Bitcoin, Ether, Major Altcoins – Weekly Market Update June 21, 2021
ETH/USD
The Ethereum project token ETH jumped 6.2 percent on Sunday, June 13 and moved back into the long-term uptrend corridor, hitting the $2,500 S/R zone. The coin was using the 23.60% Fibonacci line near $2,362 as a support in the last few days keeping the bullish structure intact. It was 7.4 percent down on a weekly basis.
On Monday, the leading altcoin and leading decentralized applications platform climbed further to $2,611, but suffered once more rejection at the 21-period EMA being unable to close above this dynamic line since June 3. The ether moved away from the mentioned support zone, but the overall trading volumes were not that high to support a potential rally in the upward direction.
The second day of the week came with another rejection at the moving average and a pullback down to $2,540.
This was followed by a deeper retrace on the Wednesday, June 16 when the ETH/USD pair erased 6.7 percent of its value and lost both the horizontal and diagonal supports. However, it was able to once again find stability around the first Fibonacci retracement level.
On Thursday, the ether traded flat in the $2,370 zone above the 23.60 Fibonacci retracement level, which was acting as a horizontal support since June 8.
Sellers, however, had other things in mind and on the last working day of the week pushed the price 6 percent down to reach the $2,228 mark. The ETH token even touched $2,128 during intraday – it’s lowest point since May 24.
The first day of the weekend came with a continuation of the downtrend and a fresh new weekly low – $2,166.
On Sunday, the coin formed the exact same candle, but in the opposite direction to close the week at $2,230.
ETH is trading at $1,940 on Monday morning.
Leading Majors
- Theta Network (THETA)
Theta is one of the few coins in the Top 20 to remain relatively stable in the last two weeks. The coin was still trading above the 21-period EMA on both daily and weekly timeframes during the last seven days and is still 90 percent up from its May low of $3.7.
Looking at the 1D chart, the THETA/USDT pair on Binance was recently rejected at the $9.5 level where the diagonal downtrend and the horizontal resistance meet. It is also where the most actively traded zone is located (Point of Control, Volume profile indicator).
Theta is currently trading near the $7 zone, which has already proved its stability in the past and is another point of high trading activity. However, the altcoin lost the 21-day EMA during today’s severe correction and moved below the lower boundary of the triangle pattern.
Altcoin of the Week
Our Altcoin of the week is XDC Network (XDC). The XinFin XDC Network is a decentralized hybrid blockchain, which facilitates global finance and trade. This little-known cryptocurrency project aims at creating an ecosystem that improves and increases efficiency and flexibility in the markets. It already powers an exchange service called TradeFinex.
It is unknown what is the reason behind the recent surge in the price of XinFin Digital Contract (XDC) – the native asset of the XinFin Network, but it could easily be the rising demand for hybrid and cross-chain blockchain solutions.
The coin added 37 percent to its value for the last seven days, peaking at $0.08 on June 18. This helped it move up to #86 on the CoinGecko Top 100 list with a total market capitalization of approximately $730 million.
As of the time of writing the XDC is trading at $0.061 against USDT on Bitfinex.
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