Crypto Investing
6 Jun 2022

Week 23 Crypto Market Update: Bitcoin (BTC), Ether (ETH), Metal (MTL), Cardano (ADA), and Shiba Inu (SHIB)

Ananda Banerjee

The broader crypto market was steady throughout this past week. Terra’s announcement about its new, hard-forked blockchain and LUNA 2.0 airdrop brought in some optimism. But the Bored Ape Yacht Club (BAYC) discord hack ensured that Week 22 wasn’t without its share of fear-inducing news. Overall, a bittersweet week for crypto.

Broader Market Highlights

  • Cardano flipped Ripple to become the 6th largest crypto project by market cap globally.
  • Similarly, Dogecoin sped past Polkadot to take the 10th place according to market value in the crypto space.
  • CoinSwitch launched India’s first onshore, rupee-calibrated crypto index CRE8, making it possible for users to track the market and do their research easily.

Despite the bearish sentiments, the market did see a few euphoric days over the past week. The broader market is currently trading at 5.44% gains day on day.

Crypto Index (CRE8)

Outlook: Bearish

The broader crypto market looks steady, but impactful and popular crypto assets seem to have lost some market value over the past week or so. On the 1st of June, the CRE8 index cryptos held steady at ₹3,520 but dropped to ₹3,335 levels within a few trading sessions.

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

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

As of now, CRE8 is languishing at ₹3,264. Before it shows some upward strength, it needs to breach the important level of ₹3,336. If the indexed cryptos drop further, a downtrend might show up on the charts, courtesy of the series of low-highs.

Inferences

  • CRE8 is trading close to the 24-hour high level of ₹3,267.55
  • A 6.25% upmove was observed over the past 24 hours

Fear and Greed Index

Outlook: Continuing Fear

The Crypto Fear and Greed Index (CFGI) has added three points to its weekly tally of 10. At 13, the fear continues to linger, but buyers are slowly trying to make their presence felt.

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

Inferences

  • Buyer strength has increased in comparison to Week 22
  • The levels need to cross 25 for some key crypto-specific price action charts.

Current Conversion Standard: $1 = (₹81.40)

Key Coins

Bitcoin

Outlook: Bullish

Currently trading at $31,417 (₹25,57,343.80) today, Bitcoin (BTC) is moving in the green—registering gains of almost 6% as this goes live. The 4-hour chart suggests that BTC might have recently breached the strong resistance level of $31,367 (₹25,53,273). In case it can sustain these levels with high volumes, expect it to move towards $32,192 (₹26,20,428.80) in the short term.

Source: Trading View

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

For downward moves, the immediate support level might be at $30,584 (₹24,89,537.60), followed by psychological support of $30,000 (₹24,42,000). The Relative Strength Index (RSI) indicator is reaching for the overbought zone and seems to be hinting that a near-term consolidation may occur if and when the 70 RSI level is breached.

Ethereum

Outlook: Neutral

Close to $1,897 (₹1,54,415), Ethereum (ETH) seems to be at a very important level. If you see the 4-hour chart closely, you would see two lower-high formations after the first tick. Therefore, if ETH wants to move higher from here, it would first need to breach the critical resistance of $2,053 (₹1,67,114.20).

Source: Trading View

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

On the downside, there is strong support offered by the (orange) 50-EMA* and (black) 20-EMA lines. The RSI seems to be holding steady at close to 65, indicating there’s some buyer strength at the counter.

*Exponential Moving Average

Metal

Outlook: Bullish

Metal (MTL) is one of our top gainers today, with 11.42% gains in the past few hours. Currently holding steady at $1.57 (₹127.80), MTL seems to have broken out of its wedge pattern. If MTL manages to sustain the resistance level of $1.69 (₹137.56) with its large volume, you can expect it to head toward $1.83 (₹148.96) without a lot of trouble.

Source: Trading View

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

In case of heavy profit booking, MTL will still need to breach the lower trendline to head toward the $1.20 (₹97.68) levels. The Moving Average Convergence/Divergence (MACD) indicator suggests that the momentum seems positive for now, with the blue MACD line crossing over the baseline and even the signal line.

Cardano

Outlook: Bullish

Cardano (ADA) continues to gain steadily ahead of the Vasil hard fork. Currently trading at $0.634 (₹51.60), ADA is up by 12.62%. If you pull up the 4-hour chart, ADA is trading a tad shy of the $0.6522 (₹53.08) resistance level. If it manages to breach this level, the next resistance would be at $0.69 (₹56.16).

Source: Trading View

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

In case ADA corrects further, there are support levels placed at the $0.60 (₹48.84), 20-EMA, and 50-EMA lines, and even at $0.57 (₹46.40). The MACD indicator is hinting at some positive momentum, which might be due to the increased buying pressure at the counter.

Shiba Inu

Outlook: Volatile

Despite Ryoshi—Shiba Inu’s founder—disappearing suddenly, SHIB continues to hold steady on the daily charts. As of now, SHIB is trading with a 5% uptick day-on-day. However, the crypto has just completed the 7th successive red-candle streak on the hourly charts, sending out mixed signals.

Source: Trading View

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

As per the daily chart, SHIB is trading at 0.000011 (₹0.00089)—a number that’s coinciding with the resistance level of 0.00001127 (₹0.000917). If SHIB manages to hold on to the current levels, it might have the legs to head over $0.000014 (₹0.001139). In case the price cracks, you can expect some support at $0.00001027 (₹0.00083).

Wrap-Up

Overall, the market is looking strong at the start of the week with buyers trying to outpace the bears by riding on Ethereum’s merge expectations and Bitcoin’s new green weekly candle. The market is rebounding, but it makes sense to keep tracking every crypto closely even as you HODL and DYOR.

And, as always, if you want to track any of the aforementioned cryptos in real time, the CoinSwitch app is a great place to start.

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

Ananda Banerjee

Content Writer

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