Monat: Juni 2022

The cryptocurrency market could end the week in the negative zone as the leading cryptocurrencies record huge losses.

The cryptocurrency market has been down by less than 1% over the past 24 hours. The market has lost hundreds of billions of dollars since the start of the week and looks prime to end the week in a bearish trend.

The total market cap currently stands at $900 billion, down by more than 65% from the all-time high of $3 trillion.

Bitcoin is down by less than 1% over the past 24 hours and currently trades above $20k per coin. The leading cryptocurrency reached an all-time high of $69k seven months ago but is now struggling to defend its price above $20k.

Ether remains the second-largest cryptocurrency by market cap. ETH is down by nearly 2% in the last 24 hours and currently trades around $1,100 per coin.

There is no catalyst behind Ether’s ongoing poor performance except the bearish trend affecting the broader cryptocurrency market. 

If the trend continues, ETH could struggle to defend its price above the $1,000 psychological level in the coming days and weeks.

Key levels to watch

The ETH/USD 4-hour chart is bearish as Ethereum has been underperforming over the past few days. The technical indicators show that the bears are fully in control at the moment.

The MACD line is below the neutral zone, indicating bearish momentum. The 14-day RSI of 35 shows that Ether could soon enter the oversold region if the current market condition persists.

If the bears remain in control, Ether could decline below the first major resistance level at $1,088 before the end of the day. In the event of further losses, ETH could slip below the $1,000 psychological level for the first time this year. 

The post Ether could drop below $1k as the broader market records losses appeared first on CoinJournal.

Crypto has come into focus over the last few days after a major crash. Most coins have been on free fall, LINK included. But contrary to the doom and gloom out there, a complete crypto collapse is highly unlikely. LINK in particular has a real chance of stopping the downtrend, but it will need to hold a very important support level. Here are some facts to keep in mind:

• LINK dropped nearly 40% in two days this week

• The coin has recovered a bit from these losses but still remains weak

• If LINK can maintain the price above $6.10, it can avert a major downside

Data Source: TradingView 

Will the support hold?

The big question for most bulls is whether there is enough confidence in the market to avert another sell-off. After the Fed made a commitment to fight inflation with an aggressive interest rate hike, risk assets saw a major boost. But there are fears this short-term rally is not going to last.

So, for LINK to maintain the $6.10 support, it will need to at least avoid a 10% decline over the coming few days. While this is possible, based on overall sentiment in the market, there is still a risk that the support could be breached.

If this happens, the next strong support will be around $4.5. This would represent a 40% drop from the current price. But if $6.10 holds and the price action consolidates around it, LINK could surge above $8 by the end of trading this week.

Major Ecosystem updates for LINK

Although the downtrend in recent weeks has been quite disappointing, LINK has been doing very well in building up its ecosystem. New plans on staking have already been rolled out, and the project has signed major partnerships. 

From a fundamental point of view, things are looking good for LINK. The only thing needed now is for sentiment to turn around in the broader market.

The post Chainlink’s downtrend could stop if this support holds appeared first on CoinJournal.

Bitcoin hit an 18-month low over the last three days. The coin is seeing its worst sell-off in 2022 as broader weakness in the market deepens. We have seen some recovery though but it’s still not enough to reverse the downward trend. BTC could bottom with one more sell-off. Here are some pointers:

• BTC has managed to stay above $20,000 despite major pressure.

• The coin however has very limited upward momentum.

• Once the $20,000 is breached, there is very little support below that.

Data Source: TradingView

Where will BTC bottom?

Many analysts agree that the crypto correction we have seen in 2022 is far from over. The market has been quite weak, and for BTC the downtrend is inevitable. For now, the coin has shown a bit of resilience in the face of major pressure. But this will not last long. 

In fact, when you look at the long-term chart patterns, there is very little support for BTC below $20,000. The coin could easily end up bottoming at $12,000 in this bearish cycle. However, we do not think there is any downside below $12,000. So, a complete BTC crush is not probable.

Also, once the coin finds sufficient support at $12,000, it will likely attract some dip buyers who want to cash in on the drop. Besides, the $12,000 price is not that far away from the current price. It could in fact come much sooner than we expect.

Where will Bitcoin go long-term?

Right now, it’s very hard to predict where the coin will end up once 2022 is over. But it’s important to get ready for a bumpy ride. It will be hard for bitcoin to hit $50,000 this year.

This was one of the most optimistic predictions by most analysts. Instead, the coin’s fair value will likely stabilize around $36,000 or thereabout. But this will also be determined by how fast headwinds in the market ease.

The post Bitcoin could finally bottom after one more dump appeared first on CoinJournal.