MATIC Rallies Towards $1 After 45% Rise, Ethereum Rises by 16.29%

Key Insights:

  • MATIC took charge of the crypto market yesterday with a 32.3% rise.
  • Ethereum, the altcoin king, followed suit with a 16.29% rise.
  • Bitcoin also rose today, trading above $21k.

Polygon recently found its audience and began rallying crazily after it announced the network’s achievement of being carbon neutral.

Since then, with the support of the broader market, the altcoin has managed to uplift all the other altcoins.

Polygon, This Week’s Altcoin King

At the time of writing, Polygon’s native token MATIC was trading at the price of $0.6. This was possible as MATIC took less than a week to shoot up by almost 81%, with a single-day rise of 32% observed in the last 24 hours alone.

This resulted in the DeFi token flipping its active trend from downtrend to uptrend. The presence of the Parabolic SAR’s white dots beneath the candlesticks verifies this and further support the altcoin’s rise.

Secondly, the last few days were also successful in pulling MATIC out of the bearish zone, which it has been stuck in since the beginning of April.

The Relative Strenght Index (RSI) is also indicating a sustained rally for MATIC, provided it doesn’t relapse into the bearish zone.

This is necessary for MATIC as it is not even close to placing its investors in profit. The altcoin is yet to recover the losses observed throughout April and May before it heads on towards the ATH of $2.9 it last witnessed back in December 2021.

Ethereum, Just Another Follower

The actual altcoin king has not been leading the market right as Ethereum has only managed to climb the charts by a mere 22.8%, somehow closing above $1k.

This rally is not even enough to recover the losses of this month, let alone take back all that it lost since May.

And to add to that, the price indicators aren’t indicating any price rise either currently. Trading at $1221.27, ETH is set to observe volatility but not in the positive direction.

The divergence of the Bollinger Bands mixed with the presence of the bias as resistance hint toward a price swing which could result in a drawdown.

Secondly, the MACD is not close to a bullish crossover either, even though a green bar did appear above the neutral line.

However, this is not enough if Ethereum intends to recover its 66.33% losses and touch $2k again. It definitely needs a bull market to achieve that.

Bitcoin and ETH Price Prediction: Bulls Keeps Pushing, MATIC Rally Reaches Hurdle

Key Insights:

  • Bitcoin is slowly moving higher towards the $21,500 resistance.
  • Ether (ETH) gained pace for a move towards the $1,220 resistance.
  • MATIC surged over 20% and now faces a key hurdle at $0.60.

Bitcoin

After a spike below the $20,000 level, bitcoin price found support. It started a fresh increase and was able to climb above the $20,500 resistance zone.

There was a clear move above the $21,000 resistance level and the 21 simple moving average (H1). BTC is now facing resistance near the $21,400 level. The first major resistance is near the $21,500 level. The main resistance sits at $21,750, above which the price could start a steady increase.

Bitcoin BTC Hourly Chart
BTC Hourly Chart by FXEmpire

If not, there is a risk of a move towards the $20,500 support. The main support sits at $19,780, below which the price could dive.

Ethereum (ETH)

ETH also followed a similar pattern after it formed a base above the $1,060 level. There was a decent increase above the $1,165 resistance and the 21 simple moving average (H1).

There was a clear move above the $1,190 resistance level. ETH is now facing resistance near the $1,220 level. The next major resistance is near the $1,250 level, above which the price could rise towards the $1,320 level.

Ether ETH Hourly Chart
ETH Hourly Chart by FXEmpire

If there is a downside correction, the previous resistance at $1,165 could act as a support. The next major support sits near the $1,100 level.

Polygon (MATIC)

MATIC started major drop from the $1.20 resistance zone. The bears gained strength for a move below the $1.10 and $1.00 support levels.

The price settled below the $0.80 level and the 21-day simple moving average. Finally, it traded below the $0.50 level and tested the $0.32 support. A base is formed above the $0.35 level and there is a strong bullish candle in place on the daily chart.

MATIC Daily Chart
MATIC Daily Chart by FXEmpire

Recently, the price gained over 20% and broke the $0.50 resistance. It is now facing a strong resistance near the $0.60 and a connecting bearish trend line on the daily chart.

A close above the $0.60 and $0.67 levels may perhaps send MATIC price towards the $0.75 resistance zone or even $0.80. If not, there is a risk of a fresh decline below the $0.50 level.

ADA, BNB, and DOT price

Cardano (ADA) is slowly moving higher and facing resistance near $0.50. A close above $0.50 might start a strong increase in the coming sessions.

Binance Coin (BNB) is up over 5% and trading above $235 resistance. If the bulls remain in action, the price could rise towards $250.

Polkadot (DOT) is up 5% and trading above the $8.0 resistance zone. On the upside, the $8.80 level presents a major hurdle.

A few trending altcoins are SOL, AVAX, and TRX. Out of these, TRX is gaining pace above the $0.065 resistance zone.

Morning Crypto Briefing: BTC Pushes Above $21K, ETH Eyes $1.2K As Risk Appetite Ramps Up

Key Points

  • Crypto is set to end the week on the front foot with altcoins outperforming as risk appetite ramps up.
  • Falling bond yields and commodity prices amid growing calls for a US recession has been cited as risk asset supportive.
  • Bitcoin was lasting trading just above $21,000 and Ethereum near $1,200.

State of the Market

Broad macro risk appetite looks set to finish the week in robust fashion, with US equity index futures eyeing a test of fresh two-week highs. The E-mini S&P 500 future is currently up about 0.7% in pre-market trade in the mid-3,800s, taking its gains since earlier weekly lows in the mid-3,600s to around 5.0%, with this recovery in sentiment helping to prop up cryptocurrency prices.

Bitcoin was last consolidating just to the north of the $21,000 level, towards the top of this week’s upper-$19,000 to upper $21,000 range and more than 20% above weekend lows near $17,500. Ethereum, meanwhile, was last at weekly highs just below the $1,200 level and about 35% higher versus last weekend’s sub-$900 per token lows.

The outperformance of stocks and crypto this week has been surprising in the context of an increasingly loud chorus of economists, major financial institutions and even Fed Chair Jerome Powell himself warning about the rising risk of a recession in the US. But analysts said that this resilience in risk assets like stocks and crypto could be down to a steep drop in US government bond yields and major commodity prices, which itself directly reflects rising recession risks. This drop in commodities and bond yields suggests a tamer inflation outlook and less hawkish central banks.

In terms of the major altcoins, Polygon’s MATIC token is up more than 18% in the last 24 hours according to CoinMarketCap data, with MATIC/USD trading near $0.60 and higher by nearly 50% on the week. Analysts have cited recent upside as down to a new product released by Polygon’s development team that allows for more private voting in Decentralised Autonomous Organisations (DAOs). The new product, called Polygon ID, is a system that verifies user identification whilst allowing individuals to maintain their anonymity when voting on governance proposals. The product went live on Polygon DAO earlier in the week.

The next best performer is Ripple’s XRP, which is higher by over 13% over the last 24 hours and closing in on the $0.40 per token level, while the likes of Avalanche, Shiba Inu and Solana are all higher in the region of 7-10% over the same time period. Solana doesn’t seem to have taken much impetus from the news that the blockchain’s key stakeholder Solana Labs is planning to release its own Web3 integrated mobile phone called “Saga”. Generally, the altcoins are outperforming on Friday, indicate of improving crypto risk appetite.

