Crypto Investing
4 Jul 2022

Week 27 Crypto Market Update: BTC, ETH, ADA, OGN, and TFUEL

Deepan Datta

The DeFi headwinds, lack of positive triggers, and weak global markets continued to drag the market down last week. As the weekend approached, Bitcoin dipped below the key support level at $20K, strengthening the fear sentiment in the market.

The Crypto Fear & Greed Index confirms this, as it remains in the extreme fear zone at 14/100.

fear and greed

Major Developments Last Week

  • The Cardano Vasil upgrade successfully launched on testnet, paving the way for a hard fork on the mainnet. The fork is expected to occur around the end of July.
  • Voyager Digital temporarily suspended trading, deposits, and withdrawals on the platform after Three Arrows Capital failed to make the required loan payments.
  • A DNS attack was launched on Web 3.0 infrastructure firm Ankr, on the Polygon and Fantom networks.
  • Users on Uber Eats can now use DOGE and SHIB to pay for their food delivery.

Weak sentiments continued to hammer the market down, with the total market cap dropping from $953 billion a week ago to close to $100 billion.

Crypto Index (CRE8)

Outlook: Stable

On American Independence Day (today) this year, CRE8 looks stable despite the volatility in the market. During the last week, CRE8 touched a low of ₹2,081.82 but has since swiftly recovered. It is currently trading at the ₹2,242.93 level.

A close analysis of the chart reveals that there is strong resistance at the ₹2,400 level—above which it needs to break to move higher.

crypto index

Key Coins

Conversion Rate: $1= ₹ 82.50

Bitcoin

Outlook: Weak

bitcoin
Source: tradingview.com

Disclaimer: Insights mentioned are time-sensitive and should not be considered as financial advice. Please Do Your Own Research (DYOR).

The overall sentiment has turned weak. On the hourly chart, BTC continues to experience strong resistance at the $19,356 (₹15,96,870) level. Below, there is mild support at $18,965 (₹15,64,612). If it drops below this level, the next major support is at $18,000 (₹14,85,000).

As the crypto market is highly correlated with US indices, BTC is expected to take cues from global markets to chart its future price movements.

To reverse the trend, BTC needs to break above at least three major resistance levels starting from the $20K level.

Ethereum

Outlook: Weak

Ethereum
Source: tradingview.com

Disclaimer: Insights mentioned are time-sensitive and should not be considered as financial advice. Please DYOR.

Ether (ETH) traded sideways between a narrow range of $1,075 and $1,045. In case, if it fails to break above $1,075 (₹88,687) in the next few sessions, it may trigger fresh sell-offs and result in ETH breaking below the $1,045 (₹86,212) level. The next major support level for ETH is $1,000.

With delays in Ethereum’s Merge continuing, the price of ETH is being negatively impacted in the short term. Also, the DeFi headwinds are having a snowballing effect on the entire crypto ecosystem, and crypto will continue to struggle until the issues in DeFi are solved.

Cardano

Outlook: Moderately Bullish

Cardano
Source: tradingview.com

Disclaimer: Insights mentioned are time-sensitive and should not be considered as financial advice. Please DYOR.

The successful Vasil upgrade on testnet brought some cheer to the Cardano’s supporters. The community is now looking towards the mainnet hard fork, expected around the end of July.

Cardano’s token ADA has traded in a range-bound fashion between the $0.4595 and $0.4433 levels for most of last week. Given the positive sentiments around ADA, it may try to move higher in the short term. If it is able to break above the 50-EMA* slope and stay there for the next few sessions, it might push ADA prices higher—above the resistive $0.4595 (₹37.90) level.

Cardano is expected to be in focus for the entire month, due to the important upcoming Vasil hard fork.

*Exponential Moving Average

Origin Protocol

Outlook: Bullish

Origin Protocol
Source: tradingview.com

Disclaimer: Insights mentioned are time-sensitive and should not be considered as financial advice. Please DYOR.

Origin Protocol (OGN), a Web 3.0 protocol, has been in the news of late. It has been witnessing strong price action for the last 30 days. In the last 24 hrs, the OGN token has spiked 19%, with an almost 100% increase in trading volume.

On the 4-hr chart, we can see the coin has broken above the highly resistive $0.2932 (₹24.18) level and is trying to move closer to its next resistance, placed at $0.3566 (₹29.41) level.

Be cautious if you are planning to place any new trade orders as the market seems to be overbought. Watch the support and resistance levels to identify future price actions.

Theta Fuel

Outlook: Volatile

Theta Fuel
Source: tradingview.com

Disclaimer: Insights mentioned are time-sensitive and should not be considered as financial advice. Please DYOR.

TFUEL, one of the two native tokens of Theta Blockchain, continues to witness intense price action backed by strong volume. In the last 24 hrs, TFUEL has witnessed a 142% increase in trading volume; the value is almost 47% of the total market cap.

On the 4-hr chart, we can see that the 50-EMA slope provides strong support, but if it breaks below, the next major support is at the $0.0495 (₹4.08) level. The Relative Strength Index (RSI) indicates an overbought condition in the market, which means short-term weakness. However, do your own analysis before placing your trades.

Wrap-up

Overall, the market sentiment continues to be weak. The market has gone through many adverse developments, and the collapse of big DeFi players in a short period has affected investor confidence.

As BTC and ETH trade close to their 20-month low, it’s best to play it safe. Always do your own research, and don’t place your bets aggressively if you want to avoid losing capital.

Disclaimer : Crypto products and NFTs are unregulated and can be highly risky. There may be no regulatory recourse for any loss from such transactions. The information provided in this post is not to be considered as investment/financial advice from CoinSwitch. Any action taken upon the information shall be at user's own risk.

writer

Deepan Datta

Content Writer

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