Peer-to-peer payments network Litecoin (LTC) witnessed a surge in key on-chain metrics in the past week, according to the crypto analytics firm IntoTheBlock. The firm notes that Litecoin saw a 28% increase in daily active addresses in the past seven days, as well as a 54.6% jump in new addresses over that same time period. […]
The post Key On-Chain Metrics on the Rise for Litecoin As LTC Approaches Halving Date: Analytics Firm IntoTheBlock appeared first on The Daily Hodl.
Bitcoin’s price surged to $31,000 as a handful of BTC spot ETF applications and Fed Chair Jerome Powell’s views on stablecoins appear to have improved crypto investors’ view of the market.
BlackRock’s application for a spot Bitcoin exchange-traded fund (ETF) has encouraged other financial firms to follow suit. First, it was the New York-based asset management fund WisdomTree, which made a new filing on June 21 for a Bitcoin (BTC) ETF. This was then followed by investment manager Invesco, which reactivated its application for a spot ETF.
These announcements boosted investor sentiment, resulting in a short squeeze and additional buying interest from traders who may have been waiting on the sidelines. The slew of events over the past few days has increased buying interest in Bitcoin, which sent its market dominance to above 50% on June 19.
The short-term traders who are expecting a quick rally to the all-time highs may be in for a shock. In the latest edition of its weekly newsletter, “The Week On-Chain,” analytics firm Glassnode warned investors that their patience could be tested for another eight to 18 months before the market hits a new all-time high.
Will Bitcoin’s rally continue to rise for a few more days, or is it time to book profits? Let’s study the charts of the top 10 cryptocurrencies to find out.
Bitcoin broke and closed above the 20-day exponential moving average (EMA) of $26,934 on June 17. The bears tried to sink the price back below the level on June 18, but the bulls held their ground.
That attracted aggressive buying on June 19, which picked up further momentum on June 20. That catapulted the price above the resistance line of the descending channel pattern, signaling a short-term trend change. This move may have hit the stops of several short-term bears, resulting in a short squeeze. That sent the price skyrocketing to $30,800 on June 21.
The bears are unlikely to give up easily. They will try to halt the rally at $31,000, but if the bulls do not give up much ground from the current level, it will enhance the prospects of a rally above the overhead resistance. If that happens, the BTC/USDT pair may surge to $32,400. The bears are expected to defend this level with all their might because if they fail to do that, the pair may surge to $40,000.
If bears want to trap the bulls, they will have to yank the price back below the moving averages. That could result in a long liquidation and threaten the $25,250 support.
Ether (ETH) turned up from the strong support of $1,700 on June 19, signaling strong buying at this level.
The bulls continued their purchases and pushed the price above the 20-day EMA ($1,781) on June 20. This was the first sign that the bears were losing their grip. The bullish momentum picked up further on June 21 and sent the ETH/USDT pair above the downtrend line. The pair is expected to rally to the psychological resistance at $2,000.
Contrarily, if the price reverses direction from the current level and slips below the 20-day EMA, it will suggest that bears remain in control. The pair could then dip to $1,700.
The wick on BNB’s (BNB) June 21 candlestick shows that the bears are selling the relief rallies to the 20-day EMA ($257).
The downsloping moving averages and the relative strength index (RSI) in the negative territory indicate that bears have an edge. If the price turns down from the current level, the BNB/USDT pair may slide to $230 and later retest the vital support at $220.
On the contrary, if bulls overcome the obstacle at the 20-day EMA, it will suggest solid demand at lower levels. The pair could then attempt a rally to the 61.8% Fibonacci retracement level of $272 and subsequently to the 50-day simple moving average (SMA) of $290.
XRP (XRP) turned down sharply from the 20-day EMA ($0.49) on June 20 and slipped below the 50-day SMA ($0.47), but the long tail on the candlestick shows aggressive buying at lower levels.
The 20-day EMA has flattened out and the RSI is just above the midpoint, indicating a balance between supply and demand. If bulls sustain the price above the 20-day EMA, it could open the doors for a potential rally to the overhead resistance at $0.56. This level may again act as a strong barrier.
The 50-day SMA remains the key support to watch out for on the downside. If this level is breached, the advantage will tilt in favor of the bears. The XRP/USDT pair could then plummet to $0.41.
The long tail on Cardano’s (ADA) June 20 candlestick shows that the bulls are trying to guard the zone between $0.25 and $0.24.
The ADA/USDT pair could reach the $0.30 level, which is likely to behave as a formidable resistance. If the price turns down sharply from this level, the pair may consolidate between $0.30 and $0.24 for a while.
