Coin360 Crypto Technicals: Daily Market Navigator | June 8th 2023

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 BTC, ETH, INJ, KAVA, and MATIC 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, & $MATIC

Bitcoin | W1

The weekly outlook for Bitcoin ($BTC) seems to be positive, provided it sustains the crucial threshold highlighted on the chart. However, should Bitcoin fail to maintain this level, we may witness a downward trend in its price.

Ethereum | D1

Examining Ethereum ($ETH) on a daily range basis, we could anticipate a rise in value if the price successfully sustains itself at the range's lower end. In other words, should Ethereum maintain its low range, an upward trend is potentially on the horizon.

Matic | W1

At present, Polygon ($MATIC) is sitting at a support level on the weekly chart. If this level is breached, indicated by a candle closing below it, we could expect a decline in the price. On the other hand, if the support level holds, we may see a price increase.

Lower Time Frame | $BTC, $ETH, $KAVA, & $INJ

Bitcoin | H4

Should Bitcoin ($BTC) successfully reclaim its previous range low, there's potential for a price surge. The first significant checkpoint in this upward journey would be the range high, as indicated on the chart.

Ethereum | H4

If Ethereum ($ETH) succeeds in maintaining its range lows, we could anticipate an upward movement towards the range highs, as illustrated in the chart below.

Kava | H4

For Kava ($KAVA), holding its range lows could potentially propel the price towards the middle or upper end of its range. However, this scenario may be invalidated if it starts to close below these range lows.

Inj | H1

Injective Protocol ($INJ) appears bullish, provided it successfully maintains the range lows as depicted on the chart. Should it do so, we might foresee a potential rally in the near future.

Prior Analysis Recap

Matic | D1

As we've noted before, Polygon ($MATIC) faced resistance around the $0.95 mark and perfectly met our set target. Now, it's crucial to monitor whether this area can establish itself as a solid support level.

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 bullish (on the higher time frames) 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.