Technical Weekly: Halving is done, what’s next?
BTC’s Weekend Fakeout Causes Red Market as SUN Surges
The price of Bitcoin (BTC) was stuck in a range between $10,200 and $10,600 over the weekend. It retreated 1.49% over the past 24 hours after four consecutive positive trading days. BTC’s drop has caused major altcoins to dive, except OKEx’s native exchange token, OKB, which is up 2.21% following massive demand for Jumpstart staking.
Chainlink (LINK) closed 8.98% down overnight and fell below $12 levels, making it the worst-performing major altcoin. Other altcoins saw a decrease between 3% and 6%. The total crypto market capitalization lost 2.9% and fell to $343 billion, as per data from CoinGecko. Meanwhile, BTC dominance remained at 55.7%.
In the decentralized-finance sector, yearn.finance (YFI) climbed to a new all-time high of $44,000 on Saturday before a profit-taking correction to the $32,600 levels. It has since rebounded to above $40,000, adding 1.75% overnight.
The TRON (TRX) liquidity mining project SUN performed well over the weekend, with the price stabilizing near $30 before a large amount of TRX is unlocked from its farmland in two days. SUN was listed on OKEx last week at an opening price of $20. It retraced to $17 levels before bouncing back.
Top altcoin gainers and losers
- SUN/USDT +43.99%
- ZYRO/USDT +20.43%
- YEE/USDT +15.75%
- ARK/USDT -18.92%
- IOST/USDT -21.31%
- TAI/USDT -29.86%
In addition to SUN, ZYRO rose 20.43%. ZYRO is a decentralized trading protocol on the Zilliqa blockchain. Users can stake OKB to get a portion of ZYRO tokens.
IOST went live with its decentralized exchange yesterday, but the token price failed to stabilize. It suffered a sell-off after a sudden surge, falling 21.31% overnight. TRON ecosystem token tBridge Token (TAI) experienced a similar sell-off and decreased by 29.86%. TAI has lost roughly 60% of its value over the last seven days.
BTC technical analysis
BTC has shown signs of support when it stepped back on the four-hour MA60 — but it formed a fakeout when temporarily breaking short-term resistance at $10,370 over the weekend. Meanwhile, there were no signs of volume amplification during the weekend's rise.
An intraday support is located around the $10,200 levels with short-term resistance at $10,450.
For a snapshot of the changes in institutional investors' positions, readers can jump to OKEx Insights' recently published Market Watch Weekly article.
ETH technical analysis
ETH pulled back after printing a bearish divergence on the one-hour MACD indicator. An important support level at $355 has since come into focus. If it breaks, another test of the $340 levels is possible.
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