Crypto Investing
27 Jun 2022

Week 26 Crypto Market Update: BTC, ETH, SHIB, MATIC, and SAND

Deepan Datta

After weeks, the market is showing some signs of stability and helping calm investors’ nerves. But is it the end of the bear run? Are there any chances of a further drop?

Nobody knows the answers. But the market’s current momentum can hint at how the market is likely to perform in the short term, assuming that there are no major market-moving developments.

Major Developments Last Week

  • The mining difficulty of Bitcoin (BTC) has decreased by 2.35%. This has reduced the cost of mining amid BTC’s value drop.
  • DeFi lending platform BlockFi, which was facing a liquidity crisis, has raised $250 million in credit from FTX.
  • Harmony, a Layer-1 blockchain protocol, was hacked. The hackers stole cryptocurrencies worth $100 million from the Horizon Bridge.

The market is trying to recover lost gains in Week 26, and the overall investor sentiments were mixed. After dropping to $792 billion the previous week, the crypto market cap is now hovering around the $950 billion mark.

Crypto Index (CRE8)

Outlook: Moderately Bullish

As of 27th June, CRE8 looks stable after having gained 11.35% in the last seven days. The index looks like it is continuing to move upwards; however, there are no signs of a definitive trend reversal. For a reversal in the trend, it will need to break above the ₹2,974 level with strong buying momentum.

crypto index

Key Coins

Current Conversion Standard: $1 = (₹83.50)

Bitcoin

Outlook: Stable

On the 4-hour chart, BTC is forming an ascending triangle pattern, indicating bullish strength in the short term.

If it breaks above the formation, it must break the highly resistive $23,000 level (₹19,20,500) to continue moving upward. If it breaks below the pattern, it will be extremely negative and might push BTC toward the $18,000 level (₹15,03,000).

Source: tradingview.com

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

Ethereum

Outlook: Moderately Bullish

During the last week, Ethereum (ETH) formed strong support at the $1,045 level (₹87,257) and bounced higher multiple times after testing the support. It gained close to 12.58% and reached a high of $1,269 (₹ 1,05,961). However, since then, it turned out to be in a highly resistive zone and has pulled back a little.

If it succeeds in breaking above the $1,269 (₹1,05,961) level in the next few sessions, it can go up to the $1,511 level (₹1,26,168), which is the next major resistance level.

On the downside, if it breaches the $1,045 level, then it might fall below $1,000.

Source: tradingview.com

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

Shiba Inu

Outlook: Bullish

Shiba Inu (SHIB) is making headlines. Again. The first time it caught so much media attention was when Elon Musk’s positive remarks on Dogecoin led to a run-up in memecoin prices, and the second was when news of top ETH whale wallets buying 163.2 billion SHIB tokens broke.

SHIB registered a weekly gain of 45.62%—one of its best runs in recent weeks. During the last week, it broke above its highly resistive $0.00001031 (₹0.000860885) level and moved even higher toward the next resistance level at $0.00001203 (₹0.001004505). But it failed to break above and pulled down a bit.

The Moving Average Convergence/Divergence (MACD) momentum indicator reveals that there is some sideways price movement in the short term. If it breaks below the $0.00001031 (₹0.000860885) level, the next major support is placed at the $0.00000925 (₹0.000772375) level.

Source: tradingview.com

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

Polygon

Outlook: Bullish

On the 4-hour chart, Polygon (MATIC) has formed a cup-and-handle pattern, which is considered extremely bullish. The pattern marks a consolidation period followed by a breakout.

However, multiple resistance levels are placed higher up—at $0.65 (₹54.27), $0.74 (₹61.79), and $0.95 (₹79.32). MATIC will need to break above these levels to continue moving higher.

According to recent news reports, ETH whales are accumulating MATIC. If this continues, one may witness a price rise for MATIC.

Source: tradingview.com

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

Sandbox

Outlook: Bullish

Rumors of Meta’s interest in acquiring the Sandbox (SAND) and top global companies investing in real estate on its metaverse have lifted investor sentiments.

In the last seven days, SAND is up by close to 50% and has formed a cup-and-handle pattern in the 4-hour chart. However, it needs confirmation, especially because MACD, as well as the Relative Strength Index (RSI), are indicating a short-term weakness ahead. On the downside, 50 EMA* should give strong support to SAND tokens.

*EMA: Exponential Moving Average

Source: tradingview.com

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

Conclusion

The 30-day Pearson Correlation for Bitcoin and S&P 500 is at 0.82. This shows that the crypto market is closely following global market developments.

Even though the market is giving out multiple positive signals, we still need to be careful and place our trades only after a thorough analysis. 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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