thanks to its unique offerings and features.

Although the oracle blockchain may not look promising when it comes to the ROI, its consistent development and integrations among hundreds of DeFi protocols make it a must-have asset.

In the second quarter alone, Chainlink integrated with more than 12 blockchains and Layer-2 networks, with its oracle networks crossing the 1000 mark.

This is despite the bearishness experienced by the market last month, which is what gives LINK its value as a strong network will always support the growth of the asset.

Celsius (CEL)

CEL has been among the emerging altcoins that became the highlight of the month, with the highest Return on Investment (ROI) of 113%. The altcoin, which was trading at $0.36 a month ago, was found to be changing hands at $0.75 at the time of writing.

As a leading platform, Celsius will find competition in the market, but if the broader market gears shift into bullish, CEL is bound to witness profits.

Quant (QNT)

Another altcoin with spectacular ROI was Quant’s native token QNT which reported 48.43% returns over the month. In the market which kept Bitcoin consolidated at $20k, even an ROI of 48% is a commendable achievement.

But what makes Quant a solid investment is its use cases. Being a blockchain interoperability network and operating system, Quant makes cross-chain functionality much easier for blockchains which are becoming a necessary feature for crypto networks thanks to user demand.

Storj (STORJ)

Last on the list is Storj, however, it is in no way inferior to any of the other cryptocurrencies on this list. Like Chainlink, Storj also brings a different, albeit already existing, feature to the crypto space in the form of a decentralized system for digital file storage.

This way, systems running its software can rent unused hard drive space to users for storing their files, which can be then paid using the native token SOTRJ.

Now, as just a token too, STORJ has performed exceptionally in the last month generating ROI up to 40%.

With the growing need for decentralization, such platforms would become a viable alternative for storage clouds, which makes STORJ a good investment going forward.

LINK Price Prediction: Will it Fall to $5?

Key Insights:

  • LINK faces resistance at the $6.78 mark, while the closest support level lies at $6.16.
  • The crypto is down 87% from its all-time high of $52.88 set in May 2021.
  • Some analysts foresee a price drop to $5 as selling pressure increases in the short-term. 

LINK, the native coin of the decentralized oracle network, Chainlink has been trading sideways over the last two weeks, despite making a strong recovery on June 8 when prices rose by 11.6%.

The ERC-20 token, which uses a proof-of-stake (PoS) consensus protocol where participants run their own nodes and receive rewards for providing data to smart contracts, faces resistance at the $6.78 mark.

Price Action

Over the last three years, LINK has gained nearly 300%. The token experienced a meteoric rice during 2020, rising from $1.8 on January 1, 2020 to $19.99 on August 16.

 

Chainlink daily price chart
LINK 290622 Daily Price Chart

Since its all-time high (ATH) of $52.88 set on May 10, 2021, LINK has been on a downward trajectory and is 87% below its ATH. In fact, data from IntoTheBlock shows that 85% of addresses are holding LINK at a loss.

The coin is currently trading at $6.42 and ranks 22nd in the list of cryptocurrencies worldwide by market capitalization at $2.9 billion. This is down a long way from its all-time high of $20 billion set in May 2021 and means that the crypto has fallen about 66% year-to-date.

Currently, LINK failed to break above the $7.00 resistance level and has fallen back below the $6.50 mark. Current price action shows a falling wedge pattern. This range is stretched from $9.32 to $5.5 and has been in place for roughly seven weeks.

Overall, LINK has fallen by 12% in the last two days and its price is moving downwards towards the $6.00 support level as bearish momentum takes over. Some market commentators foresee a price drop to $5 as selling pressure increases in the short-term.

 

Chainlink weekly price chart
LINK 290622 Weekly Price Chart

Technical Indicators

Mid-term technical analysis show a bearish dominance over both the 4-hour and the 24-hour charts so potential downward movement to the $5 mark is not unlikely, especially as charts are projecting a reversal sign at the resistance trendline.

