Price analysis 6/16: BTC, ETH, BNB, XRP, ADA, DOGE, SOL, MATIC, LTC, DOT

Bitcoin (BTC) is currently in a difficult struggle between buyers and sellers near the $25,000 level. A minor concern for the bulls is that even the announcement of BlackRock having filed for a Bitcoin spot exchange-traded fund was not enough to push prices up. This indicates that investors are still being cautious due to the existing regulatory uncertainties.

Despite this, professional investors have not given up on investing in cryptocurrencies. According to the Laser Digital Investor Survey of institutional investors conducted in April, a whopping 90% of respondents would consider investing in crypto if it was supported by a major traditional financial institution. In addition, 82% of the investors surveyed were optimistic about the future of crypto in the next 12 months.

The co-founders of Glassnode, Yann Allemann and Jan Happel, tweeted on June 15th that three indicators for Bitcoin – one traditional technical analysis indicator, and two on-chain indicators – were resembling the same pattern they had in Q3 2020, shortly before Bitcoin skyrocketed beyond its 2017 peak of $20,000.

Can Bitcoin and the other digital currencies bounce back from their current prices? Let’s take a look at the charts of the top ten cryptos to find out.

Bitcoin price analysis

On June 14, Bitcoin experienced a sharp drop below the key support level of $25,250, demonstrating that the bears were driving the market downwards with aggressive selling.

Despite the bulls managing to drive the price up above $25,250 on June 15, they must surpass the obstacle at the 20-day exponential moving average ($26,320) to begin a significant rebound. The BTC/USDT pair may then try to ascend to the 50-day simple moving average ($27,210) and eventually to the resistance line of the descending channel.

In opposition to this supposition, if the cost decreases from the 20-day EMA, the bears will again try to drive the pair to the backing line of the channel. The bulls are likely to protect this level vigorously because a break underneath it could open the way for a plunge to the emotionally significant level of $20,000.

Ether price analysis

Ether (ETH) dropped beneath the $1,700 mark on June 14, suggesting that the lack of initiating a powerful recovery may have increased the selling pressure from the bears.

The bulls are attempting to elevate the price back above $1,700, but the bears are anticipated to guard the level with determination. If the cost declines from $1,700, the likelihood of a dip below $1,600 rises. If that occurs, the ETH/USDT pair could plunge to the next substantial support at $1,352.

If the pair rises above $1,700, it would indicate that there is strong demand at lower levels. This could lead to the pair rising to the 20-day EMA ($1,779) where the bears could try to stop the recovery. If they do not succeed, the chances of the pair rallying to $1,928 and then to $2,000 become higher.

BNB price analysis

The rebound of BNB (BNB) failed to sustain itself at the 38.2% Fibonacci retracement level of $252.50 on June 14, showing that bears are still selling during minor rallies.

If bears manage to push the price below the $220 level, the BNB/USDT pair could initiate a new bearish leg and potentially sink to the vital support at $183.

It is also possible that the bulls will purchase the declines to the $220 support. This could result in the pair fluctuating between $252 and $220 for an extended period. If buyers propel the price beyond $252, the pair could possibly ascend to $265, where the bears are predicted to put up a formidable resistance.

XRP price analysis

The inability to hold XRP (XRP) above the overhead resistance at $0.56 on June 13 may have enticed some short-term traders to take their profits.

The price dropped to a level lower than the 50-day SMA ($0.47) on June 14 and 15, yet it did not close beneath the line. Those looking to buy were unable to take advantage of this chance and drive the price upwards. This may have caused the selling to increase on June 16. If the price remains beneath the 50-day SMA, the XRP/USDT pair could drop to $0.41.

If bulls are looking to regain momentum, they must swiftly move the cost above the 20-day exponential moving average. The pair may then attempt to surpass the obstacle of $0.56 overhead.

Cardano price analysis

Cardano (ADA) declined on June 14, yet the bears are having difficulty pushing the price to the next support level of $0.24.

It appears that buyers are attempting to prevent the decrease close to $0.24. The excessively sold levels on the RSI suggest the likelihood of a short-term stabilization or a rebound in the following days. The ADA/USDT pair may fluctuate between $0.24 and $0.30 for a period of time.

If buyers are looking to initiate a rally that will last, they must first overcome the obstacle at the 20-day EMA ($0.31). From there, the pair could potentially rise to the 50-day SMA ($0.35). On the other hand, if the price dips below $0.24, it may drop to $0.22 and then further to $0.20.

Dogecoin price analysis

The bears attempted to push Dogecoin (DOGE) below the strong support at $0.06 in order to resume the decline, yet the bulls bought the dip as seen from the extended lower shadow of the candlestick.

Buyers may attempt to initiate a corrective rally that could ascend to the 20-day EMA ($0.07). This is a difficult obstacle for the bulls to overcome as the bears have repeatedly thwarted attempts to regain ground at this point since April 20.

On the negative side, it is essential for the bulls to protect the $0.06 level as if it is breached, the DOGE/USDT pair could drop to the next support at $0.05. On the other hand, if the 20-day EMA is surpassed, a rise to $0.08 is likely.

Solana price analysis

On June 14, the bulls’ inability to lift and maintain Solana (SOL) above the breakdown level of $15.28 triggered a new wave of selling.

The bears attempted to drive the price down to the intraday low of $12.80 on June 10, however, the bulls bought in at around $14. This indicates that the buyers have not lost hope and are buying on declines.

Buyers must keep the price above $16 in order to indicate the commencement of a more powerful revival towards the 20-day EMA ($17.52). This is the most significant level to observe since a breach of it could lead to a reexamination of the breakdown level at $18.70.

The bears need to pull the price down below $12.80 in order to initiate the next drop to $10.

The Bitcoin price has decreased slightly, but traders are insisting that the $24.5K support level is maintained.

Polygon price analysis

Polygon (MATIC) declined from the support level of $0.69 on June 13, indicating that the bears are attempting to turn the level into resistance.

Although the declining moving averages point to an advantage for bears, the oversold levels of the RSI suggest that a minor period of consolidation may be in store. The MATIC/USDT pair may remain between $0.69 and $0.50 for a while.

Buyers must push the price above the 20-day exponential moving average ($0.73) to demonstrate that the lower levels have been refused. This could trigger a recovery rally in the direction of $1. However, if the price moves downward further and drops beneath $0.50, this outlook will be invalidated. This could enable a descent to $0.44 and then to $0.32.

Litecoin price analysis

The $75 support level broke on June 14, showing that the bears are attempting to drive Litecoin (LTC) down to the next support at $65.

A slight advantage for the bulls is that they have not let the cost remain below the $75 mark. This implies that lower values are drawing in buyers. The bulls must push the price above the 20-day EMA ($83) or else the LTC/USDT pair may experience another bout of intense selling.

If the cost slips below $75 and continues to drop, the likelihood of it reaching $65 increases. Buyers may attempt to buy at this price, but if unsuccessful, the pair could drop to $61.

Polkadot price analysis

Polkadot (DOT) declined from the 20-day exponential moving average ($4.86) on June 14, suggesting that sentiment is still bearish and bears are taking profits on any upticks.

The Relative Strength Index has slid back into the oversold zone, suggesting that a minor period of stability or a recovery rally may be on the horizon. If the cost rises from its present level, the DOT/USDT pairing could ascend to the 20-day Exponential Moving Average. This is the essential level to pay attention to for the upside as a breach above it could propel the pair to $5.15.

The bears are likely to have other intentions. They will attempt to further solidify their position by pushing the cost beneath the $4.22 support. If they are successful in doing so, the pair could drop to $4 and then to $3.50.

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