Since our cryptocurrency update last weekend, it’s time to update our cryptocurrency charts after recent movements which took place during the downturn. As every Sunday, this will be an opportunity to reveal the market’s technical situation and the dynamics that we are likely to experience in the coming weeks by setting the bias according to the thresholds that we will determine. Without further ado, let’s head over to TradingView and start analyzing.
Capitalization causes downward reintegration
What we can see from last week is autumn which took place on the total market capitalization, combining the value of all ecosystem assets. While 2.4 trillion dollars regained during May, allowing the market to build support in hopes of resuming the upper bound at 2,625 billion dollarsthe trend eventually reversed, leading the market to break below this pivot at $2.4 trillion.
What is worth noting is that the sellers have managed to take over the buyers and are leading the entire market on a bearish path. In the second half of June, the market will have to resume the upward momentum with reintegration as quickly as possible technical pivot. If successful, it will demonstrate the presence of buyers hoping for new highs in 2024. However, the current bias appears more like neutral with objective potential 1.777 billion dollars (lower limit of the weekly range).
It is therefore advisable to arm yourself with patience and try to take advantage of the dynamics that can take place in this technical zone, which is still quite wide.
Altcoins also have problems
As for the altcoins we didn’t analyze last week, we had to too movement. However, this turns out to be in continuity of dynamics of total capitalization market. If bitcoin and ether fall while partially leading the previously studied capitalization according to the ratio they represent, it will be complicated for altcoins disconnect (although it can happen sometimes).
Return under technical area to 640 billion dollarsaltcoins are in trouble and evidence of presence sellers for several days. Given the lack of momentum in recent months, it’s a safe bet that altcoins will extend the current momentum by initially heading towards 597 billion dollars.
To be back in the game, in addition to having to defend the zone below $597 billion no matter what, the buyers will need to regain the recently lost technical zone as quickly as possible, allowing them to gain strength and I hope to return summits in 2024. As for the dominance of Bitcoin, there is nothing concrete to report as it is constantly evolving 55.14%. We’ll have a chance to talk more about him next week when his momentum really develops.
Dead calm for the cryptocurrency prince
This is the situation on the Ethereum side inevitably similar until last week since the development of bitcoin dominance is non-existent. The other one stayed on the same technical thresholddynamics on the side of the ETH/BTC pair is in line with slowed volatilitybuyers sidelined in a particular market context slowpartially marked with early summer for this year 2024.
However, it is clear that the rebound that is taking place in the pivot zone that we identified earlier several months it is not within the crypto point of the weekend not negligible. After reintegrating the previous range, the ETH/BTC pair is trying to recover from risewhich will allow the ether to gain strength and provide context that we hope will altcoin friendly. For the moment,uncertainty is still relevant. For this scenario to come true, a break would be ideal 0.06 BTC with the aim of reversing the lateralization trend of this year 2024.
Capitalization of decentralized financial cryptocurrencies is rejected
In recent weeks, we did not have the opportunity to devote the expert part to the decentralized financial sector. However, in recent days, like the rest of the market, we can see some moves down. Since April, the sector appears to be building a lateralization zone between 85 and 110 billion dollars.
The last few weeks have been marked by a accumulation below the upper limit. However, buyers were surprised and rejected at the resistance zone. Followed by a will fall below $102 billion (technical support), the market accelerated downwards and now stands at $90 billion. Whatever happens, the goal isavoid falling below the $85 billion floorwhich will allow the sector to defend the support zone and hope to build a rebound towards the upper limit.
To achieve such an outcome, the cryptocurrency market will need to make a change quickly. reversal trend. It is characterized in its generality by a strong fall on various graphs that we had the opportunity to study earlierbitcoin dominance stamina as well as ethereum proving that altcoins are in great difficulty for several days. This explains especially a lack of new participants, little liquidity at present and above all a sales pressure constant with the release of tokens to the market.