A sign of recovery would be if a bullish breakout from the wedge pattern occurs and the price trades above the $7.5 psychological level. A bullish reversal pattern could lead the altcoin to breach the resistance trendline

Also, Chainlink’s new roadmap, which revealed that token staking will be coming to the network in the second half of this year, could serve as a boost.

Technical analysis shows that short-term sentiment on LINK is bearish, with 0 indicators displaying bullish signals compared to 29 bearish signals at the time of writing.

The daily simple and exponential moving averages (EMA) are giving sell signals. The relative strength index (RSI) stands at 43. An RSI reading of 30 or below indicates an oversold or undervalued condition, while a reading above 70 would suggest the asset is becoming overvalued or overbought.

The EMAs are currently trading around the mean position as net price movement over the last seven days remains low, suggesting decreased LINK trading activity.

In terms of a Chainlink crypto price prediction, LINK could see its price rising to $6.473 by July 2022, reaching $1.221 in January 2024 and hitting $0.442 by January 2025. On the flip side, a bullish forecast would place LINK at $9.34 by January 2024 and $12.18 by January 2025.

5 Things to Know in Crypto Today

Key Points

  • Cryptocurrency prices are under pressure on Wednesday after recent US/Eurozone data highlights growing recession risks as consumer confidence tumbles.
  • Bitcoin was last trading just above the key $20K mark and Ethereum around $1,130.
  • “Blockchain technology and the digital asset ecosystem are here to stay”, concluded BofA in a report released on Tuesday.

Crypto Drops As Recession Fears Bubble

Ugly consumer confidence data out of both the US and Eurozone in the past few days has brought recession fears back into investor focus at a time when central bankers continue to sound very hawkish and as inflation remains very high. The US Conference Board’s measure of US Consumer Confidence in June fell to its weakest since early 2021, but Fed policymakers have been doubling down this week on the need for a continued rapid pace of rate hikes to tackle rampant US inflation.

US Core PCE inflation figures out on Thursday will be in focus next following remarks from Fed Chair Jerome Powell at the ECB’s annual Sintra event later on Wednesday. Speaking of the ECB, policymakers there are also doubling down on the need for significant monetary tightening amid scorching inflation rates. Preliminary June inflation estimates out of Spain were just released and saw the YoY headline hit a new record high of 10%.

Unsurprisingly, against this backdrop, risk assets have once again come under pressure. The S&P 500 dropped around 2.0% on Tuesday and is trading slightly in the red on Wednesday as investors question whether stock valuations have sufficiently taken into account recession risks. This has weighed on crypto. Total cryptocurrency market cap was last around $880 billion, on course to have fallen for a fourth day in a row and now about 9.0% below last week’s highs.

The world’s largest cryptocurrency by market cap Bitcoin was last trading slightly above the psychologically important $20,000 level and down about 4.5% in the last 24 hours as per CoinMarketCap. Ethereum, the second-largest cryptocurrency, was last trading lower by just over 7.0% in the last 24 hours in the $1,130s per token.

Most other major altcoins are experiencing losses of a similar magnitude. Binance’s BNB was last down about 7.5% near-$220 per token, while Cardano’s ADA, Ripple’s XRP, Solana’s SOL, Dogecoin and Polkadot’s DOT were each down between 3-9%.

Post-Robinhoob Listing Upside in Chainlink (LINK) Short-Lived

The native token on the Chainlink blockchain LINK spiked higher on Tuesday after popular retail trading/investing platform Robinhood announced that it had listed the token. Shortly after the listing, LINK/USD was trading as much as 10% higher on the day in the $7.25 per token area.

However, Chainlink was unable to hold onto these gains amid broader selling pressure in crypto markets. LINK/USD ended Tuesday’s session around $6.30 and with losses of nearly 4%, though has since bounced about 2.5% on Wednesday to trade closer to $6.50 once again.

That leaves Chainlink near the mid-point of the $5.50-$7.50ish ranges that have been in play since mid-June. The cryptocurrency is currently on course to end the month with losses of about 15% and the quarter with losses of over 60%.

