Sideways market movement: overview of cryptocurrencies over the past week and forecast for the next

2021 #CRYPTO BULL MARKET ENDS THIS SUMMER?!?

The past week will be remembered by the crypto community for two events at once: critical descents to lows and a repeated demonstration of the power of the mining payback level. Against the background of the general negativity, market capitalization significantly decreased.

The important news of the past week was the launch of a product that was intended to satisfy the demand for Bitcoin ETFs. They are exchange-traded notes (ETN), which US residents can use at Nasdaq Stockholm. However, the expected violent reaction in the market was never destined to materialize..

Other news that also influenced the price movement:

  1. Nvidia officially announced a significant decrease in income, which they blamed on the drop in demand for working with cryptocurrencies.
  2. CNBC analyst Brian Kelly, whose opinion is extremely authoritative in the crypto community, made a statement about his confidence in the inevitability of Bitcoin growth.
  3. Kaspersky Lab publishes a report according to which cybercriminals managed to steal $ 2.3 million worth of cryptocurrencies in the second quarter of 2018.

The combination of positive and negative news led to the market moving sideways. Learn about how the events of the past have affected the coins and what this week may have in store for the market from the review. To clarify the signals, the indicator was used «Alligator» and MACD.

Bitcoin

Last week, the BTCPay Server service opened the possibility of working with a full node of the coin for only $ 6 per month. Additional support for Bitcoin was the publication of news about the intention on the part of Coinbase to patent a safe way to use the coin as a payment instrument..

It should be noted that the uncertainty in the cryptocurrency market is largely growing due to the lack of a clear choice of the course of movement on the part of bitcoin. The resulting flat may well be considered as a kind of cumulative figure on the chart, after which a strong «bearish» or «bullish» traffic.

At the moment, some neutrality of the news background, as well as the general oppression of the market, which is responding to the desire of sellers to push the coin again to the level of mining profitability (marked with a blue line), allows us to note a tendency towards a negative outcome. In addition, the current flag-like trajectory may be a prerequisite for another global decline. The most likely turn is marked in pink. The dotted line marks the presumptive correction after exiting the figure.

Bitcoin Cash

Unexpected support for Bitcoin Cash came from Bitmain. The fact is that representatives of the company noted their interest in working with the coin against the continuation of the relationship with bitcoin. Another positive news was the announcement of the launch of futures at Crypto Facilities.

At the moment, the coin has some advantage over other market participants in the form of support from the news background. However, despite the growth opportunities, the general oppression of the market is quite likely «crush» «bulls» at the time of their release. The most likely trajectories of movement include the following:

  • Pink. Some growth margin can be realized in the form of a repeated rebound from the formed support of a short-term upward movement.
  • Green. In the event of an additional decline below the nearest stable level, followed by a rebound, the road to the next round of falling to a local minimum will be opened in front of the coin.

Ethereum

Ether has suffered more severely than others. Last week, its price managed to drop to the $ 300 threshold, which many users considered a stable level. However, the attempt to return to the set trajectory of the move turned out to be a failure. — repeated bounce created another obstacle for the coin.

Sideways market movement: overview of cryptocurrencies over the past week and forecast for the next

The seriously damaged coin is looking for ways to stabilize its position. Possible options for further movement include the following:

  • Pink branch. In case of positive news, the coin will face the possibility of some growth. Probably, the nearest stable level will act as resistance for the movement..
  • Green branch. If it is impossible to overcome the average stable level with a rebound from it, a corridor will open for a further decline.

Litecoin

The eToro report provided excellent support for the coin, according to which Litecoin more than other coins fits the concept «money». However, the news background could only help a few of the coin..

In the near future, under the general oppression of the market, the coin is most likely to remain in the sideways movement corridor with a pronounced negative coloration. The most likely trajectory is marked with a pink branch..

DASH

As the DASH team continues to defend the honor of anonymous cryptocurrencies, the general market sentiment does not ease its pressure.

Considering the general position of the market, as well as the indication data, the most likely options for further movement for the coin are as follows:

  • Pink branch. Despite being somewhat oversold, the DASH still has room for further decline. Probably, further movement will take place in the corridor between stable levels.
  • Green branch. In the case of activation of buyers through the implementation of some reduction, a rebound from the nearest stable level may lead the coin to some growth, followed by the desire of the price to continue the given downward trajectory.

EOS: forecast from an expert

FxPro Financial Analyst Alexander Kuptsikevich:

— Having collected a record $ 4 billion at ICO, absorbing the remnants of the crypto market optimism, EOS fell to December 2017 values ​​of about $ 5. Not because the project has unsolvable problems, and the network bandwidth is quite impressive, the prospects are also very good, and the project has room to move. But not within the framework of the crisis, the ideas of the entire cryptocurrency sector, for which EOS is a development platform.

The chorus of voices of crypto enthusiasts turned into a mosquito squeak, the community and investors quietly turned into sellers or holders at best, daily trading volumes for the coin cannot be called extremely low — about $ 0.7–1 billion, with EOS declining, which speaks of sales.

The fate of the project is inextricably linked with the prospects for the industry as a whole, and in the long term, after the disappearance of most of the altcoins, EOS has every chance of being at the heart of the new digital economy. In the short term, the coin may rise to $ 6.5 as part of the general market rebound, but it must be remembered that within the current «ice age» cryptocurrencies, any growth can be very limited and give way to new waves of sales.

Summing up

Thus, the cryptocurrency market is at a crossroads: coins do not have enough strength to grow, but they cannot afford to fall below the level of mining profitability. Exit from the formed sideways trend can demonstrate the chosen direction for further movement.

text: Evgeniya Likhodey

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