A hefty portion of Bitcoin’s recent surge began when BlackRock applied to list a Bitcoin exchange-traded fund (ETF) on June 15th. Despite the fact that the United States Securities and Exchange Commission has denied several other firms’ applications in the past, Eric Balchunas, Bloomberg’s senior ETF analyst, estimated that BlackRock’s filing has a 50% likelihood of being accepted.
A potential bullish factor for the crypto market may be a submission from asset manager Fidelity Investments to introduce its Bitcoin (BTC) spot ETF. Meltem Demirors, the Chief Strategy Officer of CoinShares, stated that entities with $27 trillion in assets are actively looking for ways to provide their customers with access to the crypto industry.
The attention of late has been largely on institutional investors, yet the influence of the retail trader should not be discounted. Michael Shaulov, CEO and co-founder of Fireblocks, noted in an interview with Cointelegraph that institutional investors may not cause prices to surge since they will likely enter in a way that avoids large price jumps. According to Shaulov, although there was a substantial influx of institutional money in 2020, prices did not climb until retail investors became involved.
Let’s analyze the graphs of the top ten digital currencies to find out if Bitcoin and altcoins will break through their upper resistance levels or if they could be headed for a short-term decline.
Bitcoin price analysis
Buyers attempted to push Bitcoin above the $31,000 barrier on June 27, yet the bears refused to move. This caused the cost to remain in the narrow region between $31,000 and $29,500.
The bears may try to push the price down below $29,500, but if bulls can defend this level, it will demonstrate strength. The increasing 20-day exponential moving average (EMA) of $28,696 and the relative strength index (RSI) being in positive region suggest that the most probable direction is upwards.
Should buyers push the cost beyond $31,000, the BTC/USDT pair could continue its upward trend. Bears may try to impede the increase at $32,400, but it is probable that the buyers will overpower them.
The first sign of a potential downturn will be if the price falls beneath $29,500. This could cause the price to drop to the 20-day EMA ($28,696). If this support is broken, the pair may remain within a range between $31,000 and $24,800.
Ether price analysis
On June 26, Ether’s (ETH) trading range between $1,936 and $1,861 was broken to the downside. The bulls attempted to push the price back up into the range on June 27, but they were unable to keep the price at the higher levels.
The bears are attempting to drive the cost down beneath the moving averages. This is the most important level to observe in the short term because if it is breached and closed below, it could lead to a potential drop to the robust support at $1,700.
Conversely, if the price bounces off the moving averages, it could indicate that the bulls are strongly protecting the level. The bulls could then make a further effort to break through the resistance at $1,937. If successful, the ETH/USDT pair could surge to the psychological level of $2,000 and then to $2,142.
BNB price analysis
BNB (BNB) has hit the initial support level at $230. This price point has not been breached since June 13, so the bulls will be looking to defend it vigorously.
The first indication of strength will be a move above the 20-day exponential moving average ($247). This will show strong buying pressure at lower prices. Afterwards, the BNB/USDT pair could advance to the area of resistance between $257 and $265.
If the price drops below $230, the pair could potentially plunge to the crucial support at $220. This is an important level to watch in the short term because a breach and closure beneath it could initiate the next stage of the decline to $200.
XRP price analysis
XRP (XRP) dropped below the 50-day SMA of $0.48 on June 26, and the bulls were unsuccessful in their attempts to push the price back up above that level on June 27. This implies that the bears are attempting to turn the 50-day SMA into a resistance.
The 20-day EMA sloping downwards and the RSI in the negative zone suggest that the bears are in control. The XRP/USDT pair is likely to dip to $0.44 initially, followed by a strong support at $0.41.
This outlook will be proven to be incorrect in the near future if the price rises from its current position and surpasses the 20-day EMA. This could potentially lead to a surge to $0.53 and then to $0.56.
Cardano price analysis
The bulls’ inability to push Cardano (ADA) above the overhead resistance of $0.30 may have caused investors to take profits.
The ADA/USDT pair declined from the 20-day EMA ($0.29) on June 26, making it more probable that it will remain in the range of $0.24 to $0.30 for a few days. Trading within this range could be unpredictable and erratic.
Buyers must push and keep the cost above $0.30 to show that a lasting revival is beginning. The pair could first go up to the 50-day SMA ($0.33) and then to $0.38. On the other hand, a break and close below $0.24 could start the next decline.
Dogecoin price analysis
Dogecoin (DOGE) dropped beneath the 20-day EMA ($0.07) on June 26, showing that the bears are strongly preventing the resistance of $0.07 from being surpassed.
The bulls attempted to raise the cost above the 20-day EMA, however, the bears maintained their position. The DOGE/USDT pair could possibly drop to the solid support at $0.06. If it rebounds from this point, it could likely fluctuate between $0.06 and $0.07 for some time.
The 20-day EMA which is nearly flat and the RSI just under the midpoint suggest that a period of consolidation could be imminent. Buyers will have to break through the resistance at $0.07 to initiate the next stage of the uptrend towards $0.08 and then $0.10.
Solana price analysis
On June 26, Solana (SOL) declined from the 20-day EMA of $16.84 and dropped to the immediate support at $16.18. On the following day, the bulls attempted to push the price above the 20-day EMA, but were unsuccessful.
Following the confined trading of the past few days, the SOL/USDT pair is ready for an expansion of the range. If the cost drops and remains under $16.18, the pair may decrease to $15.28 and then to $14.
On the positive side, a sign of strength will be demonstrated when the price closes above the 20-day exponential moving average. Momentum may grow as the price surpasses $17.75. The next likely target is the breakdown level of $18.70.
Market data suggests that the Ethereum price is unlikely to reach $2K in the near future.
Litecoin price analysis
The bulls have been able to maintain Litecoin (LTC) above the moving averages during the last few days, yet they have not been able to initiate a recovery. This could prompt the bears to take control.
If the cost of the LTC/USDT pair falls beneath the moving averages, it may remain within the descending channel pattern for a while longer as it could drop to $80 and then to $76.
If bulls wish to keep their control, they must rapidly drive the cost above the opposition line of the channel. The pair could then initiate a rise, which could reach the upper resistance at $105. Bears are anticipated to mount a powerful defense at this point.
Polygon price analysis
Polygon (MATIC) has been trading within a tight range close to the overhead resistance of $0.69 in recent days, yet the bulls have been unable to take the price above it.
The bulls’ inability to surpass the upper limit may provoke the bold bears to sell. The 20-day EMA ($0.67) steadily declining and the RSI in the negative range signify that the bears have a slight edge. Sellers will attempt to take the cost down to the solid support area between $0.56 and $0.51.
If bulls want to gain the advantage, they need to push and maintain the cost above $0.69. The MATIC/USDT combination could then ascend to the 50-day SMA ($0.78).
Polkadot price analysis
For the past five days, Polkadot (DOT) has been trading close to the breakdown point of $5.15. Even though the bears have been able to protect the level, it is a positive sign that the bulls have kept the price from dropping beneath the 20-day EMA ($4.91).
The 20-day EMA that is steadily increasing and the RSI in the positive region suggest that the bulls have a slight advantage. If the buyers manage to push the price above $5.25, the DOT/USDT pair may surge to the next resistance at $5.56.
Contrary to this belief, if the price decreases and goes beneath the 20-day EMA, it implies that the bears are powerful at higher levels. As a result, the pair may be stuck in a range between $5.15 and $4.22 for several days.
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