“Crypto Winter” Hasn’t Dented Investor Interest – BofA Survey

Conversations with 160 clients who attended Bank of America (BofA)’s “Web3 & Digital Assets Day” conference last week have revealed that “blockchain technology and the digital asset ecosystem are here to stay”, BofA said in a report released on Tuesday. The report said that many survey participants were of the opinion that crypto downturns are “likely healthy for the ecosystem’s development over the long term”.

“Client engagement continues to grow and focus remains on the rapid development and disruptive nature of blockchain technology, despite falling token prices and headlines suggesting the ecosystem’s demise has arrived,” BofA said in the report.

Elsewhere, a separate report released earlier this week by investment firm Alto revealed that more Millenials are investing in crypto than mutual funds, with the proportion of those investing in crypto now nearly as high as stocks. The report highlighted that most millennials either already own digital assets, or are considering buying them, though that economic difficulties are making investment challenging.

“In a world of conspicuous consumption, soaring living costs, and mounting student loan debt, millennials find it difficult to invest for the future because they are struggling to afford the present,” Alto CEO Eric Satz said.

Miner Struggles

75% of Marathon Digital Holdings Bitcoin mining capability has been knocked offline since a storm hit the town of Hardin, Montana on 11 June. According to a statement issued by the Bitcoin mining company on Tuesday, the storm damaged the power generating facilities that supply mining operations. “Initial electrical tests have found that the majority of the Company’s miners were not materially damaged by the storm,” the company said.

In further mining-related news, Bitcoin mining, hosting and brokerage service provider Compass Mining has seen both its CEO and CFO resign, according to an email sent out to customers on Tuesday. The resignations come after Dynamics Mining last week terminated its contract to host Compass Mining rigs, accusing them of owing $600,000 in unpaid bills.

Looking through the noise, according to Blockchain.com, the Bitcoin network’s hashrate is currently around 208 million terahashes per second (th/s). That’s down from a record high above 230 million th/s seen earlier this month, but still very strong by historical comparison. This time last year, for example, the network’s hashrate was about half of that.

Huobi Confirms Layoffs, OKX Bucks Trend

Major global crypto exchange Huobi on Tuesday confirmed leaked reports from earlier in the week that it is going to lay off 30% of its staff amid a drop in revenue associated with the loss of Chinese users since the crypto ban there. This is in fitting with the broader trend of crypto firms letting go of employees as the industry contracts. Other high-profile firms to have let go of workers include Coinbase, Crypto.com, Gemini and Bitpanda.

But crypto exchange OKX is bucking the trend. It announced on Tuesday that it wants to increase its headcount by 30% to around 5,000 as it becomes more “internationalized”. Only a few other crypto exchanges have been moving to expand amid the current downturn (Binance and FTX being the most notable).

Crypto Price Analysis June 27: UNI, MATIC, LINK, ETC, STX

Key Insights:

  • Uniswap and Polygon led the drawdown of altcoins.
  • Stacks (STX) was one of the few to still close in green yesterday.
  • Bitcoin and Ethereum continued to trade at around $20.8k and $1.2k, respectively.

After observing a few good days and breaching above the $900 billion mark, the crypto market declined by 2.54% yesterday, wiping out almost $24 billion.

Bitcoin and Ethereum followed in the footsteps of the broader market trend and dropped as well, trading at $20,831 and $1,197, respectively.

Uniswap (UNI)

Uniswap managed to climb the charts and recover June’s losses last week with a 54.27% rally but failed to breach the month and half-long resistance level of $5.85. After falling by 5.2%, the DEX token could be noted trading at $5.32.

However, the altcoin still has some room for recovery as the Awesome Oscillator hasn’t exhibited bearishness yet.

Polygon (MATIC)

At the time of writing, MATIC had already lost almost 12% of all its recovery from the week before when the DeFi token had climbed the charts by 75.64%.

Regardless, the altcoin was nowhere near its critical resistance of $0.6758, which has kept the coin under it since mid-May.

Additionally, the diverging Bollinger Bands are indicating reducing volatility which means MATIC might note lower price swings. And with the bias in support, the drawdown might slow down.

