The US stock markets experienced an increase after the Consumer Price Index release on June 13 was lower than expected; however, Bitcoin and other digital currencies failed to recuperate. This implies that cryptocurrency traders are concentrating on cryptocurrency-related matters and are not taking advantage of the positive macroeconomic news.
Despite the current bearish market, there is still cause for optimism for bulls in the crypto space as Bitcoin (BTC) remains above the $25,000 support. Michael Saylor, co-founder of MicroStrategy, expressed his belief in a Bloomberg interview on June 13th that the recent regulatory crackdown from the Securities and Exchange Commission may actually be beneficial for Bitcoin. Saylor predicted that Bitcoin’s dominance in the crypto market will reach 80% in the future as large institutional investors enter the market once the “confusion and anxiety” has dissipated.
Although Saylor’s opinions may be reassuring to Bitcoin optimists, traders should bear in mind that MicroStrategy has a substantial stake in Bitcoin; hence, his outlook may be prejudiced.
Traders typically avoid risky situations and wait until the situation is clear before making any moves. This could be the case for cryptocurrency markets in the near future. A definitive trend is likely to emerge only after investors are certain of the regulations. During times of uncertainty, traders should consider reducing the size of their positions in order to avoid being caught off guard.
Let’s take a look at the charts of the top 10 cryptocurrencies to discover what levels may serve as resistance for Bitcoin and the major altcoins.
Bitcoin price analysis
On June 13, Bitcoin rose to near the 20-day exponential moving average (EMA) of $26,531, however the extended lower shadow on the candlestick reveals that the bears sold at a higher rate.
The cost has been hovering in between the 20-day EMA and the important support at $25,250 for the last several days. This implies that bulls are taking advantage of the declines, but bears are unwilling to surrender their edge.
The downward-sloping moving averages suggest that the bears have the advantage, yet the positive divergence on the Relative Strength Index (RSI) implies that the selling pressure might be weakening.
If buyers push the price beyond the 20-day EMA, the BTC/USDT pair may surge to the resistance line of the descending channel. To indicate the commencement of a climb up to $31,000, buyers will need to beat this impediment.
If the price drops below $25,250 from its current level, it will indicate that the bulls have abandoned the market. The pair could then drop to the bottom of the channel, and eventually to the psychologically significant level of $20,000.
Ether price analysis
Ether’s (ETH) failure to make a significant recovery from the strong support at $1,700 suggests a lack of buying pressure at higher prices. A narrow range of trading near a support level increases the chance of a decline.
Consequently, buyers must act swiftly to push the price above the moving averages. If they succeed, the ETH/USDT pair could ascend to $1,928 and then quickly move towards the resistance level of $2,000.
In contrast to this supposition, if the cost decreases from its present position or the moving averages, it will demonstrate that bears are selling on every minor increase. This could drive the pair beneath $1,700. There is slight support at $1,600, but if that cannot be maintained, the decrease may reach as far as $1,352.
BNB price analysis
BNB (BNB) once more rebounded from the powerful support at $220 on June 12, demonstrating that the buyers are assertively guarding the level.
The BNB/USDT pair has begun a rebound, however it is likely to encounter strong opposition at the 38.2% Fibonacci retracement at $252 and again at the breakdown level of $265. If the price declines from either level, it will indicate that the bears are using the resurgence as an opportunity to sell. The pair may then drop back to $220.
If the bulls are able to maintain the price above the breakdown level of $265, it could ensnare the more daring bears. There is some minor opposition at the 20-day EMA ($272), but it is likely to be surpassed.
XRP price analysis
Buyers pushed XRP (XRP) past the resistance level of $0.56 on June 13, yet were unable to keep the price at the higher levels.
The XRP/USDT pair experienced a significant decrease, with a long wick appearing on the day’s candlestick. The bears are attempting to further their influence by pushing the price beneath the 20-day EMA ($0.50). If it falls beneath this level, the next important support to observe is the 50-day SMA at $0.47.
