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Price Analysis 6/24: BTC, ETH, XRP, BCH, BSV, LTC, BNB, EOS, ADA, CRO

Price Analysis 6/24: BTC, ETH, XRP, BCH, BSV, LTC, BNB, EOS, ADA, CRO

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A few major cryptocurrencies are close to breaking below their critical support levels, indicating further downside in the next few days.

Coronavirus cases are jumping across the world as nations reopen their economies and this raises the risk of a second wave which could slow down the current recovery in major markets. Global debt levels are already at astronomical levels but it seems safe to assume that a resurgence in cases will result in central banks pumping more liquidity into the markets.

OKEx CEO Jay Hao recently said that Bitcoin (BTC) rallied about 58% from $6,580 to $10,400 after the first stimulus bill was signed in late March. There are also expectations that the Trump Administration may announce a second $1 trillion stimulus package. 

If this happens, Hao believes that a portion of funds from investors will re-enter Bitcoin as institutional investors “spread their risk across risk and haven assets.”

Daily cryptocurrency market performance

Daily cryptocurrency market performance. Source: Coin360

Even if institutional investors park roughly 1% of their money in the top-ranked cryptocurrency on CoinMarketCap, this could result in an inflow of about $480 billion. According to Messari researcher Ryan Watkins, this fresh influx could boost “Bitcoin’s market cap above $1 trillion, or over $50,000 per BTC.”

This suggests that the long-term prospects for Bitcoin are strong, hence, any weakness can present an opportunity to buy at lower levels.

BTC/USD

Bitcoin (BTC) showed promise on June 22 but the rally fizzled out at $9,795.06. This suggests that a huge wall of sellers is defending the $10,000–$10,500 resistance zone. The price turned down sharply and plunged below the moving averages today.

BTC/USD daily chart

BTC/USD daily chart. Source: Tradingview

The repeated failure of the bulls to break above the resistance zone could attract long liquidations from short-term traders. If the bears take advantage of this and sink the price below the trendline of the ascending triangle, a drop to $8,638.70 and below that to $8,130.58 is possible.

If the BTC/USD pair rebounds off $8,130.58, it could point to a few days of range-bound trading between $8130.58–$10,000. The view will turn bearish if the bears sink the pair below the critical support at $8,130.58. 

Alternatively, if the price rebounds off the trendline of the triangle, the bulls will make one more attempt to push the price to $10,000 levels. 

ETH/USD

Ether (ETH) turned down from just under the overhead resistance of $253.556 today, which suggests that bears are defending this level aggressively. This could keep the biggest altcoin range-bound between $225.783 and $253.556 for a few days.

ETH/USD daily chart

ETH/USD daily chart. Source: Tradingview

The flat moving averages and the relative strength index just above the 50 level also suggests a balance between supply and demand.

This advantage will tilt in favor of the bears if they can sink the second-ranked cryptocurrency on CoinMarketCap below $225.783–$218.331 support zone. If this zone cracks, a drop to $200 and below it to $176.112 is likely.

Conversely, if the ETH/USD pair rebounds off the 20-day exponential moving average ($224), the bulls might make one more attempt to push the price above $253.556. If the price sustains above this level, the uptrend is likely to resume.

XRP/USD

XRP has broken down from the support line of the symmetrical triangle. If the bears can sustain the price below the triangle, a new downtrend is likely. 

XRP/USD daily chart

XRP/USD daily chart. Source: Tradingview

The downsloping moving averages and the failure of the RSI to even reach 50 level suggests that bears have the upper hand. The pattern target of this breakdown is $0.124412.

However, it is unlikely to be a straight fall as the bulls will try to stall the decline at $0.16 and then at $0.14.

This bearish view will be invalidated if the fourth-ranked cryptocurrency on CoinMarketCap reverses direction and rises above both moving averages. However, the possibility of such a move looks bleak.

BCH/USD

Although Bitcoin Cash (BCH) rose above the moving averages today, the bulls could not sustain the higher levels. The altcoin quickly turned around and dipped below the moving averages.

 

BCH/USD daily chartBCH/USD daily chart. Source: Tradingview

The bears will now try to sink the fifth-ranked cryptocurrency on CoinMarketCap to $217.55. This level has been holding up well for the past several days, hence, the bulls are likely to defend it aggressively once again.

