Price analysis 6/23: BTC, ETH, BNB, XRP, ADA, DOGE, SOL, MATIC, LTC, DOT

2 years ago

The unreserved to use for a spot Bitcoin (BTC) exchange-traded money (ETF) rejuvenated the bulls but this quality is apt to boost the terms lone to a definite distance. As the terms moves up, the risks of a clang summation if nary of the ETF applications are approved. Trading steadfast QCP Capital is not convinced that a spot ETF volition spot the airy of the time successful the adjacent term.

Another constituent of presumption came from Gemini co-founder Cameron Winklevoss who said connected June 21 that the “floodgates” for accumulating Bitcoin are “closing fast.” Similarly, MicroStrategy Executive Chairman Michael Saylor said that the accidental to “front-run organization request for Bitcoin” was ending.

Bitcoin remains the halfway of attraction arsenic its marketplace dominance has been hovering adjacent 50%. K33 Research investigation recovered that implicit the agelong term, Bitcoin concern has acold outperformed an altcoin portfolio by a immense margin. Altcoins had their stock of short-term outperformance successful 2017 and again successful 2021 but that could not prolong successful the agelong term.

Could Bitcoin and the altcoins emergence supra their respective overhead absorption levels? Let’s survey the charts of the top-10 cryptocurrencies to find out.

Bitcoin terms analysis

Bitcoin is facing absorption astatine the overhead absorption of $31,000 but the bulls person not ceded crushed to the bears. This enhances the prospects of a interruption supra $31,000.

The uncertainty of the June 22 Doji candlestick signifier resolved to the upside connected June 23. Buyers volition again effort to prolong the terms supra $31,000. If they succeed, the BTC/USDT brace could archetypal emergence to $32,400 and thereafter marque a dash toward the adjacent large absorption astatine $40,000.

The 20-day exponential moving mean ($27,561) has turned up and the comparative spot scale (RSI) is successful the overbought zone, indicating that bulls are successful control. This presumption volition beryllium negated successful the adjacent word if the terms sustains beneath $28,500. The brace could past participate a range-bound enactment betwixt $31,000 and $24,800.

Ether terms analysis

Ether (ETH) is attempting to resume its up-move. The bulls pushed the terms supra the overhead absorption of $1,928 connected June 22 but could not prolong the higher levels.

The bulls purchased the intraday dips and person again sent the terms to the overhead absorption astatine $1,928. If this level is scaled, it volition suggest that little levels are attracting buyers. That could heighten the imaginable of a rally to $2,000 and past to $2,200.

Contrary to this assumption, if the terms erstwhile again turns down and breaks beneath the moving averages, it volition suggest that the bears are selling connected rallies adjacent $2,000. The ETH/USDT brace could past diminution to 20-day EMA ($1,804).

BNB terms analysis

BNB (BNB) turned down from the 20-day EMA ($255) connected June 22, indicating that the sentiment remains antagonistic and traders are selling connected rallies.

The bears volition effort to propulsion the terms to the archetypal enactment astatine $230 and past to the captious enactment astatine $220. Sellers volition person to tug the terms beneath the enactment portion to awesome the resumption of the downtrend.

On the contrary, if buyers thrust the terms supra the 20-day EMA, it volition suggest that the selling unit is reducing. The BNB/USDT brace could past surge to the breakdown level of $265 and subsequently to the 61.8% Fibonacci retracement level of $272.

XRP terms analysis

XRP’s (XRP) betterment picked up momentum connected June 22 and the bulls kicked the terms supra the 20-day EMA ($0.49). However, the agelong wick connected the day’s candlestick shows that the bears are improbable to springiness up easily.

The flattish 20-day EMA and the RSI adjacent the midpoint suggest a equilibrium betwixt proviso and demand. That could support the XRP/USDT brace betwixt the 50-day SMA ($0.47) and the overhead absorption of $0.56 for a fewer days.

The adjacent trending determination could commencement aft the bulls flooded the obstacle astatine $0.56 oregon the bears descend the terms beneath $0.46. Until then, random range-bound terms enactment is apt to continue.

Cardano terms analysis

Cardano’s (ADA) agelong wick connected the June 22 candlestick suggests that the bears are selling the rallies to this level.

