June 26th Market Analysis from LBank Derivatives
BTC
Bitcoin has made impressive strides, breaking the significant $30,000 threshold and even reaching an all-time high of $31,400.
The digital currency has been resilient against potential drawbacks, maintaining its strength above the $30,000 line, suggesting that the market sentiment remains positive despite external factors such as the Russian internal conflict.
However, investors are advised to place orders above $29,000. Bitcoin might need to overcome some selling pressure before continuing its upward trajectory.
ETH
Ethereum’s performance contrasts with that of Bitcoin. ETH has not yet managed to break through its previous high and currently remains in a fluctuation phase.
There seems to be a need for a more extended consolidation period before it can breach its past peak.
Investors are recommended to watch the trends closely and consider going bullish only after the trend line touches the bottom, indicating a potential upward swing.
BCH
Bitcoin Cash, a previously prominent but recently overlooked coin, is experiencing a resurgence due to the EDX exchange’s decision to support BCH trading.
This announcement has boosted its price to a peak of $220. After its current correction phase, BCH shows a promising possibility for continued growth. However, given the sharp increase in its price, investors are advised to wait for a retraction below $190 before taking a short-term bullish stance.
PEPE
Pepe coin has not kept up with Bitcoin’s rally. While it did experience a price doubling, it currently faces considerable selling pressure, suggesting the need for further corrections.
The market outlook for Pepe coin remains bearish. Investors are advised to maintain a light position and consider shorting at higher price levels.
Today’s cryptocurrency market is buoyed by several positive developments, including the addition of BTC, ETH, LTC, and BCH to the EDX exchange and Coinbase’s win in a US Supreme Court case.
While Bitcoin maintains its strength above $30,000, other well-established altcoins are bouncing back, suggesting a potential for continued growth in the market. However, investors should remain vigilant, tailoring their investment strategies to each coin’s performance and broader market conditions.
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