Today was a mixed day for the three major U.S. indexes. The Dow Jones Industrial Average (DJIA) went up 11.93 (+0.05%) points to close at 26,281.82. The NASDAQ Composite dropped 67.10 points (-0.69%) to close at 9,615.81, while the S&P 500 went down 10.52 points (-0.34%) to close at 3,112.35.
Several major tech companies pressured the broader market. Both Facebook (FB) and Netflix (NFLX) dropped more than 1.6%, Alphabet (GOOGL) and Apple (AAPL) were down more than 0.8% each, and Amazon (AMZN) dropped around 0.7%. The U.S. Labor Department says that 1.877 million Americans filed for unemployment benefits last week, which comes ahead of the Labor Department’s monthly jobs report. Across the Atlantic, the European Central Bank (ECB) said that it will increase its Pandemic Emergency Purchase Programme by 600 billion euros ($675 billion).
As for the news within the crypto sphere, some of the headlines on U.Today Crypto News include a price analysis for XRP, the Fear & Greed Index eyeing the Greed Zone after the recent Bitcoin (BTC) price dump, and the ‘explosive upmove’ for Ethereum (ETH).
How Long Will XRP Stay Above the $0.20 Mark?
Compared to Bitcoin (BTC) and Ethereum (ETH), XRP has shown the least amount of growth, rising 1.39% since yesterday.
Looking at the hourly chart, XRP is trying to make a comeback to the $0.2070 mark. However, based on the growing selling volume, it is unlikely that XRP will reach that mark soon as the sellers are still dominating the buyers. Thus, there is not enough liquidity to move higher and the most likely scenario is a correction to the $0.20350 mark.
Looking at the 4H chart, XRP is forming a triangle. Since its drop, trading volume has been rising slightly, which confirms the interest of buyers. The last bearish candle has a bottom shadow, which means that the bulls are about to maintain the uptick. In this particular case, the first resistance mark will be at $0.20830, and this could be attained this week.
Looking at the daily chart, the bullish sentiments are more visible and are supported by the bullish divergence on the Relative Strength Index (RSI). XRP is slowly approaching the resistance mark at $0.21, which serves as a mirror level. The increasing trading volume also confirms the rising forecast. If the trend continues, the aforementioned price will be attained by the end of June 2020.
Crypto Fear & Greed Index Eyeing Greed Zone
The Crypto Fear & Greed Index, an indicator that is calculated by Alternative and lags by a day, revisited a 3-month high of 56 points on June 02, 2020. This reflects the bullish sentiments for the first days of summer.
Today, the indicator surged again to 54 points, which means the market sentiments are ‘neutral’.
It will not take long for the Fear & Greed Index to revisit the 2020 local high of 65, which was reached on February 13, 2020. After Black Thursday and the crypto market bloodbath, the index stayed in the Extreme Fear Zone for a significant amount of time, touch a low of 8 points.
This index has been slightly outperformed by CNN Business’ Fear & Greed Index as investor sentiment has already entered ‘Greed’ territory is currently sitting at 61 points. Seasoned analyst and trader Crypto Birb mentioned this process on Twitter and is treating it as an indication of a ‘Hope’ or ‘Belief’ phase of the market cycle.
Ethereum’s ‘Explosive Upmove’
Dan Tapiero, Founder of Gold Bullion International (GBI), noticed that Ethereum (ETH) broke its 11-month resistance level, and is wondering whether the potential catalysts for a future upsurge are sufficient for future growth.
Tapiero displayed a chart that showed how the price of Ethereum (ETH) is gaining traction, with a crucial resistance level between the June 2019 and February 2020 peaks.
Looking for input, Tapiero took to Twitter and asked about the potential catalysts that may push the price of ETH towards the midterm horizons. Most of the comments suggested an upsurge in DeFi allocations and the movement of capital from Bitcoin (BTC) investors. Some individuals also suggested that a significant number of ‘noobs’ were entering crypto investments.
Apart from the speculations, the price of Ethereum is influenced by a great number of ETH’s technological milestones and some of the projects that are built atop of this chain.
For instance, Danny Ryan, Coordinator for Ethereum 2.0, published a longread on the blockchain’s progress. This will strengthen the bullish narrative for the ETH community.
The Ethereum-based OMG Network inked a partnership with Tether (USDT), in which all ERC-20 Tether transactions on Bitfinex will be confirmed through OMG’s Plasma.
Last but not least, another layer-two Ethereum scalability solution by the Matic Network went live on a mainnet version.