Should this level break, the selling pressure could intensify and the pair could plunge to the next main support level close to $0.41. On the other hand, if the price rebounds from the 50-day SMA, it will indicate that the pair will remain in a range for a few days.
Cardano price analysis
Cardano’s (ADA) attempted rebound was blocked near the $0.30 mark, showing that the bears are strongly defending that level.
If the bulls are unable to push the cost of ADA/USDT above $0.30, the pair may decrease and fall to the support at $0.24. If there is a powerful bounce off this level, the pair could be confined between $0.24 and $0.30 for a few days.
Should buyers drive the price up beyond $0.30, it could signal that the drop has likely halted in the short term. This could result in the pair going up to the 20-day EMA ($0.32) and then to the 50-day SMA ($0.36).
Dogecoin price analysis
Since June 11, Dogecoin (DOGE) has been able to remain above the $0.06 threshold, however a small downside is that the bulls have been unable to initiate a significant recovery.
Should the $0.06 support be breached, the DOGE/USDT pair may experience a sharp drop to the essential support at $0.05. Bears could be prompted to sell again if the price does not exceed the 20-day EMA ($0.07). Buyers are anticipated to staunchly guard this level.
Should the price break and close above the 20-day EMA, this would be a sign of strength and could lead to a relief rally to $0.08. However, the bulls may encounter strong resistance from the bears at this level.
Solana price analysis
Solana (SOL) is currently engaged in a fierce struggle between buyers and sellers around the critical support level of $15.28.
The bulls are having difficulty keeping the SOL/USDT pair above $15.28, but they can be comforted by the fact that it has not dropped below that level. The RSI indicates that a recovery could be on the horizon, but the bulls will have to break through the $16.20 resistance first. If they are successful, the pair may start to rise towards the 20-day EMA of $18.16.
If the price moves downward from its current level, it would indicate that the bears are still in control. If the price drops below $15, the pair may revisit the intraday low of $12.80 seen on June 10.
Bitcoin remains at $26K after the PPL data release, with investors awaiting the Federal Reserve’s Chairman Powell’s announcement.
Polygon price analysis
Polygon (MATIC) experienced a sharp decline below the support at $0.69 and reached the psychologically significant level of $0.50 on June 10.
The bulls bought the dip in an attempt to initiate a recovery, which is expected to encounter strong opposition at the breakdown level of $0.69. If the price decreases from this point, it would indicate that the bears have transformed the level into a resistance. This could lead to a reexamination of the support at $0.50.
If bulls push the price above $0.69, the MATIC/USDT pair may climb to the 20-day EMA ($0.76). Breaking above this level would show that the bears are weakening. The pair may then try to rally to $1.
Litecoin price analysis
Litecoin (LTC) dropped from the average values and plummeted below the support line of the symmetrical triangle pattern on June 10, suggesting that the sellers were stronger than the buyers.
The LTC/USDT pair is trying to rebound from the horizontal support of $75, yet the bulls’ incapacity to drive the price back into the triangle implies that the bears are selling on minor upticks. This makes it more probable for a drop below $75. The next major support level on the downside is $65.
If the price rises from its current position and re-enters the triangle, this could indicate that the recent breakdown may have been a false alarm. The bullish sentiment could increase if the price is pushed above $91.50.
Polkadot price analysis
Polkadot (DOT) experienced a bounce back from the strong support at $4.22 on June 10, suggesting that the bulls are attempting to halt the decrease.
The potential for a rally could take the price up to the 20-day EMA ($4.98), where sellers may become more active. If the price reverses from this point, the DOT/USDT pair may revisit the support at $4.22. If this level is broken, it could result in a decline to $4 and possibly even $3.50.
If the bulls manage to push the price above the 20-day EMA, it could be a sign that the bears are losing their grip. The price could then reach $5.15 and then $5.56. Until buyers break through this resistance, the sellers will remain in control.
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