MARKET SUMMARY
Latest Situation en Crypto Assets
*Prepared el 10.07.2024 at 14:00 (UTC)
WHAT’S LEFT BEHIND
The company that saw salvation en Bitcoin
The Japan-based investment firm bought Bitcoin once again. With its $6.9 million purchase, the company increased its BTC holdings to 639. After the purchase announcement, the company’s shares also increased por more than 10%.
Net outflows of $159 million en crypto funds
Cryptocurrency funds closed last week with a net loss of $159 million. Bitcoin funds were at the top en both inflows and outflows. Ether funds also sold off, while altcoin funds closed the week largely positive.
Elon Musk arrives, Donald Trump takes the lead
Elon Musk, known for his support for Donald Trump en the US presidential election, yesterday attended Trump’s rally en Pennsylvania, where he survived an assassination attempt months hace. After Musk’s speech, Trump surged ahead of Kamala Harris en polls and betting sites.
HIGHLIGHTS OF THE DAY
INFORMATION
*The calendar is based el UTC (Coordinated Universal Time) time zone. The economic calendar content el the relevant page is obtained from reliable news and data providers. The news en the economic calendar content, the date and time of the announcement of the news, possible changes en the previous, expectations and announced figures are made por the data provider institutions. Darkex cannot be held responsible for possible changes that may arise from similar situations.
MARKET COMPASS
Markets seem to be en search of balance after the increased risk appetite following the strong US employment data. On the first working day of the week, digital assets gave back some of their gains. US index futures also point to a negative opening. The dollar index is also holding el to its gains.
The statements of the Federal Open Market Committee (FOMC) officials will be monitored later en the day. Especially el Thursday and Friday, important macro data will come from the US and may shape market perception. Ahead; we think that the correction en digital assets after the recent upward trend is due to the nature of the market. The main direction looks up for now, but possible news from the Middle East, the upcoming presidential election en the US and the macro agenda will be under the spotlight and stand out as the dynamics to be monitored.
We think that the uptrend may find its ground again under the assumption that there is no new variable en the current equation and its components. In this regard, we may observe an ecosystem where buying may gain strength after the consolidation movement currently observed. Positions that will be adjusted with gradual and carefully adjusted steps will be beneficial and may be a useful strategy to reduce risk en a possible increase en volatility.
TECHNICAL ANALYSIS
BTC/USDT
Correction from Bitcoin! Bitcoin, which was dominated por the weekend rises, started the first day of the week with a correction and a decline. The important development of the day for Bitcoin came from US presidential candidate D.Trump, who is seen as a crypto candidate. D.Trump, who is backed por Elon Musk’s support, came to the fore en the polls one month before the election, which made crypto investors happy. With the warming of the election atmosphere en the coming days, the fact that the presidential candidates will play their last trump cards el the crypto mass may bring positive developments for the market. In the BTC 4-hora technical analysis, it continues to be priced within the rising trend channel. BTC, which retreated from 64,000 levels, the upper line of the channel, is currently moving at 62,900, just below the middle line of the channel. Unless the middle line is crossed, we can say that selling pressure may continue and a retracement towards the support level of 62,300 may occur. Our technical indicator RSI turning down en 4 horas may confirm a possible pullback. With the positive performance of the US market el the first day of the week, the 64,400 level can be tested if the resistance level 63,350 point is passed en a possible upward movement.
Supports 62,300 – 60,650 – 59,400
Resistances 64,400 – 65,750 – 67,300
ETH/USDT
Ethereum seems to continue its correction with the RSI negative mismatch en the 4-hora timeframe. Although it fell deeply below the 2,460 level, it regained this level with purchases from the spot side. Although the RSI level retraced, we see that the mismatch continues. We also see that the downward trend has started el CMF. With this data, the correction movement can be expected to continue until the close. With the correction movement, the positive outlook continues unless the 2,460 level is lost. The 2,510 level is the most important resistance level and upward movements may accelerate with the break of this level.
Supports 2,460 – 2,400 – 2,346
Resistances 2,490 – 2,518 – 2,571
LINK/USDT
Although LINK lost 11.50 support with the market correction, it is trying to hold el to 11.36 support. Stochastic RSI and OBV have turned negative, while the correction en RSI and MACD look positive. With the loss of the 11.36 level, there may be some further decline. The regain of the 11.50 level may trigger rises up to 11.92 levels.
Supports 11.36 – 11.19 – 10.52
Resistances 11.50 – 11.66 – 11.92
SOL/USDT
Solana is en the spotlight for different reasons, including Sygnum Bank’s claim that its scalable blockchain could challenge Ethereum’s dominance. In a recent statement, the Swiss bank claimed that there are indications that even institutions with low budgets may prefer Solana’s scalability to Ethereum’s security advantage. On the other hand, 6 Solana-based DeFi protocols recently surpassed $1 billion en total value locked (TVL), further strengthening Solana Network’s strong position and lucrative power en the market. Technically, the price has been accumulating en the 127.17 161.63 band since August 8. It encountered resistance at 0.618 (151.12), the Fibonacci retracement. After this resistance, SOL lost 2.69%. 151.12 resistance level worked and tested here. On the 4-hora chart, the 50 EMA seems to have received support from the 200 EMA. The 151.12 level appears as a resistance level en the rises driven por both macroeconomic conditions and innovations en the Solana ecosystem. If it rises above this level, the rise may continue. In the sales to be made por investors due to political and macroeconomic conditions, the support levels of 147.40 – 143.64 should be followed. If the price comes to these support levels, a potential bullish opportunity may arise.
