Price analysis 6/12: SPX, DXY, BTC, ETH, BNB, XRP, ADA, DOGE, SOL, MATIC

Following the sharp sell-off in the cryptocurrency markets in the past week, traders will be looking to macroeconomic data this week for some support. The highly significant US Consumer Price Index report on June 13 will be followed by the Federal Reserve’s policy decision on June 14.

Both of these events could cause a strong reaction from stock and crypto investors. An immediate response is to be expected, however it will be intriguing to observe if any further action is taken. As market instability is expected to increase in the coming days, traders may remain wary.

Despite the SEC’s lawsuit against Binance and Coinbase causing a decrease in sentiment, Bitcoin (BTC) whales have taken advantage of this situation to increase their holdings. According to a report from behavior analytics platform Santiment, 57,578 Bitcoin have been acquired by Bitcoin whales since April 9, even as Bitcoin’s price dropped by approximately 10% in the same time frame.

Let us analyze the charts to determine the essential support levels that must be maintained in Bitcoin and major altcoins for the revival to commence.

S&P 500 Index price analysis

The S&P 500 Index (SPX) reached the resistance level of 4,325 on June 9, yet the long wick on the day’s candlestick indicates that the bears are attempting to prevent the upward movement at this point.

The moving averages which are sloping upwards and the relative strength index (RSI) being in positive territory suggest that the path of least resistance is going upwards. If buyers push the price above 4,325, the index could begin its journey toward 4,500, where the bulls may face resistance from the bears.

If the price decreases and falls below the moving averages in the near future, it will negate this optimistic outlook. This would imply that the buyers are cashing out their gains. The index may then drop to the uptrend line.

U.S. Dollar Index price analysis

The U.S. Dollar Index (DXY) fell back below the 20-day exponential moving average (EMA) of 103 on June 8, but the bears have been unable to keep it at those lower levels.

Buyers are attempting to push the price back up beyond the 20-day EMA, which could be the beginning of an upswing to 104.70 and then to 106. This level is predicted to be a formidable impediment.

The 20-day EMA being relatively flat and the RSI being just above the midpoint indicate that the index may remain in the wide range between 100.82 and 106 for a period of time.

If the price drops below the 20-day exponential moving average (EMA), it indicates that the bears are selling when the price rises. This could lead to a more significant decrease in the index to the 50-day simple moving average (SMA) of 102.

Bitcoin price analysis

The bulls have kept Bitcoin above the significant support of $25,250 in the last few days, demonstrating strong purchasing at this level.

Despite the fact that the downward-sloping moving averages suggest a benefit to the bears, the positive divergence in the RSI implies that the selling pressure might be decreasing. The bulls will attempt to push the price above the 20-day EMA ($26,654), thereby opening the way for a potential surge to the resistance line of the descending channel.

If the cost drops from the 20-day EMA, it implies that bears are continuing to apply selling pressure. The BTC/USDT pair could then attempt to reach the support at $25,250. If this level is breached, the pair could go down to the support line of the channel and eventually to $20,000.

Ether price analysis

Ether (ETH) attempted to initiate a rebound on June 11, yet the insignificant surge implies that the sellers are selling at every slight rally.

The bears are attempting to further solidify their stance by pushing the price beneath the immediate support level of $1,700. Should that transpire, it will indicate the beginning of a more substantial correction. There is minor support at $1,600, but if that level is breached, the decrease could reach as low as $1,352.

If the ETH/USDT pair rebounds off $1,700 again, it will demonstrate that the bulls are actively defending that level. If the resistance at $1,778 is surpassed, this could set the stage for a potential surge towards the moving averages.

BNB price analysis

The price of BNB (BNB) dropped from $305 on June 5 to $220 on June 12, a decrease of 27% within a few days, indicating that the bears are in full control.

The sharp decrease has pushed the RSI into extremely oversold conditions, indicating that a bounceback could take place in the coming days. The BNB/USDT pair could initially surge to $240 and then try to rally to the 38.2% Fibonacci retracement level of $252.50.

If the cost decreases from this point, it will demonstrate that the sentiment is still pessimistic and investors are still selling when the price rises. The bears will then again attempt to take the price lower than $220. If they are successful, the pair could plunge to $200 and then to $183.

XRP price analysis

XRP (XRP) has been exhibiting strong performance in recent days, with the bulls keeping the price above the moving averages.

The buyers must surmount the barrier of $0.56 to initiate the subsequent surge in the uptrend. Subsequently, the XRP/USDT pair may ascend to $0.65.

Nevertheless, this could be difficult as bears may fiercely guard the $0.56 mark. If the rate drops beneath the 20-day EMA ($0.50), it could imply that the bulls are losing their control. The pair may then decrease to the 50-day SMA ($0.47), which is a critical level to observe.

Should the price bounce back from this level, the pair may experience fluctuation between the 50-day SMA and $0.56 for a few days.

Cardano price analysis

Cardano (ADA) experienced strong selling pressure after it fell out of the ascending channel pattern on June 5.

The descent persisted, and on June 10, the ADA/USDT pair dropped below the essential support of $0.24. This plunge drove the RSI far into the oversold region, suggesting that the selling might have been exaggerated in the short-term.

A strong buying spree at $0.22 has initiated a potential recovery that could potentially reach $0.29 before reaching the 20-day EMA ($0.33). This area is likely to be the site of a fierce battle between buyers and sellers. If the price declines from this zone, it would indicate that the bears are still in control.

Despite the crypto market sell-off, Bitcoin and certain altcoins demonstrate resilience.

Dogecoin price analysis

The bears caused Dogecoin (DOGE) to dip below $0.06 on June 10, but the bulls bought into the dip and the value bounced back to close above the support.

However, the bulls have been unable to initiate a substantial rebound, showing that demand is decreasing at higher prices. The bears will attempt to push the price below the strong support at $0.06. If successful, the DOGE/USDT pair may fall to the next main support around $0.05.

The bulls are anticipated to protect the region between $0.06 and $0.05 with all their energy as a breach beneath it could cause panic selling. Buyers will need to push the cost back above $0.07 to gain momentum.

Solana price analysis

Solana (SOL) dropped beneath the robust support of $15.28 on June 10, yet the lengthy tail on the candlestick reveals intense buying at lower levels.

Buyers tried to initiate a revival, however the doji candlestick pattern on June 11 demonstrates that the bears are not willing to give up their advantage easily. They are once again attempting to push the cost beneath the support at $15.28. If they prevail, the value could go down to the following support at $12.69.

In contrast, if the price increases from its present level and surpasses $16.18, it will be an indication of a more robust recovery. The SOL/USDT pair could then ascend to the 20-day EMA ($18.85), where the bears might once more put up a strong resistance.

Polygon price analysis

On June 10, (MATIC) Polygon experienced a fall below the important support level of $0.69, demonstrating that the bears are in a strong position.

Buyers may take some comfort in the fact that the price quickly rebounded from the solid support at around $0.50 as evidenced by the long wick on the day’s candlestick. The MATIC/USDT pair will try to make a comeback, but it is likely to meet strong selling pressure at the $0.69 breakdown level.

If the cost declines from its current level, it implies that the bears are attempting to turn $0.69 into a resistance point. This could lead to a revisiting of the $0.50 mark. If the bulls wish to initiate a sustained rally, they must keep the price above the 20-day EMA ($0.79).

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