NFT Market Update: Football Icon Cristiano Ronaldo Signs NFT Deal with Binance, Snoop Dogg & Eminem Release BAYC Themed Music Video

Football (soccer for the North Americans) icon Cristiano Ronaldo, who is widely viewed as one of the best to ever play the game, has signed an exclusive multi-year partnership with crypto exchange Binance to drop a series of Non-Fungible Token (NFT) collections. These NFTs will be sold exclusively on Binance’s NFT marketplace, with the first collection expected to drop later this year.

Ronaldo, commenting on the collaboration, said that “my relationship with the fans is very important to me, so the idea of bringing unprecedented experiences and access through this NFT platform is something that I wanted to be a part of”. Binance CEO and founder Changpeng Zhao said that owners of the Binance/Ronaldo NFTs would secure “exclusive engagement opportunities to connect with Ronaldo”. Ronaldo has over 450 million followers on Instagram.

Elsewhere, US rap/hip-hop superstars Snoop Dogg and Eminem on Friday dropped a new Bored Ape Yacht Club (BAYC) NFT-themed music video to their song “From The D 2 The LBC”. Both rappers own an NFT of the cartoon ape, thus giving them rights to the images’ intellectual property, which allows them to feature the apes in their commercial endeavors.

The price floor to get your hands on one of Bored Ape Yacht Club’s 10,000 unique NFTs was last just above $100,000, around which it has spent the last ten or so days hovering. That puts the floor price market cap of the world’s most valuable NFT collection at just above $1 billion. Many major celebrities own BAYC NFTs. 

Meanwhile, the North American National Hockey League (NHL) has just signed a multi-year partnership with NFT platform Sweet to build a digital collectibles marketplace. The NHLs foray into the NFT space follows recent moves by other major US sports leagues. The NBA, MLB and NFL have all announced similar NFT projects in recent years.

Crypto Winter: CoinFLEX Pauses Withdrawals, Voyager Digital Limits Withdrawals, Moody’s Downgrades Coinbase

Crypto futures exchange CoinFLEX announced on Thursday that it would be pausing withdrawals given “extreme market conditions”. The company said it expects to resume withdrawals when it is “in a better position as soon as possible”. Trading for perpetual swaps and on spot markets has also been halted. CoinFLEX’s withdrawal halt comes as a withdrawal pause from major crypto exchange/lending platform Celsius Network enters its 11th day.

Elsewhere, crypto broker Voyager Digital, which was recently backed with funds from FTX CEO Sam Bankman-Fried, announced earlier this week that its daily withdrawal limit had been lowered to $10,000 from $25,000 given its exposure to beleaguered crypto hedge fund Three Arrows Capital (3AC). Earlier in the week, the company had said that it had accrued $720 million in exposure to 3AC via stablecoins and Bitcoin.

Turning to exchange news, global rating agency Moody’s has downgraded the corporate debt of US crypto exchange Coinbase from Ba3 to Ba2. The rating agency said the downgrade comes given “Coinbase’s substantially weaker revenue and cash flow generation due to the steep declines in crypto asset prices that have occurred in recent months and reduced customer trading activity”.

Coinbase this week announced that its Derivative Exchange would be launching its first crypto derivative producers later this month in the hope to attract more retail customers. The futures exchange will launch “Nano Bitcoin futures” (BIT), which are 1/100th the size of a traditional Bitcoin future.

Turning to crypto miners, Wall Street broker B. Riley has reduced its stock price targets for publicly listed crypto mining this week. The firm cut US mining giant Marathon Digital from a buy rating to neutral and cut its price target to $9 from $34 (the current share price is in the $6-7 region), citing to a combination of lower the lower Bitcoin price coupled with “repeated delays in the energization of miners outside Montana”.

Elsewhere, Binance CEO and founder Changpeng Zhao argued in a recent blog post that “bad” crypto projects should not be left to fail. Unfortunately, some of these bad projects have large user bases, often as a result of inflated incentives that created “marketing or pure Ponzi schemes”, he said.

Regulatory Landscape: Fed Chair Powell Thinks Digital Dollar Should be Issued by US Govt, Not Private Company

Fed Chair Jerome Powell said on the second day of his semi-annual testimony before the US Congress on Thursday that he doesn’t think it is preferable for a private stablecoin to wind up being the digital dollar. “If we’re going to have a digital dollar, it should be government-guaranteed money, not private money,” Powell said.

The Fed Chair told Congress that the rollout of a Central Bank Digital Currency (CBDC) “is something we really need to explore as a country” and that the Fed plans to “work on both the policy side and the technological side in coming years and come to Congress with a recommendation at some point”. Powell’s remarks will not go down well with the issuers of some of the largest currently existing USD-backed/pegged stablecoins like Tether and Circle Internet Financial.

Elsewhere, in a separate Congressional hearing on crypto regulation, the co-founder of Cardano Charles Hoskinson had some interesting remarks regarding regulation and compliance. Congress should make the regulations, but leave compliance up to software developers, akin to how the banking industry self-regulates.

“It’s not the SEC (Securities and Exchange Commission) or CFTC (Commodities Future Trading Commission) going out there doing KYC-AML (Know Your Customer and Anti-Money Laundering), it’s banks,” he remarked. According to Hoskins, this would allow the crypto industry to create self-regulating organizations (SROs) to guide compliance, just like what happens in the private banking industry.

Over in the UK, the country’s former Chancellor of the Exchequer (the UK equivalent of the Finance Minister) Philip Hammond on Thursday warned that the UK could be falling behind its rivals when it comes to crypto regulation. The former Chancellor told Bloomberg that “the UK has missed a trick… We are getting very close to the point where it will be too late… Other jurisdictions are racing ahead of us”.

“The jurisdictions that have embraced this technology that have regulated it properly and effectively will be the ones that develop these markets and they will become the new hubs,” Hammond noted. For what it’s worth, the UK government announced plans back in May to introduce new crypto regulations with the stated aim of becoming a global hub for crypto and blockchain technology. Meanwhile, the world’s largest stablecoin issuer Tether also this week announced the introduction of a new pound sterling-backed stablecoin (GBPT) and referred to the UK as a new frontier in crypto innovation.

5 Most Popular Cryptos of the Week: MATIC, UNI, SHIB, SOL, RUNE

Key Points

  • In a broadly subdued week for cryptocurrency markets, MATIC, UNI, SHIB, SOL and RUNE have stood out.
  • The bounce in these cryptocurrencies and the broader market’s resilience has defied growing chatter about a possible US recession.
  • A further pullback in US government bond yields may be behind this resilience.

It’s been a subdued week for the broader cryptocurrency market so far, with prices in consolidation mode following big moves in recent weeks. Bitcoin is currently on course to a post a just under 2.0% gain for the week and is currently trading just under $21,000, well within the upper-$19,000 to upper $21,000 ranges that have prevailed since Monday. On the month losses currently stand at around 34%, with the cryptocurrency having been battered in recent weeks as further upside in US price pressures as per the CPI pushed the US Federal Reserve into accelerating the pace of monetary tightening last week.

Interestingly, crypto prices have been resilient this week to increased chatter about the rising risk of a near-term US recession, including an admission from Fed Chair Jerome Powell in his semi-annual Congressional testimony that a recession is possible. That could be because US government bond yields, especially at the long end of the curve, have continued to pull back sharply from last week’s multi-year highs, a reflection of growing pessimism about the economy. Lower long-term US bond yields lower the “opportunity cost” of holding non-yielding assets (like crypto) and of holding highly speculative assets (which crypto is still largely viewed as).

Ethereum, the world’s second-largest cryptocurrency by market cap, was last trading around $1,150, towards the upper end of the $1,050 to $1,200 range that has been in play since Monday. ETH/USD looks set to end the week just over 2.0% higher, though on the month losses still stand at around 40%.

