Equally to Might, the month of June has been bearish for the cryptocurrency market. Whereas Bitcoin (BTC) stemmed its fall, reducing by solely 7%, quite a few altcoins have resumed the lower from the earlier month.
The ten altcoins that elevated probably the most in June are:
QNT : 67%
AMP : 50%
PHA : 26%
WAVES : 22%
CREAM : 20%
TFUEL : 17%
KAVA : 14%
SYLO : 11%
TOMO : 10%
HARD : 9%
QNT was topic to very attention-grabbing motion within the month of June. The token had been consolidating contained in the $40-$55 space for roughly 90 days, starting in March. Afterwards, it managed to interrupt out on June 15 earlier than validating the breakout stage of $58 as help on June 22. This led to an all-time excessive worth of $106 being reached on June 25.
Nonetheless, QNT has been falling since. As well as, technical indicators are displaying weak spot, seen by the bearish divergence within the RSI and bearish cross within the Stochastic oscillator (purple circle).
The closest help space is at $58, whereas the following resistance is at $130. It’s created by the two.61 external Fib retracement stage.
Equally to QNT, AMP additionally broke out and managed to succeed in a brand new all-time excessive in June. It did so on June 16, with a excessive of $0.121.
The excessive was reached very near the 1.61 exterior Fib retracement stage at $11.
AMP has been falling since reaching the aforementioned excessive. It has damaged down beneath the $0.077 space, which was anticipated to behave as help.
It’s now approaching the $0.04 horizontal help space and has reached an ascending help line.
Nonetheless, technical indicators are bearish, supporting the likelihood that AMP will break down. If that’s the case, it will be anticipated to succeed in the $0.04 space as soon as extra.
Phala Community (PHA)
PHA has been reducing alongside a descending resistance line since Might 15.
All through the lower, it bounced on the $0.58 help space twice, on Might 24 and June 22. This appeared to create a double backside sample.
On June 22, the token started an upward motion and broke out from a descending resistance line on June 30.
The subsequent closest resistance space is at $1.03, the 0.618 Fib retracement resistance stage.
Technical indicators are offering some bullish indicators, such because the bullish reversal sign within the MACD and RSI cross above 50. Nonetheless, the bullish reversal just isn’t confirmed but.
WAVES has been following an ascending help line for the reason that starting of the yr. On Might 4, the token reached an all-time excessive worth of $41.8 earlier than falling sharply. It returned to the help line as soon as extra on Might 23 and has been hovering simply above it since.
Whereas it initially broke down on June 22, this turned out to be a deviation solely (purple circle).
Technical indicators are offering some bullish indicators. Each the RSI & MACD have generated bullish divergence. The previous is near shifting above 50 whereas the latter is almost constructive.
The closest resistance space is at $23.20, the 0.382 Fib retracement resistance stage.
Cream Finance (CREAM)
Since Feb. 24, CREAM has been buying and selling inside a variety between $100 and $180. Thus far, it has touched each the resistance and help areas quite a few instances.
Most not too long ago, it was rejected by the $180 resistance space on June 9 and is now again in the midst of the vary.
Technical indicators are offering a reasonably impartial view.
Till the token breaks out or down from this vary, the course of the pattern can’t be decided.
Theta Gas (TFUEL)
On June 1, TFUEL broke out from a descending channel that had been in place since March 24. It proceeded to succeed in an all-time excessive worth of $0.679, doing so on June 9. The excessive was made on the $0.69 goal by utilizing a Fib projection on waves 1-3 (white).
TFUEL has been shifting downwards since. Presently, it’s within the strategy of breaking down from the $0.41 horizontal help space, a motion which might set off a pointy fall.
Along with this, technical indicators are bearish. The MACD is unfavorable, the RSI has fallen beneath 50 and the Stochastic oscillator has made a bearish cross.
Subsequently, it’s possible that the token breaks down and resumes its descent.
KAVA has been buying and selling inside a descending parallel channel since April 6, in what is probably going a corrective lower
Till now, it has unsuccessfully tried to interrupt out thrice (purple icons). Presently, it’s within the course of of constructing its fourth try at breaking out.
Along with this, technical indicators are displaying quite a few bullish indicators. The Stochastic oscillator has made a bullish cross and the RSI has already moved above 50.
Subsequently, a breakout might happen. If that’s the case, the following resistance could be at $7.25.
SYLO has been shifting upwards since June 22, when it reached a low of $0.0038. The low was made proper on the 0.786 Fib retracement help stage.
The upward motion is supported by readings from technical indicators. The RSI has crossed above 50, the MACD is almost constructive and the Stochastic oscillator has made a bullish cross.
The closest resistance ranges are between $0.0094-$0.0107, the 0.5-0.618 Fib retracement resistance space.
TOMO has been following a descending resistance line since April 10, when it reached a excessive of $3.67.
The token bounced at Might 19, initiating the present upward motion. Nonetheless, it has failed to interrupt out from the aforementioned descending resistance line. As well as, it faces resistance from the 0.382 Fib retracement stage at $1.96.
Technical indicators present a comparatively impartial outlook.
Subsequently, till a breakout from this line/space happens, the pattern can’t be thought of bullish.
Onerous Protocol (HARD)
On Might 23, HARD bounced at a long-term ascending help line. Whereas the upward motion was vital, it didn’t trigger a reclaim of the $1.25 horizontal resistance space.
On the contrary, HARD was rejected, creating two lengthy higher wicks (purple icons).
Till the realm is reclaimed, the pattern can’t be thought of bullish.
For the top-10 altcoins in Might, click here.