BTC, ETH, BNB, ADA, XRP, SOL, DOGE, DOT, LEO, AVAX

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The cryp­to mar­kets have been in a strong bear phase for the past sev­er­al months but JPMor­gan Chase ana­lysts expect that to change and they havpro­ject­ed a sig­nif­i­cant upside from the cur­rent lev­els. The ana­lysts cit­ed the ris­ing share of all sta­ble­coins in the total cryp­to mar­ket for their bull­ish outlook.

Unper­turbed by the cur­rent fall, retail traders have been adding Bit­coin (BTC) to their port­fo­lios. The num­ber of wal­let address­es hold­ing one Bit­coin surged by 13,091 to a record high of 865,254. Sim­i­lar­ly, the num­ber of address­es hold­ing about 0.1 Bit­coin has also wit­nessed a sharp rise in the past 10 days, accord­ing to data from Glassnode. 

Dai­ly cryp­tocur­ren­cy mar­ket per­for­mance. Source: Coin360

Bitcoin’s sharp recov­ery from the June 18 fall shows strong buy­ing at low­er lev­els and accord­ing to Whalemap, this has led to the for­ma­tion of a new “whale lev­el,” which may act as short-term support. 

Could the recov­ery in Bit­coin and major alt­coins con­tin­ue in the near term? Let’s study the charts of the top-10 cryp­tocur­ren­cies to find out.

BTC/USDT

Bit­coin plunged below $20,000 on June 18 but made an equal­ly sharp recov­ery on June 19, indi­cat­ing aggres­sive buy­ing at low­er lev­els. If bulls sus­tain the price above $20,000, it could improve sen­ti­ment and attract more buyers.

BTC/USDT dai­ly chart. Source: TradingView

The BTC/USDT pair could first rise to the 38.2% Fibonac­ci retrace­ment lev­el of $23,024 and then to the 20-day expo­nen­tial mov­ing aver­age ($24,890). The bears are like­ly to defend this zone with all their might.

If the price turns down from this zone, the sell­ers will make anoth­er attempt to pull the pair below $20,000. A break and close below $17,622 could start the next leg of the downtrend.

Alter­na­tive­ly, if buy­ers push the price above the 20-day EMA, it will sig­nal a poten­tial change in trend. The pair could then ral­ly to the 50-day sim­ple mov­ing aver­age ($29,386) where the bears may mount a strong defense.

ETH/USDT

Ether (ETH) plum­met­ed below the psy­cho­log­i­cal lev­el of $1,000 on June 18 which sug­gests that the down­trend remains intact. A minor pos­i­tive is that the bulls pur­chased the dip as seen from the long tail on the day’s candlestick.

ETH/USDT dai­ly chart. Source: TradingView

The buy­ers sus­tained the momen­tum on June 19 and pushed the price back above $1,000. The ETH/USDT pair could rise to $1,250 and lat­er to the 20-day EMA ($1,429). This remains the crit­i­cal resis­tance to watch out for.

If the price turns down from the cur­rent lev­el or the 20-day EMA, it will sug­gest that the bears are active at high­er lev­els. The sell­ers will then try to pull the pair to the June 18 intra­day low of $881. A break and close below this lev­el could sig­nal the resump­tion of the downtrend.

BNB/USDT

Binance Coin (BNB) broke and closed below the strong sup­port at $211 on June 18 but the bears could not build upon this advan­tage. This sug­gests that low­er lev­els con­tin­ue to attract buyers.

BNB/USDT dai­ly chart. Source: TradingView

The bulls pushed the price back above the break­down lev­el of $211 on June 19. If buy­ers sus­tain this lev­el, it will sug­gest that the break­down on June 18 may have been a bear trap. 

If bears rush to cov­er their posi­tions, it could cause a short squeeze and push the BNB/USDT pair toward the 20-day EMA ($251). If bulls over­come this bar­ri­er, the pair could rise to the 50-day SMA ($297).

Con­trary to this assump­tion, if the price turns down from the cur­rent lev­el and breaks below $211, it will sug­gest that bears are sell­ing on minor ral­lies. The bears will then try to sink the pair below $183 and resume the downtrend.

ADA/USDT

The bulls once again suc­cess­ful­ly defend­ed the $0.44 to $0.40 zone on June 18. That start­ed a recov­ery in Car­dano (ADA) which has reached the 20-day EMA ($0.52).

ADA/USDT dai­ly chart. Source: TradingView

If bulls dri­ve the price above the mov­ing aver­ages, the ADA/USDT pair could rise to the over­head resis­tance zone between $0.70 and $0.74. The bears are like­ly to defend this zone with all their might.

If the price turns down from it, the pair could remain stuck in a wide range between $0.40 and $0.74 for a few days. The next trend­ing move could begin after bulls push the price above $0.74 or bears pull the pair below $0.40.

XRP/USDT

Rip­ple (XRP) slipped below $0.29 on June 18 but the bears could not cap­i­tal­ize on the advan­tage. This sug­gests that sell­ing dries up at low­er levels. 