Outside of the big two cryptocurrencies, here is a list of this week’s five most popular coins…

Polygon (MATIC)

The native token to Polygon’s blockchain MATIC was last trading higher by north of 50% on the week, making it one of the best performing cryptocurrencies so far this week. MATIC/USD was last trading close to the $0.60 level, up from the levels under $0.40 where it began the week and an even more impressive more than 80% up from last week’s lows just above $0.30.

Analysts have cited recent upside as down to a new product released by Polygon’s development team that allows for more private voting in Decentralised Autonomous Organisations (DAOs). The new product, called Polygon ID, is a system that verifies user identification whilst allowing individuals to maintain their anonymity when voting on governance proposals. The product went live on Polygon DAO earlier in the week.

But MATIC still trades down more than 10% on the month and is down about 80 from the record highs it hit last December around $2.925. MATIC/USD is currently finding resistance at a downtrend that has been in play since mid-May and its 50-Day Moving Average. An upside break could, technically speaking, open the door to a rebound towards the next key area of resistance in the $1.0 area. But whether broader crypto conditions can improve sufficiently to allow such a move amid such elevated uncertainty surrounding the global economy and central bank policy is another thing.

MATIC/USD
MATIC/USD Chart. Source: FX Empire

Uniswap (UNI)

Decentralized Exchange (DEX) Uniswap’s utility token UNI has also performed strongly this week. UNI/USD was last trading with on-the-week gains of around 30% in the $5.50 area, up from earlier weekly lows close to $4.0 per token. That takes its gains since last weekend’s lows in the $3.30s to above 60%.

Analysts cited the platform’s recently announced acquisition of NFT marketplace aggregator Genie and its appointment of a former New York Stock Exchange President Stacey Cunningham as an advisor as helping drive recent gains. Analysts also noted that, impressively, Uniswap has been consistently generating fees similar to that of the Ethereum blockchain in recent days. According to CryptoFees data, Uniswap averaged $3.97 million in fees per day over the last seven days versus Ethereum’s $4.02 million average.

But UNI/USD is still trading slightly in the red on the month and is around 87% below the record highs it hit above $45 in May 2021. But analysts note an upside break of resistance around $6.0 could spur a run higher towards $8.0, broader crypto conditions allowing.

UNI/USD
UNI/USD Chart. Source: FX Empire

Shiba Inu (SHIB)

The crypto community’s second favorite dog-inspired memecoin Shiba Inu is currently on course to post gains of over 25% this week, amid a spike in a number of its social metrics according to crypto intelligence website LunarCrush. SHIB/USD was last changing hands just above the $0.000010 level, having rallied from early weekly levels just above $0.000008, with the cryptocurrency’s social dominance score having jumped to around 2.5% as of Friday from around 1.8% on Sunday.

Most of the rally came on Tuesday, with SHIB spiking over 30% on the day, though finding resistance at the cryptocurrency’s 50-Day Moving Average at $0.000012 (at the time, the 50DMA has since fallen to $0.0000113). In the absence of a significant lift to broader crypto market sentiment, it’s hard to argue for a more sustained recovery.

SHIB/USD
SHIB/USD Chart. Source: FX Empire

Solana (SOL)

The Solana blockchain’s native token SOL has been unable to break above the $40 level this week but is nonetheless on course to post healthy weekly gains of nearly 13% in the $38s, meaning it has now been able to sustain a move back above its 21DMA for the first time since early April. At current levels, SOL/USD is trading around 50% above earlier monthly lows, likely helped out by the fact that, according to LunarCrush, a few of its key social metrics have ticked higher in recent weeks.

For example, daily social engagements were near 400 million on Friday, LunarCrush data shows, up from around 35 million at the end of last month. With SOL/USD breaking above a key short-term downtrend this week, the prospect for some near-term gains, assuming broader cryptocurrency market stabilization continues, looks good.

SOL/USD
SOL/USD Chart. Source: FX Empire

THORChain (RUNE)

THORChain’s RUNE is up over 22.5% so far this week, having risen from under $1.80 to current levels close to $2.20, in wake of the project officially announcing the launch of its Mainnet, alongside the rollout of a new promotional campaign called the “Rune in a Million Campaign” on Binance that will dish out $1 million in RUNE rewards to exchange users.

But the cryptocurrency, which is still on course for monthly losses of more than 30%, has not yet been able to break above its 21DMA at $2.24 and also faces significant resistance in the mid-$2.30s. If it can overcome these levels, a run higher towards $3.0 per token is possible.

RUNE/USD
RUNE/USD Chart. Source: FX Empire

Bentley Motors Announces September NFT Drop on Polygon

Key Insights:

  • Polygon (MATIC) surged by 23.6% on Thursday. The breakout followed an 8.44% rally on Wednesday as investors responded to the launch of Polygon ID.
  • This week, Bentley Motors also put Polygon in the spotlight, announcing a one-off NTF drop on Polygon in September.
  • The technical indicators are bullish, with MATIC breaking out from the 200-day EMA.

On Thursday, Polygon (MATIC) surged by 23.56%. Following an 8.44% rally on Wednesday, MATIC ended the day at $0.5622.

A bullish session saw MATIC rally from an early morning low of $0.455 to a high of $0.5732 before easing back.

MATIC broke through the First Major Resistance Level at $0.4858 and the Second Major Resistance Level at $0.5166.

Despite a late pullback, MATIC held above the Second Major Resistance Level.

Thursday’s breakout session extended the winning streak to five sessions, with network news updates supporting the run towards $0.60.

News of the launch of Polygon ID delivered strong support this week.

Following yesterday’s breakout, Polygon was back in the news, with Bentley Motors drawing interest.

Bentley Motors Announces September NFT Drop on Polygon

This week, Bentley Motors announced a new venture into the NFT space.

Announcing on Twitter, Bentley Motors said,

“Today, we announce our first venture into the NFT marketplace with a one-time NFT drop on the carbon-neutral @OxPolygon network, scheduled for September 2022 and limited to just 208 pieces.”

According to the Bentley press release,

“The Bentley NFT collection will be minted on Polygon, an Ethereum scaling platform onboarding millions to Web3. Polygon recently attained carbon-neutral status and has pledged to go carbon negative by the end of 2022. As a result, all Bentley NFTs will be entirely carbon-neutral.”

Bentley added,

“With a commitment to achieving end-to-end carbon neutrality by 2030, the same year when all Bentley vehicles will be fully battery electric, it was vital that Bentley’s first venture into Web3 was in a sustainable way.”

Ryan Wyatt, CEO at Polygon, said,

“Polygon is excited to expand our partnerships in the automobile industry, by working with the most prestigious brand in its sector. Polygon will provide the sustainable, low-fee infrastructure Bentley requires for its foray into Web 3.”

Wyatt added,

“By embracing this novel tech, Bentley secures its position in the next iteration of the internet, and doing so via Polygon’s carbon-neutral network will assist the automaker on its journey toward attaining carbon-neutrality by 2030.”

MATIC Price Action

At the time of writing, MATIC was up 5.43% to $0.5927.

A bullish morning saw MATIC break through the First Major Resistance Level at $0.6053 to strike a morning high of $0.6248 before easing back.

Bentley Motors delivers MATIC support.
MATICUSD 240620 Daily Chart

Technical Indicators

Avoiding a fall through the $0.5303 pivot would support another breakout from the First Major Resistance Level at $0.6052.