Contrary to this assumption, if bulls kick the price above $0.30, it will suggest the start of a sustained recovery to the 50-day SMA ($0.34). The support on the downside is at $0.25 and then at $0.22.
Dogecoin (DOGE) bounced off the strong support at $0.06 on June 20, indicating that the bulls are fiercely defending this level.
The DOGE/USDT pair has risen above the 20-day EMA ($0.06), suggesting that the bears may be losing their grip. The pair may next rally to $0.07. If the price turns down sharply from this level, it will signal that the pair may stay range-bound between $0.06 and $0.07 for some more time.
Buyers will have to clear the hurdle at $0.07 to indicate strength. The pair may then climb to $0.08, where the bears may again mount a strong defense. On the downside, a tumble below $0.06 will indicate an advantage to bears.
Solana (SOL) rose above the immediate resistance of $16.18 on June 20 and reached the 20-day EMA ($17.04) on June 21.
If the price turns down from the current level and slips below $16.18, it will suggest that bears are active at higher levels. The SOL/USDT pair may then again retest the critical support zone between $15.28 and $14.06.
Alternatively, if bulls drive the price above the 20-day EMA, it will suggest that the break below $15.28 may have been a bear trap. That could cause a short squeeze, propelling the pair to the 50-day SMA ($19.34).
Related: 3 reasons why Ethereum’s market cap dominance is on the rise
Polygon (MATIC) is gradually rising toward the breakdown level of $0.69. The 20-day EMA ($0.69) is also placed at this level; hence, the bears are expected to defend this resistance with vigor.
The downsloping moving averages and the RSI in the negative territory indicate a minor advantage to the bears. If the price turns down from $0.69, the MATIC/USDT pair could remain stuck between $0.69 and $0.50 for a few days.
The first sign of strength will be a break and close above the 20-day EMA. Such a move will suggest strong buying at lower levels. The pair may then rise to the 50-day SMA ($0.82). The crucial support to watch for on the downside is $0.50.
Litecoin (LTC) rebounded sharply off the strong support at $75 on June 20, indicating that the bulls are aggressively buying the dips to this level.
The buying continued on June 21, and the bulls propelled the price above the 20-day EMA ($81), signaling a comeback. There is a minor resistance at the 50-day SMA ($85), but it is likely to be crossed. The LTC/USDT pair may first hit $92 and then $98.
Time is running out for the bears. If they want to reestablish control, they will have to quickly tug the price back below the $75 to $71 support zone. Until that happens, the bulls are likely to view the dips as a buying opportunity.
The bears tried to pull Polkadot (DOT) toward the $4.22 support on June 20, but the long tail on the day’s candlestick shows strong buying at lower levels.
Buyers have pushed the price to the 20-day EMA ($4.76), which is likely to act as a strong resistance. If bulls drive the price above the 20-day EMA, the DOT/USDT pair could reach the breakdown level of $5.15.
This level is again likely to pose a strong challenge to the bulls. If the price turns down from this level, the pair may oscillate between $5.15 and $4.22 for some time. The bears will have to yank the price below $4.22 to start the next leg of the downtrend.
This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.
This article is for general information purposes and is not intended to be and should not be taken as legal or investment advice. The views, thoughts, and opinions expressed here are the author’s alone and do not necessarily reflect or represent the views and opinions of Cointelegraph.
The strength in the S&P 500 and weakness in the U.S. Dollar Index could limit the short-term downside in Bitcoin and select altcoins.
The S&P 500 Index (SPX) has gained for five consecutive weeks, the first such instance since November 2021. In comparison, Bitcoin (BTC) is trading well below its local high of $31,000, made on April 14. This shows a clear divergence between the performance of the two asset classes.
Some analysts expect Bitcoin’s range-bound action to continue for some more time. Cryptocurrency traders will be looking for some positive triggers that could push the price above the range. One such rumor floating in the markets is that after BlackRock filed for a Bitcoin spot exchange-traded fund, Fidelity Investments may also follow suit. If that happens, it will be a positive sign for the markets.
Another positive for the cryptocurrency markets has been that the U.S. Dollar Index (DXY) softened in the past week. Historically, the dollar and Bitcoin have an inverse correlation, which may help limit the downside in Bitcoin and launch a relief rally.
Let’s look at the important resistance levels that need to be crossed to start a sustained recovery in Bitcoin and the major altcoins.
The S&P 500 Index is in a short-term uptrend. The rally of the past few days pushed the relative strength index (RSI) into the overbought territory, indicating that a minor correction or consolidation is possible.
