Slow weekend ahead of us and significant resistance still remains.

20.06.2023

Dear traders,

Today, the US stock market opened, and we could potentially witness greater market volatility following a positive weekend.

Jake
TOP Trader

BTC is encountering strong resistance and is currently trading above the mid-resistance level of $26,800. If it maintains this position on the daily timeframe, we may see a substantial upward movement. However, it’s worth noting that BTC’s price is still facing resistance on larger timeframes and is currently in a downtrend, which could lead to a decline back to $24,000.

ETH has returned to the channel and is currently trading at $1,730, which acts as support for the next upward movement. However, there is still a risk of new lows if the $1,700 support level does not hold strongly. The strong downtrend persists, and weekend surges often result in subsequent declines.

XRP continues to hold strong support at $0.48 and is not displaying significant momentum for a substantial upward movement. There is potential for a breakout above $0.5, which could lead to an upward push within the uptrend.

LINK is still maintaining its position above $5 after a significant drop. If it continues to decline below the green line, we might witness a quick wick fill and reach the $4.7 support level. This presents a favorable opportunity for dollar-cost averaging (DCA) in anticipation of a larger upward movement.

SOL remains above $15.8 and is exhibiting momentum for an upward push. This push has the potential to drive up the price. However, if the momentum is lost, we might observe a rapid wick fill.

EOS shows no strength and is slowly dropping towards new lows. A stronger demand and push are needed to break this resistance. It is still in a bearish downtrend with low volume.

LTC is trading below the resistance at $78 and is not displaying any strength for the next upward movement. However, in 40 days, there will be a halving event in LTC, which suggests a significant price increase due to the reduction in mining supply. This presents an excellent long-term investment opportunity!

The DXY is experiencing a minor recovery and needs to surpass 102.5 for a more substantial upward movement.

Crypto/stock daily news:

WEEKLY MARKET MOVERS: WINNERS & LOSERS

Crypto prices are hard to keep track of. And this week, i spotted 2 winners and 1 loser. Let’s dive in.

THE WINNERS

1/ Sui ($SUI) is up 16% over the last week.

What is it? Sui is a (newer) Layer 1 blockchain that is built to be faster & cheaper than other chains.

It was created by ex-Facebook developers and raised $300M from big-name VCs like a16z.

Why’s it up? It’s been an eventful few weeks:

Announced a new proposal that would enable liquid staking (AKA crypto investors’ two favorite words nowadays.)

Signed a multi-year deal to be the official blockchain partner for the Formula One (F1) Red Bull racing team.

But the biggest win for SUI? It wasn’t one of the tokens named as a security in the SEC’s lawsuits against Coinbase and Binance.US last week.

It’s like back in middle school when the loudspeaker system would randomly turn on and all your friends would get called into the Principal’s office, except you. Big win.

2/ Shiba Inu ($SHIB) is up 9% over the last week.

What is it? $SHIB is a memecoin that turned into a top 20 token.

It’s the 17th largest cryptocurrency and has a $4B+ market cap.

Why’s it up? Shiba Inu developers teased an upcoming product launch and a big announcement.

They pulled the ole’ “we announce that we’ll have another announcement soon” card.

It worked. But be careful, it could be a “buy the rumor, sell the news” event.

And now, for…

THE LOSER

1/ Cardano ($ADA) is down 7% over the last week.

What is it? $ADA is the native token for Cardano – an OG blockchain that launched back in 2017.

It was created by Charles Hoskinson (one of the Ethereum co-founders) and is now the 7th largest cryptocurrency with a $9B+ market cap.

Why’s it down? It’s been a rough few weeks:

The SEC named ADA a “security” in its lawsuits against Coinbase and Binance.US

As a result, platforms like Robinhood and Bakkt delisted the token

But wait, there’s more… it’s also been confirmed that the Cardano founder is on the hunt for aliens.

He is currently near the coast of Papua New Guinea in the Pacific Ocean searching for a “UFO” that recently crashed there.

Some people pivoted away from crypto to things like AI.

Others (like Charles here) went for the fun stuff – alien hunting.

FAST NEWS:

The estate of Three Arrows Capital (3AC) has filed legal documents to impose a $10,000 daily fine against Kyle Davies for ignoring subpoenas. They tried mail, e-mail, text, DMs on social media, pigeons, and no luck – Davies has ignored it all. $10k/day will get anyone’s attention though…

ZachXBT has raised $1M+ from the crypto community after getting sued for exposing a well-known NFT trader. It’s crypto’s “all for one, one for all” moment.

Wyre, a crypto payments platform, announced it’s winding down operations due to market conditions. Pour one out from another fallen soldier…

Binance.US and the SEC struck an agreement to let the crypto exchange continue operations while they battle it out in court.