Currently the crypto market is still dominated by bearish sentiment with Bitcoin (BTC) remaining below the $ 19,000 level with the MVRV-Z Score, the coin price metric, being at ‘fair value’ with expectations of a deeper fall.
This is supported by the statement of Alex Krueger an economist, entrepreneur and investor who stated that BTC trading volume hit an all -time high in June.
He added that if BTC follows the bearish market pattern like in 2018, then it is not impossible that a price support zone will be formed in July.
The public knows that the BTC is highly linked to the S&P 500 movement, so crypto investors want to keep an eye on equity market performance this week, which is filled with the issuance of Federal Reserve (Fed) meeting minutes and the US NFP jobs report for June.
Below are some of the crypto assets that are in the spotlight to look at this week.
Bitcoin (BTC)
At the time of writing, the BTC price is at the $ 19,000 level after the exponential moving average (EMA) of 20 rallied to the $ 21,000 level.
If the BTC moves to the 20 -day EMA level and breaks the $ 22.00 level, then there is potential for a change in flow before it tries to move to the 50 -day SMA indicator level at $ 25,000.
On the other hand, if the price drops below the current level then it indicates the price decline remains in control and investors will try to pull the price below $ 18,000.
Shiba Inu (SHIB)
SHIB is trading in slow in the low movement range with the bullish attempt to form a higher low around $ 0.00009.
If the 50 -day SMA is broken at $ 0.000010, the SHIB feed will enter a rally towards $ 0.000012 and then towards $ 0.000014 and signal a potential change in flow.
But if it drops below $ 0.000009, it will stifle the bullish pattern that could possibly push the declining price to retest the zone at $ 0.000007.
Polygon (MATIC)
MATIC is trading near the 20 -day EMA at $ 0.50.
The bulls are trying to push the price back to higher levels and if successful then it will try to break the barrier at $ 0.61 then next enter the rally to $ 0.75.
Conversely if the price slips below $ 0.41, it signals a price correction for a bearish pattern and the price is likely to head to the important support level at $ 0.31.
Cosmos (ATOM)
ATOM is seen trying to form a support zone based on a prolonged downtrend with a 20 -day EMA around the $ 7.84 level on July 1, but the 50 -day SMA barrier around the $ 8.81 level becomes a strong barrier.
A flat 20 -day EMA and an RSI that is in the middle point indicate that selling pressure is easing.
If investors manage to push the price above the 50 SMA, ATOM could rise to $ 10.84 and then at $ 12.50, suggesting a potential bullish trend change.
However, if it fails and breaks below the $ 6.89 level, the price will retest the critical support level at $ 5.55.
ApeCoin (APE)
The APE is currently past the 20 -day EMA around $ 4.69 on June 27 but shows no recovery with the price’s horizontal movement back below the 20 -day EMA on June 29.
It indicates investors are maintaining trading positions in anticipation for higher movements.
If the price spikes past the EMA 20, then the APE will rush to the SMA 50 towards around $ 5.72.
On the other hand if the price goes down and plunges below $ 4.21 then the next stop is expected at $ 3.85.
