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Cryptocurrencies Weekly Summary – Top Five Crypto Coins to Watch

Posted Saturday, June 19, 2021 by
Arslan Butt • 4 min read

Bitcoin (BTC/USD) Weekly Review

The BTC/USD coin failed to stop its downward rally of the previous day, dropping further, well below $37,500. The BTC/USD coin is moving lower, and it could even decline towards $35,000 in the near term. The price is trading well below $37,601.1 and the 100-hourly simple moving average. It initially broke the $39,500 and $38,500 support levels to move into a short-term bearish zone. If there is a downside break below the $37,200 support level, the BTC price may struggle to stay above $36,500. Further losses could push the BTC/USD coin towards the $35,000 support zone in the near term.
 

BTC/USD
However, the strong selling bias surrounding the BTC/USD pair could be supported by the stronger US dollar. The dollar climbed on Thursday, and managed to hit a two-month high after US Federal Reserve officials surprised markets by projecting a hike in interest rates and ending emergency bond-buying sooner than expected. On a different page, the prevalent modest upticks in the BTC/USD pair could be short-lived or temporary, as the Cryptocurrency insights firm, Santiment, has just said that traders on BitMEX are increasing their short positions against BTC, which could be a “great sign for those waiting for markets to turn upward again,” as prices “tend to rise when crowd FUD starts to take hold.” The data suggests that after each significant funding rate fall, the price of Bitcoin tends to underpin.

Ethereum (ETH/USD) Weekly Review

 The ETH/USD also failed to put a stop to its declining streak of the previous day, remaining depressed below the $2,350 level. Similar to Bitcoin, the ETH/USD pair started a sharp decline from well above $2,500. ETH traded below the $2,350 support levels, moving into a bearish zone. Ether is managing to stay above the key $2,300 support zone, at least for now. A low was concluded at $2,304, and the price is consolidating losses. If Ethereum doesn’t succeed in clearing the $2,380 and $2,400 resistance levels, it could face further losses. The primary breakdown support is now closing around the $2,300 mark. A downside violation below the recent low and the $2,300 support level might spark a significant slump in ETH prices; therefore, the ether price is expected to decline towards $2,150 in the near term.
 

ETH/USD
The reason for the declines in the value of ETH could be associated with the US Federal Reserve’s surprisingly hawkish policy decision, which pushed the greenback close to a two-month high and contributed to the losses in the ETH/USD pair. On the other hand, the prevalent modest upticks in the ETH/USD pair could be short-lived or temporary, as the upcoming London hard fork update to discuss energy use and higher transaction fees could help to cap the losses in the ETH, providing a foundation for the Ethereum price to rally higher, through the price barriers mentioned above.

Litecoin (LTC/USD) Weekly Review

The LTC/USD crypto pair extended its bearish trend of the previous day, falling by 4.58% in the last 24 hours, to below the $164.42 mark. However, the selling bias surrounding the LTC/USD pair was mainly as a result of the stronger US dollar. The American currency received a boost, thanks to the US Federal Reserve’s surprisingly hawkish policy decision, which pushed the greenback up to around a two-month high, and contributed to the losses in the LTC/USD pair.
LTC/USD
From a different angle, the declines in the LTC may get some help in terms of  limiting any deeper losses, as a result of the latest report suggesting that Landon Cassill, a professional race car driver in NASCAR’s Xfinity Series, will be receiving part of his salary in Bitcoin and Litecoin, as part of a sponsorship with crypto broker Voyager. As per the previous day’s report, Voyager has finalized a 19-year agreement to sponsor Cassill, starting with the NASCAR race at the Nashville Superspeedway this weekend. Cassill said the company would pay for the deal in crypto, with a “portfolio of various digital assets”, that includes Bitcoin (BTC) and Litecoin (LTC).

Ripple (XRP/USD) Weekly Review

The XRP/USD crypto coin was also unable to halt its  declining streak of the day before. It remained depressed on the day. The XRP price is currently trading at $0.838816, with a 24-hour trading volume of $2,530,730,350. The XRP has dropped by 2.37% in the last 24 hours. However, the selling bias surrouding the ripple currency could be associated with its legal case against its developers, Ripple Labs, by the Securities and Exchange Commission (SEC).

The XRP/USD dropped for a second consecutive session on Thursday and extended its losses amid the recent slide in Bitcoin, after the World Bank refused to support El Salvador in making BTC its second legal tender. Furthermore, the case between Ripple and the Securities and Exchange Commission has intensified further, as both parties are still firing at each other, in a case which many believed would have been concluded by now.

Recently, the court granted the SEC’s motion to extend the investigation period, as it plans to continue its witness interrogation in the light of new facts. Previously, Ripple announced its plans to go public after the conclusion of the SEC case, but the extension of the case will delay the IPO process further, which is not goof for Ripple. This put additional pressure on the Ripple token, XRP, which continued its decline for the second consecutive session.
 

XRP/USD

Another reason behind the declining prices of XRP/USD was the recent negative market trend in Bitcoin. The BTC came under pressure after the Fed released some hawkish comments and the World Bank refused El Salvador’s request for assistance in making BTC legal tender.The US Dollar Index, that measures the value of the greenback against six major currencies, rose above 92 on Thursday, which put pressure on an already declining XRP/USD on Thursday. The reason for this is the negative correlation between the US dollar and the XRP; if the US dollar gathers strength in the market, it tends to weigh down the XRP/USD.

As per the latest report, the court case between Ripple and the Securities and Exchange Commission’s (SEC) intensifies further day by day. Both parties have been using harsh wording, in a case that most people expected to end much sooner. Recently, the court granted the SECs motion to extend the investigation period, because it plans to interrogate witnesses on new facts.

Dogecoin (DOGE/USD) Weekly Review

The previous bearish streak in the DOGE/USD continues, with the cryptocurrency still flashing red on the day. The Dogecoin is currently trading at $0.302710, with a 24-hour trading volume of $1,236,532,596. Dogecoin has dropped by 3.42% in the past 24 hours.
DOGE/USD

Despite the announcement by the on-demand dog-walking app Wag!, that it will start accepting cryptocurrency payments through BitPay, including Dogecoin and Ethereum, the prices of Dogecoin have been falling, and have now dropped below the 0.300637 level. It is worth mentioning that BitPay helps merchants to accept digital currencies as a form of payment. It also has a browser extension that allows people to purchase gift cards using Dogecoin, from major platforms such as Amazon. This positive development might help to limit even deeper losses in the Dogecoin.That’s all for now, enjoy the rest of your week!

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