Crypto this week - 13 July 2023
Crypto Market Update for the last 24h (12 to 13 july 2023)
🌍 Global crypto market capitalization: €1.06T (-0.53%)
📈 Total crypto market volume in the last 24 hours: €26.04B (+2.99%)
💼 DeFi volume: €1.78B (6.85% of the total crypto market volume in the last 24 hours)
💱 Total stablecoin volume: €23.51B (90.29% of the total crypto market volume in the last 24 hours)
💪 Bitcoin dominance: 49.89% (-0.16%)
Bitcoin (BTC) analysis and update
Bitcoin has been experiencing consolidation between the 27,000 Euro and 29,000 Euro range. This consolidation phase indicates a period of uncertainty in the market, with buyers and sellers in a balanced position. However, recent data on the Consumer Price Index (CPI) has had a slight negative impact on the BTC chart.
Currently, the BTC/EUR pair is hovering around the 27,000 Euro level, which has shown strong demand over the past few weeks. If we observe signs of bullishness and positive market behaviour, we can expect potential reversal targets at 27,582 Euro and 27,749 Euro . On the other hand, if the price drops below the 27,000 Euro level, we may see a bearish sentiment in the market, with potential targets at 26,632 Euro and 26,350 Euro .
Based on the analysis, today and tomorrow are expected to show bullishness in the market due to profit booking by bears. However, as we approach the weekend, specifically Saturday and Sunday, we can anticipate a sideways market due to reduced trading activity during weekends. It's important to note that during this time, the market may lack significant directional movement.
A clearer trend for BTC is likely to emerge starting from Monday when market participants resume their trading activities. At this point, Bitcoin will have the opportunity to establish its overall trend and potentially make a significant move in one direction. Traders and investors are advised to closely monitor the market during this period for potential trading opportunities.
Ethereum (ETH) analysis and update
Currently, the Ethereum is currently exhibiting a bullish trend that is expected to persist over the next few days. However, a significant development to monitor is whether the price breaks below the level of 1,663 Euro, as it would confirm the presence of a head and shoulders pattern. This pattern could indicate a shift towards a bearish market sentiment. In such a scenario, traders should be mindful of the potential targets at 1,639 Euro and 1,616 Euro.
Similar to Bitcoin, Ethereum's price has also been influenced by the recent Consumer Price Index (CPI) data, which has had a moderate bearish impact on the market. Traders and investors should take into consideration the implications of this data when analyzing ETH.
MultiversX (EGLD) analysis and update
The market sentiment for the EGLD indicates that the price is likely to find support at the 30.80 Euro level. It is crucial for traders and investors to closely observe the price action and volume to determine if the expected reversal occurs. If the support level holds, the next levels to consider as potential targets are 31.37 Euro and 31.81 Euro.
Jasmy (JASMY) analysis and update
JASMY/EUR - The inability to sustain above the falling wedge pattern is a noteworthy technical signal that indicates a possible shift in sentiment towards the bearish side. This situation raises concerns for traders who entered the market following the breakout of the wedge pattern. As the price retraces below the wedge, it heightens the likelihood of stop-loss orders of trapped bullish traders being triggered, which could potentially lead to additional selling pressure.
In light of this bearish scenario, it is crucial to identify potential targets for the downward movement. Considering the current market conditions, the targets to keep in mind are 0.00351 Euro and 0.00341 Euro.
Polygon (MATIC) analysis and update
Polygon (MATIC) has previously trapped bullish traders, creating a difficult situation for those who entered the market with optimistic expectations. However, it is crucial to proceed with caution and avoid initiating short positions on the pair until there is a clear breakdown of the trendline below. Such a breakdown would signal a potential shift towards bearish sentiment and could establish specific target levels at 0.6109 Euro and 0.5984 Euro.
Sui (SUI) analysis and update
SUI/EUR is currently adhering to a trendline, providing a clear path for its price movement. If the pair finds support at the trendline, it is likely to continue its upward trajectory, with potential targets at 0.6267 Euro and 0.6627 Euro.
However, it is crucial to consider the possibility of a breakdown. If the trendline and the support zone at 0.5429 Euro are unable to hold, this could indicate a shift in sentiment. In such a scenario, it is important to monitor targets at 0.5021 Euro and 0.4800 Euro, as the pair may undergo a bearish movement.
Shiba Inu (SHIB) analysis and update
Shiba Inu (SHIB) is currently exhibiting a triangle pattern, which signifies a period of consolidation and uncertainty in the market. This pattern indicates that the price is fluctuating between lower highs and higher lows, with converging trendlines.
Once the triangle pattern displays signs of a reversal, we can anticipate potential targets at 0.00000676 Euro and 0.00000686 Euro.
However, if the price breaks below the support level at 0.00000643, it would indicate a bearish breakdown. In such a scenario, the targets to consider would be 0.00000623 Euro and 0.00000608 Euro, as the downward momentum may persist.
Dogecoin(DOGE) analysis and update
Doge successfully breached its ascending wedge pattern and subsequently retested the level of breakdown, signaling a notable change in market sentiment. In light of this development, the targets to consider for the upcoming days are set at 0.05634 Euro and 0.05520 Euro.
Ripple (XRP) analysis and update
Ripple (XRP) is currently at a critical level, indicating a significant turning point in the market. If the price manages to break above the level of 0.4371 Euro, it has the potential to form a W pattern, which often signals a bullish reversal. In such a scenario, traders should watch for targets at 0.4493 Euro and 0.4549 Euro as the price may continue its upward momentum.
However, it is equally important to consider the possibility of a bearish breakdown. If the XRP breaches the crucial support zone at 0.4190 Euro, it could trigger a shift in sentiment and pave the way for a bearish movement. In this case, traders should pay attention to targets at 0.4076 Euro and 0.3942 Euro. It is crucial to closely monitor the price action and volume to make informed trading decisions.
In the case of any positive news regarding the legal concerns with the United States Securities and Exchange Commission (SEC) and the project associated with XRP, the price of XRP is likely to experience a significant increase, or "skyrocket." On the other hand, negative news or unfavourable outcomes in the legal situation could have the opposite effect on XRP's price. It is important to note that these price movements are expected to occur mainly in the short term.
Polkadot (DOT) analysis and update
DOT is currently in the process of forming a head and shoulders pattern. It is important for traders to recognize this pattern and keep a close eye on the price action, particularly for a breakdown of the neckline. If the price breaks below the neckline, it could indicate a potential continuation of the downward trend for DOT/EUR, potentially leading to further selling pressure.
Fantom (FTM) analysis and update
FTM is currently approaching a trendline, which could potentially indicate a bullish trend in the market.
Axie Infinity (AXS) analysis and update
AXS is currently in close proximity to a critical zone, and if the price drops below this level, it has the potential to initiate a bearish trend. This breakdown would confirm the existence of a head and shoulders pattern, indicating a potential downward movement of Axie Infinity token.
Kusama(KSM) analysis and update
KSM has been consistently adhering to a long-term trendline, which presents traders with a potential shorting opportunity in close proximity to this trendline. It is imperative for investors to closely monitor the price action and volume in order to validate the potential reversal or bearish movement near the trendline.
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