Daily Pump & Dump  June 2, 2022. Crypto Market Report: BTC, ETH, ICP

Daily Pump & Dump June 2, 2022. Crypto Market Report: BTC, ETH, ICP

Daily Pump & Dump is a cryptocurrency update for the day of the week that gives you a concise overview of price movements related to Bitcoin, Ethereum and other trending altcoins.

Today’s summary:

  • Bitcoin is testing $ 30,000 again after rejection.
  • Why is Ethereum lagging behind the rest of the cryptocurrency?
  • ICP posts insane intraday meeting.

Bitcoin is testing $ 30,000 again, can a key level be maintained?

The price of bitcoin was severely rejected due to the resistance at $ 32,000, which returned the cryptocurrency to re-testing support at $ 30,000.

The fall took BTCUSD to the middle every dayBollinger Band – which is a 20-day simple moving average. Holding the line can lead to further growth, while a loss indicates a continued decline.

Bitcoin is trying to hold above the 20-day SMA | Source: BTCUSD on TradingView.com

Nearly above $ 32,000 is now the immediate hurdle the bulls need to overcome, while the bears remain at a striking distance from the new lows.

Related Reading | Hammer Time: A bull signal that could save Bitcoin

Ethereum loses head (and shoulders) against BTC

Compared to Bitcoin, Ethereum it also doesn’t work well. Superior altcoin is not representative of the state of the altos as a whole, which have in some cases experienced a strong recovery today.

Daily Pump & Dump  June 2, 2022. Crypto Market Report: BTC, ETH, ICP

Ethereum could head down further against BTC | Source: ETHUSD on TradingView.com

Upon closer inspection, ETHUSD is well below the same middle Bollinger Bands and 20-day SMA as Bitcoin in daily time frames. The discrepancy is shown in the ETHBTC pair, which is in danger of further failure if the horizontal support is breached.

Internet Computer Boots Up 20% Rally

One extraordinary situation in today’s market is Internet Computer. The Dfinity Foundation coin made double-digit winnings that day. Much like Bitcoin is visually more bullish than Ethereum in terms of price action and its location within the Bollinger Bands, ICP seems best prepared for aggressive expansion.

Bollinger belts are a tool for measuring volatility. When the bands tighten, it indicates that volatility will come soon. Closing outside the upper belt is not always a bullish signal and can lead to a reversal. If the volume reaches when the price closes outside the upper band, a strong shift is possible.

Daily Pump & Dump  June 2, 2022. Crypto Market Report: BTC, ETH, ICP

ICP requires strong volume to keep the recovery going | Source: ICPUSD on TradingView.com

A 20% increase within the day is expected given the 98% drop since its debut in the crypto market. At launch, it was bidding on more than $ 500 per ICP when placing coins immediately in the top ten cryptocurrencies by market capitalization.

Related Reading | LUNA Aftermath: The total crypto market sold more than Black Thursday

From a reward risk perspective, a return close to debut prices from today’s $ 9 per ICP price would represent nearly 5,000% ROI or 50x on equity. This can be too tempting to miss.

Follow @TonySpilotroBTC on Twitter or join Telegram TonyTradesBTC for exclusive daily market insights and technical analysis education. Note: the content is educational and should not be considered investment advice.

Featured image from iStockPhoto, Charts from TradingView.com

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