A bounce off $217.55 will keep the BCH/USD pair range-bound between $217.55–$255.46 for a few more days. Both moving averages are flattish and the RSI has been oscillating between 40 and 50, which also suggests a range-bound action but with a negative bias.

BSV/USD

The rebound in Bitcoin SV (BSV) hit a wall at the 20-day EMA ($180), which is a negative sign. The 20-day EMA is sloping down gradually and the RSI is in the negative territory, suggesting advantage to the bears.

BSV/USD daily chart

BSV/USD daily chart. Source: Tradingview

If the bears can sink the price below the support at $170, the sixth-ranked cryptocurrency on CoinMarketCap is likely to start a new downtrend. This will be a huge negative as it can result in a decline to $146.20 and then to $110.

However, if the BSV/USD pair rebounds off $170, the bulls will make another attempt to push the price above the moving averages. If that happens, the pair is likely to remain range-bound between $170–$227.

LTC/USD

The bears are not allowing Litecoin (LTC) to rise above the moving averages. This is the third such occasion (marked as ellipses on the chart) when the price has turned down from the moving averages. 

LTC/USD daily chart

LTC/USD daily chart. Source: Tradingview

If the seventh-ranked cryptocurrency on CoinMarketCap slips below $41.63, it can dip to the critical support at $39. This support has not been broken down convincingly since April 2, hence, the bulls are likely to mount a strong defense of this level.

A sharp rebound off $39 can keep the LTC/USD pair inside the large $39–$51 range for a few more days. 

The 20-day EMA ($44) has started to turn down gradually and the RSI has been struggling to climb above the 50 level, which suggests a minor advantage to the bears. This bearish view will be invalidated if the pair turns around and rises above the moving averages.

BNB/USD

Binance Coin (BNB) has turned down from the moving averages. The bears will now try to sink the price below the immediate support zone of $15.72–$15.40. If they succeed, the altcoin is likely to turn weak in the short-term. 

BNB/USD daily chart

BNB/USD daily chart. Source: Tradingview

Below the $15.72–$15.40 support zone, the selling is likely to pick up that can drag the eighth-ranked crypto-asset on CoinMarketCap to the critical support at $13.65.

The gradually downsloping 20-day EMA ($16.50) and the failure of the RSI to cross above the 50 level suggests a slight advantage to the bears.

However, if the bears do not take advantage of this situation, the BNB/USD pair is likely to bounce off the support zone once again.

EOS/USD

EOS again turned down from the moving averages. This suggests that the bears are aggressively defending this resistance. Repeated failure to break out of a resistance results in long liquidation by short-term traders.

EOS/USD daily chart

EOS/USD daily chart. Source: Tradingview

That could drag the ninth-ranked cryptocurrency on CoinMarketCap to the critical support at $2.3314. As this support has not been breached convincingly since April 6, the bulls are likely to defend it aggressively once again.

However, if the selling picks up momentum and sinks the EOS/USD pair below $2.3314, a new downtrend is likely. The next key support on the downside is $2 and then $1.80.

This negative view will be invalidated if the pair turns around from the current levels or  $2.3314 and rises above the moving averages.

ADA/USD

Although the bulls carried Cardano (ADA) above $0.085, they have not been able to sustain the breakout. This suggests that bears are aggressively defending the $0.085–$0.0901373 zone. 

ADA/USD daily chart

ADA/USD daily chart. Source: Tradingview

The 10th-ranked cryptocurrency on CoinMarketCap has again dipped back below $0.085 and the bears will now try to sink the price below the 20-day EMA ($0.079).

If they are successful, the short-term traders are likely to close their positions that can drag the price of the ADA/USD pair to the $0.0722722–$0.0694880 support zone.

However, if the pair again bounces off the 20-day EMA, the bulls will make one more attempt to propel the price to $0.0901373.

CRO/USD

Crypto.com Coin (CRO) is facing selling above $0.125 levels. The sharp downturn in price today has pulled the RSI back below 70 and it has started forming a bearish divergence as suggested in the previous analysis.

CRO/USD daily chart

CRO/USD daily chart. Source: Tradingview

If the 11th-ranked cryptocurrency on CoinMarketCap breaks down and sustains below $0.118234, it will signal weakness.

