On June 2, the stock markets in the United States saw a strong surge in activity despite the fact that the nonfarm payrolls for May increased by 339,000, far exceeding the anticipated growth of 190,000. A few analysts pointed out that the market’s reaction may have been due to the slightly lower-than-expected growth rate of hourly earnings and the slight uptick in the unemployment rate.
The equities markets’ rally did not provide a boost to the cryptocurrency markets, which are still stuck in a range. Mike Novogratz, CEO of Galaxy Digital, stated in an interview with CNBC that the lack of excitement in the crypto markets is the result of a lack of institutional investment.
The past performance of Bitcoin (BTC) in the month of June does not provide a definite advantage to either buyers or sellers. Data from CoinGlass reveals that between 2013 and 2022, there has been an equal amount of positive and negative monthly finishes in June.
Will buyers safeguard the respective support levels and initiate a powerful rebound in Bitcoin and certain altcoins? Let’s examine the graphs of the top 10 digital currencies to figure out.
Bitcoin price analysis
In the past few days, Bitcoin has been trading within a descending channel pattern. On May 31, the price closed below the 20-day exponential moving average (EMA) of $27,239, yet the bears are having difficulty keeping the lower levels in check.
The bulls will attempt to raise the cost above the 20-day EMA. Should they succeed, the BTC/USDT pair could reach the resistance line where the bears are expected to put up a strong resistance.
If the price drops from the resistance line, it could mean that the pair is likely to remain within the channel for a while longer. The key support to be aware of on the lower side is $25,250, as a breach below it would indicate that the bears are dominating.
A break and close above the channel will be the first indication of upward momentum. This could then initiate the pair’s movement towards $31,000.
Ether price analysis
The bulls have successfully prevented the bears from causing Ether (ETH) to re-enter the descending wedge pattern. This indicates that the bulls are attempting to transform the resistance line into a support line.
The ETH/USDT pair has bounced back from the 20-day EMA ($1,855), suggesting a shift from selling when prices rise to buying when prices drop. The bulls will now attempt to push the cost above $1,927 and try to break through the strong resistance at $2,000.
If the price drops and re-enters the wedge in the near future, this optimistic outlook will be rendered invalid. This could ensnare the bold bulls, leading to a lengthy liquidation. The pair could then plunge towards the support line of the wedge.
BNB price analysis
BNB (BNB) has been trading within a narrow band of $300 to $317 over the past few days, indicating an uncertainty as to which way the market will go.
The 20-day EMA, which is gradually decreasing in value to $310, along with the RSI being below the midpoint, gives the bears a slight advantage. If the price decreases from the 20-day EMA, it increases the likelihood of a break below $300. If this occurs, the BNB/USDT pair could drop to the next support level of $280.
If the bulls manage to take the price above the 20-day exponential moving average, it is possible that the pair will hit the resistance at $317. If this resistance is broken and the closing price is above it, this could be a signal for an upward trend to $334 and then $350.
XRP price analysis
Buyers are attempting to halt XRP’s (XRP) decline above the 38.2% Fibonacci retracement level of $0.49. A shallow correction is a sign of encouragement, indicating that buyers are eager to snap up minor drops.
The bulls are likely to attempt to push the price beyond the immediate resistance at $0.53. If they are successful, the XRP/USDT pair could possibly surge to $0.56. This level is expected to present a significant challenge, yet if the bulls overcome it, the pair could possibly initiate a new uptrend towards $0.80.
If the price falls below $0.49 from its current level, it indicates that the bulls are taking profits. The pair could then decline to the 20-day EMA ($0.48) and then to the 50-day simple moving average (SMA) of $0.47.
Cardano price analysis
The sellers attempted to push the price of Cardano (ADA) below the uptrend line of the ascending triangle pattern on June 1, yet the bulls managed to maintain their position.
The ADA/USDT pair has gone above the 20-day EMA ($0.37), with bulls attempting to push the price higher than the 50-day SMA ($0.38). If they are successful, the pair could gradually ascend to $0.42 followed by the overhead resistance at $0.44.
If the price drops from its present level or the 50-day Simple Moving Average, it will suggest that bears are pushing the price down. This increases the chance of the trend line being broken. The pair could then begin to drop to the next support at $0.30.
Dogecoin price analysis
The bulls have been able to keep Dogecoin (DOGE) above the horizontal support level of $0.07, though they have yet to be able to lift the price above the 20-day EMA ($0.07).
This tight-range trading is in the perfect position for a breakout. If buyers are able to push the price above the 20-day EMA and keep it there, the DOGE/USDT pair could see a significant increase to $0.08. However, this level could be a difficult obstacle to overcome. If the price drops from this point, the pair could remain trading within the range of $0.07 to $0.08 for a while.
If the price falls away from the 20-day EMA, it indicates that bears are pushing the price down on every minor upturn. The bears will then attempt to drag the price beneath $0.07 and extend the decline to $0.06.
Polygon price analysis
On May 30, Polygon (MATIC) dropped below the 20-day EMA of $0.90, however the bears were unable to keep it at the lower prices. This indicates that it is a good idea to purchase when the price dips.
The 20-day EMA being relatively flat and the RSI close to the midpoint suggests an equilibrium between supply and demand. If the bulls can push the price above the 20-day EMA, the MATIC/USDT pair could attempt to overcome the resistance at $0.94, potentially initiating a move upwards towards the downtrend line.
If the price falls from $0.94 and drops below the 20-day EMA, it indicates that bears are attempting to transform the level into a source of resistance. This could potentially keep the pair confined to the $0.82 to $0.94 range for a few more days.
Bitcoin dips to $26.5K, however, traders anticipate a potential “bullish surprise”.
Solana price analysis
Solana (SOL) has been fluctuating between the two moving averages in recent days. Bears attempted to push the cost beneath the 20-day EMA ($20.58) on May 31 and June 1, but the bulls resisted.
It is improbable that the tight-range trading will persist. Buyers will attempt to push the cost above the 50-day SMA ($21.50). If they are successful, the SOL/USDT pair could surge to $24 and then to $27.12.
If the price falls from the 50-day Simple Moving Average and goes below the 20-day Exponential Moving Average, it implies that supply is more than demand. This may result in the pair dropping to the important support at $18.70, which the bulls are expected to protect vigorously.
Polkadot price analysis
Polkadot (DOT) has been fluctuating within a narrow band between $5.15 and $5.56 over the past few days.
The price bounced back from the $5.15 support on June 2, however the buyers are being met with resistance at the 20-day EMA ($5.37). This implies that any rally is being sold off. If the price carries on downwards and drops below $5.15, the DOT/USDT pair could begin the next section of its downward trend towards $4.22.
Buyers face a difficult challenge before them. In order to stave off a decrease, they must push the cost beyond the 50-day SMA ($5.69). Afterwards, the pair may attempt to recuperate to $6 and eventually the downtrend line.
Litecoin price analysis
Litecoin (LTC) experienced a dip below the moving averages on May 31, however, the bulls took advantage of the lower prices as indicated by the long tail on the day’s candlestick.
Buyers pushed the cost past the overhead hindrance at $95 on June 1, however they have not accomplished a nearby above it yet. On the off chance that they do, the LTC/USDT pair could ascend to the opposition line of the symmetrical triangle design.
If the price drops significantly from the resistance line, it is an indication that the pair may remain within the triangle for a longer period.
On the contrary, if the pair breaks and closes above the triangle, it will suggest the beginning of an uptrend. It is likely that the pair will reach $115 before progressing toward the triangle’s target of $142.
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