Alpha Community | Crypto

Cardano (ADA): Waiting For Rejection!

Cardano is trying to break that resistance zone (upper side of the triangle pattern).

As we see markets seeling a bloody Monday vibe, we expect the same outcome for ADA soon.

We have two possible scenarios (blue and red one) but the outcome is the same.

We are looking for an exit from the triangle formation via breaking the trend (lower side of the triangle pattern).

💸Bitcoin Price Blasts Past $63,000: Top 3 Reasons

Over this past weekend, Bitcoin (BTC) experienced a significant rally, pushing its price above $63,000—an increase of 5.6% since hitting a low below $60,000 on Friday. This unexpected surge occurred despite a lack of major news triggers, leading to speculations and analyses concerning the underlying causes. Here’s a deep dive into three key factors that might explain this weekend’s price action.

1) Mysterious Bitcoin Whale Activity❓

According to DeFi^2 (@DefiSquared), the number one ranked trader on Bybit and a leading wallet on DeBank, a mysterious “whale” has been active in the Binance perpetual futures market. DeFi^2 noted significant buying activity from this entity, stating, “Since the local BTC lows on Friday, almost the entire bounce this weekend is from a single entity on Binance Perps that has hammered over $450 million in buys in 500 BTC blocks at a time during the lowest liquidity hours of the market.”

DeFi^2’s analysis sparked speculations about the whale’s potential strategies, especially considering the impending Mt. Gox distribution, which could further influence Bitcoin’s liquidity and price stability. He elaborated, “Curious what the endgame is right before the start of Mt Gox distribution. With a position of this size, in order to exit they’ll either need to run the market high enough to cause a short squeeze, or end up becoming a massive cascade risk if the market goes against them.”

2) Open Interest Build Up✔️

Crypto trader Daan Crypto Trades (@DaanCrypto) provided insights into how the futures market contributed to Bitcoin’s price movements. His focus was on the relationship between open interest and market price, a critical indicator of market sentiment and potential future volatility.

“During this run up, we’ve mostly seen Open Interest rise with a few relatively small short squeezes and some long profit taking in between. I think there’s a lot of underwater shorts from the ~$60K region that should get squeezed out if price were to keep grinding higher. That $65K region is still a big area to watch out for,” Daan wrote.

Interestingly, open interest on Bitcoin increased from $30.97 billion on Saturday to $32.21 billion by Monday, based on data from Coinglass. Despite this rise in open interest, the weekend did not see substantial short squeezes. The liquidation of only $35 million in BTC shorts during this period was relatively modest compared to past events, such as on May 20 when the price surge from $66,000 to $71,500 resulted in $84.2 million in short liquidations.

3) Technical Breakout🕯

Another contributing factor was likely a technical breakout for Bitcoin, which shifted the market momentum. Popular crypto analyst CRG (@MacroCRG) described the weekend’s price movement as a “beauty of a breakout.” He highlighted that both funding rates and the perpetual futures basis remained flat, which usually precedes a strong market move.

“That’s a beauty of a breakout. Funding + perps basis flat. Weekly close in 1H + weekly candle is a ginormous pinbar with an 8% wick (high probability reversal candle). Full send,” he stated.

The technical analysis shows Bitcoin breaking a descending trendline that has been in place since it peaked at about $72,000 in early June. The break through this trendline on the 4-hour Binance chart, as noted by CRG, signals a potential reversal from the recent bearish trend.

Moreover, the BTC weekly close presents a significant bullish signal—a large pinbar candle with an 8% wick—indicating potential for upward movement.

At press time, BTC traded at $63,232.

⚡️ETH/BTC finally climbed above its 365 SMA, showing early signs of an impending alt season

📉 ZKsync metrics continue to decline after the airdrop

🔽 On June 17, the L2 network ZKsync launched its native token ZK, whose market capitalization initially exceeded $1 billion, but soon the key project metrics began to decline.

The coin showed positive dynamics during the first few hours of trading. However, a gradual decline began, likely due to persistent pressure from airdrop recipients and overall unfavorable market conditions.

👀 The market cap of ZK is around $600 million with a fully diluted valuation of $3.5 billion, according to CoinGecko. Metrics have decreased by 40% from initial values.

📈 A week before the token launch, the ZKsync Era network experienced a relatively calm period in terms of new unique addresses on the chain — averaging about 7,000 per day. On the day trading began, their number sharply increased to 18,000.

Within a day, the number of unique users increased even more — to 35,800.

🔽 However, the surge in activity was short-lived. Already by June 19, network activity dropped by 37%, and the next day by another 32%.

❗️ During the ZK launch, the network recorded a record number of active addresses — nearly 675,000. Three days later, this figure was halved. The coin itself is also showing a decline. Over the past week, ZK has fallen by 18%, to $0.16.

