Bitcoin (BTC) has been consolidating within a large range between $56,552 and $73,777 for several months, indicating buying near support and selling near resistance. Typically, if the price is moving sideways for an extended period of time, there needs to be a clear trigger to push the price up or down the range.
The decline was caused by news that the German government was selling its Bitcoin holdings and Mt. An attempt was made to push the price below support against possible selling pressure resulting from the Gox payout. However, this did not work as lower levels attracted buyers looking to shore up support and kick-start a recovery.
Investors also appear to have started investing again, taking advantage of the recent weakness. Data from SoSo Value shows a net inflow of $31 million into spot Bitcoin exchange-traded funds, following nearly $1.3 billion outflow over the past two weeks.
Can Bitcoin bulls stop a decline below $56,552? Will this lead to a recovery for altcoins? Let’s analyze the top 10 cryptocurrencies chart to find out.
Bitcoin Price Analysis
Bitcoin bulls are in a fierce race to prevent bears from driving the price below the key support level of $56,552.
Bears pulled the price below $60,000 on June 24, but the long tail of the candlestick indicates buying at the lower level. It is expected to remain active in the $60,000-$56,552 area over the next few days as the BTC/USDT pair could plummet to $50,000 if the bulls fail to protect the support.
The 20-day exponential moving average ($64,883) is a key resistance level to watch on the upside. A breakout and close above this level suggests that the downtrend is losing steam. The pair could then attempt a rally up to $70,000.
Ether Price Analysis
Ethereum (ETH) is gradually falling towards the next important support level at $3,000. Bulls bought the dip as high as $3,240 on June 24, but are struggling to push the price up to the 20-day EMA ($3,506).
If the price declines from current levels, the bears will make one more attempt to drive the price below $3,200. If that happens, the ETH/USDT pair could plummet to the psychological level of $3,000. Buyers are expected to fiercely defend the $3,000-$2,850 zone.
On the positive side, the bulls will need to push and hold the price above the 20-day EMA to signal that selling pressure is easing. This would pave the way for a rise to $3,730.
BNB price analysis
BNB (BNB) broke the $560 support level on June 24, but the bears were unable to sustain it lower.
Any recovery attempt is likely to face strong resistance at the 20-day EMA ($597). If the price declines from current levels or the 20-day EMA, the bears will again try to push the BNB/USDT pair down to $536. This is an important support level, but if it breaks, the pair could fall to $495.
Contrary to this assumption, if the price rises and breaks above the moving average, it means that the bears are losing control. The pair could then rise to the overhead resistance of $635.
Solana Price Analysis
Solana (SOL) made a smart recovery from $122 on June 24 and re-entered the descending channel pattern on June 25.
The bears will look to break the relief rally at the 20-day EMA ($143). A sharp decline in the price from this level could cause the SOL/USDT pair to fall towards the important support level at $116. Bulls are expected to defend this level with all their might, as a break below this level could open the door for a decline to $100.
Alternatively, if the bulls push the price above the 20-day EMA, it means selling pressure is decreasing. The pair could then rise to the channel’s resistance line. A break above the channel will tip the scales in favor of the bulls.
XRP Price Analysis
XRP (XRP) rebounded from the $0.46 support level on June 24, but bulls are finding it difficult to extend the recovery period.
Both moving averages are trending downward and the Relative Strength Index (RSI) is in negative territory, indicating that the downturn is under control. The seller will try again to lower the price below $0.46. If successful, the XRP/USDT pair could fall towards the next major support at $0.41.
Buyers are expected to actively defend the $0.41-$0.46 area. The reason is that a break below this area could cause the price to fall to $0.35. The first sign of strength would be a breakout and close above the 20-day EMA. The pair could then attempt a rally up to $0.52.
Dogecoin price analysis
Dogecoin (DOGE) broke out on June 24th and closed below the $0.12 support, but bulls began a recovery and pushed the price back above the breakdown level on June 25th.
Bulls would need to push the price above the 20-day EMA ($0.13) to signal the start of a strong recovery. The DOGE/USDT pair could rise towards the 50-day simple moving average ($0.15), which would indicate that the range-limiting action between $0.12 and $0.18 could last for a few more days.
Conversely, if the price drops sharply and falls below $0.12, it means that the bears are in control. This could start a downtrend towards $0.10, where the bulls will again try to stop the bears.
Toncoin price analysis
Toncoin (TON) has been trading between its 50-day SMA ($6.93) and overhead resistance at $7.67 over the past few days. This means that the bulls are not giving in to the bears and are maintaining buying pressure.
The moving averages are trending higher and the RSI is just above the midpoint, indicating that the bulls have a slight advantage. A close above $7.67 could lead to a retest of the important resistance at $8.29. If this level is extended, the TON/USDT pair may attempt to rise towards $10.
Instead, if the price declines sharply from current levels, it would be a sign that bears are fiercely defending the $7.67 level. It will complete a bearish head and shoulders pattern below $6.60. That could lead to a drop to $6 and then to $5.50.
Related: Notcoin linked to Telegram expected to rise 100% in price after burning 210 million NOT tokens
Cardano Price Analysis
Cardano (ADA) has been trading below the $0.40 breakdown level since June 18, but the bulls have not allowed the price to fall below $0.35. This suggests range-limiting action between $0.35 and $0.40.
The bearish 20-day EMA ($0.40) and RSI in negative territory indicate a slight advantage for the bears. If the price declines from $0.40, the ADA/USDT pair may continue to oscillate within a narrow range.
If the price slides below $0.35, it is a sign of a resumption of the downtrend. The pair could then collapse to $0.28. Conversely, a rally above $0.40 means the market has refused to collapse. The pair may rise to its 50-day SMA ($0.43) and later rise to $0.50.
Shiba Inu price analysis
Shiba Inu (SHIB) plunged below the 78.6% Fibonacci retracement level of $0.000017 on June 24, indicating that bears are firmly in the driver’s seat.
The bull market attempted to begin a recovery on June 25th, but the uptrend lacked steam. Bears will again try to push the price below $0.000017. If successful, the SHIB/USDT pair could fall to $0.000014 and eventually $0.000010.
If buyers want a comeback, they will need to quickly push the price back above the $0.000020 breakdown level. This could pave the way for a bounce to the 50-day SMA ($0.000023).
Avalanche Price Analysis
Avalanche (AVAX) resumed its downtrend on June 17, breaking below the strong support level of $29.
RSI near the downward moving average and oversold zone suggests that the downtrend is under control. The bulls are trying to initiate a relief rally, which will likely face strong selling at the 20-day EMA ($28.76). If the price breaks from the 20-day EMA, the bears will again try to push the AVAX/USDT pair lower to $20.
This negative view will be invalidated in the near future if the bulls push the price above $29. The pair could then rise to $33, indicating that the market has rejected a move below $29.
This article does not contain investment advice or recommendations. All investment and trading activities involve risk and readers should conduct their own research when making any decisions.