The uptrend will be in danger of being broken if the bears sink the price below the 20-day EMA ($0.111). Below this level, a drop to $0.101266 is likely.

This view will be invalidated if the CRO/USD pair bounces off the 20-day EMA. In such a case, the bulls will once again attempt to resume the up move.

The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph. Every investment and trading move involves risk. You should conduct your own research when making a decision.

Market data is provided by HitBTC exchange.

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Key shipping company files for Chapter 11 bankruptcy

The Illinois-based general freight trucking company filed for Chapter 11 bankruptcy to reorganize.

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The U.S. trucking industry has had a difficult beginning of the year for 2024 with several logistics companies filing for bankruptcy to seek either a Chapter 7 liquidation or Chapter 11 reorganization.

The Covid-19 pandemic caused a lot of supply chain issues for logistics companies and also created a shortage of truck drivers as many left the business for other occupations. Shipping companies, in the meantime, have had extreme difficulty recruiting new drivers for thousands of unfilled jobs.

Related: Tesla rival’s filing reveals Chapter 11 bankruptcy is possible

Freight forwarder company Boateng Logistics joined a growing list of shipping companies that permanently shuttered their businesses as the firm on Feb. 22 filed for Chapter 7 bankruptcy with plans to liquidate.

The Carlsbad, Calif., logistics company filed its petition in the U.S. Bankruptcy Court for the Southern District of California listing assets up to $50,000 and and $1 million to $10 million in liabilities. Court papers said it owed millions of dollars in liabilities to trucking, logistics and factoring companies. The company filed bankruptcy before any creditors could take legal action.

Lawsuits force companies to liquidate in bankruptcy

Lawsuits, however, can force companies to file bankruptcy, which was the case for J.J. & Sons Logistics of Clint, Texas, which on Jan. 22 filed for Chapter 7 liquidation in the U.S. Bankruptcy Court for the Western District of Texas. The company filed bankruptcy four days before the scheduled start of a trial for a wrongful death lawsuit filed by the family of a former company truck driver who had died from drowning in 2016.

California-based logistics company Wise Choice Trans Corp. shut down operations and filed for Chapter 7 liquidation on Jan. 4 in the U.S. Bankruptcy Court for the Northern District of California, listing $1 million to $10 million in assets and liabilities.

The Hayward, Calif., third-party logistics company, founded in 2009, provided final mile, less-than-truckload and full truckload services, as well as warehouse and fulfillment services in the San Francisco Bay Area.

The Chapter 7 filing also implemented an automatic stay against all legal proceedings, as the company listed its involvement in four legal actions that were ongoing or concluded. Court papers reportedly did not list amounts for damages.

In some cases, debtors don't have to take a drastic action, such as a liquidation, and can instead file a Chapter 11 reorganization.

Truck shipping products.

Shutterstock

Nationwide Cargo seeks to reorganize its business

Nationwide Cargo Inc., a general freight trucking company that also hauls fresh produce and meat, filed for Chapter 11 bankruptcy protection in the U.S. Bankruptcy Court for the Northern District of Illinois with plans to reorganize its business.

The East Dundee, Ill., shipping company listed $1 million to $10 million in assets and $10 million to $50 million in liabilities in its petition and said funds will not be available to pay unsecured creditors. The company operates with 183 trucks and 171 drivers, FreightWaves reported.

Nationwide Cargo's three largest secured creditors in the petition were Equify Financial LLC (owed about $3.5 million,) Commercial Credit Group (owed about $1.8 million) and Continental Bank NA (owed about $676,000.)

The shipping company reported gross revenue of about $34 million in 2022 and about $40 million in 2023.  From Jan. 1 until its petition date, the company generated $9.3 million in gross revenue.

Related: Veteran fund manager picks favorite stocks for 2024

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Key shipping company files Chapter 11 bankruptcy

The Illinois-based general freight trucking company filed for Chapter 11 bankruptcy to reorganize.

Published

on

The U.S. trucking industry has had a difficult beginning of the year for 2024 with several logistics companies filing for bankruptcy to seek either a Chapter 7 liquidation or Chapter 11 reorganization.

The Covid-19 pandemic caused a lot of supply chain issues for logistics companies and also created a shortage of truck drivers as many left the business for other occupations. Shipping companies, in the meantime, have had extreme difficulty recruiting new drivers for thousands of unfilled jobs.

