The excitement of applying for a Bitcoin (BTC) exchange-traded fund (ETF) has reinvigorated the bullish sentiment, yet this news is likely to only push the price so far. As the value rises, the risk of a collapse increases if none of the ETF requests are accepted. Trading firm QCP Capital is not optimistic that a spot ETF will be approved in the foreseeable future.
Cameron Winklevoss, co-founder of Gemini, voiced a different opinion on June 21, claiming that the “opportunity to acquire Bitcoin is rapidly diminishing.” In a similar vein, Michael Saylor, Executive Chairman of MicroStrategy, declared that the chance to “get ahead of institutional demand for Bitcoin” was coming to an end.
Bitcoin continues to be the focus of attention as its market share has been near 50%. K33 Research’s research revealed that over the long haul, investing in Bitcoin has outperformed an altcoin portfolio by a wide margin. Altcoins had their moments of outperformance in 2017 and again in 2021, but this could not be sustained in the long run.
Let’s take a look at the top-10 cryptocurrencies’ charts to determine if Bitcoin and the altcoins can surpass their respective overhead resistance levels.
Bitcoin price analysis
Bitcoin is encountering resistance at the $31,000 level, but the bulls are not giving way to the bears. This increases the likelihood of a break-out above $31,000.
The June 22 Doji candlestick pattern, which had been uncertain, revealed a positive outcome on June 23. Attempting to keep the cost above $31,000, buyers will once again make an effort. If they are successful, the BTC/USDT pair may increase to $32,400 before potentially making a move towards the following major resistance at $40,000.
The 20-day exponential moving average has risen to $27,561 and the relative strength index is in the overbought area, showing that bulls are in charge. This outlook could be invalidated soon if the price remains below $28,500. The pair could then move between the range of $31,000 and $24,800.
Ether price analysis
Ether (ETH) is trying to continue its upward trend. On June 22, the bulls managed to drive the price above the resistance level of $1,928, but they were unable to keep it there.
The bulls took advantage of the dips during the day and have driven the price back up to the overhead resistance at $1,928. If this level is surpassed, it will indicate that buyers are interested in lower levels, which could increase the potential of a rally to $2,000 and then to $2,200.
Contrary to this belief, if the price decreases and falls below the moving averages, it would indicate that the bears are pushing the price down when it reaches $2,000. The ETH/USDT pair could then drop to the 20-day EMA ($1,804).
BNB price analysis
BNB (BNB) declined from the 20-day Exponential Moving Average ($255) on June 22, indicating that the sentiment is still bearish and traders are taking profits on rallies.
The bears will attempt to drive the price down to the initial support level of $230, then to the important support level of $220. Sellers will have to push the price beneath the support area to indicate the continuation of the bearish trend.
Conversely, if buyers push the cost beyond the 20-day EMA, it will indicate that the selling pressure is abating. The BNB/USDT pair could then climb to the breakdown level of $265 and then to the 61.8% Fibonacci retracement level of $272.
XRP price analysis
XRP (XRP) saw an increase in its recovery on June 22, with bulls pushing the price above the 20-day EMA ($0.49). Nevertheless, the long wick on the day’s candle indicates that bears are unlikely to surrender without a fight.
The 20-day EMA, which is relatively flat, and the RSI being close to the midpoint indicate a balance between buyers and sellers. This could mean that the XRP/USDT pair will remain between the 50-day SMA ($0.47) and the resistance of $0.56 for a few days.
The next potential shift in trend could begin when the bulls push the price above $0.56 or the bears drive it below $0.46. Until then, it is probable that the price will move randomly within a certain range.
Cardano price analysis
The long wick on Cardano’s (ADA) candlestick for June 22 indicates that bears are pushing the price down by selling at this level.
The bulls, however, are not willing to concede. They are attempting to push the price up past the $0.30 breakdown level. If successful, this could point to a more robust rebound to the 50-day Simple Moving Average ($0.34). The bears will likely attempt to hinder the rally at this point.
It is also possible that the price could suddenly drop from the resistance level. If this happens, it will increase the chances of the ADA/USDT pair being in a range between $0.24 and $0.30. The bears would have to push the pair below $0.24 to initiate the next downward move.
Dogecoin price analysis
Dogecoin (DOGE) experienced a sharp decline from the resistance level of $0.07 on June 22, indicating that the bears are strongly defending the level.
The bulls are attempting to keep the cost above the 20-day EMA ($0.06). If they manage to do that, the DOGE/USDT pairing could surge back up to $0.07. If it breaks and closes above this point, it could indicate that the bears are weakening their hold. The pair could then ascend to $0.08, which may be a difficult level to surpass.
The 20-day EMA is a critical support level for the bulls to defend. If this level is breached, it could indicate that the pair may oscillate between $0.06 and $0.07 for a while.
Solana price analysis
On June 21, the bulls drove Solana (SOL) above the 20-day EMA ($17), however, they were not able to maintain those higher levels. On June 22, the sellers caused the price to drop below the level again.
If the price stays above $16.18, the chances of surpassing the 20-day EMA will be higher. This could lead to the SOL/USDT pair surging to $18.70.
If the price drops and goes below $16.18, it is indicative of the bulls abandoning their positions, which could lead to a reexamination of the essential support area between $15.28 and $14.06.
Bitcoin volatility pauses as the yearly high of $31K for BTC approaches.
Polygon price analysis
The bulls drove Polygon (MATIC) above the breakdown level of $0.69 on June 22, however the long wick on the candlestick suggests that the bears are attempting to defend the level.
The bulls have an advantage in that they have managed to keep the price from dropping too far below the overhead resistance. This implies that the bulls are still holding their positions in the hope of a rise in price.
Should purchasers drive and maintain the cost above $0.69, it could initiate a more powerful recovery to the 50-day SMA ($0.80). This boundary could again serve as an obstacle, but if it is surpassed, the MATIC/USDT pair could skyrocket to $1.
If the price falls below $0.62 after hitting the overhead resistance, it could indicate that the pair may remain in a range between $0.69 and $0.50 for some time.
Litecoin price analysis
The bears attempted to regain ground on June 21 and 22 by maintaining the 50-day SMA ($85), yet the bulls kept up their buying enthusiasm for Litecoin (LTC).
The 20-day Exponential Moving Average (EMA) ($82) has begun to rise and the Relative Strength Index (RSI) has moved into bullish territory, showing that buyers are in control. There is a slight barrier at $92, but if surpassed, the LTC/USDT pair could surge towards the region between $96 and the resistance line.
If bears are looking to stop the upward trend, they must quickly bring the cost down below the 20-day exponential moving average. If they manage to do this, the pair could drop to $75.
Polkadot price analysis
The long wick on Polkadot’s (DOT) candlestick for June 21 and 22 indicates that the bears attempted to impede the rebound, yet the bulls were not willing to give in.
The bears’ inability to push the price below the 20-day EMA ($4.80) indicates that the bulls are attempting to transform this level into a support. Buyers drove the cost up to the breakdown level of $5.15, where the bears may again try to put up a strong resistance. If the bulls can surpass this barrier, the DOT/USDT pair could ascend to $5.56 and then to the downtrend line.
If the price drops from $5.15 and falls beneath the 20-day EMA, it indicates that the bears are in control at higher levels. This could cause the pair to stay within a range of $5.15 to $4.22 for some time.
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