🕯XRP Price Prediction

The price of XRP has increased by 1.15% over the last 24 hours.
On the hourly chart, the rate of XRP has made a false breakout of the local resistance of $0.4802. If the daily bar closes far from that mark, the correction may continue to the $0.4750 area tomorrow.

On the bigger time frame, the price of XRP keeps growing after yesterday's bullish closure. However, if the candle closes far from its high, bears may again seize the initiative, which might lead to a drop to the $0.47 range soon.
From the midterm point of view, none of the sides is dominating as the rate is far from the support and resistance levels.

If the weekly bar closes around the current prices, ongoing sideways trading in the zone of $0.47-$0.48 is the more likely scenario.

XRP is trading at $0.4767 at press time.

🚨 BTC Update: Miners’ Selling Pressure Decreases 🚨

Recently, miners have significantly impacted the crypto market’s decline. Post-Bitcoin halving, older mining machines became unprofitable, leading to decreased mining activity and increased OTC BTC sales to cover costs.

However, we’re seeing a rapid decline in the amount of BTC miners are selling. This weakening selling pressure, if absorbed, could set the stage for a sustained upward rally. Positive market movements are expected in Q3 2024.

👀From the latest news: According to CoinDesk, asset management firm VanEck has submitted an S-1 registration form to the Securities and Exchange Commission (SEC) for a Solana (SOL) exchange-traded fund (ETF). This move has led to a 6% increase in SOL's trading value, now standing at $148. This marks the first registration of a Solana ETF in the United States, coming just six days after a similar product was launched in Canada.

🕯Now, let's dive deeper into the technical analysis of the SOL/USDT chart.
The price of SOL is currently trading at $147.76. SOL has broken through the resistance level at $138.01, which has now become support. After bouncing off the trend line and resistance zone (pink) at $167.65 - $175.42, the price fell to the support zone (green) at $113.72 – $126.94 and is now bouncing from there. The price is trading above the EMA 200 (black), indicating a bullish trend.

📈Price Action

Currently, the price is trading at $147.46 at the time of writing. The price has bounced off the major support zone (green) and EMA 200. Now the price has broken out from the $138.01 level.

📊Volume Analysis

At the time of writing, the trading volume is 3.622M, indicating significant trading activity and interest at the current price level.

❗️Observations

Currently, the price has broken the $138.01 resistance level and made it support.
If the price holds above this level, it could trigger a bullish run towards the next resistance zone (pink).
If the price fails to hold this support, it could fall back towards the support zone (green).
The oscillators are neutral, and the strong buy signals from the moving averages suggest that the overall sentiment for SOL/USDT is bullish, with an expectation of upward price movement in the near term. This could be an opportune moment for traders to consider entering a buy position, while also being cautious and monitoring for any shifts in market sentiment.

⚡️Fear in the market indicates a price bottom – CryptoCon analyst.

He noticed an interesting correlation between the Fear and Greed Index and the Bitcoin chart. When fear approaches the 30 mark, it often coincides with a price bottom.

❗️According to his observations, such moments can become excellent entry opportunities for long-term investors.

ZRO Weekly Analysis🕯

ZRO has been the biggest loser of the week, experiencing a 35% correction following its listing on various tier 1 centralized exchanges. Due to the lack of sufficient price action, the charts are mostly empty. However, analysis of the 1-hour chart reveals the formation of a falling wedge pattern, which often precedes a bullish breakout.

Given the coin's newness, there is insufficient data to analyze traditional indicators comprehensively. If you are a high-risk taker, you might consider investing in Zero Layer, but ensure you employ proper risk management strategies.

💸Bitcoin may drop to $50,000 before entering a new phase of growth !

Analysts at 10x Research suggest that BTC could fall to this level before a new phase of growth begins. This mark is considered a fundamental value.

BTC will not be able to drop below this level because most institutional investors entered the asset at approximately this cost.

The decline in activity in the crypto-derivatives market indicates that traders are withdrawing funds due to fears of a pullback. Last week, capital was exiting spot Bitcoin ETFs. For example, on June 21 alone, the net outflow of capital from the market amounted to over $100 million.

After falling to $50,000, 10x Research analysts expect Bitcoin to enter a consolidation phase, which could be prolonged. During this period, the cryptocurrency will be unable to break out of a narrow range.

Only after the return of a new bullish phase will BTC be able to overcome the resistance around $70,000.

📉Ripple (XRP) Supply on Exchanges Falls to Yearly Low

The number of Ripple tokens held across cryptocurrency exchanges totals 2.84 million XRP, which is valued at $1.34 million at current market prices.

This represents the lowest amount of XRP tokens held on exchanges since the beginning of the year.

👀XRP Price Prediction: The Bears Are in Control

Readings from XRP’s price performance on a daily chart show the decline in the demand for the altcoin. For example, its Chaikin Money Flow (CMF), which measures money flow into and out of its market, is currently 0.06.

