Weekly Analysis of BTC, ETH, and Altcoin Markets, June 25, 2024
An overview of BTC, ETH, ARB, IMX, MKR, INJ charts, and the current cryptocurrency market dynamics.
On this page
Bitcoin (BTC)
Bitcoin’s correction continues. The asset hit a new local low of $58,486 on Monday evening, marking a 10% decline over the week.
Currently, Bitcoin trades above the support zone of $58,500–$60,000. If buyers fail to hold this range, BTC could potentially fall to between $54,500 and $56,900, and may even test a further low of $54,000.
However, this dip is still part of a broader upward trend, and shouldn't necessarily be viewed negatively. Bitcoin's rise could resume once it firmly surpasses the resistance levels between $64,400 and $65,400 and approaches the $66,800 mark. Beyond this, BTC could aim for targets in the $71,000–$72,700 range.
BTC H2 Chart
Ethereum (ETH)
Ethereum continues to show a high correlation with Bitcoin. ETH has updated its local low at $3,239, but the coin is currently receiving support from the strong zone of $3,230–$3,350.
The market's response to this range will likely determine the coin’s further movement. In a positive scenario, ETH could quickly reach the resistance zone of $3,650–$3,720 and break through it, which would signal the end of the correction.
Conversely, a deeper correction could push Ethereum down to the buyer level of $3,150.
ETH H3 Chart
Arbitrum (ARB)
As always, altcoins struggle during any Bitcoin correction. The ARB chart is currently exhibiting a similar pattern. A week ago, the coin reached its ATL of below $0.740, and it is now trading sideways between the support of $0.730–$0.760 and the resistance of $0.810–$0.855.
The prevailing scenario for ARB suggests a continuation of the decline. Identifying the next support level is challenging, as the ARB price has never been this low.
Discussions of a trend reversal can only begin once the price consolidates above the $0.94 level.
ARB H2 Chart
Immutable (IMX)
After reaching a new all-time high in March 2024, IMX has undergone a significant correction, now down by 61%. The asset has reached a critical support level at $1.40, a point dense with buy orders.
The next steps for IMX will depend heavily on Bitcoin's performance. Should BTC hold its current levels, IMX might initiate a local upward movement to challenge the resistance zone between $1.65 and $1.85.
The end of the downtrend can only be confirmed once IMX's price consistently exceeds $2.23, a milestone that requires some patience from investors.
IMX D1 Chart
Maker (MKR)
MKR has been trading in a sideways range for several weeks, oscillating between the support zone of $2,070–$2,170 and the resistance zone of $2,500–$2,600. This altcoin has shown resilience compared to others, suggesting strong buying interest.
Should the BTC correction persist, MKR might test a robust support level at $1,992 or even briefly fall below it. However, there is no significant downside visible for the coin at the moment.
A return to an upward trend for MKR will be indicated by the price securing above the $2,697 seller level.
MKR H4 Chart
Injective (INJ)
INJ is currently trading within a support range of $16.6–$20.0. This zone is pivotal for the future of Injective.
If buyers can maintain their positions and keep the price above $16.6, INJ may resume its upward trajectory, potentially reaching first the $25 mark and then advancing to the seller zone at $31.0–$34.6.
Conversely, if this support fails, INJ faces the possibility of a prolonged decline and continual setting of new lows.
INJ D1 Chart
BTC Dominance, Altcoin Season Index, and Fear and Greed Index
Bitcoin's dominance has seen a slight decline, nearly 1% last week, currently standing at 54.65%. Its stronghold in the market remains firm, with alternative coins growing too slowly to challenge this, hence the high dominance has been sustained for an extended period.
BTC Dominance Index. Source: tradingview.com
The Altcoin Season Index has decreased by 2 points, now at 24, reflecting the continued lack of investor interest in alternative coins and a predominant focus on BTC.
Altcoin Season Index. Source: blockchaincenter.net
The Fear and Greed Index, for the first time in several months, has dropped below the neutral mark, now at 30 points, indicating fear in the market. Just last week, the index was indicative of greed among traders. This shift marks a negative turn in buyer sentiment and suggests a potential deepening of the market correction.
Fear and Greed Index. Source: alternative.me
Economic News
This week will see the release of key macroeconomic indicators, including:
- US Consumer Confidence Index (Tuesday, June 25);
- New home sales and crude oil inventories (Wednesday, June 26);
- US first quarter GDP and initial jobless claims (Thursday, June 27);
- Core Personal Consumption Expenditures (PCE) Price Index (Friday, June 28).
Thursday's events are especially significant as they are likely to have the most substantial impact on cryptocurrency prices. Other news throughout the week may also lead to temporary spikes in volatility.
Check out GNcrypto for the latest cryptocurrency rates and chart analysis.
Disclaimer
Please note that the analysis provided above should not be considered a trading recommendation. Before opening any deals, we strongly advise conducting your own research and analysis.
Abbreviations
TF (Timeframe) — a chronological period equal to the time it takes to form one Japanese candle on the chart.
Horizontal channel (flat, sideways, range) — the price movement between support and resistance levels, without going beyond the given range.
К — simplified designation of one thousand dollars of the asset price (for example, 23.4K – $23,400).
Gray range on the chart — a support zone.
Red range on the chart — a resistance zone.
Correlation — the tendency of prices of different cryptocurrencies to move in sync, often influenced by the dominance of one of the assets.
Initial materials
This analysis was informed by the following educational materials and articles from GNcrypto:
- TOP 5 Useful Chart Analysis Tools on TradingView
- How Are Trading Volumes Useful in Cryptocurrency Analysis?
- Candlestick Patterns: Types and How They Work in Trading
- The Most Popular Chart Patterns for Crypto Trading
The content on The Coinomist is for informational purposes only and should not be interpreted as financial advice. While we strive to provide accurate and up-to-date information, we do not guarantee the accuracy, completeness, or reliability of any content. Neither we accept liability for any errors or omissions in the information provided or for any financial losses incurred as a result of relying on this information. Actions based on this content are at your own risk. Always do your own research and consult a professional. See our Terms, Privacy Policy, and Disclaimers for more details.
Articles by this author