Chainlink (LINK)

The oracle blockchain token, LINK, observed a price fall of 9.64% from yesterday’s highs after witnessing a 12-days long rally of 22.68%.

As it is, this recovery wasn’t enough to invalidate the 36.1% crash of this month, and the altcoin is back to trade at the price it was at the beginning of the month.

The downtick noted on the Chaikin Money Flow further confirms that the price fall was organic since the outflows took the indicator into the negative zone.

Ethereum Classic (ETC)

The Ethereum hard fork managed to trend against the rest of the market and kept its recovery going marking a 23% rise in 8 days. While it is nowhere near invalidating the 44.88% decline, it is halfway there.

Plus, recently, the coin also witnessed a bullish crossover on the MACD, which could further support the rise further.

Stacks (STX)

Following in the footsteps of ETC, Stacks managed to close a rise of 12.09%, bringing the 10-day long rally to 37.68%. This single-day rise brought it closer to invalidating the 41.37% dip of June.

On top of that, it also placed the RSI right at the cusp of entering the bullish zone, an area that it hasn’t accessed since the beginning of April.

Shiba Inu Becomes Ethereum Whales Largest Holding Surpassing USDT

Key Insights:

  • Shiba Inu is the second biggest asset by allocation amongst the Ethereum whales.
  • Trading at $0.00000803, SHIB has slipped below Avalanche in terms of market cap.
  • USD Coin still remains the first priority for the whales.

Despite its absurdity, the meme coin, which managed to attract millions of investors towards itself, has now also managed to attract Ethereum’s whales.

The top 100 whales on the network are basically wallets that hold an average of $14 million in value.

And by the looks of it, Shiba Inu has made itself prominent in their holdings.

Shiba Inu Has the Upper Hand

Although Shiba Inu is not even in the top 10 cryptocurrencies in the global crypto market, among the whales, the altcoin certainly has a lot of demand.

Occupying 13.9% dominance on the top 100 wallets, almost $400 million worth of Shiba Inu currently sits with these whales.

The first position still belongs to the USD Coin, which over the last few weeks has managed to outperform the biggest stablecoin in the world, Tether, significantly.

The former has an 18% dominance in these wallets, whereas the latter only has a 12.42% dominance in these wallets. 

Among the other tokens that the whales prefer to hold include the FTX token, Polygon’s MATIC, Chainlink’s LINK, and Decentraland’s MANA, among others. 

Shiba Inu on the Charts

However, despite finding significant demand, SHIB still has not exhibited a single sign of recovery in more than two months now. Since mid-April, the meme coin has been declining and has managed to wipe out 70.72% of its value.

But trading at $0.00000803, SHIB might be healing onto a path of recovery, with price indicators showing the possibility of an uptrend initiating soon.

The Parabolic SAR’s white dots currently indicate a downtrend, but their proximity to the candlesticks is bound to trigger an uptrend.

This is also backed by the fact that the MACD has officially shifted into a bullish crossover, with the appearance of green bars confirming the change in trend. 

Should SHIB sustain this momentum, it will be able to recover at least some of the losses it has incurred since May.

Crypto Price Analysis June 17: SHIB, RUNE, LINK, DOT, ETC

Key Insights:

  • Both Bitcoin and Ethereum barely changed their position today.
  • Most of the altcoins consolidated after weeks of volatility.
  • A few cryptocurrencies, such as ThorChain, did observe depreciation still.

Bitcoin and Ethereum, still trading below $21k and $1.1k, respectively stabilized the crypto market today as the rest of the altcoins followed suit. Even so, some cryptocurrencies noted a decline as the market closed at $869 billion.

Shiba Inu (SHIB)

After closing a week-long depreciation of 27.33% on June 13, SHIB recovered by 9.84% over the next 48 hours. However, yesterday all the recovery was invalidated when the meme coin dipped by 9.75%.

Today trading at $0.000008, Shiba Inu is showing no definite signs of growth either.

With the Relative Strength Index in the bearish, neutral zone, SHIB still has a while before it starts posting consecutive green candles. 

