Despite some volatility, the
BUY NOW price remained, by and large, stable last week as it hovered in a range between $9,250 and $9,500.
The bulls may have a slight upper hand at this juncture. The alpha-crypto broke out from a descending resistance line yesterday and now appears to be aiming for an upward move towards $9,600.
With that said, a breakout from the current pattern doesn’t necessarily mean that a significant rally is on the cards. As BeInCrypto reported earlier on Sunday, a major rally could potentially occur, but only if BTC closes above $10,500 on the weekly chart.
Meanwhile, in the realm of altcoins,
BUY NOW (ICX) and Dusk Network (DUSK) could resume their previous upward momentum. More on that and other big stories from the past 24 hours in this latest edition of BeInCrypto’s Cryptocurrency News Roundup.
Bitcoin Analysis for June 22
Over the longer-term, BTC has been trading inside a descending wedge since June 1. It currently sits directly under the resistance line. In addition, it seems that the price has completed what resembles an inverse head-and-shoulders pattern, which is considered bullish.
Therefore, there is a bullish reversal pattern inside a bullish reversal pattern.
- The Bitcoin price has broken out from a short-term descending resistance line.
- There is resistance at $9,650 and $9,820.
- The price is trading inside a longer-term descending wedge.
We Are Probably Witnessing the Start of a DeFi Crypto Bubble
It’s, of course, too early to say anything with a great deal of certainty. Still, the striking success of Compound’s Decentralized Finance (DeFi) is a term that is being used to describe the world of financial services that are increasingly… More token distribution launch last week has indeed generated a lot of hype within the community. Just in case you’re out of the loop, here is our earlier coverage of the distribution of COMP tokens.
From virtually nothing, buyers bid up COMP to an impressive peak at $325 over the weekend. That made it even more valuable than many other top-performing assets, including the likes of
BUY NOW, , and DASH.
However, the real question now within the broader cryptocurrency community is, are we witnessing the next bubble?
ICX and DUSK May Have Finished Correcting
The daily ICX chart shows that the price has been declining since reaching a high of 4,046 satoshis on May 26. However, it’s possible that the price has finished correcting, as evidenced by the bounce from the 0.618 Fib level on June 15. The subsequent reclaim of the 0.5 Fib level along with the 100-day moving average (MA) also reinforce that idea.
DUSK, Meanwhile, has been declining since reaching a high of 400 sats. At this juncture, the 345 satoshi level is likely to act as support, further outlined by the presence of the 100-day MA and the ascending support line.
Miners Don’t Care About Long-Term Health of the Ethereum Ecosystem, Says Team-Lead
The Blockchain is a digital ledger that’s used for storing data on several servers across the world in a decentralized, trustless… More community is currently polarized between two diametrically opposite views on the proposed gas limit increase. In case you missed it earlier, ETH miners are Can blockchain be used for Voting? Across the globe, decisions made about many of societies issues are decided upon by… More to raise the gas limit from 10 to 12.5 million gwei.
Industry observers, including Ethereum team lead, Péter Szilágyi, think the planned increase is, in fact, a poor decision on the miners’ part. Szilágyi alleges that these miners only act in their self-interest and their actions are detrimental to the health of the overall ETH ecosystem.
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As a leading organization in blockchain and fintech news, BeInCrypto always makes every effort to adhere to a strict set of editorial policies and practice the highest level of journalistic standards. That being said, we always encourage and urge readers to conduct their own research in relation to any claims made in this article.
This article is intended as news or presented for informational purposes only. The topic of the article and information provided could potentially impact the value of a digital asset or cryptocurrency but is never intended to do so. Likewise, the content of the article and information provided within is not intended to, and does not, present sufficient information for the purposes of making a financial decision or investment. This article is explicitly not intended to be financial advice, is not financial advice, and should not be construed as financial advice. The content and information provided in this article were not prepared by a certified financial professional. All readers should always conduct their own due diligence with a certified financial professional before making any investment decisions. The author of this article may, at the time of its writing, hold any amount of Bitcoin, cryptocurrency, other digital currency, or financial instruments — including but not limited to any that appear in the contents of this article.