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Bitcoin Stabilizes as NFT Tokens Surge and DeFi Rallies

NFT-New York helped ease crypto markets into a relief surge this week as big brands piled in and NFT coins surged. Meanwhile, crypto contagion was still in its painful “filter by liquidation” stage as DeFi attempted to self-regulate.

At a glance...

  • Solend reversed stance to help pay a whale’s debt
  • 3AC hedge fund faced with must-pay deadline
  • NFT New York trended and NFT tokens surged
  • GameStop-style short squeeze targeted Celsius short sellers
  • DeFi tokens finally lifted despite continued liquidations

Top Market Trends:

  • Solend’s Solana-based lending protocol first voted to seize a whale’s $200+ million in assets to avoid liquidation risk, then partnered with Mango Markets to pay the whale’s debt.
  • Three Arrows Capital hedge fund has a June 27 deadline to pay $657 million to Voyager Digital or face default. FTX, Deribit and BitMEX have already liquidated 3AC positions.
  • NFT tokens shined in the light of NFT New York while in the same week, Uniswap, eBay, Ledger, and Pharrell Williams all entered the NFT industry.
  • Celsius investors may have joined forces to put pressure on FTX short sellers GameStop-style as $CEL price rose 89% despite disabled withdrawals and transfers.

Movers and Shakers

Top 7-day Gainers:
CEL +89.1%
TITAN +81.3%
SNX +72.5%
MATIC +56.9%
10SET +51.9%

Top 7-day Losers:
FLEX -10.3%
KCS -1.9%
PAXG -1.7%
DFI -1.7%
XCN -0.7%

Technical Summary

Bitcoin Pulse
Bitcoin (BTC) leveled out after weeks of destruction, up 3.5% over the last 7 days.

  • BTC’s Relative Strength Index (RSI) appears to have bottomed and began climbing.
  • The Bollinger Bands indicator showed a marked tightening as volatility ebbed.
  • Bitcoin spent the last half of the week ranging near the $20.6k support area.

2-hour Bitcoin TA

On the 2-hour BTC chart, we see that the drop and bounce back from the 17th to 19th of June formed a head for the reverse head and shoulder pattern. We confirmed the second shoulder on the 24th of June. A break in the neckline could lead to a short-term bull scenario, but keep an eye out for the “fake out” as the RSI is moving into overbought territory.

Bitcoin_2_hour_chart_TAHead and shoulder bull scenario, but watch for a possible “fake out”

1-week Bitcoin TA

On the 1W BTC chart, we adjusted the Y-axis to a logarithmic scale. When we did that, we noticed a channel that formed in mid-2018 until today. Two weeks ago the price moved out of the channel. Keep an eye out for the next week to see if a new resistance will be forming underneath this channel.

Bitcoin_1_week_chart_TAIs a new resistance channel forming for BTC?

Altcoins on the Move
Finally, we saw some green relief after weeks of wretched markets. Many of crypto’s top 100 alts saw double-digit gains this week while Layer-1s like Ethereum and Cardano moved more modestly.

  • Uniswap (UNI) rocketed by 50% on news they had topped Ethereum in daily fees.
  • Tether (USDT) doubled down on its stablecoin dominance and announced it would issue a new Silver-backed stablecoin, $GBPT.
  • Dogecoin (DOGE) saw a 17% rise midweek after Elon Musk reiterated his support of DOGE, citing it was what his customers want.

Altcoin TA

This week has shown to be a strong week for some altcoins with double-digit gains. On the Ape Coin chart, we see that there is a channel that has formed since Mid-May. The price has been pushing the upper band of the channel for the last week and may possibly break out. If a breakout continues, keep an eye out on volume.

APE_USDT_TAWatching for an APE-USDT breakout

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  • Time Magazine is partnering with The Sandbox (SAND) gaming assets platform to build a metaverse version of New York City.
  • An evocative hit piece accusing BAYC and Yuga Labs’ founders of using Bored Apes as a racist trolling campaign went viral on YouTube.
  • Newly elected Colombian President has a history of supporting Bitcoin, calling it a “Community Currency” as far back as 2017.
  • Coinbase introduced fully doxxed withdrawals beginning June 27th, forcing some users to give a name and physical address of the recipient as well as a reason for the transfer.

Spotlight on: Cardano (ADA)

As the 4th largest Layer-1 platform by market cap, Cardana (ADA) is one Ethereum Killer that trends often and gets a lot of press. The ADA token allocation had an unusually high percentage of tokens available for the public sales, which might explain its fervent community.

Read the complete ADA Coin Profile to learn more about Cardano’s tokenomics, roadmap, price evolution, and much more.

_Cardano_price_evolution_Quadency_coin_profileADA Price Evolution and Events

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How_Quadencys_Grid_Trader_WorksGrid Trader: How it Works

We Looked Into: High Yields in Crypto Part II: CeFi

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Disclaimer: The content of this article is for general market education and commentary and is not intended to serve as financial, investment, or any other type of advice.