Weekly Market Analysis of Cryptocurrencies

We report the traditional weekly crypto market analysis based on the contribution by Aayush Jindal ( The analysis was made on June 12.

In the past few hours, bitcoin price saw a sharp increase in selling pressure after another rejection near $9,850. BTC declined more than -5.0% and broke many supports near $9,650 and $9,550. It even broke the 9,300 support before the bulls appeared near 9,050. The price is correcting higher and trading above 9,300. However, the previous key support near 9,550 is likely to act as major resistance in the near term.

Ethereum price also followed a similar pattern and declined sharply after a significant rejection near the $250 resistance. ETH broke the 240 support and it even spiked below 230.
On the upside: the price is correcting higher from 225. It is trading above 230, but the 238 and 240 levels are likely to cap the current recovery wave.
On the downside: the main supports are near 225 and 220.

Bitcoin cash price failed to stay above the $250 support and it declined sharply. The BCH/USD broke the 240 support and traded close to 230.
On the upside: the price is currently recovering, but the 245 and 250 levels are likely to act as hurdles.
On the downside: the bears are likely to aim a test of the 220 support.

Litecoin broke the $45.5 and $45.0 support levels to enter a bearish zone. LTC even spiked below 44.0 before it found support near 43.2. It is correcting losses, but 45.0 is now likely to prevent further gains in the near term.

XRP price finally broke the main $0.200 support level and declined heavily. The price cleared the 0.192 support level and tested the next key support at 0.184. However, there was a sharp recovery and the price is now trading above 0.192. On the upside, 0.195 and 0.200 are now seen as barriers for the bulls.

In the past three sessions, many small altcoins declined more than -8.0%, including NMR, MKR, THETA, STEEM, QNT, SNT, IOST, ELF, WAXP, LUNA, and ICX. Conversely, KNC was able to climb more than +8.0% and it broke the USD 1.20 resistance zone.

Altcoins Rally After Coinbase Announced New Tokens

Fredrik Vold ( provides an explanation to the recent altcoins rally, after cryptoexchange Coinbase said to be willing to list more digital coins on its trading platform. As a consequence of this move, several tokens saw a spike in their prices following an announcement that the exchange is “exploring the addition” of 18 new digital assets on its exchange.

“In alphabetical order, the assets Coinbase said it is currently exploring are: Aave (LEND), Aragon (ANT), Arweave (AR), Bancor (BNT), Compound (COMP), DigiByte (DGB), Horizen (ZEN), Livepeer (LPT), NuCypher (NKMS), Numeraire (NMR), KEEP Network (KEEP), Origin Protocol (OGN), Ren (REN), Render Network (RNDR), Siacoin (SC), SKALE Network (SKALE), Synthetix (SNX), and VeChain (VET). Among the assets mentioned by Coinbase, several are little known micro-capitalization tokens, while others, including SKALE and RNDR, are not even listed on major tracking sites like CoinMarketCap, Coingecko, Coinpaprika.”

Among the top 100 cryptos in terms of market capitalization, however, LEND, the token that supports the Ethereum-based DeFi (decentralized finance) platform Aave, saw an increase of over +7.0% last Friday, after a very rewarding week for the token, which has risen more than +50.0% over the past 7 days.

“Meanwhile, REN, another DeFi-focused token previously known under the name Republic Token, saw even stronger gains in the market today, rising more than 18% in the past 24 hours. For the week as a whole, however, REN’s gains are smaller at under 13.0%, with the token currently trading at $0.100.”

Further, synthetic asset trading platform Synthetix Network’s token SNX was up by +11.0%, after gaining more than +21.0% over the past 7 days. VeChain’s VET token rose by +40.0% over the last week. Lastly, DGB was up nearly +20.0%, while SIA was up by +10.0%.

Seen in connection with similar gains for the maker (MKR) token Vold believes that Coinbase boost may help put to rest some of the concerns from last year that the famous ‘Coinbase listing effect’ has waned. “According to the announcement from Coinbase, the addition of new assets may be subject to regulatory requirements in some jurisdictions. As a result, some assets may not be available in all jurisdictions, but will instead be added on a “jurisdiction-by-jurisdiction basis.” The company did not provide a timeline for the addition of the new assets”, the article concludes.

The Reasons of Bitcoin Sudden -6.0% Drop 6% on June 11

Omkar Godbole ( provides possible motivations for the sudden June 11’s Bitcoin drop. “The week-long calm in the bitcoin market ended with a sudden $800 price drop. The over -6.0% drop saw the top cryptocurrency by market value register its biggest single-day decline in two weeks, according to CoinDesk’s Bitcoin Price Index. Prices briefly hit lows near $9,100, a level last seen on May 27”, he wrote.

According to Godbole, the fall was due to several reasons. The first one is the global stock market sell-off. “Global equities plunged and traditional safe havens, like U.S. government bonds and the Japanese yen, rose, as predictions made by the U.S. Federal Reserve that the economy may take years to recover, gave a reality check to investors hoping for a V-shaped recovery.

Bitcoin initially showed resilience by holding above $9,700 during the Asian and European trading hours. However, the sell-off in U.S. equities was too big to ignore for the crypto market traders, some of whom likely offered bitcoin on the fear that financial markets could be about to witness another round of panic like that seen in March”.

The Dow Jones Industrial Average Index fell by -1,800 points on June 11, reviving memories of multiple 1,000 point drops seen during the first half of March.

“A switch to ‘risk-off’ in global markets could lead to further downside pressure for major cryptocurrencies,” Matthew Dibb, co-founder of Stack, a provider of cryptocurrency trackers and index funds, told CoinDesk.

“Furthermore – Godbole writes – big on-chain transactions, especially those related to controversial wallets and addresses, can create panic in the cryptocurrency markets. That’s because, in the past, malicious entities have liquidated stolen coins in the market, causing sudden price declines.

On June 11, hackers moved over 400 BTC (or $4.1 million worth of cryptocurrency) stolen from the cryptocurrency exchange Bitfinex to unknown wallets, according to twitter bot Whale Alert.

“These transfers happened in 20 transactions during the Asian hours and were noted by the crypto market community. A few investors then began speculating about a price dump. At that time, bitcoin was hovering around $9,900. Another big transaction worth $1.3 billion executed by an unknown wallet also elicited a similar response from the investor community. Fears that so-called “whales” are preparing to dump large numbers of coins may have caused some bulls to exit the market. Further, savvy traders may have taken short positions in anticipation of the big dump, likely accentuating bearish pressures”, the article concludes.

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