Full Market Coverage

Penny Coins - ADA

ADA has bounced off the support level created two weeks ago on June second at 0.07040 USD. This support level was previously erroneously labeled at a lower level in last week's coverage and has since been updated. Regardless of support acting in a predictable manner, price is struggling to keep the upward momentum back out of 7 cents.

A troubling signal of lowering price to come has made itself visible in the RSI. Note, on the daily chart the RSI is coming down from an overbought period whereas the 4 hour chart shows it on the rise. The two now have only a 6 point difference between them, and seem to be syncing up for a larger move to the downside. When the RSI oscillates like this to line up on multiple time frames, the price usually follows in close correlation, meaning a divergence here is unlikely but if occurs would be quite a strong signal in whatever direction it diverges.

The RSI and the 4 hour have been on this path of coinciding for about a week. Likely the 6 cent level of second support will be tested, specifically 0.06328 USD. This level is the same price-wise, but has been renamed to "Range Low" from "Second Support" in last week's coverage.

Penny Coins - XLM

XLM had a strong bounce on the daily chart off the 4/24 high level of 0.06540 USD, rallying back above the first support level at 0.07055 USD. Now the price is finding some resistance and seems to be trending back towards the downside for the coming week.

The RSI on xlm has a much smaller difference between the value on the 4 hour and the daily, being only about 1.5 points apart. The daily RSI has been sideways in the 40 point range for a few days now whereas the 4 hour RSI is slowly trending up. The price continues to make lower highs, diverging from the RSI in a bullish manner.

Another drop to near the 0.06540 USD level while RSI continues to climb upwards may present itself as a great buying opportunity, as this would signal a price springboard at that level, possibly shooting price into the mid 7 cent range quickly thereafter. A move like that could result in ~%17 profit from a short term trade, in around 1-3 days time.

Bitcoin - Price Analysis

Bitcoin, like ADA, is lining up its timeframes' RSI values. Yesterday, a good portion of the crypto market followed BTC in a small dump and pump of price. This is what has given rise to ADA and several other currencies having a final push up in lower time frame RSI to meet their daily value RSI.

Such a strong indication of correlation means that those who are not exhibiting this quality, such as XLM, will soon reverse to the upside and break correlation to BTC. The RSI is trending in the mid-level, oscillating around the 50 point mark. With price consolidating above support after a move down and impulsive buying driving it back above the level, there is a high probability BTC will further drop from ~9700 to ~8100 USD. The real question is wheter or not there will be another push up towards weekly resistance at 10,406 USD before that happens.