Get 40% Off
🤯 This Tech Portfolio is up 29% YTD! Join Now to Get April’s Top PicksGet The Picks – Just 99 USD

Bitcoin, Ethereum Fall, Dogecoin Defies Gravity: Analyst Sees No Strong Crypto Buyers Ahead Of Fresh Week

Published 27/06/2022, 02:17
Updated 27/06/2022, 03:10
© Reuters.  Bitcoin, Ethereum Fall, Dogecoin Defies Gravity: Analyst Sees No Strong Crypto Buyers Ahead Of Fresh Week

© Reuters. Bitcoin, Ethereum Fall, Dogecoin Defies Gravity: Analyst Sees No Strong Crypto Buyers Ahead Of Fresh Week

Bitcoin and Ethereum traded lower, but Dogecoin spiked on Sunday evening, as the global cryptocurrency market cap declined 2.3% to $942 billion at press time.

Price Performance Of Major Coins Coin 24-hour 7-day Price
Bitcoin (CRYPTO: BTC) -2% 2.9% $21,052.35
Ethereum (CRYPTO: ETH) -3.2% 7.3% $1,203.12
Dogecoin (CRYPTO: DOGE) 8.8% 24.5% $0.07
Top 24-Hour Gainers (Data via CoinMarketCap) Cryptocurrency 24-Hour % Change (+/-) Price
Dogecoin (DOGE) +8.8% $0.07
ApeCoin (APE) +4% $4.73
Ethereum Classic (ETC) +2% ​​$16.9
See Also: How To Get Free NFTs

Why It Matters: Bitcoin and Ethereum slipped into the red as the S&P 500 and Nasdaq futures fell 0.5% each at press time.

The two largest coins saw muted volumes owing to the weekend. In contrast, Dogecoin soared with 24-hour trading volumes surging 113.1% to $908.65 million, according to CoinMarketCap data.

Data from the price-tracking website indicated that the meme coin was the best performing cryptocurrency intraday at press time.

The bounce in DOGE came after the coin broke up bullishly from a double inside bar pattern and continued a solid uptrend on which it has been treading since it bounced off heavy support at the 5-cent mark on June 18, according to Benzinga’s Melanie Schaffer.

“Bitcoin is still not matching the gains seen with equities as sentiment remains depressed. The selling pressure might be easing, but strong buyers are not yet emerging,” said Edward Moya, a senior market analyst with OANDA in a recent note, seen by Benzinga.

Alternative.me’s “Crypto Fear & Greed Index” flashed “Extreme Fear” at press time. Investor sentiment remains unchanged from last week.

Although the value underpinning the index has risen from 9 to 12 in the period. A value of 0 means “Extreme Fear,” while a value of 100 represents “Extreme Greed.”

Over the weekend, cryptocurrencies showed some resilience. Cryptocurrency trader

Michaël van de Poppe noted the movement and tweeted, “Standard weekend fake-outs happening and probably ending at CME close at $21.1K for [Bitcoin].”

The analyst said there was no clear breakout above $21,600 for the apex coin at this point yet.

Justin Bennett said the cryptocurrency market is breaking support or looks ready to do it. He noted the upswing and said the market had a “small fakeout” above the $940 billion market cap.

“I doubt this holds much longer,” said the cryptocurrency trader in a recent tweet.

Ethereum is seeing a bout of profit-taking after a mid-sized bounce, said Santiment. The market intelligence platform tweeted that the whale activity in the second-largest coin was low and they were not the source of the uptick.

Read Next: JPMorgan (NYSE:JPM) Says This Is The 'Fair Value' Of Bitcoin: Why Analysts Say BTC Is Going 28% Higher

© 2022 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.

Read at Benzinga

Read the original article on Benzinga

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.