Cryptocurrencies

Bitcoin (BTC) has remained in a range for several days, indicating a struggle between…

Bitcoin (BTC) has been rangebound for several days, indicating a struggle between bulls and bears for supremacy. Trading firm Mosaic Asset believes that “easing financial conditions” could boost risk-on trading, and Bitcoin could be on the verge of an upward breakout.

CryptoQuant founder and CEO Ki Young Joo said in an article about 2024, with an addition of “$1 billion.” daily in new whale portfolios, probably a nursery.

Daily view of crypto market data. source: Coin360

Although a breakout eluded Bitcoin, bulls rallied around 11% in May. This is the first positive close after three years of negative monthly performance in May. This provides positive momentum for buyers to extend June’s bullish performance.

Can Buyers Defend Support Levels in Bitcoin and Altcoins? Let’s analyze the charts of the top 10 cryptocurrencies to find out.

Bitcoin Price Analysis

Bitcoin bounced off the symmetrical triangle support line on May 30, but the bulls were unable to sustain the higher levels.

BTC/USDT daily chart. source: Trading View

The bulls will need to push the price above the triangle to gain the upper hand. This could trigger a rally towards the general resistance at $73,777. The Bears should be a solid defense at this level.

Conversely, if the price continues to decline and breaks below the support line, it will indicate that the bears have taken control of the market. BTC/USDT could then fall to $64,600 and possibly reach the crucial support at $59,600. Bulls will likely buy in the area between $56,550 and $59,600.

Ethereum Price Analysis

Ethereum (ETH) is once again attempting to rebound from the $3,730 breakout level, suggesting that the bulls are defending this level.

ETH/USDT daily chart. source: Trading View

A rising 20-day EMA ($3,559) and the RSI in positive territory indicate that the bulls have the upper hand. The buyers will attempt to push the price up to the strong overall resistance level of $4,100. This is an important level for bears to defend, as a break above would pave the way for an increase to $4,868.

Alternatively, if ETH/USDT declines and falls below $3,730, it will indicate that the positive momentum has weakened. The advantage will tilt in favor of the bears if they drop the price below the 20-day EMA.

BNB Price Analysis

BNB (BNB) is gradually sliding towards the uptrend line, which is likely to provide strong support.

BNB/USDT daily chart. source: Trading View

If the price rebounds strongly from the uptrend line, the bulls will once again attempt to push the BNB/USDT pair towards the upper resistance at $635. If this level is maintained, the pair will complete the ascending triangle pattern. This bullish setup has a setup target of $775.

Conversely, if the price falls below the uptrend line, it will invalidate the uptrend. This could accelerate the selling process and send the pair falling to $536 and then to the vital support level at $495.

Solana Price Analysis

The failure of the bulls to initiate a strong bounce in Solana (SOL) from the 20-day EMA ($165) shows a lack of demand at current levels.

SOL/USDT daily chart. source: Trading View

The bears will attempt to consolidate their positions by pushing the price below $162. If they do, SOL/USDT could fall as low as $140. There is slight support at the 50-day simple moving average ($152), but it is unlikely to hold.

Contrary to this assumption, if the price rises from the current level and exceeds $174, it will indicate that the bulls are trying to maintain the advantage. The pair could then rise to $189 and possibly to $205.

XRP Price Analysis

The bears are pulling XRP (XRP) below the moving averages. If they succeed, the next stop will likely be the support line.

XRP/USDT daily chart. source: Trading View

The bulls have defended the support line on three previous occasions, so they will attempt to do so again. If the price rebounds strongly from the support line, XRP/USDT could reach $0.57. A breakout and close above $0.57 will complete an ascending triangle pattern, the target of which is $0.68.

Conversely, if the price continues to fall and breaks below the support line, it will indicate that the bulls have given up. The pair could then fall to the critical support level at $0.46.

Dogecoin price analysis

The bulls are struggling to hold Dogecoin (DOGE) above the moving averages, suggesting that the bears are selling on every slight bounce.

DOGE/USDT daily chart. source: Trading View

If the price falls below the 50-day simple moving average ($0.15), the DOGE/USDT pair could fall to $0.14. This level can act as a floor, but if broken, the decline could extend to the crucial support level at $0.12.

Alternatively, if the price rebounds below $0.14, it will indicate demand at lower levels. The pair could then consolidate between $0.14 and $0.18 for some time. A breakout and close above $0.18 will open the door for an increase to $0.21.

Toncoin price analysis

Toncoin (TON) continues to trade near its moving averages, indicating no aggressive buying or selling by traders.

TON/USDT daily chart. source: Trading View

The stable 20-day moving average ($6.39) and RSI near the midpoint suggest that the limited move between $4.72 and $7.67 could extend for a few more days. If the price falls below $6, the short-term advantage could favor the bears. TON/USDT could then fall to $4.72.

On the upside, a break above $6.73 would signal that bulls are back in charge. The pair could then rise to $7.67.

about: 3 Strong Bitcoin Indicators Predict Bitcoin Price to Rise to $75,000 in June

Shiba Inu Price Analysis

The bulls’ inability to push Shiba Inu (SHIB) above the overhead resistance at $0.000030 led to a pullback towards the 20-day EMA ($0.000025).

SHIB/USDT daily chart. source: Trading View

If the price rebounds from the moving averages, the bulls will once again attempt to push SHIB/USDT above $0.000030. If they succeed, the pair could reach $0.000033 and then $0.000039.

Conversely, if the price continues to fall and breaks below the support line, it will indicate that the bears are trying to make a comeback. The pair could then fall to $0.000018, where buyers are likely to intervene.

Cardano Price Analysis

Cardano (ADA) continued to decline and reached the support line of the symmetrical triangle pattern. Bulls are expected to defend the level aggressively.

ADA/USDT daily chart. source: Trading View

If the price bounces off the support line and breaks above the moving averages, it will indicate that the ADA/USDT pair could stay inside the triangle for some time. A breakout and close above the triangle could initiate a strong rise towards $0.62.

Alternatively, if the price declines and breaks below the support line, it will indicate that the uncertainty has ended in favor of the bears. This could start a downtrend towards the next support at $0.35.

Avalanche Price Analysis

Avalanche (AVAX) has been capped between $29 and $40 over the past few days, indicating a balance between supply and demand.

AVAX/USDT daily chart. source: Trading View

If the price falls below the 50-day SMA ($36), the bears will attempt to pull the AVAX/USDT pair towards the strong support at $29. This level is likely to attract aggressive buying from bulls, keeping the pair range-bound for some time.

The next trend move is expected to begin after the price is above $42 or below $29. If the $42 level is breached, the pair could reach $50. On the other hand, a break below $29 could send the pair down to $20.

This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research before making a decision.

Leave a Reply

Your email address will not be published. Required fields are marked *