ThorChain (RUNE)

Unlike other altcoins, which only lost what they gained yesterday, RUNE declined further below the mark it closed the week-long crash of 40.95% on June 13.

The 11.6% rise recorded in 2 days brought RUNE above $2, but the 17.7% fall yesterday left the coin trading at $1.7 at the time of writing.

On the MACD, RUNE is observing a bearish crossover, although with merely any significant implications since the probability of a price swing is very low.

Chainlink (LINK)

While the oracle blockchain continues growing in terms of integration with DeFi protocols, its native token LINK isn’t too disappointing either. Although the altcoin did dip by 13.22%, it stood nowhere close to invalidating the 23% rise from June 15.

Plus, the gradual increase might even bring LINK back to test the 50-day Simple Moving Average as support as it did right before the 36.1% crash.

Polkadot (DOT)

The DeFi blockchain token is currently testing the $7 range after falling by 16.27% on June 16, following the 20.85% rally from the day before.

As DOT is nowhere close to reclaiming the losses it endured during the 32.88% crash, investors might have to wait a little bit longer for profits.

At least DOT still has the support of its investors, as, despite the single-day dip of 16%, the money outflow wasn’t too catastrophic for Polkadot.

Ethereum Classic (ETC)

The Ethereum hard fork has been struggling to grow ever since it hit its all-time high back in May 2021. After falling by almost 36% earlier this month, ETC rallied by 10% two days ago, but the rise could not be sustained thanks to the broader market’s bearish cues.

Consequently, the altcoin fell by 13% yesterday, bringing it to the current trading price of $14.32.

As the Parabolic SAR continues indicating a downtrend, the altcoin is definitely vulnerable to falling below $10, should the bearishness increase.

Bitcoin and ETH Trend Overwhelmingly Bearish, BNB Near Key Juncture

Key Insights:

  • Bitcoin dived to $20,000 before it found support.
  • Ether traded close to $1,000 and is currently recovering losses.
  • BNB is struggling to start a recovery wave from the $200 support zone.

Bitcoin

After a minor recovery wave, bitcoin price saw a fresh round of selling from $22,000. There was a bearish reaction below the $21,500 support zone.

The price declined nearly 10% and broke the $20,500 support. It traded close to the $20,000 level and settled below the 21 simple moving average (H1). The bulls are now attempting a fresh recovery wave above the $21,000 level.

Bitcoin BTC Hourly Chart
BTC Hourly Chart by FXEmpire

On the upside, the price is facing a major hurdle near the $21,650 level and the 21 simple moving average (H1). The next major resistance sits at $22,800. If there is no upside break, bitcoin could start a fresh decline and may possibly trade below $20,000.

Ethereum (ETH)

ETH also followed a bearish path below the $1,200 support zone. The price gained pace below the $1,100 level and the 21 simple moving average (H1).

The bears even pushed the price below $1,050. It traded close to the $1,000 support zone and is currently attempting a recovery wave. It is facing a key bearish trend line with resistance near $1,130 on the hourly chart.

Ether ETH Hourly Chart
ETH Hourly Chart by FXEmpire

A proper upside break above the $1,130 level and $1,150 could push the price towards the $1,200 resistance zone. If not, it could start another decline and may possibly trade below $1,020.

BNB

BNB started a major decline from well above the $300 level. There was a clear move below the $280 and $250 support levels to move into a bearish zone.

The price even settled below the $240 level and the 21-day simple moving average. The bulls are now taking a stand near a major support at $200. An immediate resistance is near the $230 level. The next key resistance might be $250, above which the bulls could aim a move towards the $280 level.

BNB Daily Chart
BNB Daily Chart by FXEmpire

A clear upside break above the $280 resistance might stage a strong rally. If there is no upside break, the price could start a fresh decline below the $200 level.

The next major support is near $180 in the near term. Any more losses may possibly push BNB price towards the $150 support zone.

ADA and DOT price

Cardano (ADA) is showing a few bearish signs below the $0.50 level. The next major support is near $0.45, below which there is a risk of a move towards the $0.42 level.

