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News/Coin360 Crypto Technicals: Daily Market Navigator | May 31th 2023

Coin360 Crypto Technicals: Daily Market Navigator | May 31th 2023

May 31 2023

last year3 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 BTCETH, LINA, SUINEAR, and OP 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, $OP & NEAR

Bitcoin | W1

Bitcoin ($BTC) is presently facing rejection at a significant resistance zone between $30k-$32k, indicating bearish conditions for now. The ongoing trend suggests potential movement towards a support area that lies around $24k-$25k. Concurrently, the MACD indicator appears to be crossing over, a phenomenon that has historically signaled a bearish sell-off, as depicted on the chart. For a promising bullish trajectory, we need the price to penetrate the depicted resistance area and demonstrate sustained stability above that level.

btc w1.webp
Bitcoin | W1

Ethereum | D1

In the daily timeframe for Ethereum ($ETH), it is apparent that the cryptocurrency is currently operating within a defined range. However, it is worth noting that the price has encountered challenges in maintaining its position above the upper boundary of this range. As a result, price rejected off the range highs and could be headed towards the midrange, assuming the current trajectory persists. In order to see strong upward movement, it is crucial for the price to remain above the upper limits of the range.

eth d1.webp
Ethereum | D1

Optimism | D1

When looking at $OP on a daily time frame, it's closing in on a substantial support zone as shown on the chart. This situation implies that $OP could potentially bottom out near the $1.38 level, assuming it sustains this point. However, if it descends and persists below this level, it would indicate a bearish trend, leading to further decline unless it can recover and surpass these levels.

op d1.webp
Optimism | D1

Near | D1

When analyzing $NEAR on a daily time frame, we notice it nearing a crucial support zone, as illustrated on the chart. However, given that the price has touched this area several times, it's plausible that it might break through this level, which could consequently steer $NEAR towards a further downward trajectory.

NEAR d1.webp
Near | D1

Lower Time Frame | $BTC, $ETH, $LINA

Bitcoin | H4

In a smaller time frame, Bitcoin ($BTC) is trading between the middle and lower ends of the current range. If it regains momentum towards the mid-range, we could see a climb in value. Conversely, if it is rejected from the mid-range, the price could drop towards the range low.

btc h4.webp
Bitcoin | H4

Ethereum | H4

On a shorter time frame, Ethereum ($ETH) is oscillating between the mid and upper limits of the current range. If it manages to recover towards the range high, there's potential for the price to ascend further. On the other hand, if it faces rejection at the range high, it could trend downwards towards the mid-range.

eth h4.webp
Ethereum | H4

Lina | H4

$LINA, a coin that has surged a lot recently, currently holding support level in confluence with Stochastic RSI turnover, could be headed higher.

lina h1.webp
Lina | H4

Prior Analysis Recap

SUI | H1

Following up on yesterday's analysis, the support area, if breached, would act as a resistance, leading to potential trading towards lower prices. As depicted in the chart below, this scenario has indeed played out for $SUI.

sui prior h1.webp
SUI | H1

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 (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. However we might see a bullish temporary rally as bitcoin has some resting liquidity at $28.6k. 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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