After another weekend of wild price swings, the crypto market got its mojo back after tweets from Musk, who parried criticism of its market influence, saying Tesla had sold Bitcoin but could resume transactions with it. Investors eagerly await Tesla’s next earnings update – due next month – for any disclosure of changes in its position.
The crypto market rose sharply as Tesla announced purchases in digital Numero Uno tokens, while the virtual currency market collapsed
to use. Tesla’s U-turn on cryptos wasn’t the only trigger, however. Around the same time, the Chinese government took action against institutions dealing with cryptocurrencies.
“Bitcoin is the market leader and the dominant asset. It has managed to keep the crypto community, financial institutions and banks interested in the asset as volumes have held the position and have not fallen sharply. This is the result of banks, “MNCs and in some cases even governments that see the potential of the asset,” ZebPay told Trade Desk.
“A highly anticipated event that ether Protocol Upgrade Proposal (EIP-1559) which promises us to provide an improved transaction process and streamline the user’s experience by reducing transaction costs and making it much easier and easier to determine charges in less stressful and wasteful ways, is also due very soon, “it added.
“We can see a consolidation in the markets. The trading volumes remained low. This consolidation was anticipated and could continue for the whole month. The sell-off had very little trading volume, which is a positive sign for the crypto market, ”said Edul Patel. CEO and co-founder of Mudrex.
Crypto shopping cart: Quick look
(Source: coinmarketcap.com, as of 9.30 a.m., ACTUAL on June 15, 2021)
- Bitcoin: $ 40,518.56, up 4.32 percent
- Ethereum: $ 2,595.23, up 4.82 percent
- Tether: $ 1.00, up 0.07 percent
- Binance Coin: $ 373.65, up 4.22 percent
- Cardano: $ 1.58, up 2.54 percent
- Dogecoin: $ 0.33, up 1.74 percent
- XRP: $ 0.89, up 2.16 percent
- Polkadot: $ 25.26, up 16.785 percent
- USD coin: $ 1, up 0.04 percent
- HEX: $ 0.092, up 6.09 percent
Note: price change in the last 24 hours
Tech View by Giottus Cryptocurrency exchange
Everyone is talking about Cardano at crypto town and has gained incredible amounts after one of the founders discussed its roadmap through 2025. Cardano will grow into one of the most demanding ecosystems in the crypto space in the coming years. This news is very bullish for Cardano and the market has reflected it on its charts.
Cardano recently broke trendline resistance of a falling wedge pattern. It is expected to test the trendline resistance of a huge ascending channel, a short-term bullish pattern. ADA remains bullish and will remain so until it is on the channel. Once broken down, it can hit multiple lows. But when ADA breaks and exceeds $ 2.45, new highs can be formed.
All of these moves remain dependent on the movement of Bitcoin, which broke out of its downtrend line this week and appears to be targeting $ 43,000 as the next resistance.
Support: $ 1.25, $ 1.16, $ 0.96
Resistance: $ 1.87, $ 2.0, $ 2.45
Binance Coin (BNB)
Binance Coin (BNB) has risen parabolically since late 2020 and recorded a more than 60 percent correction after the crypto crash in May 2021. It is the native coin of the Binance exchange.
BNB is currently forming a rising wedge that can still grow until the first week of July. It will be interesting to see how BNB performs as it broke a large technical and psychological resistance ($ 350) and is being tested
100 (100 day exponential moving average). Breaking the EMA 200 and the trend line resistance of the rising wedge will be extremely bullish for the BNB.
Since the ascending wedge is inherently bearish, we cannot rule out the possibility of a bearish reversal. But it will likely bounce off the first ($ 350) or second ($ 275) big support after collapsing. Failure to recover from the second major support, the NBB could fall to the USD 210 level.
Support: $ 305, $ 290, $ 275
Resistance: $ 410, $ 430, $ 475
The time is in UTC and the daily time frame is 12:00 PM – 12:00 PM UTC
(The views and recommendations in this section are the analysts’ own views and recommendations and do not reflect those of ETMarkets.com. Please consult your financial advisor prior to entering into any position in any of the above assets.)