The global crypto market cap is still trading below $1 trillion. However, the market also saw some optimism in the early trading hours of the Asian session today. The global crypto market cap increased by 8.97% from the last day to $899.00 billion. Bitcoin, the largest cryptocurrency by market capitalization, recorded a 9.81% increase in the last 24 hours, trading at $ 20,379. In parallel with BTC, altcoin projects such as Ethereum, Solana, Litecoin and Ethereum Classic have made good returns in the short term. It looks like altcoins like ETH, SOL, LTC and ETC could be worth watching next week.
Bitcoin (BTC)
On June 18, the Bitcoin price dropped below $20,000. This level served as a historic long-term support. The $20,000 mark was the last cycle where BTC hit an all-time high in this price range in 2017. Bitcoin’s price drop came with the larger market correction. This has resulted in most altcoin projects trading in negative territory. Thus, the price of Bitcoin has fallen to its lowest price level since December 2020. At the time of writing, BTC was up 9.81% in the 24-hour window, trading at $20,379. However, it tested the $18,926 levels before rising marginally.
From a price perspective, BTC’s current short-term trajectory is favoring the bulls as the price climbs above the crucial $20,000 psychological support. BTC’s recent pullback below $20,000 disproved the market theory that the price did not fall below the highs of its previous cycle. The last cycle ATH theory was correct during the 2018 decline. But it didn’t happen for the current current loop. The short-term relative strength index (RSI) is making a significant recovery. However, the same recovery has also manifested itself on the buyers side. Higher buying pressure in the market is likely to fuel BTC for gains in the near term. However, according to the technical charts, the uptrend will be limited unless the bulls take control. All in all, the price action of the top cryptocurrency is crucial to watch next week. This is because it is steering the trajectory of the larger market.
Leading altcoin: Ethereum (ETH)
Leading altcoin Ethereum (ETH) is gaining close to 20% on the daily chart. Thus, it became one of the top earners among the top 20 cryptocurrencies at the time of writing. In the big picture though, ETH’s price chart doesn’t look pretty. As Cryptokoin.com reported, ETH is still trading 76.49% below its all-time high. However, in the last 24 hours, the altcoin managed to break above the crucial $1000 level. A recovery from the lower levels is possible if the bulls propel ETH above $1,200. The coin’s RSI indicator shows an increase in buying pressure. Also, ETH price is currently trading at $1,131.
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In line with BTC’s price increase, altcoin projects have also seen a good price recovery in the short term. Solana’s four-hour price chart showed the asset’s recovery above $30. In the near term, buyers are likely to push SOL above the $35 mark and then above the $40 resistance. In such a case, a recovery for the altcoin would be confirmed. However, the market seemed largely volatile. However, depending on the price action of BTC, a price increase in both directions is likely in the short term.
Litecoin (LTC) and Ethereum Classic (ETC)
Sometimes, short-term bullish movements are seen in the bear market. It is at such moments that altcoin projects that are highly correlated with Bitcoin usually get good results. Both LTC and ETC are among these altcoins with good results. Additionally, the two cryptocurrencies are seeing lower volatility fluctuations in a highly volatile market. Litecoin’s price briefly traded above the $55 resistance, testing the level. At the time of writing, the coin is up 23.16% on the day and 9.21% on the weekly chart. Thus, it was changing hands at $ 54.83. In the short term, LTC bulls could push the coin above $60. In this case, the same will bring more profit. On the contrary, a pullback to the $50 level is possible if the bears take control.
ETC’s price action could take some interesting turns if BTC bulls support Bitcoin’s positive momentum next week. In the short term, more gains are possible if the buying pressure pushes the price of ETC above $18.5. Also, a pressure of $24 will re-ignite positive momentum for the altcoin. The downside of ETC seems limited. But if another sell-off follows, further bearish momentum will push the coin to $10.
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