From the opinion that Bitcoin is still in a long-term uptrend to US lawmakers continuing to call for the release of the Binance CEO. Here are some outstanding news in the crypto market.
Bitcoin News
Analyst Kevin Svenson is charting the path forward for Bitcoin (BTC) as the leading cryptocurrency corrects around 11% over the past two weeks from its June peak around $72,000.
In the new video, Svenson told his 78,400 YouTube subscribers that, although the price of Bitcoin has dropped, ending the week above the parabolic trendline could cause the price to increase by about 42% from current levels.
“If we have some magical bull run and the current weekly candle becomes a bullish engulfing candle, then the market will look quite stable. We will likely reach $90,000 soon, maintaining our trajectory and momentum.”
Source: Kevin Svenson
Looking at the chart, to achieve this it seems BTC needs to end the current week above $67,000.
Despite prices largely trending down over the past few weeks, Svenson said:
“If we just look at the chart, we can see a series of higher lows. This is an uptrend, by definition BTC is currently still in a bull market. Bitcoin is near its previous ATH. Bitcoin is about 15% away from its new ATH. This is a bull market and Bitcoin is still in position to set the next higher low, part of the subsequent parabolic uptrend.”
Source: Kevin Svenson
Ethereum News
User 2024.qklpj.eth is suspected of mistakenly transferring 7,912 ezETH to the contract address, resulting in the funds being locked and unable to be withdrawn, with a value of approximately $27.96 million.
According to reports from the account, ai_9864xtpa, a large amount of ezETH was deposited directly into contract transfer 0xe9a…696C4 (Arkham marked as CoboSafeAccount), which cannot be transferred or upgraded.
Source: ai_9864xtpa
Chainlink News
According to Spot on Chain, 21 million LINK ($295 million) have been acquired unlock from Chainlink’s uncirculated supply contracts today, including: 18.25 million LINK ($264 million) transferred to Binance.
As of August 2022, Chainlink has unlocked 127 million LINK and still has 391.5 million LINK ($5.4 billion) remaining in 24 contracts.
Source: Spot on Chain
Binance News
US lawmakers continue to call for the release of detained Binance executive Tigran Gambaryan. The ongoing saga between the crypto exchange and Nigerian authorities has become increasingly heated as several members of the US Congress sent a letter calling on the Biden administration to take action.
This week, two U.S. representatives visited Gamabaryan prison during a trip to Nigeria. Politicians shared details of the chief executive’s alarming condition and called for his “humane release.”
On Thursday, US representatives French Hill and Chrissy Houlahan called for the immediate release of Tigran Gambaryan. He was arrested by Nigerian authorities along with colleague Nadeem Anjarwalla on February 26 and charged with tax evasion and money laundering.
Since then, several politicians and industry leaders have demanded the release of the Binance executive.
Richard Teng, CEO of Binance, released an open letter vouching for Gambaryan. Teng claimed that Nigerian authorities were punishing a mid-level employee who was not a decision maker or negotiator.
ADA News
At the moment, Cardano’s 30-day MVRV ratio is 13.33%. This means that if every ADA holder sold tokens, the average profit would decrease by 13.33% compared to the average purchase price.
Historically, ADA rebounded when the MVRV ratio was between -11 and -27%. Therefore, there is a possibility that the price of the token may increase in the near future.
Source: Santiment
Now, the possibility of a price increase does not mean that ADA may not decline. However, the downtrend may not be as severe as in the past 30 days.
Additionally, the one-day circulating supply has decreased compared to the June 18 price increase. In fact, circulating supply displays the number of tokens participating in transactions during a certain period of time.
If this indicator increases, it means that trading activity has increased. However, for Cardano, this figure has dropped to 196.73 million.
The reduced number of tokens participating in trading could be good news for prices. This is because selling pressure is at low levels.
Source: Santiment
If circulating supply continues to decrease, ADA may have a chance to rally higher, towards $0.40.
ETC News
ETC’s 50-day moving average recently crossed below its 200-day moving average, forming a death cross. This pattern is often a sign of a long-term downtrend.
Prices peaked around $35 in March, then dropped sharply. ETC consolidated around the $30 mark before falling below the 200-day moving average.
Source: TradingView
Previous support levels around $25, now breached, could act as resistance if a recovery attempt occurs. The next key support may lie at $20. This level could be tested if the current bearish trend continues.
In summary, the surge in selling volume combined with the violation of previous support levels shows that bears continue to dominate the market.
Shiba Inu News
Shiba Inu development team member issues important warning to community as bite rate drops.
Shiba Inu has always been a polarizing project with strong price fluctuations. But it can also be said that the entire protocol has evolved significantly since its inception.
One of Twitter’s management team members, LucieSHIB, investor and marketing lead at Shiba Inu, recently stated warning shared:
“Be careful and don’t be naive in the crypto space. Always be vigilant and conduct all necessary due diligence to keep your assets safe.”
The cryptocurrency space is notorious for many fraudulent activities. Just a few weeks ago, a British-Chinese woman was sentenced to 6 years in prison for laundering Bitcoin in a $6 billion scam.
Less than two weeks ago, an account that tracks Shibarium-related scams also warned users to be wary.
WIF News
At the moment, Dogwifat (WIF) price is hovering around $1.79, after falling more than 13% in the past 24 hours.
WIF price consolidated in a descending triangle pattern after May 29. However, WIF broke out of the triangle on June 20, suggesting that this memecoin could fall further.
WIF appears to be testing the critical support level at $1.98. If the price breaks above this level, it could form a potential rally.
Source: TradingView
On the chart, the Stochastic RSI (1.18) shows the oversold area. This is a sign that this level could be an important point, creating the basis for a price reversal. In addition, the MACD indicator also emphasizes that the downward pressure on prices is fading across the market.
Viet Cuong
Bitcoin Magazine
