Altcoins
Altcoins Lose as Ethereum Drops Below $3,500 📉Filecoin Drops 11% Despite Recent AI Announcement
After Bitcoin hit monthly lows around $65,000, some altcoin investors panicked by selling smaller cryptocurrencies. Furthermore, the second largest cryptocurrency, Ethereum, has fallen below the psychological support zone near $3,500 and is losing more than 2.5% today. Indeed, today we can see double-digit declines with Eos, Chilliz, Fantom and Filecoin losing most of the top 100 projects. Today we can see the US dollar strengthening under key US retail sales data (12:30 GMT ) and production (13:15 GMT), so we can expect more cryptocurrency volatility before the US market opens. 10-year US Treasury yields are again near 4.3%. Since the previous week, we are also seeing net outflows of spot Bitcoin ETFs in the US, which are now the largest since March 2024 and have failed to fuel the rally to new all-time highs.
Ethereum (D1 range)
Ethereum has shown some buying spree after falling below the SMA100 (black line) and SMA50 (yellow line), but the overall sentiment is now bearish. The main support level, from the SMA200 level, is now set near the $3000 zone.
Source: xStation5
Filecoin has announced integration with startup CryptoEternalAI, enhancing decentralized AI capabilities across its decentralized storage solutions. Despite the AI announcement, Filecoin has not seen even speculative upward reactions and the price is collapsing until the AMA with FILLiquid, scheduled for June 19th at 12:00 GMT.
Filecoin (D1 range)
Filecoin drops to the lowest level since December 2023. The largest long-term resistance zone now lies near the $6.4 level, where we can see SMA200 (red line). The RSI shows oversold conditions with readings below 30 points.
Source: xStation5
Bitcoin (D1 range)
Bitcoin still holds the main trend line and reacted with some upside, rebounding from $64,500. Falling below this level could lead to a retest of the $60,000 zone, especially if the on-chain support at $63,500 (price realized by the short-term holder) is not enough.
