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Maker (MKR): the price goes up 14%
Maker (MKR): the price goes up 14%
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Maker (MKR): the price goes up 14%

By Federico Izzi - 8 Jun 2020

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On the positive side, today the biggest increase is that of Maker (MKR), whose price rises by 14%: it is the only one among the top 100 with a double-digit increase. 

Maker is reacting very well to the restructuring of the project after the difficulties in recent months. The community is once again giving comforting signals. 

Since May 22nd, MKR has been up more than 85%, returning to the levels of the beginning of March.

On the opposite side, the deepest bearish sign is that of Hedge Trade (HEDGE) which drops by 4%. 

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Source: COIN360.com

Overall, the first week of June closes positively. It is the second consecutive week that ends with green signs.

Since the mid-March crash, 10 out of 12 weeks have closed with a gain. The only two negatives are both in May, the first and the third. 

This is an indication of how the sector is recovering with the majority of the coins and Bitcoin that revise the highs of February, which are also the highs of 2020. 

Volumes are good, rising above 80 billion dollars, below the average of the last week but above the volumes recorded over the weekend.

The market cap remains above $275 billion with the dominance of Bitcoin just under 65%, while Ethereum fails to exceed the threshold of 10%, a level that the last time was seen on March 8th. 

XRP remains at its lowest level since December 2017. XRP, after a brief recovery of the 3rd position in the last week, returns to 4th position to the benefit of Tether, which increasingly confirms itself as the first of the stablecoins, with a capitalization of 9.2 billion.

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On a weekly basis, signs remain positive with fractional gains in the top 15. The best rise is that of Crypto.com Chain (CRO), which rises 26%, while TRON (TRX) scores the second double-digit increase +13%. 

TRON tries to rise from the ashes of mid-March when it hit an all-time low of 0.0072. With the leap of these hours, TRON recovers 160% from that crash, returning to $0.018, far from the highs of February 14th, 2020 at $0.026. 

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Crypto.com continues to climb and returns to 12th position with $1.8 billion, rising 3.8% today. 

From the March lows, CRO recovered 350% of its value, returning to 11 cents, the level of July 2019.

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Bitcoin chart by Tradingview

Bitcoin (BTC) price

Bitcoin continues to move within the bullish channel. Yesterday it went to test again the support of the dynamic bullish trend line that has been accompanying prices since mid-March, confirming the resilience of this support which now rises to $9,400. 

This morning, the price of BTC rose above $9,700. From last Monday’s highs, the trend is currently downward. BTC needs to push above $9,900 in the next few hours. In contrast, dynamic support in the $9,500 area remains valid. In case of a break, the next static support is located in the $8,900 area. 

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Ethereum chart by Tradingview

Ethereum (ETH) price

Ethereum remains above $245, a level that has seen prices fluctuate since May 30th. It is necessary for Ether to push above the highs recorded on June 2nd at $254. A break of this level would project prices to the next resistance of $275. 

The strong upward bounce of these two weeks allows Ethereum to move within a wide range that would only see the first alarm signal go off with a drop to $220, 10% from current levels. 

As a result, ETH has a good swing margin for the consolidation required to attract new purchases in case the $254 high is broken. 

 

Federico Izzi
Federico Izzi

Financial analyst and independent #trader – S.I.A.T. & Assob.it partner. He operates actively on stock and derivatives markets (futures and options) since 1997. A precursor of cyclic-volumetric analysis he is known for having identified the most important upward and downward movements in the financial markets of recent years. He participates annually as a speaker at the ITForum in Rimini since the 2010 edition and InvestingRoma and Napoli since the first edition of 2015. He is a guest and market expert on the "Trading Room" and "Market Driver" broadcasts of Class CNBC, Borsa Diretta.tv and on the evening news of Traderlink. Since July 2017 he is a permanent guest on LeFonti.TV, the only weekly national space dedicated to cryptocurrencies alongside the most important international experts in the field. He was interviewed as a cryptocurrency expert for Forbes Italia, Panorama, StartupItalia and DonnaModerna. He was recognized as the first Italian technical analyst to have published the first secular cyclic analysis on Bitcoin. Periodically publishes articles on ITForum News, Sole24Ore, MILANOFINANZA, TrendOnLine and Wall Street Italy. Federico Izzi is... "Zio Romolo".

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