Weekly Analysis of BTC, ETH, and Altcoin Markets, June 3, 2024
An overview of BTC, ETH, SOL, MATIC, RNDR, WIF charts, and the current cryptocurrency market dynamics.
On this page
Bitcoin (BTC)
Currently, Bitcoin remains stable, fluctuating between the support range of $65,200–$66,800 and the resistance zone of $70,900–$72,700. This buyer support area has been tested several times, indicating a strong purchasing presence in the market.
Given the overall positive momentum of the cryptocurrency market, the continuation of Bitcoin's upward trend remains the most likely scenario. Therefore, it is anticipated that, possibly within this month, Bitcoin could reach a new all-time high of $73,778.
A local correction remains a plausible scenario as well. However, even a temporary dip to the support zone of $62,500–$63,500 is unlikely to signify a trend reversal. Therefore, such corrections should be considered potential opportunities for purchasing.
BTC H4 Chart
Ethereum (ETH)
Ethereum continues to perform well, trading above $3,800, bolstered by recent enthusiasm following the approval of an Ethereum ETF last week. The asset is maintaining its upward trajectory and looks set to continue.
The immediate target for buyers lies within the $4,000–$4,100 resistance zone. Considering its significant psychological impact, a pullback to the support levels at $3,600–$3,700, $3,528, and $3,300–$3,420 may occur. Such corrections should be viewed as opportunities to accumulate more ETH.
The bullish scenario for Ethereum should not be discounted unless the market faces strong negative fundamentals or a significant drop in Bitcoin's price.
ETH H2 Chart
Solana (SOL)
On a local scale, Solana’s market movement has been relatively flat, suggesting that a global timeframe analysis might be more revealing.
The asset has been trading within a narrow range, confined by support at $153–$161 and resistance at $174–$186. A breakout from this range will dictate Solana's next market trend. If the buyers gain the upper hand, the coin could move towards the next resistance level at $204.7, potentially setting sights on reaching a new all-time high at $260.
Conversely, in a bearish scenario, SOL might revisit the support level at $140, where it is likely that buyers would continue to accumulate long positions.
SOL D1 Chart
Polygon (MATIC)
MATIC continues to trade within a broad range between the support zone of $0.62–$0.67 and the resistance zone of $0.74–$0.77. Neither buyers nor sellers are currently showing significant activity, which has resulted in low volatility.
If MATIC can break through the current resistance, the next significant seller orders could emerge within the $0.83–$0.88 zone. Such movement could be triggered either by overall positive sentiment in the market or specific positive developments from Polygon.
Should a deeper correction occur, the coin might revisit the local low of $0.588.
MATIC H4 Chart
Render (RNDR)
Render has been trading within a broad sideways range between support at $9.00–$9.87 and resistance at $11.00–$12.00 for some time.
The bullish scenario appears more favorable, especially with the recent gains in BTC and other altcoins. If buyers successfully push past the current resistance, they may aim for the $12.72 mark next.
Conversely, a downward correction could send Render back to the support level of $8.03, a zone dense with buy orders.
RNDR D1 Chart
dogwifhat (WIF)
The market maker for the meme coin WIF is exhibiting strong performance. The asset maintains a clear upward trend without significant pullbacks.
Presently, the coin is near the support range of $2.84–$3.16. A successful defense of this zone would confirm the ongoing uptrend, with future targets set at $3.74–$4.07, $4.34, and $4.85.
Given the current peak in meme coin hype, a market correction appears unlikely at this moment.
WIF H4 Chart
BTC Dominance, Altcoin Season Index, and Fear and Greed Index
Bitcoin's dominance has seen a slight increase and is currently at 54.42%. Overall, the market has not undergone significant price changes, which reinforces Bitcoin's substantial lead over other cryptocurrencies.
BTC Dominance Index. Source: tradingview.com
The Altcoin Season Index remains steady from last week at 35 points, highlighting the continuing strong investor interest in Bitcoin.
Altcoin Season Index. Source: blockchaincenter.net
The Fear and Greed Index is at 73 points, slightly down by one point from last Monday, suggesting that the enthusiasm among retail cryptocurrency buyers is still strong.
Fear and Greed Index. Source: coinstats.app
Economic News
This week will see updates on several macroeconomic indicators:
- U.S. Manufacturing PMI (Monday, June 3);
- The number of job openings in the U.S. labor market (Tuesday, June 4);
- Crude oil inventories (Wednesday, June 5);
- The number of initial jobless claims in the U.S. (Thursday, June 6);
- Non-farm payroll employment changes and the unemployment rate in the U.S. (Friday, June 7).
Particular attention should be paid to Friday's events, as they could induce notable market volatility. It's advisable to remain cautious during these data releases.
Check out The Coinomist 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 The Coinomist:
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
