Bitcoin (BTC) has been trading in a range for several days, indicating a battle between bulls and bears for supremacy. Trading firm Mosaic Asset believes “easing financial conditions” could lead to increased risky trading and could put Bitcoin on the verge of recapturing its bull run.
CryptoQuant founder and CEO Joo Ki-Young Jo wrote in a post on A similar trend was seen in 2024, with “$1 billion more likely to be deposited into new whale wallets each day.”
Although a breakout eluded Bitcoin, the bulls achieved a rally of nearly 11% in May. This is the first positive closing after three years of negative monthly performance in May. This provides positive momentum for buyers to extend June’s strong performance.
Can buyers defend the support levels of Bitcoin and altcoins? Let’s analyze the top 10 cryptocurrencies chart to find out.
Bitcoin Price Analysis
Bitcoin rebounded from the support of the symmetrical triangle pattern on May 30, but the bulls failed to sustain higher levels.
Bulls need to push price above the triangle to gain the upper hand. This could initiate a bounce against the overhead resistance at $73,777. The Bears are expected to play strong defense at this level.
Conversely, if the price continues to decline and falls below the support line, it means that the bears are in control. The BTC/USDT pair could decline towards $64,600 and eventually hit the important support at $59,600. Bulls are likely to buy in the area between $56,550 and $59,600.
Ether Price Analysis
Ethereum (ETH) is once again attempting to bounce off the $3,730 breakout level, indicating that bulls are defending the level.
The rising 20-day EMA ($3,559) and the RSI in positive territory indicate that the bulls have the upper hand. Buyers will try to push the price up to solid overhead resistance at $4,100. This is an important level for bears to defend as a break above this level would open the way for an advance to $4,868.
Instead, if the ETH/USDT pair declines and falls below $3,730, it would mean that the positive momentum has weakened. If the bears pull the price below the 20-day EMA, the tilt will tilt in their favor.
BNB price analysis
BNB (BNB) is gradually falling towards an upward trend line, which appears to act as a strong support line.
If the price rebounds strongly from the uptrend line, the bulls will again try to push the BNB/USDT pair towards the overhead resistance of $635. Once this level is corrected, the pair completes an ascending triangle pattern. The pattern target for this bullish setup is $775.
Conversely, if the price falls below the uptrend line, the bullish pattern becomes invalid. This could accelerate the selling and take the pair down to $536 and then towards the important support at $495.
Solana Price Analysis
The failure of the bulls to initiate a strong rally for Solana (SOL) from the 20-day EMA ($165) shows a lack of demand at current levels.
Bears will try to strengthen their positions by pushing the price below $162. That could push the SOL/USDT pair down to $140. There is some support at the 50-day SMA ($152), but it is unlikely to hold.
Contrary to this assumption, if the price rises from current levels and rises above $174, it would suggest that the bulls are trying to maintain the upper hand. The pair could then rise to $189 and eventually $205.
XRP Price Analysis
The downtrend is pushing XRP (XRP) below its moving average. If successful, the next stop will likely be support.
The bulls have defended the support line on three previous occasions and will try to do so again. If the price bounces strongly from the support line, the XRP/USDT pair could rise to $0.57. A close above $0.57 would complete an ascending triangle pattern with a pattern target of $0.68.
Conversely, if the price continues lower and falls below the support line, it means that the uptrend has been abandoned. The pair could then plummet to the important support level of $0.46.
Dogecoin price analysis
Bulls are struggling to keep Dogecoin (DOGE) above its moving average, which suggests bears are selling every small recovery.
If the price slips below the 50-day SMA ($0.15), the DOGE/USDT pair may fall towards $0.14. This level could act as a bottom, but if it breaks, the slide could extend to the critical support at $0.12.
Alternatively, if the price bounces from $0.14, it signals lower demand. The pair may then consolidate between $0.14 and $0.18 for some time. A close above $0.18 opens the door for a rise to $0.21.
Toncoin price analysis
Toncoin (TON) continues to trade near its moving averages, indicating a lack of aggressive buying or selling by traders.
A flat 20-day EMA ($6.39) and RSI near the midpoint suggest that the move in the range between $4.72 and $7.67 could extend for a few more days. If the price falls below $6, the short-term advantage could be tilted in favor of the bears. The TON/USDT pair could then fall to $4.72.
On the positive side, a break above $6.73 would mean the bulls are back in the driver’s seat. The pair could then rise to $7.67.
Related: 3 Solid Bitcoin Indicators Predicting BTC Price Rising to $75,000 in June
Shiba Inu price analysis
Shiba Inu (SHIB) failed to break above the overhead resistance of $0.000030 and fell to the 20-day EMA ($0.000025).
If the price bounces off the moving average, bulls will again try to push the SHIB/USDT pair above $0.000030. If that happens, the pair could rise to $0.000033 and then to $0.000039.
Conversely, if the price continues lower and falls below the support line, it is a sign that the bears are attempting a rebound. The pair may then fall to $0.000018, at which point buyers will likely intervene.
Cardano Price Analysis
Cardano (ADA) continued its downward trend and reached the support line of the symmetrical triangle pattern. The bulls are expected to defend the level aggressively.
If the price breaks out of the support line and rises above the moving average, it means that the ADA/USDT pair may remain inside the triangle for some time. A breakout and close above the triangle could initiate a strong upward move towards $0.62.
Alternatively, if the price declines and falls below the support line, it signals that uncertainty has turned to the downside. This could initiate a downward move towards the next support at $0.35.
Avalanche Price Analysis
Avalanche (AVAX) has fluctuated between $29 and $40 over the past few days, indicating a balance between supply and demand.
If the price slips below the 50-day SMA ($36), the bears will attempt to pull the AVAX/USDT pair down to the strong support level at $29. This level is likely to induce strong buying from buyers and keep the pair range-bound for some time.
The next directional move is likely to begin when the price falls above $42 or below $29. A breakout of the $42 level could lead to a surge towards $50 for the pair. The downside is that if it falls below $29, the price could drop to $20.
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.