Bitcoin, Ethereum Fall, Dogecoin Defies Gravity: Analyst Sees No Strong Crypto Buyers Ahead Of Fresh Week

Zinger Key Points
  • Bitcoin, Ethereum move lower; Dogecoin best intraday performer
  • Investor sentiment remains weak ahead of fresh trading week - OANDA analyst
  • ETH whales not responsible for the weekend uptick in second-largest coin - Santiment

Bitcoin and Ethereum traded lower, but Dogecoin spiked on Sunday evening, as the global cryptocurrency market cap declined 2.3% to $942 billion at press time.

Price Performance Of Major Coins
Coin 24-hour 7-day Price
Bitcoin BTC/USD -2% 2.9% $21,052.35
Ethereum ETH/USD -3.2% 7.3% $1,203.12
Dogecoin DOGE/USD 8.8% 24.5% $0.07
Top 24-Hour Gainers (Data via CoinMarketCap)
Cryptocurrency 24-Hour % Change (+/-) Price
Dogecoin (DOGE) +8.8% $0.07
ApeCoin (APE) +4% $4.73
Ethereum Classic (ETC) +2% ​​$16.9

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Why It Matters: Bitcoin and Ethereum slipped into the red as the S&P 500 and Nasdaq futures fell 0.5% each at press time.
The two largest coins saw muted volumes owing to the weekend. In contrast, Dogecoin soared with 24-hour trading volumes surging 113.1% to $908.65 million, according to CoinMarketCap data. 

Data from the price-tracking website indicated that the meme coin was the best performing cryptocurrency intraday at press time.

The bounce in DOGE came after the coin broke up bullishly from a double inside bar pattern and continued a solid uptrend on which it has been treading since it bounced off heavy support at the 5-cent mark on June 18, according to Benzinga’s Melanie Schaffer.

“Bitcoin is still not matching the gains seen with equities as sentiment remains depressed. The selling pressure might be easing, but strong buyers are not yet emerging,” said Edward Moya, a senior market analyst with OANDA in a recent note, seen by Benzinga.’s “Crypto Fear & Greed Index” flashed “Extreme Fear” at press time. Investor sentiment remains unchanged from last week. 

Although the value underpinning the index has risen from 9 to 12 in the period. A value of 0 means “Extreme Fear,” while a value of 100 represents “Extreme Greed.”

Over the weekend, cryptocurrencies showed some resilience. Cryptocurrency trader Michaël van de Poppe noted the movement and tweeted, “Standard weekend fake-outs happening and probably ending at CME close at $21.1K for [Bitcoin].”

The analyst said there was no clear breakout above $21,600 for the apex coin at this point yet. 

Justin Bennett said the cryptocurrency market is breaking support or looks ready to do it. He noted the upswing and said the market had a “small fakeout” above the $940 billion market cap. 

“I doubt this holds much longer,” said the cryptocurrency trader in a recent tweet. 

Ethereum is seeing a bout of profit-taking after a mid-sized bounce, said Santiment. The market intelligence platform tweeted that the whale activity in the second-largest coin was low and they were not the source of the uptick.

Read Next: JPMorgan Says This Is The 'Fair Value' Of Bitcoin: Why Analysts Say BTC Is Going 28% Higher

Posted In: BitcoindogecoinEthereumCryptocurrencyNewsTop StoriesMarketsMoversTrading Ideas

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