The rejection of ETF applications by the SEC caused an immediate backlash. But the shallow drop in Bitcoin and a few altcoins shows that lower levels are attracting buyers. Any negative news is likely to see a negative reaction from SThs. What are the key support and resistance levels to watch for altcoins including Bitcoin and LTC in the near term? Crypto analyst Rakesh Upadhyay examines the charts of the top 10 cryptocurrencies to find out.
An overview of the cryptocurrency market
Bitcoin witnessed a volatile trading session on the last day of the quarter. The bulls were trying to keep the price of Bitcoin above $31,000. However, cryptocoin.comAs you follow, they were shaken by the Wall Street Journal’s report that the United States Securities and Exchange Commission (SEC) has returned Bitcoin spot price exchange-traded fund (ETF) applications. Despite the knee-jerk reaction to the news, it turned out that the ETF applications were returned due to a technical issue. Therefore, the negative impact was limited. The regulators said asset managers will be able to re-apply after making the necessary disclosures.
The failure of Bitcoin to rise above $31,000 seems to make short-term speculators nervous. A research report by Glassnode published on June 28 shows that short-term holders (STHs) holding coins for 155 days or less have sent more than 35,000 coins to exchanges.
BTC, ETH, BNB, XRP and ADA analysis
Bitcoin (BTC) price analysis
Bitcoin continues its tight consolidation near the overhead resistance of $31,000. This shows that the bears are trying their best to stop the uptrend. However, the bulls continue to maintain the pressure.
Generally, tight consolidation near a top resistance dissolves to the upside. The upside 20-day exponential moving average ($28,982) and the relative strength index (RSI) in the positive zone suggest the path of least resistance to the upside. BTC gains momentum if buyers hold the price above $31,000. Thus, the uptrend is likely to start the next leg. There is a minor resistance at the $32,400 level. However, it is likely to exceed that. It is possible for BTC to rally towards $40,000 later. This positive view will be invalidated in the near term if the price declines and breaks below the 20-day EMA. BTC could oscillate in the wide range between $31,000 and $24,800 for a few more days afterward.
Ethereum (ETH) price analysis
Ether bounced off the moving averages on June 29. This shows that lower levels are attracting buyers.
The bulls will attempt to push the price above the overhead resistance of $1,937. If they succeed, ETH is likely to rise to the psychological level of $2,000. It is possible for this level to act as a small barrier again. However, ETH is likely to break through this hurdle. Thus, ETH is likely to rise to $2,142 later. Instead, if the price drops sharply from 1.937, it will indicate that the bears are not willing to surrender. This will increase the probability of falling below the moving averages. In this case, ETH is likely to drop to $1,700 and then $1,600 later.
Binance Coin (BNB) price analysis
BNB declined below the $230 support on June 28. But the long tail on the candlestick shows that the bulls are buying this dip aggressively.
The 20-day EMA ($245) remains the key level for the bulls to cross. If they push the price above this, BNB is likely to fly towards the overhead resistance zone of $257 to $265. It is possible for sellers to make a strong defense in this area. Contrary to this assumption, if the price drops sharply from the 20-day EMA, it will indicate that sentiment remains negative and traders are selling in rallies. The bears will then make another attempt to break BNB below $220 and start the next leg of the downtrend.
Ripple (XRP) price analysis
XRP dropped near the initial support of $0.44 on June 28 and June 30. However, the long tail on the candlesticks indicates strong buying at the lower levels.
The $0.44 support is an important level to watch out for in the near term. If this level is broken to the downside, selling could increase and XRP could drop as low as $0.41. This level is likely to attract strong buying by the bulls again. The 20-day EMA ($0.48) remains the key resistance for the bulls to surpass. If buyers overcome this hurdle, it will increase the probability of a rise to the strong overhead resistance zone of $0.53 to $0.56.
Cardano (ADA) price analysis
ADA has been hovering between $0.24 and $0.30 for the past few days. The long wick on the June 30 candlestick shows that the bears are fiercely defending the $0.30 level.
Failure to hold the price above the 20-day EMA ($0.28) may cause ADA to be stuck in the range for a while. A close above the 20-day EMA will be the first indication that the bears may lose control. Buyers will then try to further strengthen their positions by pushing the price above the key overhead resistance of $0.30. If they do, it is possible for BNB to rally towards the 50-day SMA ($0.32).