The index could turn down and retest the breakout level of 4,325. If the price rebounds off this level, it will suggest that buyers have flipped 4,325 into support. That will enhance the prospects of a rally to 4,500 and thereafter to 4,650.
Contrary to this assumption, if the price turns down and breaks below the 20-day exponential moving average (EMA) of 4,283, it will suggest that the bullish momentum is weakening. That could pull the index to the 50-day simple moving average (SMA) of 4,180. Below this level, the advantage may tilt in favor of the bears.
The failure of the bulls to sustain the U.S. Dollar Index back above the 20-day EMA (103) on June 12 accelerated selling. That pulled the index back below the 50-day SMA (102) on June 15.
The 20-day EMA has started to turn down and the RSI is in negative territory, indicating that bears have the upper hand. Sellers will try to sink the price to the crucial support at 100.82. A break and close below this level will signal the resumption of the downtrend.
Contrarily, if buyers quickly push the price back above the moving averages, it will suggest that the index could rise to the downtrend line. Buyers will have to drive the price above this level to open the gates for a possible rally to 106.
Bitcoin has been correcting inside the descending channel pattern for the past several weeks.
The 20-day EMA ($26,389) is flattening out and the RSI has climbed to the midpoint, indicating that the selling pressure could be reducing. Buyers will try to push the price to the resistance line of the channel. This is an important level for the bears to defend because a break and close above it could start a new up move.
Alternatively, if the price turns down sharply from the current level, it will suggest that bears continue to sell on rallies. The BTC/USDT pair could then retest the strong support zone between $25,250 and $24,800.
Ether’s (ETH) attempt to start a recovery is facing selling at the 20-day EMA ($1,766), but a minor positive is that the bulls have not allowed the price to slip back below $1,700.
If the price turns up from $1,700, the ETH/USDT pair will again attempt to rally above the 20-day EMA. If that happens, it will suggest that the short-term corrective phase may be over. The pair may first rise to $1,928 and subsequently to $2,000.
Contrarily, if the price turns down from the current level and breaks below $1,700, it will indicate that bears remain in command. There is minor support at $1,600, but if this level gets taken out, the pair may plunge to $1,352.
BNB’s (BNB) relief rally is facing selling at the 38.2% Fibonacci retracement level of $252.50, but a positive sign is that the bulls have not given up much ground.
The bulls will again try to thrust the price above the overhead resistance zone between $252.50 and the 20-day EMA ($259). If they can pull it off, the BNB/USDT pair may climb to the 61.8% retracement level of $272.50. The bears are expected to fiercely protect this level.
Contrary to this assumption, if the price turns down from the current level or the overhead resistance, it will suggest that the bears are not ready to give up their hold. The pair could then once again drop to the critical support at $220.
The bears repeatedly pulled XRP (XRP) below the 50-day SMA ($0.47) between June 14 and 17, but they could not sustain the lower levels. This suggests buying on dips.
The bulls are trying to push the price above the 20-day EMA ($0.49). If they achieve that, it will indicate that the XRP/USDT pair may swing between the 50-day SMA and $0.56 for some more time. The flattening 20-day EMA and the RSI near 50 also point to a possible consolidation in the short term.
If bears want to remain on top, they will have to quickly tug the price below $0.45. That could accelerate selling and sink the pair to $0.41.
The bulls are struggling to start a relief rally in Cardano (ADA) even though the RSI is at deeply oversold levels.
The bears are trying to sink the price to the vital support at $0.24. This is important support to keep an eye on because if it cracks, the ADA/USDT pair may skid to $0.22 and then extend the decline to $0.20.
Buyers are likely to have other plans. They will try to guard the zone between $0.24 and $0.22 with vigor. If the price turns up from this zone, it will suggest that the pair may consolidate between $0.24 and $0.30 for a while. The first sign of strength will be a break and close above the 20-day EMA ($0.30).
Related: Why is Cardano price down today?
Dogecoin (DOGE) has been trading inside a tight range between the 20-day EMA ($0.06) and the horizontal support at $0.06 for the past few days.
The failure of the DOGE/USDT pair to rise above the 20-day EMA suggests that the sentiment remains negative and the bears are selling on every minor rally. That increases the risk of a break below the vital support at $0.06. If this level gives way, the pair may collapse to $0.05.
On the upside, the 20-day EMA remains the key hurdle for the bulls to cross. If they sustain the price above this resistance, the pair could rally to $0.08. This level may pose a strong challenge to the bulls.
