On June 23, Bitcoin (BTC) achieved a fresh 52-week peak, demonstrating that the bulls are dominating. Buyers have kept a majority of the profits earned in the week, implying that they are not in a rush to cash out. Bitcoin rose 16% during the week, outperforming the S&P 500 Index, which dropped 1.39%.
Ether (ETH) is displaying indications of initiating a bullish move, not only Bitcoin. According to Glassnode data, Ether balances on exchanges have significantly decreased over the past 30 days and reached a new low of 12.6%.
In November 2022, a comparable decrease in Ether exchange reserves occurred, which was followed by a steep rally of 33%. Despite the potential for a rally, traders must be wary as the decline in exchange balances this time may have been instigated by the U.S. Securities and Exchange Commission’s measures against Binance and Coinbase.
The resurgence of the crypto market is not exclusive to Bitcoin and Ether. A number of altcoins have seen significant increases from their respective bottoms, indicating that there is strong buying activity taking place at lower prices. This suggests that the bearish attitude may be subsiding.
Will the return of buyers initiate a new bull market in cryptocurrencies, or will higher prices draw selling from the bears? Let us analyze the graphs of the top five digital currencies that may increase in the near future.
Bitcoin price analysis
Bitcoin has been hovering around the $31,000 mark for the past four days, indicating that the bears are defending this level, but the bulls are not giving up. Generally, a narrow consolidation near a significant resistance level is likely to break out in an upward direction.
The 20-day exponential moving average, which is on an upward slope at $28,085, and the RSI in the overbought zone point to an advantage for the bulls. If buyers can push and keep the price above $31,000, the BTC/USDT pair could begin its next upward journey. There is a resistance at $32,400, but that could be surpassed. The pair could then surge towards $40,000.
If the price of the pair breaks and closes below $29,500, it will be the first indication of weakness. If this occurs, it is possible that the pair will fall to the 20-day EMA. This is the most important level to monitor, as if it is breached, the pair may drop to the 50-day simple moving average ($27,199).
The pair is currently wedged between the 20-day EMA and $31,000, however, this tight-range trading is unlikely to persist for long. If the $31,000 to $31,500 area is breached, it could trigger the commencement of the next upward trend.
If the price falls and stays below the 20-day EMA, it might cause short-term traders to close out their positions. The pair could then go down to $29,500, where buyers are likely to put up a strong resistance. If this level is breached, the pair may drop to the 50-day SMA.
Ether price analysis
Ether has been experiencing selling pressure at the $1,928 level for the past three days, yet the bulls are refusing to give way to the bears. This suggests that buyers anticipate that the resistance will be overcome.
The moving averages are close to a bullish crossover and the RSI is in a positive area, suggesting that the bulls are in control. If the buyers can break through the resistance at $1,928, the ETH/USDT pair could surge to the region between $2,148 and $2,200.
Should bears desire to impede the rally, they must act quickly to move the price beneath the moving averages. This could trigger the stop losses of the more assertive bulls, leading to a downturn to the powerful support at $1,700.
The 4-hour chart reveals that the cost is confined within the confines of $1,936 and $1,861. The increasing moving averages and the RSI in the positive zone imply that the most effortless course is to the upside. If buyers drive the price above the range, the pair could initiate its journey to the psychological level of $2,000.
If the price drops and falls below the $1,861 support, it would shift the short-term advantage to the bears. This could result in the pair dropping to the 50-SMA and potentially to $1,750.
Arbitrum price analysis
On June 19, ARB surged above the $1 breakdown level, and then on June 20, it saw a strong surge, which shows that the recent breakdown was not accepted.
The bears have been attempting to impede the recovery around the 50-day Simple Moving Average ($1.12), however, the bulls have been able to protect the 20-day Exponential Moving Average ($1.07), which is a positive indication. This type of trading within a limited range is unlikely to persist, and a breakout may be anticipated shortly.
A break and close above $1.18 could indicate the commencement of an upward trend. It is possible that the ARB/USDT pair could ascend to $1.28 and then $1.54. However, if the price drops and goes below the $1-$0.90 support area, this bullish outlook will be invalidated.
The four-hour chart reveals that the bulls are having difficulty surpassing the resistance at $1.18, suggesting that bears are present at higher levels. The price was pushed down beneath the 20-day EMA, yet the 50-day SMA was not broken.
The 20-day EMA is becoming level and the RSI is close to the middle, suggesting an equilibrium between buyers and sellers. If the bulls push the cost above $1.18, it will suggest the commencement of a powerful rally. By contrast, a break and closure beneath the 50-day SMA may result in a decline to $1.
Bitcoin reaches new all-time highs in three countries as its price approaches $31K.
VeChain price analysis
VeChain (VET) experienced a decline from the resistance line on June 23, yet the bears have been unable to keep the cost beneath the 50-day SMA ($0.018), indicating that traders are taking advantage of the dips.
The bulls will attempt to push the price beyond the resistance level once more. If they are successful, it will signify that the bearish trend has concluded. This could then lead to the VET/USDT pair starting its ascent towards $0.026.
Contrary to this belief, if the price falls away from the resistance line, it will indicate that the bears are still in control. They will attempt to drive the pair below the moving averages and confront the support at $0.013.
The four-hour chart indicates that the price has shifted away from the resistance line but is now being backed up by the 20-day EMA. This implies that sentiment is becoming more optimistic and traders are viewing any drops in price as a chance to purchase.
The bulls are trying to push the price above the resistance line again. If they succeed, the pair could go up to $0.021. This level might be a challenge again, but if it is surpassed, the upward trend may start. The first support on the downside is the 20-day EMA, followed by the 50-day SMA.
Stacks price analysis
Stacks (STX) saw a surge on June 20, which was an indication of a possible change in the trend. The corrective period began on June 22, but the positive news is that the cost is still above the moving averages.
The moving averages have crossed in a bullish manner and the RSI is in a favourable area, implying that buyers are in control. If the price rises from its current level or bounces off the 20-day EMA ($0.65), it will indicate that it could be a good time to purchase on declines. That would increase the chances of surpassing $0.89.
Should that occur, the STX/USDT pair could potentially surge to $1.10 and then to $1.30. However, if the price dips below the moving averages, this optimistic outlook will be rendered invalid. This would indicate that the bears have yet to lose their grip and will remain selling on any upswings.
The four-hour chart reveals that the pair is undergoing a corrective phase. The bears have driven the price beneath the 20-day EMA, but the bulls are maintaining the 50% Fibonacci retracement level of $0.71. Buyers must propel the price above the downtrend line to open the possibility of a surge up to $0.88.
If the price moves downward from the downtrend line, it could indicate that the bears are attempting to gain control. A break and close beneath the 61.8% retracement level of $0.67 could signify that the bears have resumed their dominance.
Subscribe to our email newsletter to get the latest posts delivered right to your email.
Comments