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Analysis

Bored Ape Yacht Club re-asserts OpenSea dominance, but down 53% in price

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Bored Ape Yacht Club re-asserts OpenSea dominance, but down 53% in price

Bored Ape Yacht Club re-asserts OpenSea dominance, but down 53% in price Samuel Wan · 7 hours ago · 2 min read

A blip in trading volume last week allowed GODA Mint Pass and WAGDIE to overtake BAYC. But it all changed this week as BAYC regained the top spot on OpenSea, despite halving in price.

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Updated: June 17, 2022 at 12:14 am

Cover art/illustration via CryptoSlate

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Data from nftpricefloor.com shows the Bored Ape Yacht Club (BAYC) price floor fell by 53% from its May all-time high.

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Fragile market sentiment

On May 1, the minimum price a buyer could expect to pay for a BAYC NFT was 153.582 ETH ($430,000 at the time). Since then, the crypto landscape has undergone a noticeable bearish shift due to several events, including the Terra LUNA/UST implosion.

All of which have taken a toll on the price of BAYC NFTs. A bottom price of 72.503 ETH ($86,000) was hit on June 13. This represents a 53% decrease in the ETH price and, given the falling price of cryptocurrencies the past few weeks, a staggering 80% down in the dollar price.

Source: BAYC Price Floor on nftpricefloor.com

Twitter user @CryptoDonAlt remained upbeat on his BAYC losses, choosing, instead, to focus on the positive. He accepts he may have wasted 100 ETH. But given a chance to do it again, he emphatically declares he would.

Is there a good chance I just wasted 100 ETH on a JPG?

Yup

Did it make me smile?

Yup

Did it make some other people have fun on a shit day?

Yup

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Absolutely worth, would do again.

The duck will be back in due time, no worries.

Until then we ape.

— DonAlt (@CryptoDonAlt) June 15, 2022

According to CoinMarketCap, the BAYC collection ranks second, to CryptoPunks, in terms of all-time volume at 607,444 ETH. But BAYC ranks number one for the estimated market cap, at 978,068 ETH.

Bored Ape Yacht Club (BAYC) reclaims the number one spot

Last week, CryptoSlate reported that BAYC had lost its place as the leading NFT collection on OpenSea by volume.

At the time, the GODA Mint Pass collection, which offers future access to traditional artists looking to get into digital art, was the most traded Ethereum NFT collection.

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The day before, on June 8, the most traded was We Are All Going To Die (WAGDIE), a collection of 6,666 tokens depicting “pixelated solemn humanoids” wearing medieval-themed attire.

Since then, BAYC has re-established itself as the leading NFT collection on OpenSea, with over thirteen thousand ETH in volume over the last seven days. Almost twice the volume of the next placed collection, Mutant Ape Yacht Club.

Source: Top 5 Ethereum NFT collections by volume on OpenSea.io

Meanwhile, WAGDIE has a trading volume of 1,631 ETH over the last week, ranking it 11th. While GODA Mint Pass has 1,396 ETH in volume, ranking it 13th.

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Analysis

Biggest Movers:  XRP Up By Nearly 15%, As AVAX Climbs To 12-Day High On Friday

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Biggest Movers:  XRP Up By Nearly 15%, As AVAX Climbs To 12-Day High On Friday

XRP rose by nearly 15% during today’s session, climbing to its highest point in over a week in the process. This rise in momentum within the crypto market also saw AVAX hit a 12-day high, following a gain of over 11% on Friday.

XRP

Bullish pressure in XRP intensified on Friday, as prices rose to their highest point in over a week during today’s session.

Today’s surge saw XRP/USD rally to an intraday high of $0.3847, which is its highest point since June 11.

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Overall, prices are currently 13.6% higher than Thursday’s low of $0.3244, and this comes after a marginal breakout of a key price ceiling.

XRP/USD – Daily Chart

This resistance point was at the $0.3800 mark, and was broken as short-term momentum continued to move upwards.

Looking at the chart, the moving average of 10 days (red) confirms this shift in direction, with the trend now heading higher.

In addition to this, the 14-day RSI is tracking at its highest point in over three months, after hitting a high of 50.71 earlier today.

However, this point is also a resistance level, which is why earlier gains have somewhat eased, as some bulls likely liquidated positions.

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Avalanche (AVAX)

AVAX was another notable mover to end the week, as prices moved close to a key mark of $20 on Friday.

Following a slow start to the week that saw AVAX/USD hit an all-time low of $13.53, prices rose to a peak of $19.97 earlier today.

This move saw prices rise by as much as 13% in the day, with bulls attempting to break out of the current ceiling.

AVAX/USD – Daily Chart

Despite this rise in bullish pressure, the resistance of $20 has so far held firm in today’s session, with prices now trading at $19.29 as of writing.

One reason for this might be that we have also seen the Relative Strength Index hit a ceiling of its own.

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As a result of this, we may not see enough bulls re-enter the market to help lead a breakout of the $20 level.

