The application for a Bitcoin exchange-traded fund (ETF) by BlackRock has inspired other financial companies to do the same. On June 21, the New York-based asset management fund WisdomTree submitted a new filing for a Bitcoin (BTC) ETF. Subsequently, the investment manager Invesco reactivated its request for a spot ETF.
The news that was shared caused investor confidence to rise, leading to a short squeeze and traders who had been waiting to make a move entering the market. Over the last few days, the developments have triggered increased demand for Bitcoin, which caused its market share to exceed 50% on June 19.
Short-term traders who anticipate a rapid surge to the all-time highs may be in for a surprise. According to the most recent edition of its weekly newsletter, “The Week On-Chain,” analytics firm Glassnode has cautioned investors that they may need to wait between 8 to 18 months before the market reaches its peak again.
Should we keep riding the wave of Bitcoin’s rally for a few more days, or should we take advantage of the gains and cash out now? Let’s analyze the charts of the top 10 digital currencies to decide.
Bitcoin price analysis
On June 17, Bitcoin surpassed the 20-day exponential moving average (EMA) of $26,934, and closed above it. On the following day, the bears attempted to push the price back below the same level, however the bulls defended it.
Aggressive buying on June 19 sparked further buying on June 20, propelling the price above the descending channel pattern’s resistance line and indicating a shift in the short-term trend. This could have triggered the stops of some short-term bears, leading to a short squeeze and sending the price soaring to $30,800 on June 21.
The bears are not likely to back down without a fight. They will attempt to prevent the rally from reaching $31,000, but if the bulls don’t concede much from the present position, it could increase the chance of the rally surpassing the overhead resistance. If this occurs, the BTC/USDT pair could potentially surge to $32,400. The bears are expected to do everything they can to defend this level, as if they are unsuccessful, the pair may surge to $40,000.
If bears are aiming to ensnare the bulls, they will need to pull the price back under the moving averages. This could lead to a prolonged liquidation and put the $25,250 support at risk.
Ether price analysis
Ether (ETH) experienced a surge from the robust support of $1,700 on June 19, indicating heavy buying at this price point.
The bulls kept buying, causing the price to go over the 20-day EMA ($1,781) on June 20, signaling the bears were losing control. The bullish power strengthened on June 21 and caused the ETH/USDT pair to go above the downward line. It is predicted the pair will surge to the psychological resistance at $2,000.
If the price moves in the opposite direction from the current level and drops below the 20-day EMA, it implies that bears are still in charge. This could result in the pair dropping to $1,700.
BNB price analysis
The bears are taking advantage of the relief rallies to the 20-day EMA ($257) on BNB’s (BNB) June 21 candlestick, as indicated by the wick.
The downward sloping moving averages and the negative Relative Strength Index suggest that the bears have the upper hand. If the price drops from its current level, the BNB/USDT pair may fall to $230 before attempting to breach the important support level of $220.
If bulls manage to break through the 20-day EMA, it will indicate strong buying pressure at lower prices. This could lead to a surge to the 61.8% Fibonacci retracement of $272 and then potentially to the 50-day SMA of $290.
XRP price analysis
XRP (XRP) experienced a sharp decline from the 20-day EMA ($0.49) on June 20, dropping below the 50-day SMA ($0.47). However, the candlestick’s long tail indicates that there was strong buying activity at the lower prices.
The 20-day EMA has leveled off and the RSI is just above the midpoint, demonstrating a balance between supply and demand. If the buyers can keep the price above the 20-day EMA, it could lead to a possible increase to the overhead resistance at $0.56. This level could again be a formidable barrier.
The 50-day SMA is the main support to look out for on the downside. If this level is broken, the advantage will shift to the bears. The XRP/USDT pair could then drop to $0.41.
Cardano price analysis
The long wick on Cardano’s (ADA) June 20 candlestick indicates that the bulls are attempting to protect the area between $0.25 and $0.24.
The ADA/USDT pair may reach the $0.30 mark, which is likely to act as a strong barrier. If the value drops suddenly from this point, the pair could remain in the range of $0.30 to $0.24 for a period of time.
Contrary to this supposition, if bulls drive the price above $0.30, it will indicate the commencement of a sustained rally to the 50-day SMA ($0.34). There is support on the downside at $0.25 and then at $0.22.
Dogecoin price analysis
Dogecoin (DOGE) on June 20 showed a strong reaction to the support at $0.06, indicating that the bulls are making a determined effort to maintain this level.
The DOGE/USDT pair has exceeded the 20-day EMA ($0.06), indicating that the bears may be losing their influence. It is possible that the pair may next climb to $0.07. If the price drops drastically from this point, it suggests that the pair may remain stuck between $0.06 and $0.07 for a while.
Buyers must get past the barrier of $0.07 to show strength. They could then ascend to $0.08, where the bears may put up a strong resistance. On the other hand, a fall below $0.06 will point to the bears having the upper hand.
Solana price analysis
On June 20, Solana (SOL) surged past the immediate resistance of $16.18 and on June 21, it attained the 20-day EMA ($17.04).
Should the cost dip below $16.18 from its present position, it will demonstrate that bears are present at higher levels. The SOL/USDT pair could then attempt to revisit the key support region between $15.28 and $14.06.
If bulls push the price above the 20-day EMA, it may indicate that the dip below $15.28 was a false alarm. This could lead to a short squeeze, pushing the pair up to the 50-day SMA ($19.34).
Three reasons why Ethereum’s market capitalization is increasing.
Polygon price analysis
Polygon (MATIC) is slowly climbing towards the resistance level of $0.69. The 20-day EMA ($0.69) is also located at this level; thus, the bears are likely to strongly guard this barrier.
The downward-sloping moving averages and the RSI in negative territory suggest a slight advantage for the bears. If the price drops from $0.69, the MATIC/USDT pair may remain confined between $0.69 and $0.50 for a few days.
The first indication of strength would be a break and finish above the 20-day EMA. This would suggest that there is strong buying occurring at lower prices. The pair could then potentially ascend to the 50-day SMA ($0.82). The most important support to keep an eye on is $0.50.
Litecoin price analysis
Litecoin (LTC) experienced a significant recovery from the strong support at $75 on June 20, suggesting that buyers are energetically taking advantage of lower prices at that level.
The buying trend continued on June 21, pushing the price above the 20-day exponential moving average ($81), which indicated a resurgence. There is a slight resistance at the 50-day simple moving average ($85), but it is expected to be surpassed. The LTC/USDT pair is likely to reach $92 and then $98.
The bears are quickly running out of time to regain control. If they want to succeed, they must pull the cost back beneath the $75 to $71 support area promptly. Until that occurs, the bulls are likely to see the drops as a chance to purchase.
Polkadot price analysis
The bears attempted to push Polkadot (DOT) down to the $4.22 support level on June 20, yet the long tail on the day’s candlestick indicates that there was strong demand for the cryptocurrency at lower prices.
Buyers have driven the price up to the 20-day EMA ($4.76), which is expected to be a formidable barrier. If the bulls are able to push the price above the 20-day EMA, the DOT/USDT pair could reach the breakdown level of $5.15.
This level is likely to be a difficult one for the bulls. If the price drops from this point, it could stay between $5.15 and $4.22 for a period. The bears will have to push the price below $4.22 to initiate the next downward move.
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