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Major altcoins are adjusted ahead of the next phase of recovery

The cryptocurrency market started the current week on a positive note. Bitcoin managed to gain a foothold above the $34,000 mark and has already made the first attempt to retest $36,000. The altcoin market has also resumed growth, and cryptocurrencies have approached their usual positions. However, on June 30, the coins took a short pause for correction, which led to a 2% drop in the market to the $1.4 trillion mark.

The Ethereum indicators have overcome the $2,000 mark and successfully gained a foothold above it. Over the past day, the coin has attempted to consolidate above the $2,200 mark, but failed. As a result, ETH has fallen in price by 4% over the past day and is quoted in the area of $2,130 as of 13:00 UTC, where strong support for buyers has been created. Despite the obvious bullish trend of the asset, an excessively wide triangle was formed on the cryptocurrency charts. This will provoke a technical correction over the next few days, after which the asset will push off from the support zone around $2,000 and meet the hard fork in the best conditions. In the short term, ETH is waiting for a small pullback, as indicated by the local dynamics of price movement. In addition, the divergence on the RSI indicator and the red zone on the MACD indicator also indicates a reduction in quotes. However, in the medium-term analysis, we can count on the resumption of the growth of the cryptocurrency price after a small correction.


The Ripple token formed a support zone around $0.657 and tried to jump to a retest of $0.72, but failed. The cryptocurrency tried to find a support zone in the area of $0.701, but the pressure of sellers squeezed the coin out of the round mark. Over the past day, XRP/USD has fallen by 8% and retains a negative price movement dynamics (- 2%). In addition, the MACD indicator also went into the red zone, beyond the 0 mark, which indicates a bearish mood. The RSI indicators also indicate a sharp drop in interest, which may recover soon. Taking into account the analysis of technical indicators and horizontal charts, the Ripple token can break through the support level at $0.650 and launch a retest of the key position in the area of $0.601.


LTC/USD quotes also underwent a correction, but the altcoin managed to stand at the main support level around $140. The cryptocurrency began to feel the pressure of sellers when approaching the important level of $150. Over the past few hours, LTC has resumed a local downward movement, arranged by sellers with the help of large trading volumes. The local dynamics of the price movement indicate a further drop in indicators (-1%). The reduction in the quotes of the LTC/USD pair occurred after the RSI indicator sank over 30, and the MACD indicators fell into the red zone. It is likely that the cryptocurrency will break through the support level at $140 and will set aside the $120 mark.


Despite the local correction of major altcoins, positive sentiment prevails in the cryptocurrency market. It is likely that the crypto market will soon be ready to try to launch a bullish trend. The main cryptocurrencies are approaching important levels, when they break through, a rally to spring highs can begin. In the absence of powerful negative impulses, the market will find the necessary moment to move up in the first week of July.

The material has been provided by InstaForex Company -