Cryptocurrency market poised for June explosion? Cryptoanalysis

In this new crypto spot this weekend, like every Sunday, we’re going to make one inventory of various graphs which will enable better definition potential cash turnover which has taken place during the past seven days. Last week we discussed developments in the market itself. We had noticed first sign of a turnaround of the trend on the ETH/BTC pair, suggesting a real strong recovery of altcoins within the crypto market itself. Today, let’s see if this trend seems to be confirmed in the coming weeks.

Capitalization develops in a dynamic of lateralization

The total capitalization of cryptocurrencies develops in a range between 2400 and 2625 billion dollars
The price of the total capitalization of the cryptocurrency market on a daily scale (1D)

Since last week there has been small change on the total capitalization of the cryptocurrency market, continues its development between 2,400 and 2,625 billions of dollars. Until proven otherwise, the market will continue its course for now lateralization period as long as it does not make an exit, either upwards or downwards.

When an exit from the assortment takes place, the market will regain strength and is likely to develop in a well-defined trend with a return of volatility. Objectives are generally the same as last week, the long-term bias remains bullish as long as we don’t go back below the lower limit. Buyers currently think defend aid to $2.4 trillion. This will avoid a reintegration of the former technical committee.

In terms of capitalization of altcoins, this will not be the case not analyzed today as the price develops in exactly the same dynamics as last week. Currently, altcoins are in trouble and continue to move in continuation of the trend which we have known since April.

The dominance of the king of cryptocurrencies maintains the position of strength

Bitcoin Dominance Remains Above 55%Bitcoin Dominance Remains Above 55%
The price of the dominance of the king of cryptocurrencies on a daily scale (1D)

While the dominance of the king of cryptocurrencies was on razor wire last week, ready to confirm a passage under 53.95% dominance which was created by a strong recovery of Ethereumit is clear that bitcoin is still in the game, making a technical rebound greater than 55.14% dominance.

From now on, for the king of cryptocurrencies to be able to maintain this momentum with a strong resumption of its dynamism and an aspiration for liquidity in the market itself, it will undoubtedly have to register a new top, higher than May around 56% dominance. If successful, it still demonstrates its position of strength against Ethereum, which is struggling on a monthly scale.

Ethereum is rejected by resistance

The price of the ETH/BTC pair on the 3D time unitPrice of the ETH/BTC pair on the 3D time unit
The price of the ETH/BTC pair on the 3D time unit

Last week ether had made one particularly powerful reboundso that it can pass from 0.045 BTC to over 0.055 BTC. However, in view of the technical situation, it is clear that the price was rejected at the resistance line that we had previously identified. Although buyers are on board with Ethereum allowing it re-enter the monthly pivot zone (blue), this is not enough to cross the resistance threshold without difficulty.

For now, it is time for uncertainty. Although Ethereum has managed to regain strength against the king of cryptocurrencies, the latter’s dominance shows that it has not not given his last word, ready to siphon more of the liquidity from the market. All the more, we have several times had occasion to point out: crossing this threshold is undoubtedly one of the conditions for altcoins to develop in a bullish phase and get out of the long period of lateralization.

On the side of the capitalization of altcoins in DeFi is the dynamics are the same as last week with a development of the price in the area of ​​100 billion dollars, a threshold not to be lost to return to 130 billion dollars. Since there have been no real changes, we will have the opportunity to analyze this course in our next article next week.

Currently, the cryptocurrency market is in a quite calm phase. Although bitcoin is currently below $70,000 and ethereum trying to get back to more than $4,000we are still in one period of uncertainty which testifies to a certain fragility of rebound as we have experienced on the market in recent weeks. The ETH/BTC pair is at a key moment ahead resume resistance to provide a favorable context for altcoins and bring the dominance of the king of cryptocurrencies back to the fall. Currently, the month of June is marked below time delay characterhoping that the coming momentum will enable the entire market to take the upward path.

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