Market Analysis
Members Breakdown - 10 June 2021
From a technical analysis perspective, BTC is still trading in a range. If a breakout is seen on a daily time frame from $40,000 then BTC would likely rally towards $45,000 shortly after it. It is worth noting that this type of sharp correction takes time to recover from and by "recover" we mean to get back to the $60,000 high and back in full-bull mode.
BTC
Bitcoin has been rallying on the bullish El Salvador news and the potential domino effect that it is kickstarting.ETH
ETH is holding $2,500 as support which further communicates that $3,200 is likely coming next. Level must hold though.RUNE
RUNE must reclaim $10.35 in order to retest $12.85. The reason we're saying $12.85 is because that is the level at which price would re-enter bull territory. Right now RUNE is communicating that it may start ranging until it is able to tackle $12.85 on two consecutive daily candles.SNX
SNX is taking a step back and reclaiming the broken support but for conviction, we'll need to see a daily closure above $12.40. If we look at the SNX/ETH ratio to see who's likely to outperform in the coming weeks - it does seem like SNX would outperform ETH in the summer of 2021 given the fact that it is approaching support.SOL
$40.75 stands as support which communicates that $50 is upcoming next.DOT
DOT's price action is still ranging. Upon a daily closure above $27, DOT would start rallying towards $40. However, the breakout should happen before assumptions are made.SRM
$4.50 back as resistance. SRM can range and do whatever it wants but $3.79 must be protected.FTT
FTT still consolidating under $35 after having tested $25 as support. If $35 is reclaimed then $43 would be next. Otherwise, $25 is on the cards.
Total CRYPTO Market Cap
Still the determining factor of what happens next. Monitoring this chart for a range breakout will be very beneficial for the next few weeks in order to anticipate what the market does next. We still attribute higher odds to an upside breakout.Disclaimer: NOT FINANCIAL NOR INVESTMENT ADVICE. Only you are responsible for any capital-related decisions you make and only you are accountable for the results.
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