Are XRP Bulls Preparing To Buy En Masse? Price Finds Support at $0.46

Posted on June 15, 2024 by Dalmas Ngetich

XRP, more like Bitcoin, fell yesterday but is pretty much stable at press time. There are signs of weakness because bulls are yet to bounce back, allowing sellers to go all in. Still, with prices not drifting too much away from $0.50 and the June 14 bar closing with a long lower wick, XRP might find a reprieve. However, things could take a turn for the worse should there be a sharp drop below the all-important support at $0.46.

At press time, the path of least resistance is southwards. Encouragingly for XRP, prices are mostly stable in the past 24 hours. Like most coins, it is still struggling to shed off bears over the past week of trading, dropping by 5%. Interestingly, despite the lower liquidity today, the average trading volume is elevated, standing at over $1 billion.

The following XRP and Ripple news should be closely monitored:

Yesterday, the United States SEC filed its response to the Ripple Notice of Supplemental Authority. The regulator wants the blockchain company to pay a $2 billion penalty. At the same time, the commission wants Ripple barred from selling XRP.
Despite the weakness brought by the lawsuit, Ripple expects the case to be settled within the next few months, probably by this summer. This will be a massive relief for XRP and prices, considering the impact the case has had over the years.

XRP Price Analysis

[[XRP/USD]] is stable over the last day but is bearish over the last week.

The zone between $0.46 and $0.50 is a crucial support area that bulls must hold if they are to have a chance.

Technically, any close below $0.46, the lower limit of this support area, could see XRP plunge towards $0.40, confirming the April 13 and June 7 bear bars.

Conversely, a welcomed uptick above $0.55 could see XRP fly to $0.74 or higher.

Conservative traders should stay on the sidelines until a clear trend is defined above (or below) the current consolidation.

Ethereum Turning Around On Spot ETF News: Time to Load Up After Dip to $3,300?

Posted on June 15, 2024 by Dalmas Ngetich

Ethereum appears to be turning the corner. Despite bulls being unable to breach $3,700, the candlestick performance in the daily chart shows that momentum is shifting. Ethereum is in green when writing, expanding sharply during the late Asian session. At the same time, the candlestick arrangement seems to favor buyers. For instance, the June 14 bar has a long lower wick, pointing to demand in the late hours of the NY session.

Thus far, Ethereum is stable in the last trading day. Though losses of the previous week of trading remain, with ETH down 5%, bulls could be preparing to push higher. The expansion of prices, nonetheless, didn’t spark the much needed demand, looking at the average trading volume. Thus far, this stands at over $16 billion.

The following Ethereum news developments are worth watching:

At the moment, all attention is on spot Ethereum ETFs. Recently, the United States SEC’s chair, Gary Gensler, said the product will likely launch during the summer. However, looking at the series of events yesterday, analysts said the product could go live even in early July.
Despite Ethereum being the most active layer-1 platform, hosting the most protocols, it faces multiple problems. At the top of the list are developer centralization and emerging fragmentation concerns due to the proliferation of layer-2 solutions like Base.

Ethereum Price Analysis

[[ETH/USD]] is firm when writing and stable on the last trading day.

Even though the downtrend is valid, in that Ethereum bulls are yet to breach $3,700, there are hints of strength.

Due to favorable fundamentals, how prices pan out over the weekend will shape the short-term trajectory.

If prices hold above $3,300 over the weekend, and there is a conclusive rewinding of June 11 losses, ETH bulls have a chance.

A close above $3,700 would mark $3,300 as a key support, setting another welcomed leg up towards $4,100 in motion.

Bitcoin Retests $66,000: Will BTC Fall Even After Donald Trump’s Assurance?

Posted on June 15, 2024 by Dalmas Ngetich

Bitcoin bears continue to wreak havoc, looking at price action in the daily chart. Even though bulls were optimistic, looking forward to prices bouncing from the $66,000 level, prices dumped right through the May 20 lows. The sell-off was a mark of weakness, suggesting that the trend is now shifting and favoring bears, at least in the short term. Accordingly, traders should adjust their outlook, perhaps looking for liquidation opportunities on every attempt higher.

Over the last 24 hours, Bitcoin is down 2% while pushing losses to over 5% in the last week of trading. At this pace, BTC may be slipping to as low as $60,000 in the sessions ahead, especially if trading volume swells in tandem. When writing, the average trading volume is at $26 billion. The sell-off could see more bears position themselves for even more losses.

Bitcoin daily chart for June 15

The following Bitcoin news developments should be closely monitored:

Donald Trump, the United States presidential candidate, reiterated his support for cryptocurrencies. Yesterday, he said that if elected, the goal would be to end Biden’s war on the industry. Additionally, Trump said he will strive to make America a crypto leader.
In El Salvador, President Nayib Bukele is establishing a Bitcoin bank. According to public data, the country is one of the largest holders of BTC.

