Bitcoin moves above Monday's highs

Cryptocurrencies Weekly Summary – Top Five Crypto Coins to Watch

Posted Monday, June 14, 2021 by
Arslan Butt • 5 min read

Bitcoin (BTC/USD) Weekly Review

BTC/USD succeeded in extending its previous day’s upward rally and settled well above the $35,000. It even broke the $37,000 resistance, but the buyers failed to gain strength for a break of the $37,500 barrier. The price is trading well above $37,000 and the 100 hourly simple moving average. It is worth mentioning that the high was formed near the $38,425 level, and the price is now moving lower.

It broke the $38,000 support level to start the current correction. Apart from this, there was a break below a key bullish trend line with support near $36,500 on the hourly chart of the BTC/USD cryptocurrency pair. On the upward side, an initial resistance is near the $37,000 level. The first major resistance is near the $37,500 level, above which the price is expected to revisit the $38,500 resistance zone in the near term. The main resistance is still near the $40,000 level.

 

BTC/USD

The crypto pair may face some fresh decline on the downside front if it fails to clear the $37,500 resistance. Initial support on the downside is near the $36,000 level. However, the modest buying bias around BTC/USD could be sponsored by the weaker U.S. dollar. The U.S. dollar dropped slightly on the day as investors digested high U.S. inflation and European Central Bank commentary while eyeing the U.S. Federal Reserve’s next meeting. At the data front, the consumer price index (CPI) climbed 5.0% year-on-year in May, above 4.7% in forecasts and 4.2% growth during the previous session. Meanwhile, the core CPI grew 3.8% year-on-year and 0.7% month-on-month in May, both above forecasts. On a different note, the prevalent modest upticks in the pair could be short-lived or temporary as the U.S. Securities and Exchange Commission (SEC) has recently warned investors about the risks of Bitcoin futures trading. Meanwhile, the Xinjiang crypto miners were forced to shut down, which may leave an extra burden on Bitcoin prices.

Ethereum (ETH/USD) Weekly Review

ETH/USD failed to stop its declining streak and remained depressed around the $2400 level. The Ethereum price holds the $2428 support level, but there is a possibility of sideways movement in the nearest term. The pair is currently consolidating in the range between 2,406.53 and 2,493.48. ETH/USD could drop towards the $2200 support as the technical indicator faces the south. Furthermore, the ETH price is trying to resume higher, but it might revisit the $2400 support level before rising again.

If an upside break above $2500, the price will likely test the $3000 resistance level. Any additional gains can push ETH/USD towards the $3200, $3400, and $3600 resistance levels. On the bearish side, the $2200 level is the initial support level. If there are any further downsides, the pair could test the critical support levels of $1800, $1600, and $1400, where the buyers are expected to take a stand.

 

ETH/USD

Meanwhile, it is yet to show some positive signs above the $2800 level, but it could fall further in the short term. Having said that, the Ethereum price may likely bounce back above $2600, as long as there is no daily close below $2400. However, the Relative Strength Index (14) follows a sideways movement at 44-level, indicating an indecisive market movement.

Litecoin (LTC/USD) Weekly Review

The LTC/USD crypto pair dropped overnight and was trading in an incredibly narrow range. Thursday’s bullish rally towards the $180 level failed to make sustainable gains, as the Litecoin price dropped below the 9-day and 21-day moving averages. Meanwhile, the longer that Litecoin (LTC) fails to rally from current trading levels, the greater the chance that traders may see the cryptocurrency falling to a new month’s trading low. Today, LTC/USD was trading at $172.171, up 2.23% on the day.
 

LTC/USD
According to the daily chart, the LTC/USD price can continue to trade sideways. Meanwhile, the continuous bearish movement below the 9-day and 21-day moving averages may stimulate an even deeper below the channel’s lower boundary. It could move towards the support levels of $85, $65, and $45. Moreover, the short-term technical analysis shows that the $165 and $160 levels are currently the strongest forms of technical support before the $145 level could come into focus.

