bitcoin
Over the past week from June 23 to June 30, the price of bitcoin has not changed much. In general, all seven days passed in a narrow range between $29,800 and $31,400. Price changes at the end of daily trading sessions did not exceed 3%.
Source: tradingview.com
Popular analyst Tom Dunleavy
connects calm with the fact that options for the world’s largest cryptocurrency worth about $5 billion will expire on June 30. In general, the situation looks quite promising, since the ratio of put-to-call options is 0.56, which indicates the predominance of believers in growth. The question now is how the derivatives will be implemented and what it will result in. Depending on whether investors prefer to invest in call or put options, the price reaction to bitcoin will depend. In the first case, dealers will have to buy BTC to hedge their risks. In the second, everything will be exactly the opposite.
Despite the fact that bitcoin has hardly grown in a week, its dominance index has shown a new high over the past seven days since April 2021. At the moment, it exceeds the mark of 51.5%. The change for the week was 0.51%.
Source: tradingview.com
In terms of technical analysis, the picture of bitcoin has not changed since last week. The resistance level is around $32,400, the support level is $24,756.
Source: tradingview.com
The fear and greed index dropped nine points in seven days. It is now 56. Despite the decline, the index continues to remain in the zone of greed.
Ethereum
Like bitcoin, the price of ethereum has remained virtually unchanged over the past seven days. It is still in the region of $1,900. A couple of times it even managed to rise above this level, but failed to gain a foothold.
Source: tradingview.com
By analogy with Bitcoin, the uncertainty with Ethereum is largely due to options expiring on Friday June 30th. The further movement of the coin will depend on how the situation is resolved. So far, everything is in favor of the bulls, as the ratio of puts to calls is 0.57.
In addition, the growth of Ethereum is constrained by the actions of large players. June 29
fixed, that one of the holders brought 25,000 ETH to the Binance exchange. After that, most likely, they sold them. It is with this that the fall of the ether on June 28 by 3.29% can be associated.
“The smart whale that deposited 25,000 ETH ($47.24 million) on Binance yesterday took out 16 million USDT again nine hours ago. The decrease in Ether 11 hours ago was most likely due to the sale of this whale. And the whale had about 8,000 ETH ($14.7 million) unsold.”
From the point of view of technical analysis, for further growth, Ethereum needs to overcome the range of $1,900-$1,950. The support level is $1,750.
Source: tradingview.com
Cardano
The Cardano cryptocurrency lost almost 3% in a week. And this is a good result, given the fact that back on Wednesday, June 28, the coin lost almost 12% and dropped to $0.26. It is interesting that there were three negative sessions during the week, and four positive ones, but this did not affect the final result in any way, since the decrease was greater in amplitude.
Source: tradingview.com
Cardano continues to be affected by the Securities and Exchange Commission (SEC) lawsuits against the Binance and Coinbase exchanges, where the platform’s native token ADA was listed as a security. On June 28, fintech company Revolut announced that it was ending support for a number of cryptocurrencies, including Cardano. The reason is the aforementioned claims. Revolut Representatives
declared, that on a specified date (no specifics yet), users will no longer be able to hold or sell this cryptocurrency, and their assets will be automatically sold. Money from sales will go to customer accounts.
But analyst Dan Gambardello is optimistic. In his opinion, people do not understand what is happening with Cardano now. In a YouTube video, Gambardello said that the cost of the ADA token is very good, given the pressure from the American regulator. The analyst urges to pay attention not to the price, but to the DeFi segment of Cardano. From his point of view, the cryptocurrency has several extremely promising projects. They,
according to Gambardello should allow Cardano to stay afloat despite the bearish predominance.
It is worth noting that the analyst’s statements are confirmed to some extent by statistics. According to the DefiLlama portal, Cardano’s TVL indicator, which shows the number of locked assets in smart contracts, has been growing throughout 2023. Earlier, we already mentioned its record values of more than $220 million. However, later, from June 6 to June 11, there was a certain drawdown. The current TVL value of Cardano is almost $200 million.
Source: defillama.com
From the point of view of technical analysis, it is too early to say that a bullish trend has come. Since April 2023 highs, Cardano has lost almost 40%, and so far there are no preconditions for a return to former heights. True, they may appear when overcoming the resistance level of $0.305. The support level is $0.252.
Source: tradingview.com
In short, the crypto market froze in anticipation of the end of the month. At the same time, a number of altcoins continue to experience negative echoes of the actions of the SEC in relation to the centralized exchanges Binance and Coinbase.
This material and the information in it does not constitute individual or other investment advice. The opinion of the editors may not coincide with the opinions of the author, analytical portals and experts.
Source: Bits
I am an experienced journalist, writer, and editor with a passion for finance and business news. I have been working in the journalism field for over 6 years, covering a variety of topics from finance to technology. As an author at World Stock Market, I specialize in finance business-related topics.