Bitcoin Price Analysis

[[BTC/USD]] is sliding when writing, looking at the last day and week performance.

So far, bears are retesting the $66,000 level after temporarily dropping this line on June 14.

Considering how price action is shaping up in the daily chart, traders can look for opportunities only if there is a sharp close below $66,000. If the confirmation of the June 14 bar is with rising volume, Bitcoin could slump even lower, dropping to $60,000.

However, if BTC find strength, bouncing from the spot level, and ideally closing above $70,000 this weekend, there could be more room for growth.

As things stand, conservative traders can stay on the sidelines until there is a trend definition.

Bitcoin sell-offs trigger a meltdown in the meme coin market

Posted on June 15, 2024 by Olumide Adesina

Top meme coins posted heavy weekly losses amid sell-offs in the crypto market. This week, the crypto market saw significant volatility because macroeconomic news soured investor mood. Even though riskier assets are preferred in the newly released PPI and CPI data, Bitcoin barely reached $70000 on Wednesday before rapidly declining. Bitcoin’s price dropped to $65000 support level, indicating that the current correction trend is still in effect.

Santiment data highlighted that traders are afraid because of Bitcoin’s decline to $65K its lowest level since May 16th. Social media mentions of “selling” and “taking profit” have grown, which points to generalized fear in the evolving digital space Dogecoin (DOGE) has lost more than 4% of its value today, bringing its weekly losses to around 8%. At the moment, DOGE is selling at about $0.13. Based on on-chain statistics, the $0.115 price level offers support if the market drop continues. The highest accumulation price zone for the meme coin, 46 billion DOGE, was historically acquired by investors at an average price of $0.115. As a result, it might offer the necessary buffer to stop a further drop.

Meme coins have consistently been among the biggest gainers during extended market rises. As a result, as their recent price performance indicates, these tokens likewise experience steep drops during the market downturn. This dynamic resistance caused the dog-themed meme-coin to drop from its March high of $0.228 to $0.133, a 42% loss, with market valuation now at $19.2 billion

The overall market suggests that the slump is still ongoing, so the price of Dogecoin may drop another 8% in search of support at $0.122. The coin price recovered twice from this support, pointing to a robust accumulation zone.

The consolidation trend will continue and try to cross the above trendline if the support holds. Should the buyers turn the resistance above into possible support, the coin may pursue targets of $0.175 and $0.228.

The price of PEPE has dropped 9% for the week, hinting at a possible breakthrough from a crucial support level at $0.0000114, which is also the 50-day EMA and the 38.2% Fibonacci retracement level. Should this fall continue, selling pressure could build and the price of the PEPE coin could drop to $0.000009.

The 50% and 61.8% Fibonacci retracement levels, or $0.000009 and $0.000007, respectively, suggest important areas of interest where buyers might emerge to reverse the trend, according to the Fibonacci tool.

Bitcoin is struggling below the $68K resistance line

Posted on June 14, 2024 by Olumide Adesina

Bitcoin faces difficulty breaking above $68K resistance as market activity moderates considerably. The significant losses from earlier in the week have experienced a sideways trend in the cryptocurrency market during the last several days.

Major cryptocurrencies seem to be trading around significant levels, suggesting that traders are now searching for a direction. Even though the underlying asset of Bitcoin perpetual contracts is depreciating, open interest in them is still high.

Investors are concerned about Bitcoin’s range-bound volatility over the last three months, despite record net inflows across spot Bitcoin ETFs. Prices, however, haven’t matched such projections. Key insights are revealed by recent studies and on-chain data, which may explain why the most valuable digital asset has continued to trade comparatively sideways.
Research by Glassnode indicates that traders may be implementing a cash-and-carry arbitrage technique due to the rise in BTC CME Open Interest and the size of net short positions held by institutions classified as hedge funds.
A market-neutral tactic known as “cash-and-carry arbitrage” is purchasing an asset at the spot market and initiating a short position in the commodity’s futures contract, trading at a premium.
Organizations classified as hedge funds are amassing a growing net short position in Bitcoin. This suggests that the cash-and-carry trading structure, in which the ETFs serve as the vehicle for acquiring the long spot exposure, might represent a significant source of demand for ETF inflows,” the paper says.

However, the asset is above the 200- and 50-day simple moving averages (SMA), suggesting the market feels optimistic. Currently, the price action is at the 50-day simple moving average (SMA), which is in line with a significant support level of $66K. Tested five times in the last two months, a powerful resistance that has transformed into support.

When combined with a funding rate that is still positive, it is implied that buying interest is still predominant. This shows a price difference between the underlying asset and BTCUSDT contracts, probably because of renewed bullish pressure. If bulls can hold onto this last line of defense, the price of bitcoin might rise and reach $72,500. Bitcoin’s price could find support between $60,000 and $57,000 (the 200-day SMA) if the bulls can’t prevail.

