Weekly crypto analysis for 17th June 2023 reveals that most of the cryptocurrencies in the past week have been trading in range-bound action. Though BTC has observed a slight pullback, with the bulls and bears battling near the 25,000 mark.
Even BlackRock’s filing for a Bitcoin spot exchange-traded fund failed to lift prices, which worries bulls. Investors may be wary due to regulatory overhangs.
This doesn’t mean professional investors won’t invest in cryptocurrency. 90% of institutional investors in the April Laser Digital Investor Survey were willing to participate in crypto if it was supported by a “large traditional financial institution.” Another positive was that 82% of investors polled were bullish on crypto’s 12-month prospects.
On June 15, Glassnode co-founders Yann Allemann and Jan Happel tweeted that a classic technical analysis indicator and two on-chain indicators for Bitcoin were comparable to how they looked in the third quarter of 2020, shortly before Bitcoin went beyond its 2017 high of $20,000.
ETH continues to observe a strong battle between bulls and bears. ETH has been trading in the range of $1750 to $1600 since the last week, and yesterday it finally broke out from resistance near $1700. However, Binance Coin’s (BNB) price analysis shows that it has been consolidating near its recent week high of $250.
Meanwhile, Cardano (ADA) crypto price analysis reveals that it has been trading in a narrow range between the $0.2394 and $2861 mark for the past few days with small bullish movements. XRP crypto price analysis, on the other hand, indicates that the bulls and bears have been fighting within the range of $0.4600 and $0.5600 levels since the last week.
Solana’s (SOL) crypto price analysis shows that it has been trading in a narrow range between the $25 and $30 mark with high volatility as investors are eagerly awaiting news regarding its upcoming projects. As of now, SOL seems to be on an uptrend, but only time will tell if this will remain consistent or not.
BTC/USD
Bitcoin plunged below the crucial support at $25,250 on June 14, indicating aggressive selling by the bears. Although the bulls managed to push the price back above $2,6000 on June 16, they were unsuccessful in maintaining the momentum. As of now, BTC/USD is trading near the crucial resistance level of $27,000, which may act as a hurdle for the bulls.
Currently, the BTC/USD pair is hovering around the $26,000 mark at $26,537 with a surge of 4.16% in the past 24 hours. The strong support level at $25,000 and immediate resistance level at $26,769 may act as a deciding factor for the next move. However, if bulls manage to break above the resistance, we may witness an uptrend in the near future, and a break below $25,000 may push prices lower.
The 20 EMA on the weekly chart shows that a bullish crossover is occurring above the 50 EMA, indicating that bulls may have a better chance of pushing the coin higher. The Relative Strength Index (RSI) on the daily chart is currently trading around 53.23, which indicates a neutral momentum in the market. The moving average is present at $27,405, with bulls and bears battling near the resistance of $27,000.
ETH/USD
On June 14, the price of Ethereum dropped below $1,700, which could lead to increased selling by bear investors if there is no rebound. Although the bulls are attempting to push the price back up, it is expected that the bears will strongly defend the $1,700 level. If the price does not recover and drops below $1,600, the likelihood of a further drop to the next significant support level at $1,500 increases for the ETH/USDT pair.
ETH/USD is currently trading at $1,739, with a surge of 4.49% in the past 24 hours. The 20 EMA on the weekly chart shows that a bullish crossover is occurring above the 50 EMA, indicating that bulls may have a better chance of pushing the coin higher. The RSI on the weekly chart is currently trading around 50.28, which indicates that the market momentum is in the neutral zone. The MACD indicator is also reflecting a neutral divergence, which suggests that the bears and bulls may be in a tug of war for the next few days.
BNB/USD
Binance Coin’s (BNB) price analysis reveals that it has been consolidating near its recent high of $250 since the past week. On 12th June, BNB/USD dropped to a low of $224. The bears failed to sustain the support, and bulls managed to push it back above the $240 mark; however, they were unable to break out of the resistance at $250. At the time of writing, BNB/USD is trading at $245, with a surge of 5.36% in the past 24 hours.
The technical indicators for Binance Coin have been quite neutral for the past week. The MACD indicators have been hovering around the zero line, indicating that neither buyers nor sellers have a significant advantage in the market. The RSI indicator is currently trading around 37.71, and there may be some room for the bulls to push BNB/USD higher. The 20 EMA on the weekly chart is also showing a bullish crossover with the 50 EMA, indicating that a further uptrend may be possible in the near future.
ADA/USD
Cardano (ADA) crypto price analysis shows that it has been trading in a narrow range between the $0.2394 and $0.2861 mark for the past few days with huge bullish movements. The bullish momentum has been kept up by the bulls for the past few days, and it looks like ADA/USD is headed toward a breakout of $0.30 in the near future. ADA /USD has surged by more than 6 percent in the last seven days and currently trading at $0.2681.
The technical indicators for Cardano are all pointing toward a bullish trend, as the MACD indicator is reflecting a bullish divergence, and the RSI is trading above the 30 index, indicating that buyers have the upper hand in this market. The moving average is currently at $0.355, and the bulls may try to break out of this resistance level in the near future.
XRP/USD
Ripple token has been trading in a range-bound pattern over the last seven days, with prices reaching a high of $0.5611 on date 15th of June and a low of $0.4689. At the time of writing, Ripple is trading at $0.4787 with gains of 3.31 percent in the last 24 hours. The support level for the XRP/USD pair is $0.4593, which was tested when the bears attempted to push prices lower. The resistance level is currently at the $0.4852 mark, which could be a crucial level for Ripple to break in order to rally further.
The technical indicators for Ripple are quite neutral, as the MACD is hovering around the zero line, indicating that neither buyers nor sellers have a significant advantage. The RSI indicator is currently trading near 53.60 and may need to break above the 60 mark in order to indicate a bull run. The 20 EMA on the weekly chart is showing a bearish crossover with the 50 EMA, indicating that a further downtrend may be possible in the near future.
SOL/USD
The altcoin SOL has been trading in an uptrend for the past week, with buyers and sellers both taking positions around the $15.00 level. The bulls have managed to break past the resistance at $16.07 and push prices higher, and currently, SOL/USD is trading at $15.77, with a surge of 8.89 percent in the past 24 hours.
The technical indicators for SOL are quite bullish, as the MACD indicator reflects a strong bullish divergence, and the RSI is trading above 39.11, indicating that buyers have the upper hand in this market. The moving average on the weekly chart is currently at $20.07, and bulls may try to break out of this resistance level in the near future.
Weekly Crypto Price Analysis Conclusion
Overall, the crypto market is in a period of consolidation, with most coins trading within range-bound conditions. The bullish and bearish divergences being seen on many coins indicate that there is a tug-of-war occurring between the bulls and bears. In the near term, it is likely that some coins will break out of their current levels and begin to rally higher, while others might drop lower.
