- Crypto sentiment is very mixed on Friday as the majors are mostly in the red.
- Bitcoin market gets ready for CME futures expiration.
- Coinbase confirms MKR listing.
- Launch dates for Cardano’s Shelley upgrade have been revealed.
General sentiment has been very indifferent on Friday as most of the major coins trade in the red but ETC/USD pushes over 5% higher. Bitcoin failed to gather any real momentum from Thursday’s bullish close after breaking through the 9K level once again two sessions ago. The Relative Strength Index indicator has now moved back above the 50 mid-point but looking at the MACD there are some mixed signs. The MACD histogram is still in the red but the signal lines are above the zero level at least. Overall the trend is still firmly higher but the bulls just ran out of steam at the end of the week.
Ethereum Classic: On the daily chart, you can see where the wave high of 7.675 lies. This look like it could be the potential target for the bulls after the previous wave high on the 4-hour chart was taken out on Friday. The 7.00 psychological level has now been broken and the price came back and used the level as support on the 4-hour for a move higher. One of the key features on the chart is the Fib extension. The price could push to reach the 161.8% golden Fibonacci ratio and this confluences pretty close to the resistance target of the daily chart.
Ripple is still trading under the major moving averages and looks much more bearish than its peers. The price has moved back under the 0.20 psychological level and the RSI and MACD are also looking depressed. The key level is now the previous wave low at 0.1802 as if this gets broken the lower high lower low pattern would be set in place.
Bitcoin market gets ready for CME futures expiration.
The cryptocurrency market volatility is on the rise as the market gets ready for Bitcoin’s futures expiration on CME. These contracts expire every two months and often lead to the sell-off on the spot market. According to the recent data, compiled by Cointelegraph and Arcane Research, BTC/USD tends to lose 2.3% of its value ahead of the expiration. The traders will be closely watching the spot prices to be ready to react to the situation.
Currently, the total capitalization of all digital assets in circulation is registered at $264 billion, while an average daily trading volume reached $110 billion. Bitcoin’s market share increased to 66%.
Coinbase confirms MKR listing.
Maker who are a Ethereum-based DAO, tore higher after Coinbase Pro revealed that it would be listing the token on its retail platform on 8th June.
Coinbase is not the biggest exchange in the market, but its reputation and popularity play a big role in the massive price jumps that cryptos go through when added to this platform. Maker is a decentralized autonomous organization on the Ethereum blockchain. Their objective is to minimise the price volatility of its own stablecoin Dai, against the U.S. Dollar. Although they try and make less volatile. Maker is a utility token and the price increases with the usage of the Dai and itself is quite choppy.
launch dates for Cardano’s Shelley upgrade have been revealed.
ADA/USD continues to climb today as the market rides off the back of the news of the Shelley upgrade reported on Thursday.
IOHK CEO Charles Hoskinson announced that the Shelley upgrade for Cardano will roll out across the next month. It will start rolling out the network between June 30 and July 7. Commenting on a crowdcast update, he provided 11 dates for the release of Shelley.
Guys wanna know when Shelley is? Let’s tell ya,
June 9, this is when it opens up to everybody. The next date we have for you is June 16, that’s when we start putting things together end-to-end.
Author: Rajan Dhall, MSTA