An extended crypto rally would support a move through the morning high of $0.6248 to bring the Second Major Resistance Level at $0.6485 into play.

The Third Major Resistance Level sits at $0.7665.

A fall through the pivot would bring the First Major Support Level at $0.4871 into play. Barring an extended sell-off, MATIC should avoid sub-$0.48. The Second Major Support Level sits at $0.4121.

MATIC tests resistance levels early
MATICUSD 240620 Hourly Chart

Looking at the EMAs and the 4-hourly candlestick chart (below), it was a bullish signal. MATIC sat above the 200-day EMA, currently at $0.5649. This morning, the 50-day EMA closed in on the 100-day EMA. The 100-day EMA narrowed to the 200-day EMA; MATIC price positive.

A bullish cross of the 50-day EMA through the 100-day EMA would support a run at $0.65. MATIC would need to avoid a fall through the 200-day EMA, however.

EMAs send bullish signal
MATICUSD 240620 4-Hourly Chart

Crypto Market Daily Highlights – June 23 – ETH, and SOL Lead Top 10

Key Insights:

  • It was a bullish session for the crypto market on Thursday, with Solana (SOL) and Ethereum (ETH) leading the top 10 rebound.
  • From elsewhere, Polygon (MATIC) was among the broader market front runners, with investors moving on from Fed Chair Powell, inflation, and fears of a recession.
  • Reversing a $33 billion slide on Wednesday, the total market cap rose by $48 billion to $900 billion.

It was a bullish session for the crypto market on Thursday. Bitcoin (BTC) and the broader market reversed Wednesday’s losses with interest.

A pickup in risk appetite delivered support as the markets moved on from Fed Chair Powell’s testimony on Wednesday.

While crude oil took another hit, the US equity markets found support, with the NASDAQ 100 rising by 1.62%.

The upside came despite disappointing private sector PMI numbers from the US that showed slower growth across the private sector.

BTC tracks the NASDAQ 100
BTC-NASDAQ 240622 Daily Chart

Following a busy few days for the global financial markets, it’s a quieter day ahead on the economic calendar.

Finalized Michigan consumer sentiment figures are due out later today. We don’t expect the numbers to impact the crypto market. However, FOMC member chatter will draw interest.

FOMC member Bullard is due to speak ahead of the US open.

Crypto Market Cap Bounces Back on Pickup in Risk Appetite

On Thursday, the total market cap rose by $48 billion. Reversing Wednesday’s $33 billion loss, the market cap returned to $900 billion levels.

Crypto market cap returns to $900 bn
Total Market Cap 240622 Daily Chart

The upside came despite investor fears of a US recession, driven by inflation and the prospects of a 3.8% Federal Funds Rate by 2023.

On the second day of testimony, Fed Chair Powell provided no surprises to shift sentiment from Wednesday, where the Fed Chair talked of cutting inflation at any cost.

The Thursday rally reversed losses for the current week. Holding onto gains could see the total market cap see a weekly rise for just the second time since early April.

However, it is still grim reading for June, with the total market cap down by $384 billion.

The bullish sentiment was evident across the crypto market top ten.

SOL and ETH led the way, rallying by 11.79% and 9.06%, respectively, with BNB (+6.87%) and BTC (+5.73%) finding strong support.

ADA (+4.36%), DOGE (+3.65%), and XRP (+4.10%) trailed the front runners.

From the CoinMarketCap top 100, Polygon (MATIC) extended its winning streak to five sessions, rallying by 23.69% on news of the launch of Polygon ID.

However, the biggest mover on the day was Storj (STORJ), which surged by 54.10%.

Stablecoins Hold Steady Despite USDD Peg Issues

On the stablecoin front, USDD inched higher to ease fears of another stablecoin collapse.

USDD nears $0.98
USDD 7-Day Chart 240622

According to TRON DAO Reserve, the collateral ratio stood at 326.3%.

Collateral Ratio USDD positive
USDD Collateral Ratio 240622

Looking at the leading stablecoins, Binance USD (BUSD) and USD Coin (USDC) remained the only coins with the dollar peg firmly in place.

Total Crypto Liquidations Eased Further Back Powell’s Testimony

The downward trend in total crypto liquidations extended into this morning.

24-hour liquidations fell from a Thursday $165.11 million to $125.79 million, reflecting improving market conditions. Last week, total liquidations had hit $1 billion levels.

However, one-hour liquidations suggested a possible bearish start to Friday.

According to Coinglass, one-hour liquidations stood at $9.18 million.

Crypto liquidations ease back.
Total Crypto Liquidations 240622

Daily News Highlights

  • Cristiano Ronaldo and Binance formed a partnership to launch an exclusive NFT collection.
  • Ontario Watchdog ousted KuCoin and fined Bybit.
  • Qatar central bank progressed on a Central Bank Digital Currency (CBDC).
  • On Wednesday, Voyager Digital (VOYG) shares tumbled 52.5% on news of a possible Three Arrows Capital loan default.
  • Binance targeted US customers by offering fee-free bitcoin trading.

Crypto Price Analysis June 23: CRV, MATIC, ENJ, SOL, COMP

Key Insights:

  • Bitcoin and Ethereum make no significant growth for the eighth day.
  • Most altcoins closed in green, led by Curve DAO token.
  • The ones to mark a decline also limited their fall to 2-3%.

The broader crypto market continues to drag its value at $900 billion as most of the altcoins in the market marked a rally today.

With the king coin, Bitcoin, and altcoin king Ethereum consolidating this week, the entire market might be blocked from sustaining the recent rallies.

Curve DAO (CRV)

As one of the best-performing assets of the day, CRV managed to mark an almost 17% rally in a single day yesterday, adding to the week-long rise of 39.79%.

Although the altcoin is still far away from recovering the losses it witnessed this month, trading at $0.8, yesterday’s rise brought it closer to achieving it.

The MACD continues to exhibit a bullish crossover at the time of writing, with green bars taking over the helm.

Polygon (MATIC)

Following in the footsteps of CRV. MATIC too registered a 20.37% growth in the last 24 hours after Polygon announced its achievement of Carbon Neutrality for this year.

The news was enough to not only push the coin beyond $0.5 but also help it escape the bearish zone.

The Relative Strenght Index (RSI) pulled out of the bearish zone after more than two months furthering MATIC’s efforts to reclaim its 45.46% losses.

Enjin (ENJ)

After noting no significant growth in the last few days, ENJ rallied by 11.02% in 24 hours to note a 24.67% rise in 4 days, bringing the altcoin to the mark of $0.5.

This will reinstate investors’ confidence in the asset, and at the same time, inflows could return to ENJ.

After the 11-day-long decline of 36.69%, ENJ lost a lot of the inflows from its holders, which recovered during the last few days. And a rise as such will only further it.

Solana (SOL)

One of the top 10 cryptocurrencies in the world, SOL joined the list of the best-performing assets as it shot up 11.21% in the span of a day. This added to SOL’s 32.76% rise bringing the altcoin closer to invalidating the 32.36% losses of June.

Being one of the few altcoins to begin recovery this soon, SOL has already reclaimed the bias of the Bollinger Bands.

Although the volatility has not come to an end for the altcoin, the bias acting as support will only push the price upwards during price swings.

Compound (COMP)

After a 9.61% rise yesterday, COMP crossed the $40 mark to trade at $43.24 at the time of writing.

Even though the DeFi token is observing receding bearishness on the Awesome Oscillator, it still has a long way to go before turning its 50.87% recovery into a bullish rally.

Once the bars flip up and rise from thereon, COMP will be in a good spot to mark a solid rally.