Related: Tesla rival’s filing reveals Chapter 11 bankruptcy is possible

Freight forwarder company Boateng Logistics joined a growing list of shipping companies that permanently shuttered their businesses as the firm on Feb. 22 filed for Chapter 7 bankruptcy with plans to liquidate.

The Carlsbad, Calif., logistics company filed its petition in the U.S. Bankruptcy Court for the Southern District of California listing assets up to $50,000 and and $1 million to $10 million in liabilities. Court papers said it owed millions of dollars in liabilities to trucking, logistics and factoring companies. The company filed bankruptcy before any creditors could take legal action.

Lawsuits force companies to liquidate in bankruptcy

Lawsuits, however, can force companies to file bankruptcy, which was the case for J.J. & Sons Logistics of Clint, Texas, which on Jan. 22 filed for Chapter 7 liquidation in the U.S. Bankruptcy Court for the Western District of Texas. The company filed bankruptcy four days before the scheduled start of a trial for a wrongful death lawsuit filed by the family of a former company truck driver who had died from drowning in 2016.

California-based logistics company Wise Choice Trans Corp. shut down operations and filed for Chapter 7 liquidation on Jan. 4 in the U.S. Bankruptcy Court for the Northern District of California, listing $1 million to $10 million in assets and liabilities.

The Hayward, Calif., third-party logistics company, founded in 2009, provided final mile, less-than-truckload and full truckload services, as well as warehouse and fulfillment services in the San Francisco Bay Area.

The Chapter 7 filing also implemented an automatic stay against all legal proceedings, as the company listed its involvement in four legal actions that were ongoing or concluded. Court papers reportedly did not list amounts for damages.

In some cases, debtors don't have to take a drastic action, such as a liquidation, and can instead file a Chapter 11 reorganization.

Truck shipping products.

Shutterstock

Nationwide Cargo seeks to reorganize its business

Nationwide Cargo Inc., a general freight trucking company that also hauls fresh produce and meat, filed for Chapter 11 bankruptcy protection in the U.S. Bankruptcy Court for the Northern District of Illinois with plans to reorganize its business.

The East Dundee, Ill., shipping company listed $1 million to $10 million in assets and $10 million to $50 million in liabilities in its petition and said funds will not be available to pay unsecured creditors. The company operates with 183 trucks and 171 drivers, FreightWaves reported.

Nationwide Cargo's three largest secured creditors in the petition were Equify Financial LLC (owed about $3.5 million,) Commercial Credit Group (owed about $1.8 million) and Continental Bank NA (owed about $676,000.)

The shipping company reported gross revenue of about $34 million in 2022 and about $40 million in 2023.  From Jan. 1 until its petition date, the company generated $9.3 million in gross revenue.

Related: Veteran fund manager picks favorite stocks for 2024

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Tight inventory and frustrated buyers challenge agents in Virginia

With inventory a little more than half of what it was pre-pandemic, agents are struggling to find homes for clients in Virginia.

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No matter where you are in the state, real estate agents in Virginia are facing low inventory conditions that are creating frustrating scenarios for their buyers.

“I think people are getting used to the interest rates where they are now, but there is just a huge lack of inventory,” said Chelsea Newcomb, a RE/MAX Realty Specialists agent based in Charlottesville. “I have buyers that are looking, but to find a house that you love enough to pay a high price for — and to be at over a 6.5% interest rate — it’s just a little bit harder to find something.”

Newcomb said that interest rates and higher prices, which have risen by more than $100,000 since March 2020, according to data from Altos Research, have caused her clients to be pickier when selecting a home.

“When rates and prices were lower, people were more willing to compromise,” Newcomb said.

Out in Wise, Virginia, near the westernmost tip of the state, RE/MAX Cavaliers agent Brett Tiller and his clients are also struggling to find suitable properties.

“The thing that really stands out, especially compared to two years ago, is the lack of quality listings,” Tiller said. “The slightly more upscale single-family listings for move-up buyers with children looking for their forever home just aren’t coming on the market right now, and demand is still very high.”

Statewide, Virginia had a 90-day average of 8,068 active single-family listings as of March 8, 2024, down from 14,471 single-family listings in early March 2020 at the onset of the COVID-19 pandemic, according to Altos Research. That represents a decrease of 44%.

