Key Insights: Both Bitcoin and Ethereum barely changed their position today.
Most of the altcoins consolidated after weeks of volatility.
A few cryptocurrencies, such as ThorChain, did observe depreciation still.
Bitcoin and Ethereum , still trading below $21k and $1.1k, respectively stabilized the crypto market today as the rest of the altcoins followed suit.Even so, some cryptocurrencies noted a decline as the market closed at $869 billion.
Shiba Inu (SHIB) After closing a week-long depreciation of 27.33% on June 13, SHIB recovered by 9.84% over the next 48 hours.However, yesterday all the recovery was invalidated when the meme coin dipped by 9.75%.
Today trading at $0.8, Shiba Inu is showing no definite signs of growth either.
With the Relative Strength Index in the bearish, neutral zone, SHIB still has a while before it starts posting consecutive green candles.
ThorChain (RUNE) Unlike other altcoins, which only lost what they gained yesterday, RUNE declined further below the mark it closed the week-long crash of 40.95% on June 13.
The 11.6% rise recorded in 2 days brought RUNE above $2, but the 17.7% fall yesterday left the coin trading at $1.7 at the time of writing.
On the MACD, RUNE is observing a bearish crossover, although with merely any significant implications since the probability of a price swing is very low.
Chainlink (LINK) While the oracle blockchain continues growing in terms of integration with DeFi protocols, its native token LINK isn’t too disappointing either.Although the altcoin did dip by 13.22%, it stood nowhere close to invalidating the 23% rise from June 15.
Plus, the gradual increase might even bring LINK back to test the 50-day Simple Moving Average as support as it did right before the 36.1% crash.
Polkadot (DOT) The DeFi blockchain token is currently testing the $7 range after falling by 16.27% on June 16, following the 20.85% rally from the day before.
As DOT is nowhere close to reclaiming the losses it endured during the 32.88% crash, investors might have to wait a little bit longer for profits.
Story continues At least DOT still has the support of its investors, as, despite the single-day dip of 16%, the money outflow wasn’t too catastrophic for Polkadot.
Ethereum Classic (ETC) The Ethereum hard fork has been struggling to grow ever since it hit its all-time high back in May 2021.
After falling by almost 36% earlier this month, ETC rallied by 10% two days ago, but the rise could not be sustained thanks to the broader market’s bearish cues.
Consequently, the altcoin fell by 13% yesterday, bringing it to the current trading price of $14.32.
As the Parabolic SAR continues indicating a downtrend, the altcoin is definitely vulnerable to falling below $10, should the bearishness increase.
This article was originally posted on FX Empire
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