Bitcoin, Tezos, Dash Price Analysis: 23 June
The cryptocurrency market appeared volatile over the weekend, however, the overall daily price action did not reflect much deviation in price. The Bitcoin market noted growth as a strong green candle was visible on the charts, with the same reflected by the rest of the altcoin market. However, despite some degree of growth on the charts, the cryptocurrency market saw no evidence of strong bullish momentum.
After the world’s largest cryptocurrency surged by almost 6% yesterday, BTC was being traded at $9,607, at the time of writing. This pushed it closer to its immediate resistance at $10,013.65, while the closest support point was at $9,176.14, a level the coin has not slipped under yet in the month of June.
Given Bitcoin’s market momentum, the Parabolic SAR underlined a bearish phase for the market. The markers were observed to be aligned over the price candles as the price was trending lower, at press time.
As a huge Bitcoin Options expiry worth over $1 billion approaches, the price could be at an inflection point, a development that could potentially swing the coin’s movement.
Like most cryptos, even Tezos’ market has been stuck in sideways movement, with its price bouncing between $2.5 and $2.7, at the time of writing. At press time, XTZ was being traded at $2.64, while the resistance lay at $2.77 and support remained at $2.41. However, over the past week, XTZ’s market had become more volatile.
This was confirmed by the Bollinger Bands, with the indicator diverging on the charts after the fall on 11 June. The signal line noted the falling price of the digital asset as it slipped above the candlesticks after the aforementioned all.
Recently, the price of Tezos was reporting an uptrend after Coinbase added staking support for the coin. However, the said growth was only temporary. Despite the present downward movement, interestingly, Tezos was still reporting returns of 97% YTD.
Dash has been hailed for its privacy-centric features and its growth in the market has definitely helped its standing in the market. The cryptocurrency was returning 74.97% to its investors in 2020, and even after being hit by volatility, the crypto was valued at $71.70, at press time, while resistance was higher at $80.60 and support lower at $65.42.
Due to strong growth trends, the fall of 11 June impacted the price of the coin, but the cryptocurrency has since been climbing.
According to the MACD indicator, the coin was in the sellers’ zone as the bars were below zero. However, the bars weren’t as negative, underlining the fact that the selling pressure was running out of steam.