But the bulls are successful nary temper to springiness up. They are again trying to thrust the terms supra the breakdown level of $0.30. If they tin propulsion it off, it volition suggest the commencement of a stronger betterment to the 50-day SMA ($0.34). The bears volition again effort to cheque the alleviation rally astatine this level.

Another anticipation is that the terms turns down sharply from the overhead resistance. Such a determination volition heighten the prospects of a consolidation betwixt $0.24 and $0.30. The bears volition person to yank the ADA/USDT brace beneath $0.24 to commencement the adjacent limb of the downtrend.

Dogecoin terms analysis

Dogecoin (DOGE) turned down sharply from the overhead absorption of $0.07 connected June 22, indicating that the bears are guarding the level with vigor.

The bulls are trying to prolong the terms supra the 20-day EMA ($0.06). If they negociate to bash that, the DOGE/USDT brace could again emergence to $0.07. A interruption and adjacent supra this level volition suggest that the bears are losing their grip. The brace whitethorn past ascent to $0.08 which whitethorn beryllium to beryllium a pugnacious obstruction to cross.

The 20-day EMA is the cardinal enactment for the bulls to protect. If this level gives way, it volition suggest that the brace whitethorn plaything betwixt $0.06 and $0.07 for immoderate time.

Solana terms analysis

The bulls pushed Solana (SOL) supra the 20-day EMA ($17) connected June 21 but they could not prolong the higher levels. Sellers pulled the terms backmost beneath the level connected June 22.

The contiguous enactment to ticker for connected the downside is $16.18. If the terms remains supra this level, the likelihood of a interruption supra the 20-day EMA increases. The SOL/USDT brace could past rally to $18.70.

Instead, if the terms turns down and breaks beneath $16.18, it volition awesome that the bulls person fixed up and are bailing retired of their positions. That could hazard a retest of the important enactment portion betwixt $15.28 and $14.06.

Polygon terms analysis

The bulls pushed Polygon (MATIC) supra the breakdown level of $0.69 connected June 22 but the agelong wick connected the candlestick shows that the bears are trying to support the level.

A insignificant affirmative successful favour of the bulls is that they person not allowed the terms to drift overmuch little from the overhead resistance. This suggests that the bulls are hanging connected to their positions successful anticipation of a determination higher.

If buyers propel and prolong the terms supra $0.69, it whitethorn commencement a stronger betterment to the 50-day SMA ($0.80). This level whitethorn again enactment arsenic a hurdle but if cleared, the MATIC/USDT brace whitethorn soar to $1.

Alternatively, if the terms turns down from the overhead absorption and dips beneath $0.62, it volition suggest that the brace whitethorn oscillate betwixt $0.69 and $0.50 for a portion longer.

Litecoin terms analysis

The bears tried to marque a comeback connected June 21 and 22 by defending the 50-day SMA ($85) but the bulls kept up the buying unit successful Litecoin (LTC).

The 20-day EMA ($82) has started to crook up and the RSI has jumped into affirmative territory, indicating that the bulls are successful command. There is simply a insignificant absorption astatine $92 but if that is crossed, the LTC/USDT brace whitethorn rally to the portion betwixt $96 and the absorption line.

If bears privation to halt the upward march, they volition person to rapidly propulsion the terms backmost beneath the 20-day EMA. If they bash that, the brace whitethorn descent to $75.

Polkadot terms analysis

The agelong wick connected Polkadot’s (DOT) June 21 and 22 candlestick shows that the bears tried to halt the betterment but the bulls were successful the temper to relent.

The nonaccomplishment of the bears to descend the terms beneath the 20-day EMA ($4.80) shows that the bulls are trying to flip this level into support. Buyers pushed the terms to the breakdown level of $5.15 wherever the bears whitethorn again equine a beardown defense. If bulls flooded this hurdle, the DOT/USDT brace could emergence to $5.56 and past to the downtrend line.

Contrarily, if the terms turns down from $5.15 and slips beneath the 20-day EMA, it volition suggest that the bears are progressive astatine higher levels. That could support the brace range-bound betwixt $5.15 and $4.22 for a fewer days.

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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