Ripple (XRP/USD) Weekly Review

The XRP/USD crypto pair has failed to stop its overnight bearish moves and is still flashing red around 0.85000 level. However, the selling bias around the Ripple currency could be associated with its legal case against its developers, Ripple Labs, by the Securities and Exchange Commission (SEC). XRP coin has not fully recovered from the last broader crypto market crash that took place last month. XRP/USD is trading at 0.86139 and consolidating in the range between 0.84691 – 0.87383.

The declining prices of XRP/USD could be attributed to the ongoing SEC vs. Ripple lawsuit that has shown no sign of conclusion. A few days back, Ripple Lab filed an additional reply against the reply of SEC in support of its motion to strike the Fourth Affirmative Defense by Ripple. In its sur-reply, Ripple has argued that the previous actions of SEC in the digital asset space were insufficient to provide fair notice to Ripple that its unregistered XRP sales could be illegal. The company also claimed that the due process was also not satisfactory.

 

XRP/USD

In the recent reply by SEC, the agency stated that the arguments made by Ripple were merely based on incorrect characterization of the fair notice defense. The SEC further declared that fair notices do not need any exact factual correspondence. Both parties kept on playing the blame game, and SEC stated that Ripple cited no case that could suggest anything contrary. Furthermore, the agency has also asked the court to grant them additional time to develop its factual discovery record. However, Ripple has claimed that any additional time granted to SEC would present an existential threat to its business in the US. The ongoing battle between SEC and Ripple is far from concluding, and Ripple’s XRP would have to pay its price. XRP declined on Thursday despite weakness in the U.S. dollar. The greenback was weak across the board amid the rising unemployment claims during last week and a sharp slide in the benchmark U.S. Treasury Yield. Despite the weak U.S. dollar, XRP/USD remained under pressure and failed to stop its loss for the day.

Dogecoin (DOGE/USD) Weekly Review

The DOGE/USD price stopped its previous bullish streak and started to flash red on the day. Although the Dogecoin investors have plenty of things to celebrate, the prices of Dogecoin have been falling around below the 0.3000 level. Neobank Revolut recently announced that peoples can now trade the popular memecoin on its platform. Dogecoin is not the first cryptocurrency on the Revolut platform and bolsters the list of digital assets supported by the challenger bank to 30.
 

DOGE/USD
Apart from this, with all the confusion regarding a bitcoin exchange-traded fund in the United States, one company just made it easier for investors to add BTC to their retirement portfolio. iTrust Capital, a crypto IRA and 401(k) platform has added support for Dogecoin. The DOGE/USD coin is trading at $0.322303 and consolidating in the range between 0.317874 and 0.326628.
The creator of digital currency Ethereum, Vitalik Buterin, who became the youngest billionaire in the world last May at just 27 years old, revealed that he invested $25,000 in DOGE in 2016 and made more than$4 million in profits. He also thanked Elon Musk for his tweets that pushed Dogecoin higher. He revealed that he was impressed by Dogecoin and gambles on it impulsively, even without a goal in mind. He said that he could not found a way to explain to his mother about the $25,000 worth of investment in Dogecoin just because it has a dog’s logo. However, he also praised Dogecoin and said that it was one of the best investments he has ever made. Buterin said he sold about half of his tokens and made $4.3 million that he donated to the non-profit organization.

On the other hand, a new competitor of Dogecoin, the Richquack token, came into the market and grabbed attention based on recent predictions. The token got popularity due to its similarity to Dogecoin. The official website of Richquack stated that the token was based on the Binance smart Chain. The website bragged about many features of the Richquack token, stating that it was the first token with a Black Hole design, which will cut the total supply in circulation by massive amounts. The liquidity of the token was also based on an innovative auto-liquidity feature that increases the liquidity rapidly. Finally, Richquack has a feature that can be seen rarely in other tokens, and it was a massive decentralization on a scale. A new competition with better features also kept DOGE/USD prices under pressure on Thursday.

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