Bitcoin is stuck in a range. However, strong inflows into spot ETFs suggest investors are expecting a breakout to the upside. Can buyers push Bitcoin and select altcoins like AVAX Coin above their overhead resistance levels? Technical analyst Rakesh Upadhyay examines the charts of the top 10 cryptocurrencies to find out.
BTC, ETH, BNB, SOL and XRP Coin analysis
Bitcoin (BTC) price analysis
Bitcoin broke the symmetrical triangle formation on June 4 and closed above it. This indicates that the uncertainty has been resolved in favor of buyers. The 20-day exponential moving average ($68,135) started to gradually rise. Additionally, the relative strength index (RSI) is in positive territory. These also point to the advantage of the bulls. BTC is likely to rise as high as $73,777. A sharp decline in the price from $73,777 will indicate that the range-bound move will extend for a few more days. On the other hand, a break above $73,777 would open the way for an increase to $80,000 and then to $88,000.
Ethereum (ETH) price analysis
ETH is trading in a tight range near the critical support at $3,730. This shows that the bulls defended the level but failed to initiate a strong recovery. If the price turns down and breaks below the 20-day EMA ($3,652), it would indicate that the bulls have given up. This is possible to start a downside move towards the 50-day simple moving average ($3,310) and eventually $2,850. Alternatively, if the price bounces with strength from the current level, it will signal aggressive buying by the bulls. A breakout and a close above $4,100 would indicate a resumption of the bull trend. ETH is then likely to rise as high as $4,868.
Binance Coin (BNB) price analysis
BNB broke above the $635 resistance on June 4. Thus, the ascending triangle formation was completed. The bulls continued their buying and pushed the price above the overhead resistance at $692 on June 5. If buyers sustain higher levels, it is possible for BNB to extend its upward move to the formation target of $775. The bears will try to pull the price towards $635.
Solana (SOL) price analysis
cryptokoin.comAs you follow from , SOL rose from the $162 breakout level on June 3. Thus, it signaled that the bulls were trying to turn this level into support. The 20-day EMA ($166) is gradually sloping upwards and the RSI is in the positive zone. These show that the bulls are in command. It is possible for SOL to reach $189 and then the overhead resistance at $205. This bullish view will be invalidated in the near term if the price declines and breaks below the 50-day SMA ($155). It is possible that SOL will then drop to $140, where the bulls will try to stop the decline.
Ripple (XRP) price analysis
XRP has been holding on to the moving averages for several days. This points to uncertainty about the next directional movement. The bulls will try to push the price towards the overhead resistance at $0.57. A break and close above this barrier will complete the ascending triangle formation. It is possible that this will start a rise towards the formation target of $0.68. Contrary to this assumption, if the price drops and breaks below the support line, it will invalidate the bullish setup. This, in turn, is likely to drop XRP to the important support of $0.46.
DOGE, TON, SHIB, ADA and AVAX Coin analysis
Dogecoin (DOGE) price analysis
DOGE bounced off the 50-day SMA ($0.15) on June 3. Thus, it pointed to strong demand at lower levels. It is possible for DOGE to rise to the overhead resistance of $0.18. If buyers break this resistance, DOGE’s next stops are at $0.21 and then $0.23. Conversely, if it turns down from overhead resistance, it will indicate that the bears are active at higher levels. The short-term trend will turn negative with a break below the 50-day SMA. DOGE is then likely to drop to $0.14.
Toncoin (TON) price analysis
TON broke out above the overhead resistance at $7.67 on June 5. However, the long wick on the candlestick shows that the bears are aggressively defending the level. If the price turns down from the current level, it is likely to find support at the 20-day EMA ($6.60). A strong rebound from this support would indicate that sentiment remains positive and traders are buying on dips. This will increase the chances of a rally above $7.67. It is possible for TON to rise to $10 later.
Shiba Inu (SHIB) price analysis
The bears attempted to pull SHIB below the support line on June 4. However, the long tail on the candlestick indicates solid buying at lower levels. The bulls will attempt to push the price above the overhead resistance at $0.000030. If they achieve this, SHIB will complete the ascending triangle formation. It is possible that this could start a rise towards the overhead resistance level at $0.000039. A minor resistance lies at $0.000033. But SHIB will probably surpass it. The support line remains the key level. Because a close below is likely to push SHIB down to $0.000018.
Cardano (ADA) price analysis
ADA bounced off the support line of the symmetrical triangle formation on June 3. Thus, it signaled that the bulls continue to defend the level. If the price rises and remains above the moving averages, it is possible that ADA will gradually attempt a move towards the resistance line. The bulls will have a hard time pushing the price above the triangle. But if they do so, ADA is likely to gain momentum and rise towards the $0.62 pattern target. If the bears want to prevent upside, they will have to pull the price below the triangle. If they are successful, ADA is likely to drop as low as $0.35.
Avalanche (AVAX Coin) price analysis
AVAX Coin has been trading below the moving averages for the last few days. However, the bears failed to extend the decline. This shows that sales for AVAX Coin are decreasing at lower levels. If the bulls push the AVAX Coin price above the moving averages, a rally to the overhead resistance of $42 is possible. This optimistic view will be rejected if AVAX Coin price declines sharply and breaks below the $34 support. AVAX Coin price is likely to reach the strong support at $29 later. A rebound from this level will indicate that the AVAX Coin price will remain range-bound for longer.
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