Altcoin market analysis KW27 – Small recoveries are no bull run!

Total market capitalization rose to 220 billion euros. Half of the crypto currencies in the top 10 had to cope with price losses. Cardano was able to gain as much as seven percent, while Ripple suffered losses of four percent.

The price development of the ten crypto currencies with the highest market capitalisation, which is stated in billions of euros, is shown. For crypto currencies that are currently not directly exchangeable into euros, the respective trading pair was taken with US dollars as the basis and converted into euros.

After the two last weeks, in which the courses tested new minima or reached even, this week was coined by a recovery. In different media the next Bull Run is already announced, however one must be realistic here: The top 10 have risen by less than one percent on average. Within the Top 100, the situation looks better, but just under 6 percent is not yet a bull market – and the trading volume is still missing.

The Cardano share price rose by seven percent, thus surpassing the Stellar price in terms of Bitcoin revolution

In any case, Bitcoin revolution rose accordingly last week from 217 billion euros to 220 billion euros. As has already been stressed: a small recovery is not yet a bull market. Accordingly, price assessments are mixed. Instead of immediately opening a long position (and enthusiastically thinking “BUY THE DIP!”), one should observe the price with regard to resistances. Only after a rise above the same price is it possible to open a long position.

Like all other prices, the Cardano price has fallen sharply in recent weeks, but at the end of June it was able to rise above the downward trend it had followed since mid-June. In the course of this pump, the price was able to rise above the exponentially moving average EMA50, but bounced off the EMA100. Since the pump, the volume has dropped back again, but has not yet reached the minimum values from June 26th to June 28th.

The MACD is positive and still rising, even if it runs into saturation. The RSI has risen since the pump above 60. Overall, a bullish picture emerges. Accordingly, a long position offers itself. One could set the stop loss at the level of the support at 0.13 US dollars or, if one wants to be more cautious, use the resistance at 0.14 US dollars as entry point and stop loss. The target in both cases would be 0.16 US dollars.

Worst Performance: Ripple (XRP) despite the Bitcoin loophole

Although the ripple price, like the prices of many other crypto currencies, was able to break through the downward trend that began on 20 June, the exponential moving average EMA50 has so far represented an insurmountable resistance. In the meantime, the Bitcoin loophole volume has dropped back to the level before the pump.

The negative, but rising MACD shows a neutral picture with the RSI around 50. Currently, opening a position is therefore not an option. One could wait until the price has risen above the resistance at 0.40 Euro. Then one could open a long position where the stop loss is at the level of the EMA50 and a first target at the EMA100 which is currently at 0.42 Euro. If the price falls below 0.39 Euro, you can open a short position, where the stop loss is also at the level of the EMA50 and the first target at the monthly minimum of June, i.e. 0.37 Euro.

Stability of the Top 10
The gap between tether and TRON is now nine percent. The gap between tether and IOTA is also eight percent. The gaps between the market capitalizations in the “back places” within the top 10 are therefore somewhat more relaxed than last week. In stark contrast, the gap between Stellar and Cardano is only 0.6 percent.

Winners and losers in the price slump
On average, all crypto currencies increased by 3 percent. On average, all crypto currencies performed just as well or poorly as Bitcoin. For the Top 100, this looks somewhat different: These are on average around 6