Polygon (MATIC) Eyes Return to $0.60 on Polygon ID Launch

Key Insights:

  • Yesterday, Polygon (MATIC) rallied by 8.44% to wrap up the day at $0.455 and extend the winning streak to four sessions.
  • News of the launch of Polygon ID supported a fourth consecutive day in the green.
  • The technical indicators are bullish, with MATIC breaking out from the 100-day EMA.

On Wednesday, Polygon (MATIC) rallied by 8.44%. Following a 4.77% gain on Tuesday, MATIC ended the day at $4.55.

A mixed start to the day saw MATIC fall to a morning low of $0.3944 before making a move.

Steering clear of the Major Support Levels, MATIC broke through the First Major Resistance Level at $0.4515 to strike a late high of $0.4709.

Despite a late pullback to sub-$0.46, MATIC extended its winning streak to four. The upside came amidst a bearish session for the broader crypto market that reacted to Fed Chair Powell’s testimony on Capitol Hill.

Network news updates delivered the breakout session, with MATIC now sitting well clear of the Saturday current-year low of $0.3159.

The upswing continued today, with a bullish crypto morning adding further support through the morning session.

Polygon ID Delivers a MATIC Boost and a Look at $0.60

On Wednesday, Polygon announced Polygon ID x Polygon DAO integration launches to create new ZK-based governance frameworks.

The announcement stated,

“Today, we’re launching the first iteration of Polygon ID – a private and self-sovereign identity solution powered by zero-knowledge cryptography. To start, Polygon ID enables a whole host of features previously inaccessible to DAOs. It will be integrated with Polygon DAO beginning today, and many more DAOs to come soon.”

Polygon went on to say,

“Too often, we’re forced to trade personal data for access to the most basic of services on the web. At the same time, developers need ways to ensure that their users are interacting with other real humans on the platforms they participate in, among many other identity-based needs.”

Polygon concluded by saying,

“Polygon ID puts users in complete control of their digital identity, allowing them to prove specific aspects of their identity without revealing any personal information.”

The announcement also provided details on how Polygon ID works and in-depth detail on Polygon DAO’s integration of Polygon ID.

As far as web3 is concerned, Polygon could not have better timed the launch of Polygon ID.

MATIC Price Action

At the time of writing, MATIC was up 10.33% to $0.502.

A bullish morning saw MATIC break through the First Major Resistance Level at $0.4859 to strike a morning high of $0.5133.

MATIC on the move.
MATICUSD 230620 Daily Chart

Technical Indicators

Avoiding a fall through the First Major Resistance Level and the $0.4402 pivot would support another run at the Second Major Resistance Level at $0.5166.

An extended crypto rally would support a breakout from the morning high of $0.5133.

In the event of a move through to $0.52, MATIC could target the Third Major Resistance Level at $0.5931 and resistance at $0.60.

A fall through the First Major Resistance Level and the pivot would bring the First Major Support Level at $0.4094 into play. Barring an extended sell-off, MATIC should avoid sub-$0.40. The Second Major Support Level sits at $0.3636.

Polygon ID launch delivers support.
MATICUSD 230620 Hourly Chart

Looking at the EMAs and the 4-hourly candlestick chart (below), it was a bullish signal. MATIC sat above the 100-day EMA, currently at $0.4679. This morning, the 50-day EMA closed in on the 100-day EMA. The 100-day EMA narrowed to the 200-day EMA; MATIC price positive.

A move through the 200-day EMA, currently at $0.5626, would bring $0.60 into play.

EMAs bullish
MATICUSD 230620 4-Hourly Chart

Crypto Market Daily Highlights – June 22 – Powell Sinks DOGE and ETH

Key Insights:

  • After brief relief on Tuesday, volatility spiked on Wednesday, with Fed Chair Powell pulling the crypto strings.
  • Dogecoin (DOGE), Ethereum (ETH), and Solana (SOL) joined bitcoin (BTC) in deep the red. Solana saw a five-day winning streak come to an end.
  • The total market cap reversed gains from Monday and Tuesday, with a $33 billion fall to end the day at $862 billion.

It was yet another choppy session for the crypto market on Wednesday. Recession fears plagued bitcoin (BTC) and the broader crypto market. Apprehension ahead of Fed Chair Powell’s testimony on Capitol Hill added to the market angst.

The NASDAQ Mini 100, WTI crude oil, and the crypto market were in the red going into the afternoon session.

Market sensitivity to Fed Chair Powell’s testimony was evident, not only across the global equity markets, but also across the crypto market.

However, after tracking the NASDAQ 100 through the early part of the Powell testimony, a decoupling was evident later.

On Wednesday, the NASDAQ 100 slipped by 0.15%, while bitcoin slid by 3.6%.

WTI crude slid by 4.03% to $106.19, with the reversal more aligned with the crypto market and reflective of investor jitters over the risk of a US recession.

WTI and BTC sink/
NASDAQ BTC WTI 230622 5 Minute Chart

Today, the second day of Fed Chair Powell’s testimony on Capitol Hill will draw interest along with key stats from the US.

Economic data from the US include prelim June private sector PMIs and the weekly jobless claims. The numbers will need to be upbeat to support the Fed Chair’s view on labor market conditions and the economy.

Crypto Market Cap Hits Reverse as Powell Talks Recession

A bearish crypto session saw the total crypto market cap fall to a day low of $852 billion before a partial recovery to end the day at $861.5 billion.

On Wednesday, $33 billion came off the table as investors responded to Fed Chair Powell’s testimony.

Crypto market cap hits reverse.
Total Market Cap 230622 Daily Chart

The pullback reversed modest gains from earlier in the week, with the market cap now down $19 billion for the week and $431 billion for June.

Any market hope of Powell removing downside risks vanished on Wednesday. Initially, the market responded positively to early comments before hitting reverse.

In line with market expectations, Fed Chair Powell discussed the need to continue hiking rates to bring inflation back to target.

According to FX Empire, Powell noted,

“We anticipate that ongoing rate increases will be appropriate; the pace of those changes will continue to depend on the incoming data and the evolving outlook for the economy.”

For riskier assets, Powell’s reference to the influence of incoming data and the economic outlook on the Fed interest rate path eased immediate concerns of a hard landing.

The support was brief, however, with the Q&A session highlighting the Fed’s threat to the US economy.

Market reaction to the testimony left the top ten cryptos in negative territory.

DOGE (-6.21%), ETH (-6.75%), and SOL (-6.25%) led the way down.

ADA (-4.75%) and BTC (-3.63%) also struggled, while BNB (-2.64%) and XRP (-1.89%) saw relatively modest losses.

From the CoinMarketCap top 100, Waves (WAVES) was the biggest loser, sliding by 15.39%, the downside partially reversing a 43.04% breakout from Tuesday.

Several cryptos bucked the trend, with Polygon (MATIC) and Uniswap (UNI) among the front runners. MATIC and UNI ended the day with gains of 8.49% and 4.32%, respectively.

Stablecoins Hold Steady Despite USDD Peg Issues

On the stablecoin front, USDD avoided a fall to sub-$0.97 before striking a day high of $0.9762.

USDD
USDD 7-Day Chart 230622

Since June 13, TRON DAO Reserve has yet to restore the dollar peg. Despite this, a partial recovery from a June 19 of $0.9256 remains good enough for the market.

Transparency has proven to be the key, with initial investor fear of another stablecoin collapse abating.

According to TRON DAO Reserve, the collateral ratio stood at 324.16%.

USDD collateral ration TRX positive.
USDD Collateral Ratio 230622

Looking at the major stablecoins, Binance USD (BUSD) and USD Coin (USDC) were the only coins with the dollar peg firmly in place.

