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Altcoins made an unsuccessful attempt to break through psychological marks: analysis and forecasts

On June 25, major altcoins continued to fluctuate near psychological marks and attempted a breakout. Taking advantage of the local bullish mood of the players, cryptocurrencies began an upward movement. As a result, altcoins underwent a correction and returned to their usual positions. Despite this, the total capitalization of the cryptocurrency market increased by 17.5% and reached $1.4 trillion.

Ethereum indicators tried to take advantage of the upward movement of Bitcoin and for the first time in a few days broke the $2,000 mark. Having stopped at the $2,017 mark, the quotes of the coin began to gradually decline. The main irritant for ETH was the opening of the European market, which exacerbated the pressure on Bitcoin and the entire cryptocurrency market. As a result, the coin failed the test of the support level at $1,900 and as of 14:00 UTC is quoted in the area of $1,800. Despite the positive dynamics at the beginning of the day, statistics show that Ethereum has fallen by 6.5% over the past day. At the same time, there is a tendency to change the local dynamics of price movement, which indicates the formation of a support level. In the medium term, we can count on the growth of quotes of the main altcoin. On July 7, the London hard fork will be released in the third test network, after which the long-awaited update will be transferred to the cryptocurrency blockchain. In the near future, ETH indicators will continue to fluctuate around $1,800. The influx of retailers at the weekend can greatly increase the instability of the altcoin if the news background worsens. In this case, the cryptocurrency can test the support level at around $1,740.

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The Ripple token also tried to take advantage of the temporary easing of pressure from Bitcoin. The cryptocurrency came close to the $0.7 mark, but failed its assault. As a result, the coin found support in the area of $0.633, where it continues to fluctuate. The main problem of XRP/USD is the resistance of the 200-day moving average, which remains the most important barrier to growth. At the same time, the coin failed to overcome the round mark, where the correction line is concentrated, which indicates the weak prospects of the altcoin in the near future. As of 14: 00 UTC, the token has sunk by only 2.5% over the past day and is accumulating momentum for a new retest of a difficult threshold. It is also worth noting that the altcoin audience has stopped responding to positive outcomes in the confrontation with the SEC. Recently, the court granted Ripple's petition and ordered the SEC to disclose its internal policy regarding cryptocurrencies. The market did not take this news positively and there was no surge of activity, which indicates a loss of interest in XRP.

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Litecoin quotes continue to fluctuate near the complex correction corridor of $140 - $150. Over the past two days, the coin has shown weak but consistent growth, which ended along with another failure of Bitcoin. As a result, over the past day, the indicators of the cryptocurrency fell by 3.5% to the threshold of $128. In the near future, the altcoin will gain a foothold above the $130 mark without any problems and will start moving towards $140. This is evidenced by short-term indicators (MACD, RSI), indicating an attempt to grow. In addition, the local dynamics of the price movement indicates an attempt to start growth. At the weekend, Litecoin has every chance to test the $140 mark and go further. However, there are no prerequisites to count on a powerful jump through the resistance zone.

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Despite the fluctuations of the major altcoins and unsuccessful attempts to start growth, a positive news background has formed on the market. For example, one of the largest financial companies in the world, Citigroup, has launched a cryptocurrency division. In El Salvador, they are starting to install 1,500 boxes for paying with Bitcoin, and Gemini has created a division to compensate for environmental damage by mining BTC. At the same time, the first conceptual documents on the regulation of cryptocurrencies began to appear in the US government, which coincided with the unpleasant news that the police seized $150 million in crypto assets from criminals. Given the trend of the last weekend, we can expect both a collapse in the quotes of the main coins and a sharp increase. For the most part, everything will depend on news impulses and the reaction of the retail audience to them, which increases its influence on the market over the weekend.

The material has been provided by InstaForex Company - www.instaforex.com