Technical Analysis
BTC/USDT
Although the crypto market and Bitcoin had a relatively quiet day, the only development of the day came from GameStop, which has recently made a name for itself with Bitcoin purchases. With GameStop’s purchase of 4,710 BTC, the Bitcoin reserve strategies of corporate companies continued to expand. In the rest of the day, the statements of the Fed members and the statements regarding the sector will be followed on the second day of the conference.
Looking at the technical outlook, BTC continued to move within the downtrend structure during the day and fell to 108,200 levels. Reacting from this level and turning its direction upwards again, BTC continues to push the minor resistance point of 109,000 for the moment. Touching the SMA 50 line, BTC displays an indecisive image by giving a doji candle image in the last 3 candles. With the recent price action, it is noteworthy that the sell signal on the wave trend oscillator in the technical structure has started to weaken. Although this signal is likely to turn back to buying for the rest of the day, this needs to be supported by momentum indicators. In case momentum picks up, the 110,000 level stands out as a resistance point, while exceeding this level may enable BTC price to bring the ATH level back to the agenda. However, if an upside breakout does not materialize and selling pressure increases again, the 107,300 level, which coincides with the middle line of the falling trend band, will be followed as the first support point. As a matter of fact, liquidation data is an obstacle to this uptrend, while buying positions are still dominated.
Supports 107,300 – 105,800 -105,000
Resistances 109,000 – 110,000 – 111,960
ETH/USDT
ETH started an upward movement during the day with the effect of positive technical signals that came to the fore in the morning and rose to $2,680 levels.
The Chaikin Money Flow (CMF) indicator remains in positive territory and is trending upwards. This suggests that the amount of capital entering the market is increasing, meaning that demand for ETH remains strong. On the Ichimoku indicator, the fact that the price is still above the kumo cloud is a positive technical signal. This suggests that the general trend of the market is upwards, and this trend can be sustained as long as it does not break below the cloud support. Moreover, the Tenkan line is trending upwards and accompanying the price action, suggesting that the current trend is supported in terms of both momentum and direction. The Relative Strength Index (RSI) indicator is another important element that supports the technical structure. The RSI remains above the based MA line and maintains its upward slope. This shows that the market momentum is still up, meaning that the buying appetite continues unabated.
When all this data is considered together, the probability of ETH continuing its upward movement in the short term seems technically quite strong. Especially in the evening hours, if it stays above the Tenkan level, the price can be expected to test the resistance at $2,736. Since this level is an area where the price has struggled in the past, it is possible that the upward movement may gain momentum, and higher targets may be on the agenda. However, in the other scenario, that is, if the Tenkan level is broken downwards, the possibility that the price may retreat to $2,533 should not be ignored.
Supports 2,533 – 2,254 – 2,029
Resistances 2,736 – 3,062- 3,246
XRP/USDT
XRP was priced around the $2.30 level, remaining within a limited movement area due to the weak outlook in technical indicators during the day. While a directionless and cautious atmosphere prevailed in the market in general, remarkable changes have been observed in some technical indicators in recent hours.
The Ichimoku indicator, in particular, shows a classic buy signal as the Tenkan line crosses the Kijun line to the upside. This crossover is usually considered a bullish signal. However, the fact that the price is still below the kumo cloud suggests that this signal is not fully supported by the market. In other words, although technically a buy signal has formed, the current position of the price limits its credibility. The Chaikin Money Flow (CMF) indicator, on the other hand, has entered a partial recovery process after the recent decline. The fact that CMF has started to move away from the negative zone indicates that the selling pressure has started to weaken and the market has started to attract a limited amount of buying liquidity again. However, it is too early to say that this recovery has turned into a clear uptrend. Relative Strength Index (RSI) is still structurally weak. Although the indicator is far from the oversold zone, it has not been able to turn its direction upwards and the lack of momentum is noticeable. This indicates that the price does not yet have the necessary strength for an upward move and market participants are cautious.
When the overall outlook is evaluated, technical indicators have not yet produced signals to support the start of a strong uptrend. It seems likely that the price will remain horizontal at these levels for a while and continue the accumulation process. This consolidation process may be important for the formation of stronger technical signals. On the other hand, the risk of acceleration of the downward movement and sharp sales should not be ignored in case of a decline below the $2.27 level. This level is a critical support for the short-term outlook.
Supports 2.2154 – 2.0841 – 2.0402
Resistances 2.3928 – 2.4765 – 2.5900
SOL/USDT
Solana balances fell to a 2022 low: Only 27.01 million SOLs remain in CEXs.
The SOL price was slightly down during the day. The asset continues to accumulate between $163.80 and $181.75. The price continues to test the uptrend that started on May 19 as support. If it breaks to the downside, the $163.80 level could be triggered. On the 4-hour chart, the 50 EMA (Blue Line) continued to remain above the 200 EMA (Black Line). This suggests that the uptrend may continue in the medium term. Also, the fact that the price is between both moving averages indicates that the market is currently in a decision-making phase. Chaikin Money Flow (CMF-20) is in positive territory; in addition, a decline in daily inflows could move CMF into negative territory. Relative Strength Index (RSI-14) is back in negative territory. It also remains below the uptrend that started on May 25. This indicates an increase in selling pressure. In case of an uptrend on the back of macroeconomic data or positive news on the Solana ecosystem, the $181.75 level stands out as a strong resistance point. If this level is broken upwards, the rise can be expected to continue. If there are pullbacks due to contrary developments or profit realizations, the $163.80 level may be retested. In case of a decline to these support levels, the increase in buying momentum may offer a potential bullish opportunity.
Supports 171.82 – 163.80 – 150.67
Resistances 181.75 – 189.54 – 200.00
DOGE/USDT
DOGE price moved sideways during the day. The asset remained below the 50 EMA (Blue Line) and the uptrend that started on May 17. The slightly bullish asset is poised to test the 50 EMA moving average as resistance. However, if the retracement continues, the strong support at $0.21154 may be triggered. On the 4-hour chart, the 50 EMA (Blue Line) continued to hold above the 200 EMA (Black Line). The fact that the price remains between the two moving averages suggests that it is in the decision phase in the short term. The Chaikin Money Flow (CMF-20) indicator is in positive territory. In addition, negative money inflows may move CMF into negative territory. Relative Strength Index (RSI-14), on the other hand, moved into negative territory and signaled increased selling pressure. The $0.25025 level stands out as a strong resistance zone in case of possible rises in line with political developments, macroeconomic data or positive news flow in the DOGE ecosystem. In the opposite case or possible negative news flow, the $0.21154 level may be triggered. In case of a decline to these levels, the increase in momentum may start a new bullish wave.
Supports 0.21154 – 0.19909 – 0.18566
Resistances 0.22632 – 0.25025 – 0.28164
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