A negative CMF value is a sign of market weakness. It is a bearish signal that suggests liquidity exit from the market. Traders often interpret it as a signal of a further decline in an asset’s value.

XRP’s Moving Average Convergence Divergence (MACD) setup confirms the bearish sentiment. As of this writing, the token’s MACD line (blue) rests under the signal (orange) and zero lines.

🚨 Bitcoin Market Update 🚨

In the last 24 hours, we've seen a significant liquidation of positions around $63K, with additional liquidations just below this level. 📉💥

🔥 Key Points:

Liquidity Building at $60K
Next Upside Liquidity: $64.9K - $65K
More Short Liquidity: ~ $66.5K

🔍 Trend Alert: The short-term trend for Bitcoin is currently leaning more bearish than bullish. Stay informed and trade wisely! 💡

Andrew Kang has released an article titled "The Impact of the Ethereum ETF."

In the article, he shares his perspective on the likely price behavior of $ETH following the start of ETH-ETF trading.

After the launch of trading, his price expectations are between $2400 and $3000.

https://x.com/Rewkang/status/1804735595111211104

BTC Downward Movement 📉💸

We are back with Bitcoin here on a daily timeframe and what a nice movement we have been having since we called that local top.

Price has moved so far by almost 10%, claiming our first target zone and moving into the second one here.

As we just secured the resistance line and 100EMA, we are looking for further movement to lower zones here, which would mean, of course, movement towards our second target zone!

Is TON still bullish ?📈

TON still continues to accumulate potential with the purpose of breaking through resistance 7.671 and continuing growth. Bulls are actively defending the zones of interest and continue to hold the positive market structure.

Earlier, on the background of the general market correction the price formed a false breakout, which did not lead to a break of the bullish structure or to a strong fall. From the area of interest (without capturing liquidity) buyers are actively buying the asset and again trying to return to the resistance retest, which will only increase the chance of a breakout. Fundamentally and technically, TON looks very positive at the moment. But this does not mean that sellers are unable to change the nature of the price movement.👀

📊Resistance levels: 7.671, 8.288
📊Support levels: 6.727, 6.202

Technically, there is a high probability of a continuation of the upward trend, but there is also a probability of a support break, which will break the uptrend and change the market imbalance. At this point, while the price is consolidating and continues to shrink to resistance, we should consider a bullish set-up.🕯

❗️ Bitcoin ETF Dump Alert! ❗️

We’re witnessing a significant net outflow of around $140 million from Bitcoin ETFs. Investors are pulling their funds, prompting major providers like Fidelity to sell off Bitcoin to meet these withdrawals in USD. 📉

As I’ve been highlighting daily, this trend has persisted for the past 1-2 weeks. Expect short-term selling pressure and market fluctuations as a result. 📊

Stay informed and stay ahead. Follow for more updates! 🔔

ATOM overview !👀
While Bitcoin is staying inside the price range, altcoins are collapsing every day. ATOMUSDT is not an exception. It has tested the bottom at $6 once more. For sure, it's not pumping because top crypto traders continue talking about altseason. Most of people simply copy trade and therefore, the crowd is sitting is assets and waiting for the growth.

Cosmos global overview!📣

ATOM is pretty old cryptocurrency which has been listed on the major exchanges in 2019. Therefore it has already showed us it's behavior is the bull run 2020-2021 and during the following bear market in 2022-2023. The key feature which we have to define for every crypto asset if it's up trending or so-called "scam" coin. ATOM set the higher low for the current bear market in comparison to previous one. It means the we can expect new ATH in the next bull cycle. Critical point which invalidate this statement located below $2.

Until price is above we will consider previous bull run as wave 1, current bear market as wave 2. It means that next bull run can reach the very high prices in wave 3. The minimal target is $49 which is 1 Fibonacci extension level. The most likely target is 1.61 Fibonacci at $77, and the positive one is above $120, but I personally don't believe in this.

Is bear market finished for ATOM?⁉️

Now it's time to look inside the wave 2, is it finished or not. For this purpose we will use the 1W chart and combination of indicators: Alligator and Awesome oscillator.

Previously we thought that dump from March to June 2024 is just the wave 2 of the new bull run, but price has retested the low and very unlikely to see the huge pump in the upcoming 2-3 months. Now we can recalculate the Elliott Waves. Global bear market (wave 2) consists of waves ABC. Wave C always has 5 waves inside and now it looks like the end in wave 5 in C. Awesome Oscillator is showing huge bullish divergence, moreover Alligator created angulation with the price. If current weekly candle will be closed as bullish hammer, it's gonna be huge reversal sign.

ATOM will pump, but is it going to be bull run beginning?🔼

If we take a look at the anticipated wave 5 inside we can clearly see the 5 waves. Awesome oscillator has bullish divergence which in conjunction with bullish reversal bar and two squat bars at the bottom give us the clear sign of reversal, at least, local. Even it's not the end of the bear market, 0.5 Fibonacci retracement is reachable target.