Weekly Cryptocurrency Market Brief

After an admirable pushback by the bulls two weeks ago in response to Bitcoin’s price dipping below $30k, BTC printed a bullish green candle on the weekly chart, having registered successive higher lows on the daily pattern as it remains in consolidation with bias towards the upside. What seems to be the re-accumulation phase for the digital asset continues, as the price rage remains within the $30-40k range, having reached a high of $36.5k over the past week. Bitcoin has seemingly regained price stability after overcoming the FUD caused by China banning domestic mining operations, as market sentiment has shifted into a positive direction.

EOS has been showing some bullish movement over the past two weeks, having been in a bearish channel after it experienced a heavy price correction during mid-May. It has registered consecutive higher lows since June 22, 2021, and is currently trading in the $3.5-4 range, having fallen by 80% from the high it reached on May 12, 2021. It needs to break the resistance at $4.33 to confirm a move to the upside, while a break below its low at $3.1 would indicate further bearish price action.

Dogecoin (DOGE) has been consolidating between $0.233 and $0.277 over the past week. Having bounced from a previous low of $0.173 the week before, after a heavy drop, Dogecoin seems to be establishing support at $0.233, as evidenced by successive buyer-induced candlestick shadows in the $0.238 – $0.241 region. A break above $0.284 is needed for a bullish move for DOGE, while a drop below $0.166 would indicate further price movement to the downside.

Additionally, Ripple (XRP) has produced consecutive higher lows since June 22, 2021, as it consolidates in the $0.55-0.715 price range. It is currently trading just over the $0.66 support level, which is notable as this is the same level which it had rocketed from to new highs during the first half of April. This level had also previously served as a strong resistance for XRP in the period from November 2020 to early April 2021, and it is now operating as a significant support level for the token. A daily close above the $0.715 level is needed to confirm a bullish pattern, while a drop below $0.55 would signify further bearish price action.

(Note: The above thought piece covers the wider VA industry, and may not be an activity that Arabian Bourse Limited (ABX) is looking to be licensed to undertake.

 

ABX has received in-principle approval from Financial Services Regulatory Authority of Abu Dhabi Global Market (ADGM) and is currently in the process of obtaining an FSP. ABX aims to be the first of its kind fully regulated, virtual asset MTF and custodian in the region focused on institutional and retail investors.)

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