HomeTradingCryptocurrency prices are falling today

Cryptocurrency prices are falling today

The third week of June is off to a bad start, opening the doors to the second half of the month, a month that currently has a negative balance with cryptocurrency prices falling, and a week that has just ended in red. 

The uncertainties that were evident in recent days exploded during the night just passed with a drop that brings the prices of the main cryptocurrencies, primarily Bitcoin, back to the levels of the end of May

This movement does not particularly affect the medium-long term bullish trend that started from the lows of March, but it triggers some alarms with the breaking of support in the short and medium-term. 

Alongside Bitcoin, Ethereum, with the breaking of the lower neckline of the bullish channel, returns to test the former $215 resistance that for the whole month of April and for two months between April and May had rejected any bullish attack. The resistance now becomes support.

XRP is doing much worse and is back down with prices returning to mid-April levels. For XRP, this is a trend that after the relative highs at the end of April now sees a downward trend with lower highs.

coin360 20200615
Source: COIN360.com

Overall, today more than 95% of the top 100 are in negative territory. 

Those above parity are a few. Among the best rises are Flexacoin (FXC) and Swissborg (CHSB), both gaining 15%, two rays of sunshine on a very negative day. 

Among the most extended declines are the top three in the DeFi universe, Aave (LEND), Maker (MKR) and Bancor (BNT), all falling double digits more than 13%. 

VeChain (VET) is also suffering, after the rally of the past few days. VET lost ground after entering the top 15 last week, sliding into 28th position. 

CRO 20200615

Despite falling 2.8% on a day-to-day basis, Crypto.com (CRO) is now in 10th place for the first time in its history, climbing to over $1.8 billion in capitalization. CRO surpasses Cardano (ADA), with a difference of a few million dollars. 

Despite the declines, Crypto.com recorded a rise that since the lows of March has seen it recover about 300% of the value, from 0.031 to 0.12 dollars, multiplying by almost 4 times its price in just three months. 

With the reaching of the 12 cents last week, Crypto.com revisits the highs of last year. Crypto.com is a project that focuses on the use of cryptocurrencies with bonuses that reward the buyers and merchants who use or accept payments with the card.

The project was born in 216 and has its headquarters in Hong Kong. With several years of experience, in the last few weeks, it has gained confidence not only for the project itself but also for the market, which is rewarding the efforts of the team by climbing to 10th position.

This is the first time that there are two crypto exchange-wallets in the top 10, Binance and Crypto.com.

Yesterday was the day with the lowest trading volume for Bitcoin since the end of January. BTC traded just over $1 billion in value, the lowest level since mid-April. Whereas for the trading volume in terms of BTC value, it is the lowest level since the end of January. It has to be said that in April the price was 30% lower than it is today, while at the end of January BTC had a price similar to today.

The market cap slipped to $255 billion, losing $20 billion from the highs in June.  The dominance of Bitcoin gains decimal fractions returning just above 65% while Ethereum fails to regain the 10% threshold.

The loss of XRP goes to further affect the dominance that falls just below 3.2% oscillating around the lowest levels recorded back in December 2017.

BTC 20200615
Bitcoin chart by Tradingview

Bitcoin (BTC) falling

With the fall of the last days and the breaking of the dynamic bullish support of the rising channel last Thursday, at $9,500, Bitcoin in these hours goes to test the static support in the $8,800-8,900 area.

At the moment, the coverage prevails with the defence of this level and a rebound that in these early hours of the day brings prices above $9,000. The short signal indicates that a prevalence of weakness remains. 

In the coming hours, it is necessary to hold the $8,800, or rather the support of the lows at the end of May in the $8,500 area. This is precisely the level to be monitored carefully in the coming days. In case of breakage of this level, the next target is identified in the area 7,400-7,500 dollars.

ETH 20200615
Ethereum chart by Tradingview

Ethereum (ETH)

After maintaining the price fluctuations last week within the bullish channel, Ethereum breaks the lower neckline set at $225. ETH pushes prices to test the former resistance level in the $215 area which now becomes a crucial support level in the medium-long term to continue to maintain the bullish trend. 

The bearish movement of these hours coincides with the 25% Fibonacci retracement when taking as reference the lows of March and the highs at the end of June. 

Therefore, at the moment, the downtrend that is characterizing Ethereum in these last few days, which from last week’s highs is losing about 13%, must be contextualized in a retracement movement

A real decline would be achieved if prices were to go below $180 in the coming days. At the moment the danger does not seem to be present, but it is advisable to monitor the holding of $215 in the next few days.

The trading volumes remain low, even if the decline of the last few hours leads them to rise by about 20% above 70 billion dollars. 

 

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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