From the opinion that Bitcoin has likely bottomed at current levels to the SEC ending its investigation into Ethereum 2.0. Here are some outstanding news in the crypto market.
Bitcoin News
One closely watched crypto strategist says Bitcoin (BTC) is likely to bottom at current levels.
Anonymous analyst Credible told his 398,800 followers on media platform X that Bitcoin may have just witnessed a Swing Pattern Failure (SFP) on lower time frames after rising from $64,000 .
SFPs are often looked for by traders as potential reversal points.
“It is possible that the bottom of BTC is within this SFP pattern… Technically, we can still go deeper into the lower zone.”
Source: Credible
Looking at the trader’s chart, he seems to suggest that Bitcoin will confirm a bottom if it rises above $68,000.
Credible added that both spot and derivatives data look good for BTC.
“Please be patient. Spot premiums are back, funding rates have turned negative for literally the first time in months, and BTC is still above the ‘best’ to buy zone around $62,000 – $63,000. We are forming a bottom above $60,000.”
But if support at $65,000 fails to hold, Credible said, the last line of defense for BTC bulls is the $60,000 bottom that has been in place for months.
Ethereum and Altcoin news
Perhaps the biggest news in the industry today came from ConsenSys, as the company announced on about Ethereum 2.0”.
The development, seen by ConsenSys as a “huge win for Ethereum developers,” has given gains to most ETH-related tokens.
Lido DAO’s native token has skyrocketed more than 16% on the daily timeframe to over $2.35. ENS has also gained 18% and is currently trading above $26.2.
ETH also increased slightly. The second largest capitalized asset is up about 3% and is trading around $3,520.
Other large-cap Altcoins with notable gains today include PEPE (8%), HBAR (6%), FET (16.1%), RNDR (11%), ADA (3%), LINK (4%), UNI (5%) and MATIC (3.5%).
In contrast, TON has dropped more than 4% in the past 24 hours and is currently trading just below $6.9.
Overview of the cryptocurrency market | Source: QuatifyCrypto
Binance News
Binance Notification will delist 3 trading pairs on the platform including: BETA/BTC, SEI/TUSD, TIA/TUSD at 10:00 June 21, 2024 (Vietnam time).
Users can still trade assets on other trading pairs available on Binance.
The floor will also terminate the Trading Bots service for the above trading pairs at the time of delisting, if any. Users are advised to update or cancel their Trading Bots before the above date to avoid potential loss.
SOL News
Analyst Will Clemente shared a key chart of Solana, comparing Solana to Ethereum. Analysts say that a reversal may now form.
When compared to Ethereum, Solana’s performance shows a clear downward trend, with ETH performing better than SOL. But recent events have given rise to signals of a possible reversal.
SOL/ETH Chart | Source: TradingView
When comparing SOL to ETH on the weekly timeframe, the chart shows stability and potential for upward movement. When comparing Solana’s chart with the USD, a different picture emerges. Despite changes in the market, SOL is still performing well and continues to grow.
The uptrend is indicated by the fact that SOL is still trading above the 50-day EMA and 200-day EMA, which reinforces the possibility of a recovery. On the other hand, the relative performance of the two assets is represented by the SOL/ETH chart.
Although Solana has performed well against the USD, it has not performed well against Ethereum. SOL appears to be preparing for a resurgence in ETH, based on recent charts. Changes in market dynamics are possible if Solana can overcome strong resistance levels against Ethereum.
LayerZero News
LayerZero Foundation has debut a website that checks eligibility for airdrops on EVM and Aptos addresses.
The ZRO airdrop will take place on June 20, 2024, with a total of 1.28 million addresses eligible for the airdrop, nearly 10 million tokens from sybil accounts will be transferred back to users.
LTC News
Litecoin (LTC) experienced a 7.84% drop in the past seven days and lost 5.64% in 24 hours.
At press time, LTC is trading around $73 with trading volume up 121.34% to $558 million in the past 24 hours. According to CoinMarketCap, LTC’s market capitalization has dropped 5.6% to $4.5 billion at press time.
Source: TradingView
Analysis shows that LTC is having difficulty building an uptrend. The price is facing great pressure, with local bottom support at around $70.89 and resistance at $80.29.
With continued consolidation, the price is likely to drop below the $70.89 support.
Market pressure is pushing prices down and if it continues, new support will form around $63.46.
However, the 121% increase in trading volume shows that sellers are trying to hold on to current prices, leading to consolidation.
Source: TradingView
The RSI is at 29.52 and the MA-based RSI is around 40.7. When the MA based on the RSI goes below the MLA, it indicates a strong bearish trend. The RSI falling below 30 means LTC is in the oversold zone.
The oversold zone is often a sign of a reversal, where the price could bounce back in the near future.
LINK News
LINK is forming a prominent bullish indicator known as a double bottom pattern, suggesting a bullish reversal.
Source: TradingView
Prices regularly near or below the lower Bollinger Band mean there is a lot of bearish pressure, but it also points to potential oversold conditions that could bring buyers back into the market.
The 50-day MA has slipped below the 200-day MA, a “death cross” signal that often indicates a bearish market outlook and the possibility of a deeper decline.
Source: TradingView
RSI values remain mostly below the 60 level, often fluctuating near or below the midline (50), suggesting that the bears are in control.
The lack of any sustained movement above 60 suggests an absence of near-term bullish momentum.
The price tested and breached the previous support around $13.50 and failed to hold this level due to continuous bearish pressure.
Price action is always below the Ichimoku Cloud, signaling a strong bearish trend.
This means that LINK shows absolutely no immediate signs of recovery, reinforced by the fact that the MACD line (blue) is below the signal line (orange) and close to zero.
Sophon News
Sophon, the zkSync-based blockchain, has launched a rewards program for users who participate in Sophon’s liquidity farming phase. The company has reserved 10% of the total supply for this reward.
To receive rewards, users will need to deposit certain assets, specifically BEAM and BEAM/ETH LP, into designated farming pools on Ethereum’s mainnet.
Each user participating in the farming phase will be rewarded with “Sophon Points (SP)”. This is an optional mechanism that allows participants to multiply the potential rewards earned from their deposits for the purpose of providing liquidity on the Sophon mainnet.
News The Sandbox
Metaverse company, The Sandbox, combines blockchain technology, virtual reality (VR) and gaming, Notification that they currently hold Shiba Inu (SHIB), Dogecoin (DOGE) as well as several other memecoins.
“The Sandbox is excited to integrate the unique culture of memecoin into the platform,” said the metaverse platform developer.
Sandbox was originally released as a world-building game on mobile devices in 2012, allowing users to create their own universe.
In 2020, the company secured $2 million worth of capital and cryptocurrency to create a gaming world that operates on the Ethereum platform, allowing users to monetize their experiences with the help of NFTs.
SynFutures News
Decentralized derivatives protocol, SynFutures, Notification that they will continue to expand their market share by expanding to Base.
Since its mainnet launch in March, SynFutures has a total value locked (TVL) of over 63 million USD and a trading volume of over 91 billion USD. Trading volume in the past 24 hours ranks first among derivatives protocols.
You can see coin prices here.
Viet Cuong
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