Total Crypto Liquidations Eased Further Back Powell’s Testimony

The downward trend in total crypto liquidations continued into this morning.

24-hour liquidations slipped from a Wednesday $170.27 million to $165.11 million this morning. Last week, total liquidations had hit $1 billion levels.

One-hour liquidations reflected improved market conditions.

According to Coinglass, one-hour liquidations stood at $2.05 million.

total crypto liquidations ease.
Total Crypto Liquidations 230622

A decline in 24-hour total liquidations to sub-$100 million would deliver crypto market support. Persistent headwinds, including the threat of an economic recession, will continue to test support cryptos.

Daily News Highlights

  • Crypto.com obtained Singapore regulatory approval for payment services.
  • Citibank & Swiss company METACO announced plans to develop institutional crypto custody.
  • Israel and Hong Kong reported plans to test new digital currencies.
  • Tether (USDT) announced its fifth stablecoin offering, the GBPT.
  • Cardano (ADA) slumped on news of a delay to the Vasil hard fork.
  • Crypto mining became more accessible as miners sold graphic cards at heavy discounts.

Bitcoin and ETH Price Prediction: Short-term Rally, UNI Bulls Eye $6.5

Key Insights:

  • Bitcoin is slowly moving higher towards the $22,000 resistance.
  • Ether (ETH) gained over 5% and surpassed $1,160.
  • UNI is up over 15% and might even rise towards $6.50.

Bitcoin

After forming a base above the $19,000 level, bitcoin price started an upside correction. There was a slow increase above the $20,000 and $20,400 resistance levels.

The price even cleared the $21,000 level and the 21 simple moving average (H1). The current price action is positive above the $21,350 level. On the upside, the price could face resistance near the $22,000 level. Any more gains might send bitcoin to $22,800.

Bitcoin BTC Hourly Chart
BTC Hourly Chart by FXEmpire

On the downside, there is a major support at $21,000. A daily close below $21,000 could start a major decline.

Ethereum (ETH)

ETH also started a decent recovery wave above the $1,000 resistance level. The price cleared the $1,070 resistance and the 21 simple moving average (H1) to move into a short-term positive zone.

Ether price is now trading above the $1,165 resistance zone. On the upside, there are many hurdles forming near $1,200 and $1,220. A close above the $1,220 level could set the pace for a larger increase.

Ether ETH Hourly Chart
ETH Hourly Chart by FXEmpire

On the downside, there is a key support near the $1,165 level, below which the price could restart decline and test $1,070.

Uniswap (UNI)

UNI started a strong decline after it topped near the $10.00 level. The bears pushed the price below the $8.50 and $5.00 support levels.

It even moved below the $4.20 level and the 21-day simple moving average. Finally, there was a spike below the $3.50 level and the price tested the $3.35 zone. Recently, the price started a recovery wave above the $4.00 resistance.

UNI Daily Chart
UNI Daily Chart by FXEmpire

It gained over 15% and was able to clear the 50% Fib retracement level of the downward move from the $6.00 resistance zone to $3.35 low. UNI also cleared a major bearish trend line at $4.20 on the daily chart.

The next major resistance is near the $5.00 level. A close above the $5.00 level could start a major increase towards the $6.50 resistance zone in the near term. If there is no upside break, the price could restart decline and test the $4.00 level.

ADA, BNB, and DOT price

Cardano (ADA) cleared the $0.500 resistance zone. The next major resistance is near $0.520, above which it could rise towards $0.532.

BNB is gaining pace towards the $230 and $235 resistance levels. A clear move above $235 might call for a test of the $250 resistance.

Polkadot (DOT) broke the $8.0 resistance level. If the bulls remain in action, the price could rise towards the $8.80 resistance zone.

A few trending coins are DOGE, MATIC, and SHIB. Out of these, DOGE is attempting an upside break above the $0.070 resistance.

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.

Bitcoin and ETH Price Prediction: Recovery Face Hurdles, AVAX Aims Higher

Key Insights:

  • Bitcoin started an upside correction above the $20,000 resistance.
  • Ether (ETH) was able to recover above $1,050 and $1,100.
  • AVAX seems to be forming a support base above $15.

Bitcoin

After a strong decline, bitcoin price found support near the $17,800 zone. A base was formed and the price started an upside correction.

There was an upside correction above the $19,000 and $19,500 resistance levels. The price even cleared a key bearish trend line with resistance near $19,000 on the hourly chart. BTC is now trading above the $20,000 level and the 21 simple moving average (H1).

Bitcoin BTC Hourly Chart
BTC Hourly Chart by FXEmpire

On the upside, the bulls are facing resistance near the $21,350 level. A clear move above $21,350 might send the price towards $23,000. If not, bitcoin could slide and revisit $19,000.

Ethereum (ETH)

ETH also followed a similar pattern and started a recovery wave from the $900 support zone. There was a decent upward move above the $1,000 resistance zone.

Ether was able to surpass the $1,060 resistance level and the 21 simple moving average (H1). On the upside, the previous support at $1,150 is acting as a strong resistance. A clear move above the $1,150 level could start an increase towards $1,260.

Ether ETH Hourly Chart
ETH Hourly Chart by FXEmpire

If not, the price might break a key bullish trend line at $1,100 on the hourly chart and continue lower. The next major support is near the $1,050 level.

Avalanche (AVAX)

AVAX started a major decline from the $70 resistance zone. There was a clear move below the $55 and $50 support zone to start a downtrend.

There was a downside break below the $25 support level and the 21-day simple moving average. The price even declined below the $20 level before the bulls appeared near the $15 zone.

AVAX Daily Chart
AVAX Daily Chart by FXEmpire

AVAX is now forming a base above the $15 level and is currently rising. The main hurdle on the upside is near the $20 level and a major bearish trend line on the daily chart. A close above the $20 level may perhaps start a major increase.

If there is no upside break, the price could revisit the $15 support. Any more losses might call for a test of the $12 support.

ADA, BNB, and DOT price

Cardano (ADA) is up 6% and trading above the $0.485 level. If it surpasses $0.50, the bulls could aim a decent increase.

Binance Coin (BNB) is slowly moving higher towards the $215 and $220 levels. The main resistance on the upside is near the $235 level.

Polkadot (DOT) is up over 8% and is currently approaching the $8.0 resistance. A close above $8.0 might start a steady increase in the coming sessions.

A few trending coins are SOL, DOGE, and MATIC. Out of these, SOL is gaining pace above the key $35 resistance zone.

Everything You Need to Know About OpenSea

OpenSea is the first Non-Fungible Token (NFT) marketplace. Despite increased competition in the NFT space, OpenSea remains the market leader.

Devin Finzer and Alex Atallah founded the platform in 2017.

Since the beta launch in December 2017, OpenSea has more than 200,000 employees and 600,000 users. OpenSea has delivered more than 80 million NFTs to market. Comprising more than two million NFT collections, trading volumes are more than $20 billion.

In the early days, the platform supported the trading of CryptoKitties. Launched on the Ethereum (ETH) blockchain in November 2017, CryptoKitties is a blockchain game developed by now renowned Dapper Labs, who is also behind the NBA’s TopShot, among others.

In the early days of digital assets, players could create, own, and trade virtual kitties, each kitty a one-of-a-kind.

The OpenSea vision later extended beyond CryptoKitties, with OpenSea also offering a platform and the necessary tools to enable users to trade, create, and even launch their own digital works and collections.

