An overview of BTC, ETH, MATIC, APT, SUI, VET charts, and the current cryptocurrency market dynamics.
Bitcoin (BTC)
Bitcoin is currently trading between the support range of $58,500–$60,000 and the resistance range of $64,500–$65,500. The asset's next movement will depend on whether it consolidates above or below one of these zones.
A continuation of BTC's growth looks more likely. Above the mentioned resistance zone is the $66,800 level, where many short orders are concentrated. Breaking through this mark would remove significant barriers for buyers aiming for new highs.
In a downturn scenario, Bitcoin could fall to the support range of $54,500–$57,000.
BTC H4 Chart
Ethereum (ETH)
The second-largest cryptocurrency by market cap has shown a positive response from buyers at the support zone of $3,240–$3,350, subsequently causing a slight price rebound. To confirm an upward trend, Ethereum now needs to break through the resistance level at $3,502 and test the seller's zone between $3,645 and $3,720.
If buyers succeed, the next target will be $3,840. Ethereum stands a good chance of reaching a new all-time high (ATH).
However, negative sentiment around BTC or adverse macroeconomic data could weaken ETH investors' purchasing power, potentially causing a price drop to the support level of $3,150.
ETH H4 Chart
Polygon (MATIC)
MATIC has slightly paused its decline amidst an overall bearish trend in the altcoin market. Currently, the coin is trading between the support zone of $0.51–$0.54 and the resistance zone of $0.58–$0.60.
The asset's future movement might be influenced by Bitcoin's chart trend. In a neutral or positive scenario, MATIC might attempt to reach the $0.64 seller’s level, but achieving a substantial upward trend requires significant buying volumes to swiftly overcome resistance levels.
Otherwise, a further decline to new lows awaits, with the first psychological level at $0.50.
MATIC H3 Chart
Aptos (APT)
Aptos closely mirrors the market dynamics of MATIC. Currently, the asset is trading between a support zone of $6.38–$6.73 and a resistance zone of $7.4–$7.77, having reached this level after a prolonged correction.
For growth to commence, APT needs a positive boost from an increase in BTC's price. In this scenario, the coin might challenge seller levels at $8 and $8.5, potentially resuming an upward trend.
Alternatively, if the market turns bearish, APT may see a decline below the $6.4 mark.
APT Н4 Chart
Sui (SUI)
SUI reached a record high of $2.12 at the end of March but has since undergone a correction of nearly 65%.
Currently, the coin is being supported by a buyer's zone of $0.75–$0.80. If this range fails to hold, the price could plummet to a new low at $0.7.
A recovery for SUI appears unlikely at present. Only a secure position above the seller's zone of $0.89–$0.94 would indicate a potential onset of an upward trend, which is premature to anticipate at this stage.
SUI H3 Chart
VeChain (VET)
The asset has been on a downtrend for four months, with the asset now hovering just above the buyer's zone of $0.023–$0.025.
To initiate an upward trend, VET needs to break through the resistance zone of $0.029–$0.031 and test the $0.035 resistance level. Without a stable increase in BTC, such a reversal seems unlikely.
Therefore, the most probable scenario for VeChain involves a continued decline, potentially reaching new lows below $0.021.
VET D1 Chart
BTC Dominance, Altcoin Season Index, and Fear and Greed Index
The Bitcoin dominance index has remained largely unchanged over the past week and is currently at 54.77%. Altcoins still show weak positions compared to BTC, reflecting a lack of investor interest.
BTC Dominance Index. Source: tradingview.com
The 7-day Altcoin Season Index has fallen further to 22 points, indicating the absence of an altcoin season and reinforcing Bitcoin's preferred status among investors.
Altcoin Season Index. Source: blockchaincenter.net
The Fear and Greed Index has moved out of the "Fear" zone, rising by 23 points from last week. As of this analysis, the index is at a neutral 53 points, signaling positive sentiment in the cryptocurrency market and continued interest in crypto assets.
Fear and Greed Index. Source: alternative.me
Economic News
The coming week is packed with important macroeconomic events, including:
- US Manufacturing PMI (Monday, July 1);
- A speech by Fed Chair Powell and the JOLTS job openings report (Tuesday, July 2);
- Non-farm employment change by ADP, initial jobless claims, crude oil inventories, and publication of the FOMC minutes (Wednesday, July 3);
- Average hourly earnings, the US unemployment rate, and the Fed's monetary policy report (Friday, July 5).
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Disclaimer
Please note that the analysis provided above should not be considered a trading recommendation. Before opening any deals, we strongly advise conducting your own research and analysis.
Abbreviations
TF (Timeframe) — a chronological period equal to the time it takes to form one Japanese candle on the chart.
Horizontal channel (flat, sideways, range) — the price movement between support and resistance levels, without going beyond the given range.
К — simplified designation of one thousand dollars of the asset price (for example, 23.4K – $23,400).
Gray range on the chart — a support zone.
Red range on the chart — a resistance zone.
Correlation — the tendency of prices of different cryptocurrencies to move in sync, often influenced by the dominance of one of the assets.
Initial materials
This analysis was informed by the following educational materials and articles from GNcrypto:
