Bitcoin, Ether, Major Altcoins – Weekly Market Update June 21, 2021
The total crypto market cap erased $309 billion from its value for the last seven days and now stands at $1,305 billion. The top 10 coins were all in red for the same time period with all of them posting double-digit losses. Dogecoin (DOGE) and Polkadot (DOT) were the worst performers with 31 and 23 percent of losses respectively. Bitcoin (BTC) is currently trading at $32,200, ether (ETH) is at $1,940.
Bitcoin closed the Sunday, June 13 trading at with 9 percent increased after forming a solid green candle to $38,900. The sudden reversal to the upside (which was preceded by a bullish divergence on the RSI) helped the most popular cryptocurrency surpass the important $37,000 line, which recently acted as a local resistance.
What is more, the coin broke above the 21-period EMA on the daily chart, and the downtrend resistance coming as an extension of the diamond pattern from early May. It ended the week 8.8 percent higher compared to the previous 7-day period and 25 percent up from its seven-day period low.
On Monday, the BTC/USD pair continued to move in the upward direction and reached $40,527, closing a daily candle out of the $39,000-$33,500 range for the first time since May 21.
The Tuesday session saw a peak of $41,423, but bulls could not extend the rally to the zone above the January high of $42,000. Instead of that, the coin retraced down to $40,150.
The mid-week day on Wednesday was marked by a significant pullback ahead of the US Federal Reserve meeting. Bitcoin moved down to $38,250 and closed at the 21-period EMA.
On Thursday, June 17, the coin was mainly hovering around the $38,000 zone and even though it touched the $39,400 mark in the early hours of trading, it quickly retraced in the afternoon, eventually closing with a loss.
The Friday session brought the fourth consecutive red candle for the most popular cryptocurrency. It fell further to $35,800 erasing an additional 6.2 percent from its market cap and breaking below the $37,000 horizontal local support line as well as the mentioned extension of the diamond formation, which previously acted as a diagonal resistance.
The weekend of June 19-20 started with a drop to $34,800 during intraday trading on Saturday and partial recovery to $35,400 at the daily candle close.
Then on Sunday bitcoin hit the lower boundary of the old range – $32,300 during intraday, but quickly recovered to close the session at $35,500.
The coin is trading significantly lower, at $32,200 as of the time of writing, severely hit by the continuing pressure from the Chinese government.
The Ethereum project token ETH jumped 6.2 percent on Sunday, June 13 and moved back into the long-term uptrend corridor, hitting the $2,500 S/R zone. The coin was using the 23.60% Fibonacci line near $2,362 as a support in the last few days keeping the bullish structure intact. It was 7.4 percent down on a weekly basis.
On Monday, the leading altcoin and leading decentralized applications platform climbed further to $2,611, but suffered once more rejection at the 21-period EMA being unable to close above this dynamic line since June 3. The ether moved away from the mentioned support zone, but the overall trading volumes were not that high to support a potential rally in the upward direction.
The second day of the week came with another rejection at the moving average and a pullback down to $2,540.
This was followed by a deeper retrace on the Wednesday, June 16 when the ETH/USD pair erased 6.7 percent of its value and lost both the horizontal and diagonal supports. However, it was able to once again find stability around the first Fibonacci retracement level.
On Thursday, the ether traded flat in the $2,370 zone above the 23.60 Fibonacci retracement level, which was acting as a horizontal support since June 8.
Sellers, however, had other things in mind and on the last working day of the week pushed the price 6 percent down to reach the $2,228 mark. The ETH token even touched $2,128 during intraday – it’s lowest point since May 24.
The first day of the weekend came with a continuation of the downtrend and a fresh new weekly low – $2,166.
On Sunday, the coin formed the exact same candle, but in the opposite direction to close the week at $2,230.
ETH is trading at $1,940 on Monday morning.
- Theta Network (THETA)
Theta is one of the few coins in the Top 20 to remain relatively stable in the last two weeks. The coin was still trading above the 21-period EMA on both daily and weekly timeframes during the last seven days and is still 90 percent up from its May low of $3.7.
Looking at the 1D chart, the THETA/USDT pair on Binance was recently rejected at the $9.5 level where the diagonal downtrend and the horizontal resistance meet. It is also where the most actively traded zone is located (Point of Control, Volume profile indicator).
Theta is currently trading near the $7 zone, which has already proved its stability in the past and is another point of high trading activity. However, the altcoin lost the 21-day EMA during today’s severe correction and moved below the lower boundary of the triangle pattern.
Altcoin of the Week
Our Altcoin of the week is XDC Network (XDC). The XinFin XDC Network is a decentralized hybrid blockchain, which facilitates global finance and trade. This little-known cryptocurrency project aims at creating an ecosystem that improves and increases efficiency and flexibility in the markets. It already powers an exchange service called TradeFinex.
It is unknown what is the reason behind the recent surge in the price of XinFin Digital Contract (XDC) – the native asset of the XinFin Network, but it could easily be the rising demand for hybrid and cross-chain blockchain solutions.
The coin added 37 percent to its value for the last seven days, peaking at $0.08 on June 18. This helped it move up to #86 on the CoinGecko Top 100 list with a total market capitalization of approximately $730 million.
As of the time of writing the XDC is trading at $0.061 against USDT on Bitfinex.