Weekly Crypto Market Brief

A Bitcoin price fall below $28k on June 12, 2022, resulted in a weekly candle close below the critical $28.5k level for the first time in the current cryptocurrency bear market. This candle engulfed the previous green candle on the weekly chart, resulting in a market crash the following day as Bitcoin fell to $22k, before reaching the historic $20k level on June 15, 2022. This is a major development in the markets, with further downside being contingent upon Bitcoin breaking below the strong $20k support level.

After printing its local top of about $143 in early April, Solana (SOL) failed to reach and break past the 200 daily MA, and has been on the descendancy since then. It printed a local bottom at $35 due to the market collapse on May 12, 2022, and reached a local bottom of $25 in the latest market crash. The current prices are the lowest since the summer of 2021, and a further break to the downside would potentially take us to the $15 price level.

Chainlink (LINK) has also been experiencing significant downside in the current market. After printing a local top at about $18.5 on April 3, 2022, it fell to the $5.3 on May 12 during the crash, before retesting the same level a month later on June 13, following a consolidation period and brief recovery. These are the lowest prices for Chainlink since July 2020, which was prior to its price entry into double figures territory for the first time. The current support level must be maintained to avert a potential drop to the $2 level for the token.

Decentraland (MANA) dropped to the price levels of October 2021, which came prior to its massive, historic pump to the $5 level on October 30, as well as its rise to its all-time high of about $6 per token on November 25, 2021. It has been on a steep downtrend ever since it broke downwards past the 200 MA on the daily chart on April 6, after previously holding it as support. A break of the current support level at $0.60 in the upcoming period would pave the way for potential moves to the $0.43 and $0.20 price levels.

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