Despite the news of the United States Securities and Exchange Commission’s (SEC) lawsuits against Binance and Coinbase, Bitcoin has stayed well above the important support level of $25,250, suggesting that investors are not panicking and instead are looking to take advantage of the dips in the market. This is a sign that traders are not willing to sell their holdings in the face of negative news.
Since the SEC initiated its crypto regulatory action, ARK Invest CEO Cathie Wood has been taking advantage of the dip in crypto-related stocks by buying them. On June 6, Wood invested $21 million in Coinbase stock and subsequently added Block Inc. shares valued at $19.9 million between June 7 and 8.
The cryptocurrency space has shown its resilience due to a risk-on attitude. On June 9, the S&P 500 surpassed 4,300, a level not seen since August 2022, providing a boost to the U.S. equities markets.
Can bulls keep the cryptocurrency markets from sliding back, or will higher levels attract more bearish investors? Let’s take a look at the top 10 cryptocurrency charts to find out.
Bitcoin price analysis
Bitcoin (BTC) declined from the moving averages on June 7, but the silver lining is that the bulls prevented the cost from plummeting beneath $26,125. This implies that buyers are being drawn to lower levels.
The bulls will endeavor to push the price above the 20-day exponential moving average (EMA) of $26,924 once more. If they are successful, it will imply that the selling pressure is decreasing.
The BTC/USDT pair is forecasted to ascend to the 50-day simple moving average (SMA) of $27,536 and then to the resistance line of the descending channel. It is anticipated that the bears will strongly protect this level.
It is also possible that the price will decline from its current level. If this occurs, the bears will attempt to push the price down to $25,250. The buyers, however, will likely strive to defend this level.
Ether price analysis
The bulls have been able to keep Ether (ETH) above the resistance line of the descending wedge pattern, suggesting that there is demand at lower levels.
The 20-day exponential moving average ($1,854) has leveled off and the relative strength index (RSI) is close to the midpoint, suggesting a parity between buyers and sellers. If the bears manage to push the price below $1,778, this equilibrium will shift in their favor. The ETH/USDT pair might then drop to $1,740 and eventually to the support line of the wedge.
If buyers push the price above $1,927, the bulls will take control. The pair could then climb to $2,000 and afterwards surge towards the next major barrier at $2,200.
BNB price analysis
On June 7, BNB (BNB) plummeted below the crucial support of $265. On June 8, the bulls attempted to raise the cost above the breakdown point, yet the bears remained steadfast.
The Relative Strength Index in the oversold area implies that the selling may have been too much in the short-term. This could prompt a corrective rally, which is likely to be met with selling at $265 and again at $280. If the price slides from either of these levels, it will demonstrate that sentiment is still bearish and traders are selling on rallies.
If the bears push the price below the intraday low of $253 on June 7, the BNB/USDT pair could fall further to $240 and even lower to $220.
XRP price analysis
XRP (XRP) is still in an uptrend. Bears attempted to initiate a correction but failed to bring the price down to the 20-day EMA ($0.50) on June 7, indicating that the bulls are maintaining their strength.
The 20-day Exponential Moving Average (EMA) increasing and the Relative Strength Index (RSI) in the positive region signify that bulls are in control. Buyers will attempt to push the price higher than the range of $0.56 to $0.58. If they are successful, the XRP/USDT pair could initiate a fresh uptrend. The pair could first surge to $0.60 and then to $0.80.
If bears are looking to initiate a pullback, they will need to push the price beneath the 20-day EMA. This could cause short-term traders to take profits, and the pair could then decline to the 50-day SMA ($0.47) and subsequently to $0.42.
Cardano price analysis
The bulls attempted to initiate a recovery rally on June 8, yet the extended wick on the day’s candlestick indicates that bears were still selling Cardano (ADA) at increased prices.
Despite the fact that the declining moving averages show a benefit to bears, the RSI in the oversold region implies that a recuperation rally could be just around the corner. The ADA/USDT pair may rebound off the strong support at $0.30.
The first level of overhead resistance to be aware of is the 20-day EMA ($0.35). If there is a break and close above this resistance, it could be an indication that the selling pressure is decreasing.
If the price drops below $0.30, it could pave the way for a potential drop to $0.24.
Dogecoin price analysis
Dogecoin (DOGE) is still under the breakdown point at $0.07, but the bulls have been successful in keeping the bears from pushing the price down to the next level of support at $0.06.
Any rebound from the current price is likely to encounter resistance at the 20-day EMA ($0.07), as evidenced by the long wick on the June 9 candlestick.
If the price drops and keeps going down, it implies that the bears are selling close to the resistance levels above. This could cause the DOGE/USDT pair to drop to the support near $0.06.
Should bulls wish to prevent the decrease, they must act quickly to push the cost above the 20-day EMA. This action would indicate the beginning of a more powerful recuperation. The pair could then endeavor to surge to $0.08.
Solana price analysis
Solana (SOL) dropped beneath the $18.70 support on June 8, however the long wick on the candlestick indicates that the bulls are attempting to safeguard the level.
The 20-day EMA has dropped to $20.15, and the RSI is lower than 39, suggesting that it will be hard for the bulls to initiate a significant recovery from the present levels. If the price falls and remains beneath $18.70, the SOL/USDT pair could decline to $17 and then to the important support at $15.28.
Contrary to this supposition, if the price rallies from its current level, the pair could possibly reach the moving averages. If it breaks and closes above the 50-day Simple Moving Average ($20.92), it would suggest the beginning of a more powerful recovery rally towards $24.
What is causing the stagnation in Bitcoin’s price?
Polygon price analysis
Polygon (MATIC) has been steadily declining towards its critical support level of $0.69, indicating that bears have a strong grip on the market.
The bulls are expected to be very determined in protecting the $0.69 level, as if they fail to do so, the selling could intensify and the MATIC/USDT pair could drop to the next major support of $0.50.
At relief rallies, the $0.82 level is expected to serve as a major impediment. If the bulls can surmount this obstacle, the pair could climb to $0.94. It is possible that this level will encounter strong bearish selling.
Litecoin price analysis
The bulls showed strong interest at lower prices by repeatedly buying Litecoin (LTC) below the 50-day Simple Moving Average ($88) between June 7 and 9. Nevertheless, the bears are still selling near the 20-day Exponential Moving Average ($90), indicating that they have not given up yet.
Should the cost decline from its current point, bears will attempt to drive the LTC/USDT pair to the ascending line, which could draw in purchasers. If the price bounces off the uptrend line, it could point to the pair lingering inside the triangle for a few extra days.
Buyers will need to increase the price above the 20-day EMA ($90) in order to create the opportunity for a potential surge to the resistance line of the triangle.
It is probable that the next trending move will start after the price either goes above or below the triangle. Until then, it is likely that the price will remain within a certain range.
Polkadot price analysis
Polkadot (DOT) has yet to break through the $5.15 level, however the bulls have managed to keep the bears from pushing the price below the immediate support of $4.90.
If the price increases from its current level, it could indicate that buying on dips is a good idea. The bulls may then attempt to push the price above the 20-day EMA ($5.24). If successful, the DOT/USDT pair could rise to $5.56.
Contrarily, if the price declines once more from either $5.15 or the 20-day EMA, it will demonstrate that bears are still selling on minor increases. This could lead to the likelihood of a decrease below $4.90. The next foremost support on the downside is much lower at $4.22.
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