Virginia-Inventory-Line-Chart-Virginia-90-day-Single-Family

In Newcomb’s base metro area of Charlottesville, there were an average of only 277 active single-family listings during the same recent 90-day period, compared to 892 at the onset of the pandemic. In Wise County, there were only 56 listings.

Due to the demand from move-up buyers in Tiller’s area, the average days on market for homes with a median price of roughly $190,000 was just 17 days as of early March 2024.

“For the right home, which is rare to find right now, we are still seeing multiple offers,” Tiller said. “The demand is the same right now as it was during the heart of the pandemic.”

According to Tiller, the tight inventory has caused homebuyers to spend up to six months searching for their new property, roughly double the time it took prior to the pandemic.

For Matt Salway in the Virginia Beach metro area, the tight inventory conditions are creating a rather hot market.

“Depending on where you are in the area, your listing could have 15 offers in two days,” the agent for Iron Valley Real Estate Hampton Roads | Virginia Beach said. “It has been crazy competition for most of Virginia Beach, and Norfolk is pretty hot too, especially for anything under $400,000.”

According to Altos Research, the Virginia Beach-Norfolk-Newport News housing market had a seven-day average Market Action Index score of 52.44 as of March 14, making it the seventh hottest housing market in the country. Altos considers any Market Action Index score above 30 to be indicative of a seller’s market.

Virginia-Beach-Metro-Area-Market-Action-Index-Line-Chart-Virginia-Beach-Norfolk-Newport-News-VA-NC-90-day-Single-Family

Further up the coastline on the vacation destination of Chincoteague Island, Long & Foster agent Meghan O. Clarkson is also seeing a decent amount of competition despite higher prices and interest rates.

“People are taking their time to actually come see things now instead of buying site unseen, and occasionally we see some seller concessions, but the traffic and the demand is still there; you might just work a little longer with people because we don’t have anything for sale,” Clarkson said.

“I’m busy and constantly have appointments, but the underlying frenzy from the height of the pandemic has gone away, but I think it is because we have just gotten used to it.”

While much of the demand that Clarkson’s market faces is for vacation homes and from retirees looking for a scenic spot to retire, a large portion of the demand in Salway’s market comes from military personnel and civilians working under government contracts.

“We have over a dozen military bases here, plus a bunch of shipyards, so the closer you get to all of those bases, the easier it is to sell a home and the faster the sale happens,” Salway said.

Due to this, Salway said that existing-home inventory typically does not come on the market unless an employment contract ends or the owner is reassigned to a different base, which is currently contributing to the tight inventory situation in his market.

Things are a bit different for Tiller and Newcomb, who are seeing a decent number of buyers from other, more expensive parts of the state.

“One of the crazy things about Louisa and Goochland, which are kind of like suburbs on the western side of Richmond, is that they are growing like crazy,” Newcomb said. “A lot of people are coming in from Northern Virginia because they can work remotely now.”

With a Market Action Index score of 50, it is easy to see why people are leaving the Washington-Arlington-Alexandria market for the Charlottesville market, which has an index score of 41.

In addition, the 90-day average median list price in Charlottesville is $585,000 compared to $729,900 in the D.C. area, which Newcomb said is also luring many Virginia homebuyers to move further south.

Median-Price-D.C.-vs.-Charlottesville-Line-Chart-90-day-Single-Family

“They are very accustomed to higher prices, so they are super impressed with the prices we offer here in the central Virginia area,” Newcomb said.

For local buyers, Newcomb said this means they are frequently being outbid or outpriced.

“A couple who is local to the area and has been here their whole life, they are just now starting to get their mind wrapped around the fact that you can’t get a house for $200,000 anymore,” Newcomb said.

As the year heads closer to spring, triggering the start of the prime homebuying season, agents in Virginia feel optimistic about the market.

“We are seeing seasonal trends like we did up through 2019,” Clarkson said. “The market kind of soft launched around President’s Day and it is still building, but I expect it to pick right back up and be in full swing by Easter like it always used to.”

But while they are confident in demand, questions still remain about whether there will be enough inventory to support even more homebuyers entering the market.

“I have a lot of buyers starting to come off the sidelines, but in my office, I also have a lot of people who are going to list their house in the next two to three weeks now that the weather is starting to break,” Newcomb said. “I think we are going to have a good spring and summer.”

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