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News/Coin360 Crypto Technicals: Daily Market Navigator | June 13th 2023

Coin360 Crypto Technicals: Daily Market Navigator | June 13th 2023

Jun 13 2023

11 months ago3 minutes read

Coin360 Crypto Technicals: Daily Market Navigator

Written By Kasper

This daily series serves a purpose to educate and give some insight and technical analysis on the current prices of the bigger cryptocurrencies, based on our technical analysis. Today we will be covering BTCETHLDOMATIC, and RNDR on both higher and lower time frames. Don't forget to also check out our article on the fundamentals of trading and crypto technical analysis to further enhance your understanding of the market.


Crypto Spotlight

Higher Time Frame | $BTC, $ETH, $LDO, & $RNDR

Bitcoin | W1

In our weekly timeframe analysis for Bitcoin ($BTC), it currently appears to soon be on an upward trend. However, it's important to note that trends can shift, especially given this is a longer-term projection. Anticipating market fluctuations, we predict a dip into the area previously indicated on our chart. This anticipated movement shouldn't necessarily alarm investors; it could indeed be a bullish signal, provided Bitcoin maintains its value within this marked zone. The crucial factor to watch here is Bitcoin's capacity to hold its position through this dip.

btc w1.webp
Bitcoin | W1

Ethereum | D1

In today's Ethereum (ETH) update, the digital asset has broken through a key support level as predicted in our previous discussions. If it continues to hold below this level, there is a potential for further depreciation.

eth d1.webp
Ethereum | D1

LDO | D1

The outlook for Lido (LDO) appears bearish at present. If it fails to maintain its current level, it could trend downwards as indicated on our chart.

ldo d1.webp
LDO | D1

RNDR | D1

Render Token (RNDR) shows an interesting trend on the daily chart, having broken away from a strong upward trendline. It might ascend slightly before potentially falling to the level indicated on our chart.

rndr d1.webp
RNDR | D1

Lower Time Frame | $BTC & $ETH

Bitcoin | H4

In the shorter time frame, Bitcoin (BTC) is currently sandwiched between two crucial levels. Given the substantial liquidity available on the downside, it wouldn't be surprising if price dips to grab it, potentially pushing Bitcoin a bit lower.

btc h4.webp
Bitcoin | H4

Ethereum | H1

At present for $ETH, within the shorter time frame, the price is fluctuating within a specific range. If the price breaks downwards, there's a significant chance it will continue to descend. However, if it manages to hold the range's lower limit, it could potentially reach the range's upper limit.

eth h4.webp
Ethereum | H1

Prior Analysis Recap

Matic | H4

Previously, we had predicted that a loss of the key support level for Polygon (MATIC), as indicated on our chart, could trigger a significant price drop. As the chart now demonstrates, this prediction has indeed come to pass.

matic h4.webp
Matic | H4

Watch List

To effectively monitor the coins discussed in today's analysis, consider creating a watchlist here. This will help you keep track of their price movements and stay informed about potential opportunities. These coins are worth paying attention to, as they exhibit notable market activity and could present promising trading prospects.


Market Wrap-up

In conclusion, the overall trend across various cryptocurrencies remains bearish for the time being, until we see evidence to the contrary. Most of the coins under discussion are navigating within range-bound markets, and their movements are being analyzed on a level-to-level basis. This prevailing state of affairs highlights the importance of ongoing vigilance and thorough analysis in this dynamic crypto landscape. 

Disclaimer: Please note that all information, data, and technical analysis provided in this content are for educational and informational purposes only and should not be construed as investment advice, financial advice or trading advice.

This article has been refined and enhanced by ChatGPT.

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