Price analysis 6/16: BTC, ETH, BNB, XRP, ADA, DOGE, SOL, MATIC, LTC, DOT

1 year ago

Bitcoin (BTC) is witnessing a pugnacious conflict betwixt buyers and sellers adjacent the $25,000 mark. A insignificant origin of interest for the bulls is that adjacent the quality of BlackRock having filed an application for a Bitcoin spot exchange-traded money could not boost prices higher. This suggests that investors stay cautious owed to the regulatory overhang.

However, this does not mean that nonrecreational investors person abandoned plans to put successful cryptocurrencies. The Laser Digital Investor Survey of organization investors conducted successful April shows that 90% of the respondents were acceptable to consider putting wealth into crypto if the plus was backed by a “large accepted fiscal institution.” Another affirmative was that 82% of the investors polled were affirmative connected crypto’s prospects implicit the adjacent 12 months.

Glassnode co-founders Yann Allemann and Jan Happel said successful a tweet connected June 15 that a accepted method investigation indicator and 2 on-chain indicators for Bitcoin were looking similar to however they did successful Q3 2020, conscionable earlier Bitcoin soared supra its 2017 precocious of $20,000.

Could Bitcoin and the altcoins commencement a betterment from the existent levels? Let’s survey the charts of the top-10 cryptocurrencies to find out.

Bitcoin terms analysis

Bitcoin plunged beneath the important enactment astatine $25,250 connected June 14, indicating assertive selling by the bears.

Although the bulls managed to propulsion the terms backmost supra $25,250 connected June 15, they volition person to flooded the obstacle astatine the 20-day exponential moving mean ($26,320) to commencement a meaningful bounce. The BTC/USDT brace could past effort a rally to the 50-day elemental moving mean ($27,210) and subsequently to the absorption enactment of the descending channel.

Contrary to this assumption, if the terms turns down from the 20-day EMA, the bears volition again effort to descend the brace to the enactment enactment of the channel. The bulls are expected to support this level with each their mightiness due to the fact that a interruption beneath it whitethorn wide the way for a clang to the psychologically captious level of $20,000.

Ether terms analysis

Ether (ETH) slipped beneath the $1,700 level connected June 14, indicating that the nonaccomplishment to commencement a beardown rebound whitethorn person intensified selling by the bears.

The bulls are trying to propulsion the terms backmost supra $1,700 but the bears are expected to support the level with vigor. If the terms turns down from $1,700, the anticipation of a interruption beneath $1,600 increases. If that happens, the ETH/USDT brace whitethorn tumble to the adjacent large enactment astatine $1,352.

Alternatively, if the brace rises supra $1,700, it volition suggest beardown request astatine little levels. The brace whitethorn past emergence to the 20-day EMA ($1,779) wherever the bears volition effort to halt the recovery. If they neglect successful their endeavor, the prospects of a rally to $1,928 and thereafter to $2,000 increase.

BNB terms analysis

BNB’s (BNB) rebound fizzled retired astatine the 38.2% Fibonacci retracement level of $252.50 connected June 14, indicating that bears proceed to merchantability connected insignificant rallies.

The existent trial volition beryllium astatine the $220 level. If bears win successful pulling the terms beneath it, the BNB/USDT brace could commencement the adjacent limb of the downtrend. The brace could past illness to the important enactment astatine $183.

Another anticipation is that the bulls bargain the dips to the $220 support. In that case, the brace whitethorn plaything betwixt $252 and $220 for immoderate time. If buyers thrust the terms supra $252, the brace whitethorn emergence to $265 wherever the bears are again expected to equine a beardown defense.

XRP terms analysis

The nonaccomplishment to prolong XRP (XRP) supra the overhead absorption astatine $0.56 connected June 13 whitethorn person tempted respective short-term traders to publication profits.

The terms fell beneath the 50-day SMA ($0.47) connected June 14 and 15 but did not adjacent beneath the level. Buyers could not capitalize connected this model of accidental and propulsion the terms higher. That whitethorn person accelerated selling connected June 16. If the terms sustains beneath the 50-day SMA, the XRP/USDT brace could dive to $0.41.

If bulls privation to marque a comeback, they volition person to rapidly propulsion the terms backmost supra the 20-day EMA. The brace whitethorn past marque 1 much effort to emergence supra the overhead absorption astatine $0.56.

Cardano terms analysis

Cardano (ADA) turned down connected June 14 but the bears are uncovering it hard to descend the terms to the adjacent enactment astatine $0.24.