Polkadot (DOT) is struggling below the $8.00 resistance. If there is a downside break below the $7.00 support, the price could even test the $6.20 level.

A few trending coins are LINK, ALGO, and ATOM. Out of these, LINK is still trying to start a strong increase above the $7.00 and $7.50 resistance levels.

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 Price Analysis June 14: HNT, LINK, FTM, TRX, MATIC

Key Insights:

  • The altcoin king Ethereum followed the footsteps of Bitcoin.
  • The likes of Helium, Chainlink, and Fantom led the rally.
  • Tron and Polygon were among the cryptos that continued declining.

For some, yesterday was the lowest point, for many others, the downtrend continued, and investors witnessed losses beyond expectations.

On the other hand, many cryptocurrencies also began recovering the losses witnessed over the course of the week, setting themselves up for a further rise.

Helium (HNT)

HNT witnessed an almost 20% incline leading the rally of many cryptocurrencies over the past 24 hours. This helped the altcoin recover more than half of its 30.91% loss from the crash that took place over the weekend. 

The altcoin will continue rising further since this spike was organic. This is verified by the vast inflows noted on the Chaikin Money Flow, indicating investor interest took the coin up to trade at $9.82.

Chainlink (LINK)

Following Helium’s lead was Chainlink, which, although it did not rise significantly, did manage to increase by 8.63% in the span of a single day.

LINK still has a long way to go since it still has to recover its 36% crash and recover to its $9 trading mark.

This might be difficult since, despite the green candles, the MACD is exhibiting an active bearish crossover, with the bearishness displaying no sign of reduction.

Should the red bars continue making an appearance, LINK might end up declining instead of rising from its $6.4 trading price.

Fantom (FTM)

Unlike other altcoins, Fantom treaded on both sides as even though it closed in red at the time of writing, its green candle on June 13 helped the altcoin remain 5.2% above the lows.

However, such a minute rise is not enough for the crypto in order to recover from the almost 39% loss it witnessed during the crash.

Additionally, despite posting greens on the chart, the active downtrend as displayed by the Parabolic SAR’s white dots might keep the prices consolidated for a while.

Tron (TRX)

Continuing the downtrend was Tron which in the last four days declined by 30.6%, with most of it coming from the 12% fall from the previous 24 hours.

Trading a $0.055, TRX has been depreciating due to the broader market bearish cues, and adding to it was the USDD depegging which led to heavy TRX liquidations.

Although it did not push the altcoin into the oversold zone, the Relative Strength Index (RSI) is moving pretty close to the threshold. Another red candle might do the job.

Polygon (MATIC)

Another among the list of altcoins in a downfall was Polygon’s MATIC. The crypto plunged by 35.7% in the span of 4 days, with a decline of 5.2% observed yesterday.

Oscillating at $0.4, the altcoin as it is could not recover from the May 9 crash, and now recovering from this might further frustrate its investors.

Besides, the bearishness is only increasing further as the red bars continue appearing on the Awesome Oscillator. The indicator broke its almost month-long streak of green bars thanks to the market crash.

Bitcoin and ETH Starts Recovery, LINK Forms Bullish Pattern

Key Insights:

  • Bitcoin remained in a bearish zone and declined below $22,000.
  • Ether (ETH) declined over 20% and traded towards $1,050.
  • LINK is forming a double bottom pattern on the daily chart.

Bitcoin

After a clear move below the $25,000 level, bitcoin price accelerated losses. The price tumbled below the $23,000 and $22,000 support levels. The bears even pushed the price below the $21,200 level and the 21 simple moving average (H1).

There was a spiked towards the $20,800 level. A base was formed near $21,000 and the price started an upside correction. There was a move above the $22,000 resistance level.

Bitcoin BTC Hourly Chart
BTC Hourly Chart by FXEmpire

On the upside, there is a major resistance forming at $22,500 and a bearish trend line on the hourly chart, above which bitcoin could rise towards the $24,200 resistance.

