Author by: Rizqie Atsir Fadhlullah, Business Development of Tokenomy
Crypto Market has weakened significantly over the past week. News of Elon Musk’s decision to exclude Bitcoin as a payment method for Tesla and China’s crypto ban has triggered market-wide panic selling resulting in a deep correction of the crypto asset market last week.
- Bitcoin has the potential to continue weakening down to $ 19,000
Bitcoin’s price is likely to continue to be bearish, and might potentially drop to the $ 19,000 price point after the price managed to break out of its main support of around $ 42,000 – $ 41,000 last week. In last week’s analysis, we predicted that if Bitcoin falls below $ 41,000, the price will continue to move downwards hitting the support range of $ 29,000 – $ 27,000. Bitcoin’s lowest price for last week was $ 30,000.At the time this analysis was written, Bitcoin was trading near the $ 29,000 – $ 27,000 support range. This range is a potential support zone to support the bearish pressure. After the price hits this zone, Bitcoin’s price is predicted to move up and retest the $ 42,000 – $ 41,000 resistance area. However, do take note that this bullish movement should only be a short bullish correction. After which, Bitcoin’s price is likely to continue to trend downwards towards the $ 18,000 – $ 19,000 range.At present, there are no signs that Bitcoin will continue its long-term bullish trend. Bitcoin has now achieved 55% correction, which makes the support levels of $ 29,000 – $ 27,000 and $ 19,000 – $ 18,000 a very attractive entry price range for long-term investment.
- Ethereum Fails To Retest Demand Zone and Is Now Testing The Key Support
Ethereum failed to retest the demand zone last week and is now testing the Key Support area. Currently, we can see from the daily time frame that there is a rejection from the $ 2,000 – $ 1,900 Key Support range. However, this rejection is not a confirmation that Ethereum’s price will deviate from the Key Support area and will continue to increase to hit the Major Resistance range of $ 4,200 – $ 4,400. We will require more signals to determine whether Ethereum’s price will be able to continue to be bullish. Please take note that if this Key Support breaks, the next potential support range will be at $ 1,400 – $ 1,300.
From the Price Action perspective, especially if we move to the 1H time frame, there is a channel down that has been formed since May 14, 2021. Ethereum needs to break out of the main trendline in order to continue its bullish price movement towards the $ 4,200 – $ 4,400 major resistance range.
- Ripple is in Buying Zone
Ripple is currently testing its major support area in the range of $ 0.70 – $ 0.80. For swing traders, this range is also the best buying area for XRP with sell targets in the range of $ 1.5 – $ 2.0. On the other hand, if XRP fails to overcome the Major Support range, then the next support will be at $ 0.20 – $ 0.16 which is near the all-time low price for XRP.
- Dogecoin Is On Key Support
Doge is currently on Key Support after breaking its bullish structure. In last week’s analysis, Doge was projected to remain bullish as long as it moves above its bullish structure. However, Doge’s price broke the bullish structure and fell towards the Key Support level in the range of $ 0.26 – $ 0.23. Although there was rejection in this area, there are no strong signals that Doge will overcome the Key Support area to turn bullish. Looking at the current structure, Doge has the potential to fall back towards $ 0.14 – $ 0.12. On the other hand, Doge needs to move above $ 0.50 in order to return to the $ 0.70 price leve.
- BNB is Waiting for Buyer Confirmation
BNB is currently on major support and is waiting on more signals as to whether it will be able to continue its bullish price movement. Previously, BNB fell from its highest price level of around $ 691 shortly after successfully breaking out of its bullish structure. There are no strong signals that the bearish movement that took place since May 13th will end. However, BNB is currently on major support with the last lowest price at $ 211. This area is a determining area – if BNB succeeds in breaking through from this area, BNB is likely to be able to continue its bullish movement towards the Major Resistance support range around $ 670 – $ 690. However, if BNB continues its current bearish movement, the next support will be around $ 150 – $ 120.
- Cardano Potentially Back to $ 2.4
ADA is likely to remain bullish as it moves towards the major resistance at $ 2.40 – $ 2.45 after hitting the main support area. However, in order to continue the bullish movement, ADA needs to overcome the bearish trendline first. If ADA’s price rejects the trendline, the price will have the potential to once again test the main support level at $ 1.0 – $ 0.95.