Equity markets are strengthening and selling by crypto traders has stalled. Is this a sign that altcoins including Bitcoin and MATIC are about to reverse course? Can the bulls sustain the recovery in the crypto markets, or will higher highs spawn bears in large numbers? Crypto analyst Rakesh Upadhyay examines the charts of the top 10 cryptocurrencies to find out.
Cryptocurrency market overview
Bitcoin’s holding well above the critical support of $25,250 shows market participants shrugging at the news regarding the US Securities and Exchange Commission’s (SEC) lawsuits against Binance and Coinbase. Markets did not stay low for long after the negative news. This is a sign that traders want to buy the dips rather than panic and throw away their holdings. cryptocoin.comAs you follow, ARK Invest CEO Cathie Wood has been buying the dip in crypto-related stocks since the SEC released its latest crypto regulatory action. Wood bought $21 million worth of Coinbase shares on June 6. Also, $19.9 million worth of Block Inc. continued to buy shares.
The resilience of the cryptocurrency space is supported by its risk-taking sensitivity. US stock markets soared. The S&P 500 broke above 4,300 on June 9, hitting this level for the first time since August 2022.
BTC, ETH, BNB, XRP and ADA analysis
Bitcoin (BTC) price analysis
Bitcoin turned down from the moving averages on June 7. However, the bulls did not allow the price to drop below $26,125. This is a small positive side. This shows that lower levels are attracting buyers.
The bulls will again try to push the price above the 20-day exponential moving average (EMA) of $26,924. If they are successful, this will indicate that the selling pressure is easing. It is possible for BTC to later rise to the 50-day simple moving average (SMA) of $27,536 and then to the resistance line of the descending channel. However, the bears will probably try to maintain this level fiercely. Another possibility is for the price to return down from the current level. In this case, the bears will try to strengthen their positions by pulling the price to $25,250. Buyers are likely to keep this level as long as they can.
Ethereum (ETH) price analysis
The bulls managed to hold Ether above the resistance line of the falling wedge formation. This indicates lower demand.
The 20-day EMA ($1,854) has flattened. Also, the relative strength index (RSI) is near the midpoint. This shows that there is a balance between supply and demand. This balance will shift in favor of the bears if they pull the price below $1,778. It is possible for ETH to slide towards $1,740 and then the wedge support line. Conversely, if buyers push the price above $1,927, the bulls will take the lead. ETH is likely to move towards the next major resistance at $2,000 and then $2,200.
Binance Coin (BNB) price analysis
BNB declined below the key $265 support on June 7. The bulls tried to push the price back above the breakdown level on June 8th. But the bulls held their ground.
The RSI in the oversold zone indicates that the oversold may have been oversold in the near term. It is possible that this situation could start a relief rally. However, it will likely face selling at $265 and again at $280. A price turn down from either level would indicate that sentiment remains negative and traders are selling in rallies. On the downside, if the bears sink the price below the intraday low of $253 on June 7, BNB is likely to extend its decline to $240 and below that to $220.
Ripple (XRP) price analysis
XRP continues its upward movement. The bears tried to initiate a correction. However, it failed to push the price to the 20-day EMA ($0.50) on June 7. This shows that the bulls are standing strong.
The rising 20-day EMA and the RSI in the positive zone indicate that the bulls are in command. Buyers will try to push the price above the overhead zone of $0.56 to $0.58. If they are successful, it is possible for XRP to start a new uptrend. Thus, XRP is likely to rally to $0.60 and then to $0.80. If the bears want to initiate a pullback, they will need to push the price below the 20-day EMA. This could attract profit bookings from short-term investors and XRP could drop to the 50-day SMA ($0.47) and then to $0.42.
Cardano (ADA) price analysis
The bulls tried to start a relief rally on June 8. However, the long wick on the day’s candlestick indicates that the bears continue to sell Cardano higher.
While the falling moving averages point to an advantage for the bears, the RSI in the oversold region indicates that a relief rally may be just around the corner. It is possible for ADA to bounce off the solid support at $0.30. The first overhead resistance to watch out for is the 20-day EMA ($0.35). A break and close above this resistance will indicate that the selling pressure may ease. Alternatively, if the price continues to drop below $0.30, it will open the way for a potential drop to $0.24.
DOGE, SOL, MATIC, LTC and DOT analysis
Dogecoin (DOGE) price analysis
DOGE stays below the $0.07 breakdown level. However, the bulls did not allow the bears to push the price down to the next support near $0.06.
Any rebound from the current level could face selling near the 20-day EMA ($0.07), as seen from the long wick on the June 9 candlestick. If the price drops and continues to drop, it will indicate that the bears are selling near the overhead resistance levels. DOGE is likely to decline further towards the support near $0.06. If the bulls want to avoid a decline, they will need to quickly push the price above the 20-day EMA. Such a move will indicate the beginning of a stronger recovery. DOGE is likely to try to rise to $0.08 later.
Solana (SOL) price analysis
SOL broke below the $18.70 support on June 8. However, the long tail on the candlestick indicates that the bulls are trying to hold the level.
The 20-day EMA ($20.15) has turned down and the RSI is below 39. This suggests that it will be difficult for the bulls to initiate a solid recovery from current levels. If the price breaks below $18.70 and sustains, a drop to the SOL at $17 and then to the vital support at $15.28 is possible. Contrary to this assumption, if the price rebounds from the current level, the SOL is likely to reach the moving averages. A break and close above the 50-day SMA ($20.92) would mark the start of a stronger relief rally towards $24.
Polygon (MATIC) price analysis
MATIC price continues to decline towards the key $0.69 support. This shows that the bears are under tight control.
The bulls are likely to defend the $0.69 level strongly. Because if they can’t do that, it’s possible that sales will intensify. Thus, MATIC price is likely to drop to the next major support at $0.50. On the relief rallies, the breakdown level of $0.82 is likely to act as a major hurdle. If the bulls clear this hurdle, MATIC price is likely to rise as high as $0.94. This level is likely to witness strong selling by the bears.
Litecoin (LTC) price analysis
The bulls repeatedly bought the dip below the 50-day SMA ($88) from June 7-9, indicating solid demand at lower levels. However, the bears did not give up as they continued to sell Litecoin near the 20-day EMA ($90).
If the price turns down from the current level, the bears will try to pull LTC to the uptrend line, which is likely to attract buyers. If the price rebounds from the uptrend line, it will show that LTC can extend its stay inside the triangle for a few more days. On the upside, buyers will need to push the price above the 20-day EMA ($90) to open the doors for a possible rally to the resistance line of the triangle. It is possible that the next trend move will start after the price moves above or below the triangle. Until then, range-bound movement is likely to continue.
Polkadot (DOT) price analysis
DOT stays below the breakdown level of $5.15. A minor advantage in favor of the bulls, however, is that the bears did not allow the price to sink below the $4.90 close support.
If the price turns up from the current level, it will suggest buying on the dips. The bulls will then try to push the price back above the 20-day EMA ($5.24). If they do, it is possible for the DOT to rally as high as $5.56. Conversely, if the price drops from $5.15 or the 20-day EMA once again, it will indicate that the bears continue to sell on minor rallies. This will increase the probability of a drop below $4.90. The next major support on the downside is much lower at $4.22.
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