Ethereum (ETH)

ETH also followed a similar path after it declined below the $1,500 support. There was a sharp decline below the $1,350 support and the 21 simple moving average (H1).

The price declined over 20% and traded below the $1,200 support zone. It even spiked below the $1,100 level, but it remained well bid above the $1,050 support. The price is now recovering above the $1,200 level and a connecting bearish trend line on the hourly chart.

Ether ETH Hourly Chart
ETH Hourly Chart by FXEmpire

On the upside, the bears might remain active near the $1,260 and $1,300 levels. The next major resistance sits near the $1,350 level.

Chainlink (LINK)

LINK started a major decline from the $10.00 resistance zone. There was a drop below the $8.0 and $7.5 support levels.

There was a clear move below a key bullish trend line with support near $7.00 on the daily chart. The price even settled below the $7.00 level and the 21-day simple moving average.

LINK Daily Chart
LINK Daily Chart by FXEmpire

However, the bulls took a strong stand near the $5.40 support zone. LINK is up over 15% today, and it seems like the price is forming a double bottom pattern near $5.40. On the upside, the price could face a strong resistance near the $7.00 level.

The main resistance sits near the $7.50 zone and the 21-day simple moving average, above which the price could rally.

ADA, BNB, and DOT price

Cardano (ADA) remained well bid above the $0.42 support. The price is now rising and approaching the key $0.50 resistance zone.

Binance Coin (BNB) also found support well above the USD 200 level. The price is now back above USD 225 and might revisit the USD 240 resistance.

Polkadot (DOT) is up 10% and trading above the $7.20 level. An immediate resistance is near $7.50, above which it could test $8.0.

A few trending coins are SOL, AVAX, and THETA. Out of these, SOL is attempting an upside break above the $30.50 resistance.

Crypto Market Daily Highlights – June 12 – BNB, BTC, and ETH Stumble

Key Insights:

  • Crypto market conditions worsened on Sunday, with the broader market seeing red for a sixth consecutive day.
  • Apprehension ahead of the Fed monetary policy decision on Wednesday left the bears fully in control.
  • The total crypto market cap saw another $64 billion wiped out, with the total market cap falling to a current-year low of $1,048 billion.

It was a bearish end to a bad week for the crypto on Sunday, with the broader market seeing red for a sixth consecutive day.

US inflation figures from Friday delivered the telling blow, with the crypto market at the mercy of sentiment towards the global economic outlook and Fed monetary policy.

The extended sell-off led bitcoin (BTC) to sub-$27,000 for the first time since May 12. Market favorites Chainlink (LINK) and Cardano (ADA) saw particularly heavy losses despite favorable network news updates.

Crypto Market Cap Gives Up $159 Billion in Extended Sell-Off

The bearish Sunday session saw the total crypto market cap slide by $71 billion to a current-year low of $1,048 billion before steadying.

By the day’s end, $64 billion came off the table. The sixth daily loss left the market cap down by $159 billion for the week.

Crypto market cap falls to new current-year low.
Total Market Cap 130622 Daily Chart

With the market focus now firmly on the Fed, heavier losses could be on the cards should the Fed interest rate projections shift higher.

Another curveball for the crypto market is the likely change in the regulatory landscape. The collapse of TerraUSD Classic (USTC) and Terra LUNA expedited efforts to implement more stringent regulatory measures to protect retail investors.

From the top ten cryptos, ADA led the way down, sliding by 11.39%, with DOGE (-9.11%) and SOL (-9.85%) close behind.

Things were no better for the rest of the largest cryptos by market cap.

BNB (-5.53%), BTC (-6.35%),  ETH (-6.39%), and XRP (-4.55%).

The effect of the crypto winter is evident in the crypto rankings. Three stablecoins make up the top six digital currencies by market cap.

Looking beyond the top ten, FTX Token (FTT) (+1.90%), NEO (NEO) (+6.83%), Symbol (XYM) (+2.46%), and Tron (TRX) (+0.41%) avoided losses.