Initially offering Ethereum-based NFTs, the platform has evolved to offer Polygon (MATIC) and Solana (SOL)-based NFTs to its ever-growing user base.

From CryptoKitties to Billionaires to Expansion Mode

Such has been the furor over NFTs that co-founders Finzer and Atallah became the first NFT billionaires in 2021, all thanks to CryptoKitties.

In January 2022, FX Empire reported news of OpenSea raising $300 million in Series C Funding and an OpenSea valuation of $13.3 billion.

OpenSea stated four goals for the funding, including:

  • Accelerate product development.
  • Improve customer support and safety.
  • Invest in the wider NFT and Web3 community.
  • Grow the OpenSea team.

At the time, the platform’s ultimate goal was to lower the barrier to entry and provide an environment for users to “discover, manage, and showcase their NFTs with better tools, analytics, and presentation.”

NFT Market Explodes with OpenSea Enjoying Record Trading Volumes

OpenSea has been at the forefront of NFT activity since its genesis year. Major NFTs and collections passing through the OpenSea marketplace include CryptoPunks, Bored Ape Yacht Club, Mutant Ape Yacht Club, and Otherdeed for Otherside.

2021 was a bonanza year for the NFT space and OpenSea. The competition was light, with investor interest in NFTs rampant.

In January 2022, ETH-based NFT trading volumes hit a record high of $4.86bn.

According to Dune Analytics, the previous record stood at $3.42bn in August 2021.

ETH Trading Volumes - Monthly

The record levels coincided with record highs for Polygon-based NFT trading and OpenSea’s expansion to support Solana-based NFTs.

Polygon-based NFT trading volumes never reached ETH levels. In January 2022, trading volumes hit a record high of $79.1 million.

Market conditions within the digital asset space began to deteriorate in February.

OpenSea trading volumes retreated for two consecutive months before an April rebound.

Contributory factors to deteriorating trading volumes included a sharp rise in illicit activity, the beginnings of the crypto winter, increased regulatory scrutiny, and competition.

After hitting $3.49 billion in April, ETH-based trading volumes fell back to $2.60 billion in May. For June, trading volumes are a lowly $494.6 million. Barring a marked recovery in NFT activity, ETH-based trading volumes will be the eighth lowest since launch and the lowest since $329.0 million in July 2021.

For OpenSea, the inclusion of Solana-based NFTs to drive trading volumes in 2022 also disappointed. While Ethereum and Polygon-based trading volumes have shrunk, recent Solana-based trading volumes give hope.

Solana-based trading volumes hit record highs in recent days.

SOL Trading Volumes - Daily

Competition, Illicit Activity, and a Crypto Winter Hit Volumes

The surge in trading volumes at the turn of the year and the ballooning interest in NFTs led to increased competition.

In 2022, several NFT marketplaces launched, eating into the OpenSea market share.

LooksRare (LOOKS) launched in January 2022, with trading volumes reportedly surpassing OpenSea. However, reports of wash trading surfaced to leave LooksRare on the back foot. Coinbase also announced plans to launch Coinbase NFT.

A likely strong competitor, Coinbase reported more than 2.5 million people joining the Coinbase NFT waitlist.

With increased activity and consumer interest, illicit activity across the NFT space dampened the mood.

On top of wash trading, NFT thefts and rugpulls grabbed the news headlines. While lawmakers looked to punish criminal activity, the NFT space also landed on the radar of governments and regulators.

The US and the UK governments joined a growing list raising concerns over NFTs. The main areas of concern were money laundering and the funding of illegal activity.

To add to OpenSea’s woes has been the lengthy crypto winter, exasperated by Fed monetary policy and the rising threat of a global recession.

Year-to-date, Ethereum is down 73%, with Polygon and Solana down by 86% and 81%, respectively.

A shift in sentiment towards the economic outlook will likely be needed to support a change in OpenSea’s fortunes.

As we have seen with the crypto market, a rebound is likely, and OpenSea remains well-placed to drive the evolution of the NFT space.

This year, there has been a surge in Web3 interest, with mainstream players entering the digital asset space. The increased interest also paints a positive outlook once the dust settles from the 2022 crypto meltdown.

Crypto Market Daily Highlights – June 18 – BTC Visits $17,600

Key Insights:

  • Bitcoin (BTC) and the broader crypto market resumed the current week’s sell-off, with bitcoin visiting $17,600 before finding support.
  • Top ten crypto Solana (SOL) bucked the trend with modest gains as investors grappled with crypto market headwinds.
  • The total market cap fell for the fourth time this week, with $100bn coming off the table before a partial recovery.

It was a mixed session for the crypto market on Saturday. For the broader market, a bitcoin (BTC) slide to a new current-year low of $17,601 highlighted the downside risks.

Late in the week, we saw bitcoin decouple with the NASDAQ, with bitcoin suffering from heavier losses. This trend continued into the weekend, with no news stories to shift investor sentiment.

Crypto Market Cap Tumbles $107bn to a New Current-Year Low

After a brief respite on Thursday and Friday, the total crypto market cap fell to a new current-year low on Saturday.

A $107 billion slump saw the total crypto market cap fall to a new current-year low of $762.83 billion.

It was also the lowest level since January 2021, the beginning of the 2021 bull run, and marked a fourth new current-year low of the week.

Market headwinds continued to weigh on bitcoin and the broader crypto market. Investors have yet to move on from Wednesday’s Fed monetary policy. Fears of a global recession continue to hit investor sentiment.

The extended sell-off, in the wake of the collapse of TerraUSD (UST)and Terra LUNA, also increases the prospect of a material shift in the regulatory landscape.

Looking at the top ten, SOL bucked the trend, rising by 4.2%.

ETH tumbled by 8.5% to sub-$1,000 for the first time since January 2021, with BNB sliding by 8.7%.

BTC (-7.1), ADA (-6.6%), DOGE (-7.0%), and XRP (-4.3%) also saw heavy losses.

From the CoinMarketCap top 100, Polygon (MATIC) and Aave (AAVE) saw the heaviest losses, falling by 13.4% and 13.6%, respectively.

On the stablecoin front, USDD movements were market negative, with a pullback to sub-$0.97 raising further concerns over algorithmic stablecoins.

USDD struggles to return to $1.00.
USDD 7-Day Chart 190622

Despite the USDD pullback, TRON (TRX) held its ground, rising by 1.6%.

While the TRON DAO Reserve assured that the USDD fall to sub-$0.97 does not constitute a de-pegging, regulatory chatter over the instability of stablecoins drew attention.

This week, the Federal Reserve sent a Monetary Policy Report discussing the fragilities of stablecoins. Increased regulatory scrutiny will remain a test for stablecoins and the broader crypto market.

Total Crypto Liquidations Eased Back Following Fed Policy Decision

After improving from Tuesday’s peak of $1 billion, with a fall back to sub-$200 billion, liquidations spiked once more.

Up from $210 million on Saturday morning, total liquidations stood at $567 million this morning.

Over the last 12 hours, total liquidations stood at $325 million and $127 million over 4 hours, reflecting market conditions in Saturday’s afternoon session.

1-hour liquidations reflected improving market conditions, however, reflected in the hourly total market cap chart below.

Crypto market finds late support.
Total Market Cap 190622 Hourly Chart

According to Coinglass, 1-hour liquidations stood at $5.66 million.

Crypto liquidations spike again.
Total Crypto Liquidations 190622

While market conditions improved late in the Saturday session, downside risks will likely linger for some time. The markets will need a catalyst to shift the bearish sentiment, which now leaves bitcoin at risk of falling to $15,000.