XRP/USDT dai­ly chart. Source: TradingView

The bulls may attempt to push the price to the over­head resis­tance zone between the 20-day EMA ($0.35) and the break­down lev­el of $0.38. The bears are like­ly to defend this zone aggres­sive­ly but if bulls bull­doze their way through, the XRP/USDT pair could ral­ly to the over­head resis­tance at $0.46.

This pos­i­tive view could inval­i­date if the price turns down from the cur­rent lev­el or the over­head zone. The bears will then make anoth­er attempt to sink and sus­tain the price below $0.29.

SOL/USDT

Solana (SOL) remains in a down­trend but the bulls are attempt­ing to start a recov­ery. The price has reached the 20-day EMA ($36) which is an impor­tant lev­el to keep an eye on.

SOL/USDT dai­ly chart. Source: TradingView

The pos­i­tive diver­gence on the rel­a­tive strength index (RSI) indi­cates that the bear­ish momen­tum may be weak­en­ing. If buy­ers pro­pel the price above the 20-day EMA, the SOL/USDT pair could ral­ly to the 50-day SMA ($49). This lev­el may again act as a resis­tance but if bulls clear this hur­dle, the next stop could be $60.

On the con­trary, if the price turns down from the cur­rent lev­el, it will sug­gest that bears con­tin­ue to defend the 20-day EMA with vig­or. The bears will have to pull the pair below $25 to sig­nal the start of the next leg of the downtrend.

DOGE/USDT

The bears pulled Doge­coin (DOGE) below the psy­cho­log­i­cal sup­port at $0.05 on June 18 but they could not sus­tain the low­er lev­els. This sug­gests that bulls are buy­ing on dips.

DOGE/USDT dai­ly chart. Source: TradingView

Buy­ers will try to push the price to the 20-day EMA ($0.07) which could act as a stiff bar­ri­er. If the price turns down from this lev­el, it will sug­gest that bears remain in com­mand. The sell­ers will then make one more attempt to sink and sus­tain the price below $0.05. If they suc­ceed, the DOGE/USDT pair could drop to $0.04.

Con­verse­ly, a break and close above the 20-day EMA will be the first indi­ca­tion that the bulls are on a come­back. The pair could then rise to the 50-day SMA ($0.09) which may again act as a stiff resistance.

Relat­ed: Ethereum ana­lyst warns of ‘clean fake­out’ despite 30% ETH price rebound

DOT/USDT

The bears tried to sink Polka­dot (DOT) below the sup­port at $6.36 on June 18 but the bulls held their ground. Strong buy­ing at low­er lev­els pushed the price back above the break­down lev­el of $7.30 on June 19.

DOT/USDT dai­ly chart. Source: TradingView

The bulls will attempt to push the price above the 20-day EMA ($8.33). If they suc­ceed, it will sug­gest the start of a sus­tained recov­ery. The DOT/USDT pair could then rise to the 50-day SMA ($10.06) and lat­er to the over­head resis­tance at $12.44. The pos­i­tive diver­gence on the RSI is also point­ing toward a pos­si­ble relief rally.

Con­trary to this assump­tion, if the price turns down from the 20-day EMA, the bears will again try to sink the pair below $6.36 and resume the down­trend. The next sup­port on the down­side is $4.23.

LEO/USD

UNUS SED LEO (LEO) dipped below the sup­port line of the descend­ing chan­nel on June 18 but the long tail on the day’s can­dle­stick sug­gests aggres­sive buy­ing at low­er levels. 

LEO/USD dai­ly chart. Source: TradingView

The bulls sus­tained their momen­tum and pushed the price above the mov­ing aver­ages on June 20. If the LEO/USD pair main­tains above the mov­ing aver­ages, the next stop could be the resis­tance line of the chan­nel. The buy­ers will have to push the price above this lev­el to indi­cate the start of a new up-move.

Con­trary to this assump­tion, if the price turns down from the resis­tance line, it will sug­gest that bears are defend­ing the lev­el aggres­sive­ly. That could keep the pair stuck inside the chan­nel for a few more days.

AVAX/USDT

Avalanche (AVAX) slipped below the sup­port at $14.50 on June 18 but the bears could not sus­tain the low­er lev­els. The bulls are attempt­ing a rebound on June 20 which could reach the 20-day EMA ($20).

AVAX/USDT dai­ly chart. Source: TradingView

If the price turns down from the 20-day EMA, it will sug­gest that bears remain in con­trol and they are sell­ing on ral­lies. The bears will then make one more attempt to sink the price below $13.71 and resume the down­trend. The next sup­port on the down­side is $13.

Con­verse­ly, if bulls thrust the price above the 20-day EMA, it will sug­gest that the bears may be los­ing their grip. The AVAX/USDT pair could then attempt a ral­ly to the 50-day SMA ($30) where the bears may again pose a challenge.

The views and opin­ions expressed here are sole­ly those of the author and do not nec­es­sar­i­ly reflect the views of Coin­tele­graph. Every invest­ment and trad­ing move involves risk. You should con­duct your own research when mak­ing a decision.

Mar­ket data is pro­vid­ed by HitBTC exchange.

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