Price analysis 6/7: BTC, ETH, BNB, XRP, ADA, DOGE, MATIC, SOL, DOT, LTC

The cryptocurrency markets have been in a state of flux over the past two days, as they grapple with the decisions of the United States Securities and Exchange Commission (SEC) to take action against two of the most prominent crypto exchanges, Binance and Coinbase.

Following the initial surprise to the news and the rebound that followed, it is likely that markets will settle into a range as traders consider the uncertainty surrounding the lawsuits. The initial reaction has been positive, as the markets have not plummeted, demonstrating the increasing maturity of the crypto world.

Glassnode data suggests that traders maintained their composure during the June 5th and 6th period, as opposed to the reaction to the FTX episode in November, which saw a decrease of 12,600 Bitcoin (BTC) from exchange balances.

We should analyze the charts of the top 10 cryptocurrencies to determine the essential support levels to observe on the downside and if lower levels will draw in buyers.

Bitcoin price analysis

Bitcoin bounced back from the essential support of $25,250 on June 6, demonstrating the bulls are attempting to protect the level vigorously. However, the rebound is being met with selling near the moving averages.

The bears will try again to pull the price down to $25,250. This is the level to watch out for, as if it breaks and closes below it, there could be a potential drop to $20,000. This large decline could delay the beginning of the next upward move.

The bulls are anticipated to energetically buy the drops to the area between $25,250 and the support line of the channel. On the upside, purchasers will need to push the cost above the opposition line of the channel to demonstrate the finish of the remedial stage. The BTC/USDT pair could then surge to $31,000.

Ether price analysis

Ether (ETH) dropped below the resistance line of the descending wedge pattern on June 5, yet the bears weren’t able to capitalize on the momentum. This indicates there is demand at lower prices.

The bulls pushed the price back above the moving averages on the 6th of June, but were met with strong resistance from the bears. The sellers will likely attempt to push the price into the wedge again. If successful, the ETH/USDT pair could see a further decrease to the support line of the wedge.

If the price bounces back off the resistance line of the wedge, it will indicate that the bulls have converted the line into support. To begin the journey to $2,000 and then $2,200, the buyers will have to push the price above $1,928.

BNB price analysis

On June 5, BNB (BNB) experienced a sharp decline, pushing the price below the solid support level of $280. On June 6, there was a feeble attempt to recover, but the bears would not permit the price to stay above $280.

The selling resumed on June 7th, causing the bears to push the price beneath the important support level of $265. This is a bearish indication, as it appears to be the beginning of a new decrease to $240 and then to the vital support at $220.

If bulls are aiming for a resurgence, they must raise the price back up beyond the $265 breakdown point. If they are successful, the BNB/USDT pair could potentially return to $280 and then to the 20-day EMA of $299.

XRP price analysis

On June 5th and 6th, traders followed the usual pattern of buying the dip to the 20-day Exponential Moving Average ($0.49) when XRP (XRP) made an upward move, as evidenced by the long tail on the candlesticks.

The bears are not willing to surrender quickly, however. They are still pushing the price up to the area of resistance between $0.56 and $0.59. If the price drastically decreases and goes below the 20-day EMA, it will indicate that the bears aim to keep the range between $0.30 and $0.56 in place.

Buyers, however, are likely to have their own strategies. If they can surmount the overhead resistance, it will be a sign of a possible uptrend. The XRP/USDT pair could potentially surge to $0.60 and then to $0.80.

Cardano price analysis

Cardano (ADA) dropped beneath the uptrend line of the rising triangle pattern on June 5, causing the bullish structure to become invalid.

The bulls attempted to purchase the dip on June 5 but were not able to return the price within the channel. This implies that the bears are attempting to turn the uptrend line into a resistance. The selling persisted on June 7, and the bears pulled the price down below $0.33. The ADA/USDT pair could go down to the robust support at $0.30.

On the positive side, the initial indication of strength will be a close within the channel. This could imply that the dip below the channel could have been a false signal of a bearish trend. If the pair moves above $0.39, it could draw in strong buying.

Dogecoin price analysis

Dogecoin (DOGE) dropped below the immediate support level of $0.07 on June 5, but it quickly recovered from the backing near $0.06.

The bulls attempted to push the cost higher than the 20-day EMA ($0.07) on June 6, yet the bears sold the rally, demonstrating that they have not yet surrendered and are still selling close to strong obstruction. The descending moving averages and the relative strength index in the negative area demonstrate that the bears have the upper hand. The bears will endeavor to bring down the cost beneath $0.06.

If bulls are aiming for a resurgence, they must move the cost above the 20-day EMA. The DOGE/USDT combination could then try to surge to $0.08.

Polygon price analysis

Polygon (MATIC) dropped beneath the $0.82 support on June 6, yet the bulls vigorously bought the plunge as evidenced by the long tail on the day’s candlestick.

Buyers attempted to keep the cost above the breakdown point of $0.82, yet the bears had different thoughts. On June 7, they sold forcefully and pushed the cost beneath the June 6 low of $0.79. This implies the continuation of the downtrend. The MATIC/USDT pair could next fall to the solid help at $0.69.

If bears wish to avert the decrease, they must rapidly raise the cost above $0.82. This may ensnare the forceful bears, leading to a short squeeze, which could elevate the price back to $0.94.

ARK Invest purchases Coinbase shares on the same day that the SEC files a lawsuit.

Solana price analysis

Solana (SOL) experienced a bounce-back from the firm support at $18.70 on June 5 and 6, as indicated by the extended tail on the day’s candlesticks; however, the buyers were unable to surpass the 20-day EMA ($20.50).

It appears that the bears are still in control of the market. If the price drops below the $18.70 support level, the SOL/USDT pair could see a further decrease, potentially reaching the next support level at $15.28.

If the price bounces back from its current rate of $15.28, it will demonstrate that there is demand at the lower levels. Subsequently, the buyers will attempt to push the price beyond $22.30. Should they manage to do so, the pair may ascend to $24 and then strive to reach $27.12.

Polkadot price analysis

Polkadot (DOT) experienced a sharp drop below the important support level of $5.15 on June 5, but recovered quickly on June 6, and climbed back above the breakdown point.

On June 7, the bulls were unable to sustain the recovery, as the bears sold off the minor rally. Should the sellers manage to push the price below $4.90, the DOT/USDT pair could experience a sharp decline to $4.22.

The initial key resistance to look out for is the 20-day EMA ($5.29). If the price goes up beyond this point, it could be a sign that the bearish pressure is decreasing. If it surpasses the $5.56 mark, the pair could gain further strength.

Litecoin price analysis

Litecoin (LTC) experienced a sharp recovery on June 6 after dropping beneath the moving averages on June 5, yet the bulls were not able to hold the price above the 20-day EMA ($90). This implies that the bears are selling during rallies.

The bears may attempt to push the price towards the uptrend line. This is a crucial level for the bulls to protect, as a breach and closure below it could indicate the commencement of a potential downward trend. The LTC/USDT pair might initially plunge to $75 and then to $65.

If the price rises from its current position or the uptrend line, it would indicate that the pair may be confined to the triangle for a longer period. The bulls will need to push the price beyond the triangle in order to initiate the next stage of the uptrend.

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