Crypto Daily News Highlights

  • Ethereum fell to sub-$1,000 for the first time since January 2021.
  • The SEC filed objections as XRP investors await the court ruling on the Hinman speech-related documents.
  • Following Wednesday’s rate hike, the US Federal Reserve raised concerns over the fragility of stablecoins to Congress.
  • Coinbase was in the spotlight, with investors filing a lawsuit over the sale of TerraUSD and Terra LUNA.

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.

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.

Matic Price Prediction: A Return to $0.64 key to Any Recovery

Key Insights:

  • Polygon (MATIC) rallied by 4.45% on Thursday, with the bullish session bucking the broader crypto market trend.
  • Following a May 12 all-time low of $0.4795, a partial recovery has left MATIC within the ranges, pressured by the broader crypto market and sentiment towards inflation.
  • Technical indicators are bullish, with MATIC sitting above the 100-day EMA.

On Thursday, Polygon (MATIC) rallied by 4.45%. Reversing a 1.72% decline from Wednesday, MATIC ended the day at $0.6331.

A mixed morning saw MATIC fall to an early morning low of $0.6019 before making a move.

Steering clear of the First Major Support Level at $0.5942, MATIC rallied to a late high of $0.6517.

MATIC broke through the First Major Resistance Level at $0.6251 and the Second Major Resistance Level at $0.6440.

Facing resistance at $0.65, Matic ended the day at sub-$0.64.

Polygon (MATIC) Succumbs to Another Spike in US Inflation

In May, the annual rate of US inflation accelerated from 8.3% to 8.6%. It was yet another 40-year high, which weighed heavily on appetite for riskier assets.

The chart below shows the investor reaction, which demonstrates the influence of central bank monetary policy on digital assets.

MATIC reacts to US Inflation.

While central bank and Fed monetary policy remain the key drivers near-term, any shift in the regulatory landscape will also influence.

This week, FX Empire reported on a possible shift in the regulatory landscape, with the CFTC in the running to regulate the digital currency space.

Polygon (MATIC) Price Action

At the time of writing, MATIC was up 0.24% to $0.6346.

A mixed morning saw MATIC fall to an early morning low of $0.6199 before striking a morning high of $0.6621.

While steering clear of the Major Support Levels, MATIC broke through the First Major Resistance Level at $0.6559 before easing back.

MATIC tumbles as US Inflation spikes.
MATICUSD 100620 Daily Chart

Technical Indicators

MATIC will need to avoid the $0.6290 pivot to retarget the First Major Resistance Level at $0.6559.

A broad-based crypto rally would support a move back through to $0.65 levels.

In the event of an extended rally, the bulls could target the Second Major Resistance Level at $0.6787 and resistance at $0.68. The Third Major Resistance Level sits at $0.7285.

A fall through the pivot would bring the First Major Support Level at $0.6061 into play. Barring a bearish afternoon session, SOL should steer clear of sub-$0.60. The Second Major Support Level sits at $0.5791.

Support levels in play.
MATICUSD 100620 Hourly Chart

The EMAs and the 4-hourly candlestick chart (below) send a bearish signal. MATIC sits on the 100-day EMA, currently at $0.6338. This morning, the 50-day EMA closed in on the 100-day EMA. The 100-day EMA flattened on the 200-day EMA, both bullish signals.

A hold above the 100-day EMA would bring $0.70 into play.

MATIC succumbs to market forces.
MATICUSD 100620 4-Hourly Chart

Loss of Correlation With Stocks Will Pave the Way for Crypto to Portfolios

Bitcoin, Ethereum Price Action and Indicators

Bitcoin was down 0.3% on Thursday, continuing to hover around $30K. This mild decline was a bonus of last month’s loss of correlation between the cryptocurrency and stock markets.

Ethereum lost 0.4%, settling near $1800. Other top-10 altcoins showed mixed dynamics, ranging from a 2.5% decline (Cardano) to a 3.6% rise (Solana).

Financial market veteran Peter Brandt believes Ethereum is in a downward triangle and could fall to $1268 within a month.

The total capitalisation of the crypto market, according to CoinMarketCap, fell 0.2% overnight to $1.24 trillion. The cryptocurrency fear and greed index were up 2 points to 13 by Friday and remains in “extreme fear” mode.

No significant preponderance of buyers or sellers to form a clear trend

Generally, the correlation gap between cryptocurrencies and stock markets is long-term good news as it attracts the attention of professional investors. Weakness in equity and bond markets, sagging gold and the murky outlook for the real estate market are turning their eyes to cryptocurrencies as another tool in a diversified portfolio.

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CNBC’s Mad Money host Jim Cramer has changed his mind about investing in cryptocurrencies, calling BTC and ETH the best long-term investments. However, they should not account for more than 5% of a portfolio.

PwC, an audit firm, reported that most hedge funds invest less than 1% of their assets in cryptocurrencies because of regulatory uncertainty in the industry.

According to a Deloitte survey, 75% of US retailers will implement support for cryptocurrency payments within two years.

USDT, the world’s most prominent staple by market capitalisation, will be available on the Tezos blockchain powered by the Proof-of-Stake consensus mechanism. The USDT ecosystem is now open on 12 networks, including Ethereum, Solana, Polygon, Tron and Algorand.

by FxPro’s Senior Market Analyst Alex Kuptsikevich

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.

Crypto Price Analysis June 09: MATIC, XTZ, LINK, SOL, HNT

Key Insights:

  • The crypto market is reeling back in terms of volatility this week.
  • Altcoins, including Chainlink, Tezos, and Helium, led the rally today.
  • About half of the top 100 cryptocurrencies closed in green today.

With the arrival of The Merge yesterday, the crypto market was expected to be triggered for a rally led by the altcoin king Ethereum.

But while the king rested, most of its subjects took matters into their own hands, and as a result, the crypto market was saved from another red candle.

Polygon (MATIC)

Despite noting no significant rise in price action since the end of the May crash, MATIC has been stuck in a sideways momentum for a month now. All the rises are corrected over the next few days, and the cycle continues.

Even after marking a 7.52% rise today, MATIC might remain rangebound at $0.64 since the Bollinger Bands indicate no major price swings coming anytime soon.

Tezos (XTZ)

Tezos was one of the top-performing cryptocurrencies of the day as the altcoin has been in a sustained incline over the last month. Up by 32% since May 11, the altcoin was trading at $2.21 at the time of writing, receiving a 16.3% push just this week.

The rise also effectively pulled XTZ out of the bearish zone that the coin has been stuck in since April, as visible on the Relative Strength Index (RSI).

Chainlink (LINK)

Closing in green consistently throughout the week, LINK has inched closer to breaching the $10 mark and closing above it.

Up by 8.36% in the last 24 hours, the altcoin might also sustain this rally since the crypto is receiving consistent support from the community.

The Chaikin Money Flow indicates that the growth is also organic since money has been flowing into the asset.

Solana (SOL)

Solana is in an interesting bind as following Ethereum’s footsteps, the altcoin has declined by more than 9% since the crash occurred.

Solana’s crash has been one of the most disappointing ones since, in less than nine months, SOL went from trading above $200 to trading at $40.5 at the time of writing.

This is despite the fact that the MACD has been consistently indicating a bullish crossover on the charts.

Helium (HNT)

Among the top cryptocurrencies of the week, the relatively lesser-known cryptocurrency Helium has been on an uptrend for the last ten days, rising from the lows of $6.89 to $11.97 at press time.

The altcoin is also one of the few to observe sustained growth and will continue to do so, as evinced by the Parabolic SAR’s active uptrend.