This suggests that buyers are attempting to stall the diminution adjacent $0.24. The oversold levels connected the RSI bespeak the anticipation of a short-term consolidation oregon a alleviation rally successful the adjacent fewer days. The ADA/USDT brace whitethorn oscillate betwixt $0.24 and $0.30 for immoderate time.

If buyers privation to commencement a sustained alleviation rally, they volition person to flooded the obstacle astatine the 20-day EMA ($0.31). The brace could past ascent to the 50-day SMA ($0.35). Contrarily, if the terms breaks beneath $0.24, the brace whitethorn slump to $0.22 and past to $0.20.

Dogecoin terms analysis

The bears made an effort to resume the diminution by pulling Dogecoin (DOGE) beneath the beardown enactment astatine $0.06 but the bulls purchased the driblet arsenic seen from the agelong process connected the candlestick.

Buyers volition effort to commencement a alleviation rally that could scope the 20-day EMA ($0.07). This remains a formidable hurdle for the bulls to transverse due to the fact that the bears person repeatedly stopped betterment attempts astatine this level since April 20.

On the downside, the $0.06 level is an important enactment for the bulls to support due to the fact that if it gives way, the DOGE/USDT brace could plummet to the adjacent enactment astatine $0.05. Conversely, a interruption supra the 20-day EMA whitethorn effect successful a determination higher to $0.08.

Solana terms analysis

The nonaccomplishment of the bulls to propulsion and prolong Solana (SOL) supra the breakdown level of $15.28 attracted a caller bout of selling connected June 14.

The bears tried to descend the terms to the June 10 intraday debased of $12.80 but the bulls purchased the dip adjacent $14. This suggests that the buyers person not fixed up and are accumulating connected dips.

Buyers volition person to propulsion and prolong the terms supra $16 to suggest the commencement of a stronger betterment toward the 20-day EMA ($17.52). This remains the cardinal level to ticker retired for due to the fact that a interruption supra it could effect successful a retest of the breakdown level astatine $18.70.

The bears volition person to yank the terms beneath $12.80 to commencement the adjacent limb of the downward determination to $10.

Polygon terms analysis

Polygon (MATIC) turned down from the breakdown level of $0.69 connected June 13, indicating that the bears are trying to flip the level into resistance.

Although the downsloping moving averages bespeak vantage to bears, the oversold levels connected the RSI suggest a insignificant consolidation is possible. The MATIC/USDT brace whitethorn enactment betwixt $0.69 and $0.50 for immoderate time.

Buyers volition person to footwear the terms supra the 20-day EMA ($0.73) to bespeak that the little levels person been rejected. That could commencement a alleviation rally toward $1. This presumption volition invalidate if the terms continues little and plunges beneath $0.50. That could unfastened the doors for a autumn to $0.44 and past to $0.32.

Litecoin terms analysis

The $75 enactment cracked connected June 14, indicating that the bears are trying to descend Litecoin (LTC) to the adjacent enactment astatine $65.

A insignificant affirmative successful favour of the bulls is that they did not let the terms to prolong beneath the $75 level. This indicates that little levels are attracting buyers. The bulls request to thrust the terms supra the 20-day EMA ($83) else, the LTC/USDT brace whitethorn witnesser different circular of assertive selling.

If the terms turns down and breaks beneath $75, the anticipation of a driblet to $65 increases. This level whitethorn again pull buyers but if they neglect to support the level, the brace could descent to $61.

Polkadot terms analysis

Polkadot (DOT) turned down from the 20-day EMA ($4.86) connected June 14, indicating that the sentiment remains antagonistic and bears are selling connected rallies.

The RSI has dipped backmost into the oversold territory, indicating that a insignificant consolidation oregon a alleviation rally is possible. If the terms turns up from the existent level, the DOT/USDT brace could again emergence to the 20-day EMA. This remains the cardinal level to ticker retired for connected the upside due to the fact that a interruption supra it could propulsion the brace to $5.15.

The bears are apt to person different plans. They volition effort to fortify their presumption further by pulling the terms beneath the $4.22 support. If they negociate to bash that, the brace whitethorn descent to $4 and aboriginal to $3.50.

This nonfiction does not incorporate concern proposal oregon recommendations. Every concern and trading determination involves risk, and readers should behaviour their ain probe erstwhile making a decision.

This nonfiction is for wide accusation purposes and is not intended to beryllium and should not beryllium taken arsenic ineligible oregon concern advice. The views, thoughts, and opinions expressed present are the author’s unsocial and bash not needfully bespeak oregon correspond the views and opinions of Cointelegraph.

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