Macro Overview
- US CPI y/y: Came in at 2.4% vs 2.5% expected — a bullish figure numerically, but the market reacted negatively, indicating underlying weakness.
- US PPI m/m: Came in at 0.1% vs 0.2% expected – slightly bullish data. However, the market dropped, suggesting weakness, possibly due to the rise compared to the previous low print.
Crypto Markets Overview
Top Tokens Update
- Solana ETF Approval May Be Weeks Away, SEC Open to Staking: The U.S. SEC has reportedly asked potential Solana ETF issuers to submit amended S-1 filings by next week, signaling that an approval could come within three to five weeks. According to sources cited by Blockworks, the SEC will issue comments on the revisions—focused mainly on in-kind redemptions and the potential inclusion of staking—within 30 days. Importantly, the agency is said to be open to allowing staking within the ETF structure. While this development triggered a brief rally in Solana’s price, the gains were quickly retraced.
- Ondo Brings Tokenized Treasuries to XRP Ledger, Adds RLUSD Support: Ondo Finance has expanded its tokenized U.S. Treasuries product, OUSG, to the XRP Ledger, aiming to increase access for qualified and institutional investors. The integration allows users to mint and redeem OUSG using Ripple’s new RLUSD stablecoin, further simplifying onchain access to real-world assets. Launched in January 2023, OUSG now has a market cap of $692 million and is one of the top three tokenized Treasury products in DeFi, alongside offerings from BlackRock and Franklin Templeton, according to RWA.xyz and The Block’s data.
“Big Picture: Upcoming Weeks’ Key Economic Events”
| DATE | TIME | EVENT | USUAL EFFECT |
| Jun-18 | 6:00 PM | US Unemployment Claims | Actual’ greater than ‘Forecast’ is good for crypto |
| Jun-18 | 11:30 PM | US Federal Funds Rate | US Federal Funds Rate |
| Jun-19 | 12:00 AM | US FOMC Press Conference | More dovish than expected is good for crypto |
Bitcoin Technical Analysis
Summary:
- The current sentiment around BTC is Neutral.
- Bitcoin has remained sideways/choppy, as mentioned in our last weekly report. Still, the price action is mixed and uncertain. We expect it to continue for a few more days.
- Key support levels to consider are around $101,400 and $99,100. On the upside, resistance level is at $106,200 and $110,000.
- It is advisable to evaluate potential entry points around the mentioned support levels for long entries and at resistance levels for short entries. Additionally, setting limits to manage potential losses is prudent.
- For profit-taking, strategically selling near the outlined resistance levels/support levels is a recommended approach. Always exercise caution and implement sound risk management practices in trading endeavours.
Ethereum Technical Analysis
Summary:
- The current sentiment around ETH appears Neutral to Bullish.
- ETH also remained sideways this week as mentioned in our last weekly report. It attempted to breakout of consolidation but failed and is now back in the range. This is a common pattern which has happened in the past aswell (can be seen in the above chart) ,which results in a good upside breakout after giving a fakeout. We expect a couple of days of choppiness and then an upside move.
- Significant support levels include $2466, $2380 and $2275, while resistance levels to watch are at $2680 and $2821.
- These levels play a crucial role in determining potential price movements. It is advisable to evaluate potential entry points around the mentioned support levels for long entries and at resistance levels for short entries. Additionally, setting limits to manage potential losses is prudent.
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