Do you expect AVAX to break out of this resistance this weekend? Let us know your thoughts in the comments.

Eliman Dambell

Eliman brings a eclectic point of view to market analysis, having worked as a brokerage director, retail trading educator, and market commentator in Crypto, Stocks and FX.

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Image Credits: Shutterstock, Pixabay, Wiki Commons

Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.

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Analysis

Bitcoin, Ethereum Technical Analysis: ETH On The Cusp Of $1,200 Following Breakout Of Key Resistance Level

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Bitcoin, Ethereum Technical Analysis: ETH On The Cusp Of $1,200 Following Breakout Of Key Resistance Level

Bitcoin edged marginally higher on the last Friday of the month, breaking out of its recent resistance of $21,100 in the process. ETH was also in the green during today’s session, climbing by nearly 5% to move past a price ceiling of its own.

Bitcoin

Following a turbulent week of trading, BTC was once again higher on Friday, as prices moved above $21,000 heading into the weekend.

Less than a day after trading at a low of $20,233.56, BTC/USD rallied to an intraday peak of $21,266.39

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Friday’s flurry of trading saw prices move past a key resistance point of $21,100, and this comes as bulls continue to buy the recent bitcoin dip.

BTC/USD – Daily Chart

After overcoming today’s hurdle, it is likely that traders will target this week’s high of $21,700 over the course of the weekend.

Looking at the chart, should this level be achieved, we will likely see many bulls choose to secure gains and exit positions, due to an upcoming ceiling on the 14-day RSI.

This hurdle is the 36.70 point on the Relative Strength Index, which is currently tracking at 35, and is firmly in oversold territory.

Ethereum

Ethereum was fast approaching $1,200 on Friday, as bullish momentum took prices above a key level of resistance.

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After almost falling below $1,000 during Thursday’s session, ETH/USD surged to an intraday high of $1,191.27 as of writing.

This peak saw the world’s second largest crypto token trade nearly 8% higher than yesterday’s floor, breaking the $1,190 ceiling in the process.

ETH/USD – Daily Chart

As discussed yesterday, this level was one of the only hurdles in place preventing prices from re-entering the $1,200 region.

Today’s mounting pressure from ETH bulls comes after the 35.60 ceiling of the 14-day RSI was broken on Thursday.

With a breakout likely later in today’s session, the only question is where bulls will choose to exercise an exit.

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How high do you expect ETH to climb this weekend? Leave your thoughts in the comments below.

Eliman Dambell

Eliman brings a eclectic point of view to market analysis, having worked as a brokerage director, retail trading educator, and market commentator in Crypto, Stocks and FX.

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Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.

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Analysis

Biggest Movers: MATIC Climbs 25%, Re-Enters Crypto Top 20 

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Biggest Movers: MATIC Climbs 25%, Re-Enters Crypto Top 20 

MATIC moved back into the cryptocurrency top 20 on Thursday, as prices rose by over 25% in today’s session. The token replaced FTT, which entered the list following declines in MATIC on Wednesday. ATOM also rose today, hitting a 12-day high in the process.

Polygon (MATIC)

MATIC was one of the standout movers in crypto markets on Thursday, as the token re-entered the top-20 list.

Following a low of $0.4042 on Wednesday, MATIC/USD surged to an intraday peak of $0.5145 earlier today.

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This move saw MATIC become the world’s 18th largest cryptocurrency by market capitalization, all while hitting an 11-day peak.

MATIC/USD – Daily Chart

Despite these gains, it appears that bulls are looking towards the ceiling of $0.6650 as the next price target.

Overall, MATIC has risen by over 25% in today’s session, with its seven-day average now nearing a 30% increase.

In addition to this, the 14-day RSI is tracking at its highest point in over three months, after hitting a high of 48.64 earlier today.

All in all, sentiment seems to be firmly bullish in the short-term, however traders will see if this matures into the mid-term.

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Cosmos (ATOM)

ATOM also rose to an 11-day high on Thursday, as prices rose for a fifth consecutive session.

Following a breakout of its floor at $5.50 last week, which saw prices hit their lowest point since January 2021, ATOM bulls re-entered the market with full force.

As a result of this short-term rise in bullish sentiment, ATOM/USD rose to an intraday peak of $7.73 earlier today.

ATOM/USD – Daily Chart

This gain means prices are now trading nearly 12% higher than yesterday’s lows, sending them to their most valuable level since June 12.

Looking at the chart, this uptake in momentum has meant that the moving average of ten days is now nearing a potential cross with that of the 25-day SMA.

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Should this occur, then we will likely see prices not only reach, but breakout of, resistance at $10.

Do you expect ATOM to break out of this resistance before the month ends? Let us know your thoughts in the comments.

Eliman Dambell

Eliman brings a eclectic point of view to market analysis, having worked as a brokerage director, retail trading educator, and market commentator in Crypto, Stocks and FX.

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Image Credits: Shutterstock, Pixabay, Wiki Commons

Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.

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