The weekly Bitcoin price chart displays a very bullish market structure on a macro level. If it resolves upward, it forms a bull flag with a potential upside of 66%. The Fibonacci retracement tool indicates that when the price of Bitcoin plummeted to $56,500 in April, price movement approached the 0.5 retracement level.

Meanwhile, according to data from on-chain intelligence company Santiment, the quantity of Bitcoin available on exchanges dropped to less than 940,000, the lowest level since 2021. This suggests that investors have a bullish view of the asset and are not planning to sell now.

Bottom Line As of right now, Price action highlights the crypto asset will need some booster to stay above the $70,000 price barrier.

Bitcoin Sliding, Bears Target $60,000 Despite Tether’s Huge Endorsement

Posted on June 14, 2024 by Dalmas Ngetich

Bitcoin is printing discouraging lower lows when writing, inching closer to the all-important support line at $66,000. That prices are falling has nothing to do with charts but more with the fundamentals. After days of anticipation, the United States Federal Reserve said they would slash rates only once this year. This wasn’t what the market was expecting, meaning the regime is still hawkish though the tone is shifting to be a more accommodative—at least going forward.

The contraction in Bitcoin prices means the market was mostly red. At spot rates, BTC was stable on the last day, extending losses to roughly 6% in the previous week of trading. Unless there is a recovery, it is likely that bears will press on, meaning the coin will drift even lower from all-time highs. Accompanying the sell-off was a decent average trading volume of over $26 billion.

The following Bitcoin news events are worth monitoring today:

Tether, the issuer of the world’s largest stablecoin, USDT, thinks Bitcoin is the only decentralized cryptocurrency. Because of this feature, Tether CEO Paolo Ardoino believes it is unstoppable and cannot be changed.
Even though the demand for spot Bitcoin ETFs in Hong Kong isn’t as high as those in the United States, it has so far secured over $1.9 billion worth of BTC. The number could rise if investors from mainland China are permitted to get exposure.

Bitcoin Price Analysis

[[BTC/USD]] is slipping at press time.

Down roughly 10% from all-time highs. Sellers can consider shorts on every attempt higher, ideally below the $70,000 and $72,000 resistance zone.

On the other hand, conservative traders can look to enter shorts.

It is especially if there is a strong breakout below $66,000, ideally at the back of rising volume.

If that’s the case, Bitcoin would likely fall to $60,000, even retesting May 2024 lows of $56,500.

Ethereum Bears Target $3,300: Are Institutions Not Interested In ETH?

Posted on June 14, 2024 by Dalmas Ngetich

Ethereum is swinging back to red, looking at the performance on the last day. After the excitement of June 12, sellers cemented their position yesterday, pushing prices even lower. Ethereum is in bear territory at press time, retracing from March 2024 highs. So far, bulls have found a ceiling at $3,700. Therefore, until there is a convincing and decisive close above this level, ETH will likely continue falling.

The path of least resistance is emerging to be southwards. Reflecting this state of affairs is the contraction of prices. Thus far, Ethereum is down 8% in the previous trading week. Of note the dump is with decent participation. As coin trackers show, the average trading volume on the last day stands at over $14 billion.

Traders should closely monitor the following Ethereum news events:

On-chain data shows that spot Ethereum ETFs approved in Hong Kong are struggling for traction. Weeks after going live, these products have only amassed $26 million worth of ETH. This is dismal, considering issuers are permitted to stake ETH from clients, unlike in the United States.
Ahead of the likely approval of spot Ethereum ETFs in the United States, there is a clear surge in staking interest. According to data, over $1.8 billion of ETH are now locked, staked, and used to secure the multi-billion network.

Ethereum Price Analysis

[[ETH/USD]] bulls are struggling to stay afloat, looking at the formation in the daily chart.

Ethereum is currently trading below $3,700.

At the same time, even after the relief on June 12, prices crashed yesterday. So far, bear bars are printed, aligning with the lower BB.

This formation points to weakness.

Accordingly, aggressive traders may choose to short on every attempt higher but within the bear engulfing bar of June 11.

The immediate target would be $3,300.

This outlook will change if Ethereum spikes above $3,700, pumped by high trading volume.

XRP Is Down, Ripple Bulls Unresponsive Despite Solid Partnerships

Posted on June 14, 2024 by Dalmas Ngetich

XRP is surprisingly stable at press time amid the bloodbath in Bitcoin and Ethereum. The coin is trading inside a narrow range but below $0.50. At spot rates, bulls would wish for better. However, from the look of things, XRP bears are clearly in control since fundamentals don’t support buyers, at least for now. Technically, the zone between $0.46 and $0.52 caps price action. Any breakout in either direction would help shape the short-term trajectory.