Of the top 100, Fantom (FTM) and STEPN (GMT) were the worst performers, tumbling by 19.41% and 16.81%, respectively.

Total Crypto Liquidations Remain Elevated

Following a spike on Saturday, total crypto liquidation remained elevated going into the Monday session.

According to Coinglass, 24-hour liquidations stood at $359.7 million, up from $352.2 million on Sunday. More significantly, liquidations over 1 hour stood at $17.5 million, suggesting market conditions remain testy.

Crypto liquidations remain elevated.
Total Crypto Liquidations 130622

Crypto Daily News Highlights

  • Ethereum took a hit on news of a possible delay to the anticipated August Merge.
  • Allegations of Terra CEO Do Kwon withdrawing more than $2bn from the Terra ecosystem surfaced. Do Kwon publicly denied the allegations.
  • Gordon Goner, the co-founder of Yugo Labs, prewarned of a possible attack on the social media accounts, saying, “there are no surprise mints. Ever.”

Crypto Market Daily Highlights – June 11 – ETH, LINK, and SOL Slump

Key Insights:

  • Crypto market conditions deteriorated further on Saturday, with the broader market seeing red for a fifth consecutive day.
  • Investor angst over the influence of inflation on Fed monetary policy weighed, with investors unable to move on from the US inflation numbers from Friday.
  • The total crypto market cap saw another $39 billion wiped out, with the total market cap falling to a day low of $1,105 billion.

After a bearish Friday session, the crypto market took another hit on Saturday. Investors continued to respond to the pick up in US inflationary pressure, with the Fed due to deliver its June policy decision on Wednesday.

The extended sell-off left bitcoin (BTC) at sub-$29,000 for the day, with upbeat investor sentiment towards Chainlink (LINK) and Cardano (ADA) delivering little support.

Crypto Market Cap Gives Up $42 Billion Before Steadying

Saturday’s bearish session saw the total crypto market cap slide by $61 billion to a day low of $1,105 billion before support kicked in.

For the crypto bulls, the only consolation was the avoidance of the May 12 low of $1,082 billion.

Total crypto market cap sinks.
Total Market Cap 120622 Daily Chart

Investor sentiment towards inflation, the economy, and Fed monetary policy remained the key drivers.

For the crypto market, an anticipated shift in the regulatory landscape remained another factor for investors to consider.

Of the top ten cryptos, ETH and SOL saw the heaviest losses, sliding by 7.89% and by 8.62%, respectively.

Things were not much better elsewhere.

ADA (-3.66%), BNB (-5.73%), BTC (-2.30%), DOGE (-7.33%), and XRP (-5.83%) all reacted further to Friday’s US inflation numbers.

From the top 100, Chainlink (LINK) was among the worst performers for a second day, tumbling by 12.37%.

Helium (HNT) led the way down, sliding by 16.71%, with GMT (-12.01), SAND (-10.05%), and AAVE (-12.43%) also among the heavy losers.

Of the top 100, OKB (OKB) bucked the broader market trend, rising by 5.24%.

Total Crypto Liquidations Spiked Again

Total liquidations spiked on Saturday as investors reacted further to the latest US inflation numbers.

According to Coinglass, 24-hour liquidations stood at $352.15 million, up from $298.31 million on Friday. More significantly, liquidations over 12 hours stood at $194.63 million, leaving 24-hour liquidations at similar levels to Friday.

1-hour liquidations suggested a steadying in market conditions.

At the time of writing, total liquidations over one hour stood at $2.29 million.

Crypto liquidations accelerated on Saturday.
Total Crypto Liquidations 120622

Crypto Daily News Highlights

  • The EU made progress towards an agreement on MiCA, though differences remained, including how to oversee NFTs.
  • Huobi launched a $1 billion investment vehicle targeting DeFi and Web3.
  • TRON DAO Reserve bought $50 million in BTC and TRX to leave USDD overcollateralized by 194.84%.
  • Ethereum core developers announced another delay, sinking ETH.
  • Deloitte survey showed more than 75% of US merchants are planning to accept digital currencies within the next 24 months.

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.