This week we look at the market for altcoins that are likely to explode. Altcoin prices plunged after the United States Securities and Exchange Commission (SEC) announced earlier this week that it was filing lawsuits against Binance and Coinbase. There are lawsuits filed against the two largest crypto exchanges. Besides, the fact that the SEC has labeled 23 cryptocurrencies as securities in two cases has made investors nervous. Accordingly, the total number of cryptocurrencies designated as securities by the SEC has reached 67.
Altcoins following this week
Near-term uncertainty is likely to keep many investors on the sidelines. During this time, when market sentiment improves, resisting cryptocurrencies generally tend to perform well. Which altcoins are now trying to stay above their support levels and start a recovery? Let’s see together. Ethereum is in the first place. Ethereum has been in a corrective phase for the past few days. The bears pulled the price below the 50% Fibonacci retracement level of $1,755 on June 10. However, the bulls blocked the collapse by defending the strong support at $1,700.
The bulls will try to start a relief rally to the 20-day EMA ($1,835). This is an important level to pay attention to. Because a break and close above it will show that the ETH/USDT pair can stay between $1,700 and $2,000 for a while. On the contrary, sellers will try to stop the recovery and push the price below the $1,700 support. If they manage to do so, the pair will start the next leg of the correction. A minor support is at $1,600 but if this support does not hold, the pair will drop to $1,352. This will cause Ethereum to drop significantly among altcoins.
The 4-hour chart shows that the bulls fiercely defended the $1,700 level earlier. It also signals that they can try this again. Buyers will need to break through the hurdles in the moving averages to start a sustained recovery that will bring the price to $1,920. Conversely, if the price turns down from the current level or moving averages, the bears will attempt to push the pair back below $1,700. If they are successful, there is an acceleration of ETH sales within altcoins. Accordingly, the pair is likely to retest $1,352.
Bullish prospect for XRP
Among altcoins, XRP dropped to $0.56 on June 10. It broke below the 20-day EMA ($0.50).
However, there is a positive sign. Buyers immediately buy the drop to the 50-day SMA ($0.47) as seen from the long tail on the day’s candlestick. The 20-day EMA is an important level for the bulls. Because if they keep the price above, the XRP/USDT rate among altcoins will reach around $0.56 again. Instead, if the price drops and breaks below the 20-day EMA, it will indicate that higher levels are attracting sellers. The pair is likely to drop to the 50-day SMA later on. A break and close below this level will start a deeper decline towards $0.41.
The 4-hour chart shows that the recovery is facing selling near the 20-EMA. This suggests that short-term sentiment remains negative and bears are selling on rallies. If the price turns down from the current level, the bears will try to push the pair below $0.47. If they manage to do so, the pair will fall as low as $0.44. On the other hand, there is a situation where buyers push the price above the moving averages. In this case, it will open the way to $0.55 in XRP for a possible rally.
Lido DAO price analysis
Lido DAO (LDO) has been falling inside a descending channel formation for the past few days. This shows that the bears are in control.
Among altcoins, the LDO/USDT rate dropped sharply on June 10. However, the long tail on the candlestick of the day shows that the bulls are aggressively buying the dips up to the $1.57 support. Buyers will try to start a recovery that can reach the moving averages. However, sellers are likely to have other plans. They won’t want to give buyers any room to move. They will also try to push the price down to $1.57. If this level is broken, the pair will start to descend to the support line of the channel near $1.
Oversold levels on the RSI suggest that a relief rally could be imminent. Buyers tried to start a recovery. However, the bears did not allow the price to rise above $1.90. So this becomes a major hurdle for buyers to cross to start a recovery. The pair could then rise to the 20-EMA, where the bulls are likely to face strong selling by the bears. Buyers need to break through this hurdle to start a stronger rally. This positive view will be invalidated in the near term if LDO price drops below $1.65 among altcoins.
Render Token price analysis within Altcoins
Render Token (RNDR) within altcoins made a sharp correction on June 10. It fell below the uptrend line. One small positive thing, however, is that the bulls are trying to push the price back above the breakout level.
If the price stays above the uptrend line, it will indicate that the recent breakout could be a bear trap. Among altcoins, the RNDR/USDT pair will then climb towards the 20-day EMA ($2.31) where it will face real testing. Alternatively, if the price fails to stay above the uptrend line, it will show that the bears have turned the uptrend line into resistance. The pair could then extend its decline and drop to the next support near $1.60.
The 4-hour chart shows that the bulls are trying to push the price back above the breakdown level. But he points out that the bears are holding their ground. The region between the uptrend line and the 20-EMA remains the key level to consider. If the price rises above this zone, the pair will move up to $2.40. On the contrary, if the price continues lower than the current level and dips below $1.80, it will signal a resumption of the downtrend. cryptocoin.com In this case, it is possible for the pair to go down to $1.60, where buyers can make a strong defense.
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