Thus far, XRP is steady, looking at the performance in the daily chart. The coin is down 2% in the last day but still deep in red over the past week, sliding 8%. Unless there is a sharp uptick in trading volume and price above $0.55 or $0.46, conservative traders should still adopt a wait-and-see approach. With prices moving horizontally, the average trading volume on the last day is at over $1 billion.

The following XRP and Ripple news may shape price action:

Despite major announcements this week, analysts are perturbed by the lack of movement. This week, Ripple announced their stablecoin, RLUSD, which is set for launch in the coming months. At the same time, they plan to launch an XRPL EVM sidechain.
In a major step towards making the XRP Ledger a tokenization platform, Ripple extended their collaboration with Archax. Through this partnership, financial institutions can tokenize assets on the decentralized platform.

XRP Price Analysis

[[XRP/USD]] is stable but down when writing.

Even though there are hints of strength, sellers have the upper hand, at least in the short term.

A key reaction level to watch is $0.55.

Provided prices are inside the June 7 and 11 bars, every attempt higher offer entries for aggressive sellers target $0.46.

If there are more losses below $0.46, XRP will likely drop to $0.40 or April 2024 lows in the sessions ahead.

Bitcoin Fails To Break $70,000 Amid Falling Inflation, Dovish Fed

Posted on June 13, 2024 by Dalmas Ngetich

Bitcoin impressively swung back to green on June 12, reversing losses of Tuesday. While price action remains choppy and buyers are strengthening, whether this will continue today remains to be seen. Since BTC is volatile and back into the upper limit of the range with caps at $70,000 and $72,000, conservative traders can adopt a wait-and-see approach until there is a trend definition. In any case, any dump below $66,000 invalidates the bullish preview.

At press time, Bitcoin is stable. The coin is now down just 3% week-to-date. Encouragingly, the recovery of June 12 was with rising volume, suggesting that buyers backed the leg up. In the past 24 hours, participation stood at over $36 billion but could rise today as sentiment improves.

The following Bitcoin news events are worth monitoring:

In another endorsement of crypto, Donald Trump said all Bitcoin mining activities should be domiciled in the United States. Trump added that, if possible, all the remaining BTC should be mined by mining firms based in the country, saying the coin could be the last line of defense against CBDCs.
Falling inflation and the decision by the United States Federal Reserve to hold interest rates steady didn’t massively impact prices. However, if yesterday’s momentum continues, Bitcoin could break higher, even conquering $72,000, which would be a major relief for holders and traders.

Bitcoin Price Analysis

[[BTC/USD]] is steady but down after losses in the Asian session.

Overall, the failure of June 11 bears to follow through, coupled with the prevailing positive fundamentals, place Bitcoin bulls in the upper hand.

Though aggressive traders could begin loading the dip, conservative, risk-on traders can wait for a clean break above the local resistance.

Any surge lifting BTC above $72,000 will be the anchor, boosting the coin to over $74,000.

Ethereum Trapped Below $3,700 As NFT Trading Decimated: Will It Fuel A Selloff?

Posted on June 13, 2024 by Dalmas Ngetich

Ethereum is firm, though it is clear that sellers have their way. The recovery of June 12 isn’t with the requisite participation since the average trading volume was lower. At the same time, it has a long upper wick, suggesting liquidation at the close of the NY session. Unless there is a firm close above $3,700, aggressive sellers might choose to offload the coin on every high, targeting local support levels.

Amid this volatility, Ethereum bulls must flow back, aligning with Q1 2024 bulls. As things stand, there are cracks. On the last day, ETH is stable. However, in the previous week of trading, the coin is down 9%. A sharp uptick in participation is needed for yesterday’s gains to be sustained, pushing the average trading volume to shoot higher, above the current average of $17 billion.

If there will be triggers to trader engagement, then investors should be closely monitoring the following Ethereum news events:

Even as the United States SEC plans to sue Ethereum and ConsenSys striking back, MetaMask has big plans for the multi-billion ETH staking field. Its developer, ConsenSys, said they are launching Pooled Staking, allowing small token holders to pool their coins and earn network rewards.
As attention shifts to spot ETFs and meme coins, the number of NFT traders on Ethereum continues to contract. According to data, there are less than 4,000 active participants, the lowest level since June 2021.

Ethereum Price Analysis

[[ETH/USD]] is firm, per the formation in the daily chart.

Even so, the bear bar of June 11 is engulfing and aligning with the lower BB.

Furthermore, the failure of June 12 bars to completely reverse losses means sellers have the upper hand from an effort-versus-result perspective.

As things stand, aggressive traders can look too short on any attempt higher but below the all-important $3,700.

The immediate target would be $3,500 and $3,300.

Any upswing above $3,700 would invalidate this preview.