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23.06.202118:28 Forex Analysis & Reviews: Market found the bottom: altcoins recover positions and approach local highs

This week has become very painful for the crypto community. The market failed to launch a bullish trend, and a correction began. The total capitalization of all coins sank to $1.1 trillion, and on June 23, cryptocurrencies have already reached local lows. However, over the past few hours, there has been a trend towards a reversal of the downward movement. Altcoins began to rise in price, bitcoin managed to climb to a safe mark, and the total market capitalization increased by 17%, to $1.4 trillion.

Ethereum indicators have resumed growth thanks to a combination of positive personal and general factors. The cryptocurrency dropped below the $2,000 mark and reached a record low level of social activity. This was due to the negative background around the crypto market and the uncertainty of retail investors. Like the entire market, ethereum hit the bottom, thanks to which it managed to push off and reverse the movement of quotes. Over the past day, the cryptocurrency has risen in price by 14% and again exceeded the mark of $2,000. Ethereum continues to fluctuate around $2,000, but, given the local trend in the market, it will gain a foothold above it. This is an extremely important milestone for private traders, who took it as a positive boost. The main indicators of the MACD and RSI indicate a local bullish mood. This is also evidenced by the two-hour analysis of the movement of ETH/USD quotes (+0.5). At the same time, daily trading volumes remain at an average level, around $35 billion, and show a sharp increase. In the near future, the asset will continue to recover its positions, and the main resistance zone for ETH will be around $2,500. Taking into account the upcoming London update and the low fees in the cryptocurrency network, reaching the local maximum will be a matter of time.

Exchange Rates 23.06.2021 analysis

Against the background of the general euphoria, the Ripple token is actively restoring its position. The cryptocurrency found strong support in the area of $0.523 and pushed off from it. The coin successfully overcame the local correction zone near the $0.58 mark, but continued to move up. Over the past day, XRP has risen by 22.5%, and as of 14:00 UTC is quoted at $0.645. The total capitalization of the cryptocurrency has reached $30 billion, and daily trading volumes continue to grow. At the same time, the narrow dynamics of the movement of quotes remain positive (+1%), which indicates continued growth. Despite this, the RSI indicator shows a bearish mood, and you should not count on a long and steady growth of the cryptocurrency at the current stage. The same can be seen on the horizontal charts. In the near future, the cryptocurrency will try to reach the $0.7 mark, but everything will depend on the mood of investors and the situation with the news background.

Exchange Rates 23.06.2021 analysis

Litecoin indicators also made a powerful jump and reached the level of $127. The nearest border for an assault is $130. The cryptocurrency has risen in price by 20% over the past day and shows excellent dynamics of the growth of quotes in a few hours. The main indicators of the asset's RSI and MACD foreshadow a short-term bullish mood, but in the longer term, the coin will experience problems. In the near future, the maximum that Litecoin can give is around $140. However, this scenario is possible if the market and investors are in a favorable mood.

Exchange Rates 23.06.2021 analysis

It is obvious that after several high-profile collapses during this week, the cryptocurrency market has found the bottom. Having pushed off from it, the main coins began to show rapid growth, which will soon slow down significantly. This will be affected by the news background, the achievement of certain psychological thresholds, and the decline in social activity in cryptocurrency networks. An extremely important factor in the current recovery of cryptocurrencies was the complete recovery of the negative from China, which was supported by a positive announcement from the payment giants. Visa and PayPal partnered with Blockchain Capital, a venture fund that created a $300 million reserve fund. In the near future, the coins will continue to grow on the positive announcement, as well as due to favorable positions for entering the market.

*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.

Artem Petrenko,
Analytical expert
InstaForex Group © 2007-2021
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