Welcome to our latest crypto market outlook for June 17th!
The entire crypto market has been struggling this week due to tensions between Iran and Israel. But is it the end of the bull run? Maybe not! Here are 5 interesting altcoins approaching key rejection levels this week: METIS, NKN, LPT, WLD, and ZRO.
Today, we will cover the following topics:
– BTC Analysis
– 5 Altcoins Analysis
– Quotes / Advices
– Closing Remarks
BTC analysis
As per our last market outlook, BTC is still struggling within a large range between $100,000 and $112,000.
Is it a distribution phase or a continuation pattern?
If the $100,000 level is broken to the downside, the distribution phase will be activated, pushing the price toward the $95,000 mark as the first support.
In parallel, if the symmetrical triangle is broken to the upside, it would signal the start of a new bullish impulse phase.
5 Altcoins Analysis
As per our last METIS analysis, it is currently retesting a strong support and demand zone around the round number of $15.
As long as the support zone holds, we will be looking for long setups on lower timeframes.
For the bulls to shift the momentum in their favor, a break above the last major high marked in orange at $17.45 is needed.
Meanwhile, further downside is expected for METIS, especially if the $15 mark is broken to the downside.
NKN has also been bearish and is currently retesting a strong support zone between $0.015 and $0.02.
Previously, when NKN rejected the $0.015 level, it surged by over 260%.
For the bulls to take over in the short term, a break above the $0.0274 high marked in orange is needed.
Then, for the bulls to remain in control in the medium term, a break above the main structure in red at $0.0313 is required.
As per our last Coin of the Week article, LPT remains bearish, trading within the falling channel marked in red.
However, it is currently approaching a massive daily demand zone around the round number of $5.
As long as the $5 level holds, the only way from here is up — to be confirmed after breaking above the upper red trendline.
WLD has also shifted bearish after breaking below the rising blue wedge pattern.
As long as WLD trades within the falling red channel, the overall bias remains bearish.
For the bulls to take over again, a break above the structure marked in orange at $1.078 is needed.
ZRO has been trading within a wide range from a long-term perspective, between the $1.5 support and $3.35 resistance levels.
Since it is retesting the lower bound of the range, we will be looking for long setups, targeting the $3 round number.
For the momentum to shift from bearish to bullish, a break above the round number of $2.082 is needed.
Quotes / Advices
You never know what kind of setup the market will present to you, your objective should be to find an opportunity where risk-reward ratio is best.
~ Jaymin Shah
Closing Remarks
In summary, METIS is retesting the critical $15 support, with a break above $17.45 needed for bullish momentum to resume.
NKN is sitting at a strong historical support between $0.015 and $0.02, where it previously rallied over 260%.
LPT remains bearish within a falling channel but is nearing a massive daily demand zone at $5, offering potential reversal opportunities.
WLD turned bearish after breaking its rising wedge and now needs to reclaim $1.078 to signal strength.
Lastly, ZRO is at the lower bound of its long-term range between $1.5 and $3.35, with upside potential building if $2.082 is broken.