DOGE, SOL, LTC, MATIC and DOT analysis
Dogecoin (DOGE) price analysis
DOGE bounced back up from $0.06 support on June 28. This shows that the bulls continue to defend the level strongly.
The flat 20-day EMA ($0.07) and the RSI just below the midpoint suggest a range-bound move in the near term. It is possible that the price will fluctuate between $0.06 and $0.07 for a while. This neutral outlook will tip the price in favor of buyers if they sustain and propel the price above the overhead resistance of $0.07. It is possible for DOGE to rally to $0.08 later. Alternatively, the bears will need to push and sustain the price below the strong support at $0.06 to gain the upper hand. DOGE is likely to drop to vital support at $0.05 later.
Solana (SOL) price analysis
Solana broke below the $16.18 support on June 28. But it turned out to be a bear trap. The price rose sharply on June 29 as the bears rushed to close their short positions. Thus, it spiked above the 20-day EMA ($17.07).
Purchases continued on 30 June as well. Now, the bulls are trying to push the price above the $18.70 breakout level. If they do, it is possible for SOL to rally as high as $22 and then $24. If the bears want to block the upside, they will need to stop the relief rally at $18.70 and drag the price below the 20-day EMA. It is possible for the SOL to retest the key support zone of $16.18 to $15.28 later.
Litecoin (LTC) price analysis
LTC fell below the moving averages on June 28. But the bears could not use this advantage.
The bulls bought the bottom on June 29. Thus, on June 30, it pushed LTC price back above the moving averages. This has attracted aggressive buying from the bulls, which has driven the price above the downtrend line of the descending channel formation. LTC price has reached the critical resistance of $106. However, the bulls were unable to break through this barrier. This is an important level for the bears’ defense. Because if this resistance is broken, LTC can bounce to $135.
Polygon (MATIC) price analysis
MATIC is attempting to form an ascending triangle pattern that will complete with a break and close above $0.69.
The bulls tried to push the price above the 20-day EMA ($0.66) on June 30. However, the long wick on the candlestick indicates aggressive selling at higher levels. If the price breaks below the uptrend line, MATIC is likely to slide towards $0.55. Alternatively, if the price rises from the current level, it will signal a strong buy near the uptrend line. A breakout and a close above $0.69 could open the doors for a potential rally to the 50-day SMA and then to $1.
Polkadot (DOT) price analysis
The bears tried to pull Polkadot below the 20-day EMA ($4.93) on June 28 and June 30. But the bulls remained in their places. This shows that the dips are bought.
The bulls are trying to break through and maintain the $5.15 overhead barrier. If they are successful, the DOT will rise to $5.56. It is possible that this level will attract the strong selling of the bears. But on the downtrend, if the bulls do not allow the price to drop below $5.15, the probability of a move to the downtrend line increases. The 20-day EMA remains the key level to watch out for. Because breaking below this level could open the doors for a collapse towards the important support at $4.22.
Contact us to be instantly informed about the last minute developments. twitter‘in, Facebookin and InstagramFollow and Telegram And YouTube join our channel!
Risk Disclosure: The articles and articles on Kriptokoin.com do not constitute investment advice. Bitcoin and cryptocurrencies are high-risk assets, and you should do your due diligence and do your own research before investing in these currencies. You can lose some or all of your money by investing in Bitcoin and cryptocurrencies. Remember that your transfers and transactions are at your own risk and any losses that may occur are your responsibility. Cryptokoin.com does not recommend buying or selling any cryptocurrencies or digital assets, nor is Kriptokoin.com an investment advisor. Therefore, Kriptokoin.com and the authors of the articles on the site cannot be held responsible for your investment decisions. Readers should do their own research before taking any action regarding the company, assets or services in this article.
Disclaimer: Advertisements on Kriptokoin.com are carried out through third-party advertising channels. In addition, Kriptokoin.com also includes sponsored articles and press releases on its site. For this reason, advertising links directed from Kriptokoin.com are on the site completely independent of Kriptokoin.com’s approval, and visits and pop-ups directed by advertising links are the responsibility of the user. The advertisements on Kriptokoin.com and the pages directed by the links in the sponsored articles do not bind Kriptokoin.com in any way.
Warning: Citing the news content of Kriptokoin.com and quoting by giving a link is subject to the permission of Kriptokoin.com. No content on the site can be copied, reproduced or published on any platform without permission. Legal action will be taken against those who use the code, design, text, graphics and all other content of Kriptokoin.com in violation of intellectual property law and relevant legislation.