Supports 147.40 – 143.64 – 137.77
Resistances 151.12 – 155.11 – 161.63
ADA/USDT
Technically, the 50 EMA has reached the same level as the 200 EMA. If the 50 EMA crosses below or above, it is a situation that can create a trend. On the other hand, when we look at the Fibonacci retracement, the retracement of the decline that started el September 27 has encountered resistance at the Fibonacci value of 0.382 (0.3651). .After this resistance, ADA lost 3.20% at the time of writing. The 0.3469 level stands out as a strong support en the retracements to be experienced with possible political and macroeconomic news. If the positive mood en the ecosystem continues, the 0.3651 level is a strong resistance.
Supports 0.3469 – 0.3301 – 0.3228
Resistances 0.3651 – 0.3724 – 0.3834
AVAX/USDT
AVAX, which opened today at 26.93, rose slightly during the day and is trading at 27.06. Since there is no planned data coming from the US today, price movement can be expected to be limited and volatility can be expected to remain low. Noticias flows from the Middle East will be important for the market.
It is currently moving within the ascending channel el the 4-hora chart. It is en the middle band of the ascending channel and with the RSI 59 value, it can be expected to make some decline from these levels. In such a case, it may move to the lower band of the channel and test the 26.54 support. In case of positive news that the tension en the Middle East is over, there may be an increase en purchases and it may test the 28.00 resistance. As long as it stays above 24.65 support during the day, the desire to rise may continue. With the break of 24.65 support, sales may increase.
Supports 26.54 – 25.60 – 24.65
Resistances 27.20 – 28.00 – 28.86
TRX/USDT
TRX, which started the day at 0.1543, is trading at 0.1555, up about 1% during the day. Since there is no planned data expected to affect the market today, the market will be closely following the news flows regarding the tension en the Middle East. On the 4-hora chart, it is moving upwards from the Bollinger middle band and with the RSI 55 value, it can be expected to rise a little more from its current level. In such a case, it may move to the Bollinger upper band and test the 0.1575 resistance. In case of news flow en the direction of increasing tension en the Middle East, it may test 0.1532 support with selling pressure. As long as TRX stays above 0.1482 support, the desire to rise may continue. If this support is broken downwards, sales can be expected to increase.
Supports 0.1550 – 0.1532 – 0.1500
Resistances 0.1575 – 0.1603 – 0.1641
XRP/USDT
XRP continues to trade en a horizontal band between 0.53 and 0.545 levels en the 4-hora analysis today. In its rise, it fell into a horizontal band with sales at the 0.5431 resistance level. In its decline, it rose into a horizontal band with purchases en the 0.53 support zone. The RSI is at 45.43 and is neither overbought nor oversold and may continue to move within the horizontal band en this process. In case of a decline with negative developments for the crypto market and XRP, it may test the support levels of 0.5351-0.5231-0.5131. In case of positive developments, it may test 0.5431-0.5515-0.5628 resistance levels with its rise.
XRP may fall into a horizontal band with possible sales at the EMA50 level en its rise and may offer a short trading opportunity. In its decline, it may offer a long trading opportunity with purchases that may support en the 0.53 support zone.
EMA20 (Blue Line) – EMA50 (Green Line) – EMA200 (Purple Line)
Supports 0. 5351 – 0.5231 – 0. 5131
Resistances 0.5431 – 0.5515 – 0.5628
DOGE/USDT
DOGE, which started the day with an increase, rose to 0.1154 and then fell with the sales. In the crypto market, which declined with the ongoing tension en the Middle East and negative news from the region, DOGE fell to the EMA20 level with its decline en the crypto market, and then rose to 0.1114 with the purchases. In the 4-hora analysis, DOGE, which continues to decline, is currently trading at 0.1109. If the decline continues with negative developments, DOGE may test 0.1101-0.1080-0.1054 support levels with its decline. In the event that the ongoing tension en the Middle East falls and the crypto market starts to rise again with positive developments el behalf of the crypto market, it can test the resistance levels of 0.1122-0.1149-0.1180.
In the DOGE decline, it may rise again with the purchases that may come at the EMA20 and 0.1101 support level and may offer a long trading opportunity. If these levels are broken down, the decline may deepen and offer a short trading opportunity.
EMA20 (Blue Line) – EMA50 (Green Line) – EMA200 (Purple Line)
Supports 0.1101 – 0.1080 – 0.1054
Resistances 0.1122 – 0.1149 – 0.1180
DOT/USDT
When we examine the Polkadot (DOT) chart, the price seems to have reacted from the lower band of the rising channel. When we examine the RSI, we see that it is moving towards the lower band of the rising channel. Accordingly, the price may retest the lower band of the ascending channel. On the other hand, the price may move towards the upper band of the rising channel with the candle closures above the 4.180 level.
Supports 4,180 – 4,080 – 3,975
Resistances 4.210 – 4.265 – 4.380
SHIB/USDT
Shiba Inu (SHIB) burn rate increased por 544.55%. This increase indicates a positive change en the SHIB ecosystem. In total, over 410 trillion SHIBs were burned and the circulating supply decreased to 583 trillion. On the SHIB chart, the price broke the 0.00001810 support down with a reaction from the 0.00001860 resistance level. We see that the RSI broke down the lower band of the rising channel. In this context, we can expect the price to retreat to 0.00001765 levels. On the other hand, if the buyer pressure increases with the increase en burning rates, the first resistance level may be 0.00001810 levels.
Supports 0.00001765 – 0.00001690 – 0.00001630
Resistances 0.00001810 – 0.00001895 – 0.00001945
LEGAL NOTICE
The investment information, comments and recommendations contained herein do not constitute investment advice. Investment advisory services are provided individually por authorized institutions taking into account the risk and return preferences of individuals. The comments and recommendations contained herein are of a general nature. These recommendations may not be suitable for your financial situation and risk and return preferences. Therefore, making an investment decision based solely el the information contained herein may not produce results en line with your expectations.