Solana (SOL) is witnessing a tough battle near the $15.28 level. Buyers pushed the price above this level, but they have not been able to overcome the barrier at $16.18.
The bears are trying to sink the price below $15.28. If they do that, the SOL/USDT pair could slide to $14.06 and later to the support at $12.80. This is an important level to watch out for because if it breaks down, the pair may tumble to $10.
The first sign of strength will be a break above the zone between $16.18 and the 20-day EMA ($17.03). That could clear the path for a potential retest of the breakdown level of $18.70. This level is likely to attract strong selling by the bears.
The bulls are trying to keep Litecoin (LTC) above the immediate support at $75, which suggests that lower levels are being bought.
The bulls will try to push the price to the overhead resistance at the 20-day EMA ($81). This level is likely to witness strong selling by the bears, as they will try to maintain their control. If the price turns down from the current level or the 20-day EMA, it will open the doors for a possible retest of the support zone between $75 and $70.
Contrary to this assumption, if bulls shove the price above the 20-day EMA, it will indicate that the bears may be losing their grip. The LTC/USDT pair could then rally to $90.
This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.
This article is for general information purposes and is not intended to be and should not be taken as legal or investment advice. The views, thoughts, and opinions expressed here are the author’s alone and do not necessarily reflect or represent the views and opinions of Cointelegraph.
Bitcoin price is showing some strength, and charts suggest BNB, LTC, OKB and QNT could follow?
The bears lost an opportunity when they failed to sustain Bitcoin (BTC) below the $25,000 level this week. That may have attracted buying from the bulls who are attempting to start a recovery in Bitcoin and select altcoins.
Additionally, BlackRock’s application to launch a Bitcoin spot price exchange-traded fund and the sustained strength in the United States equities markets may have helped improve crypto sentiment. Bitcoin is on track to finish the week with a minor gain of 2% and institutional buying in the Grayscale Bitcoin Trust reduced its discount to Bitcoin spot from 44% on June 13 to 36.6%, according to CoinGlass data.
Although Bitcoin and select altcoins are trying to start a relief rally, the overall trend remains bearish. Therefore, short-term traders who buy for a pullback should consider booking profits or tightening their stops when the price struggles to break above stiff resistance levels.
The strategy may be different for long-term investors who may use the dips to strong support levels to acquire the cryptocurrencies of their choice. It is prudent to adopt a staggered buying approach as a runaway rally is unlikely.
Let’s look at the top-5 cryptocurrencies that are trying to start a recovery in the short term.
Bitcoin turned up sharply on June 15, trapping the aggressive bears who may have gone short on a break below $25,250. That may have caused a short squeeze in the near term, which propelled the price to the 20-day exponential moving average ($26,403).
The bears are trying to limit the relief rally at the 20-day EMA but a positive sign is that the bulls have not given up much ground. This suggests that the buyers are holding on to their positions in anticipation of a move higher.
However, the bears are likely to have other plans as they will try to offer stiff resistance in the zone between the 20-day EMA and the resistance line of the descending channel. If the price turns down from this zone, the BTC/USDT pair may remain inside the channel for a while longer.
But if bulls drive the price above the channel, the pair will signal a potential trend change in the near term. The pair could then surge toward $31,000.
The 20-EMA on the 4-hour chart has turned up and the relative strength index (RSI) is in the positive area, indicating that bulls have the upper hand in the near term. There is a minor resistance at $26,850 but if that is crossed, the pair may reach the resistance line of the channel near $27,600. This level may prove to be a difficult hurdle for the bulls to cross but if they manage to do that, the pair could rally to $28,500.
This positive view will invalidate in the short term if the price turns down and breaks below the 20-EMA. That could pull the price down to the 50-simple moving average and eventually to the strong support zone between $25,250 and $24,800. A break below this zone may intensify selling.
BNB (BNB) has been in the thick of things for the past few days but a positive sign is that the bulls did not allow the price to break the $220 support. This indicates demands at lower levels.
The first resistance on the upside is the 38.2% Fibonacci retracement level of $252.50. If this level is scaled, the BNB/USDT pair may reach the 20-day EMA ($261). The bears will try to halt the recovery at this level. If they succeed, the pair may turn down toward $220.
On the contrary, if bulls propel the price above the 20-day EMA, the pair could reach the 61.8% Fibonacci retracement level of $272.50. This is a crucial level for the bears to defend because if it gives way, the pair may soar toward $305.
The 4-hour chart shows that the moving averages have completed a bullish crossover and the RSI has risen into the positive zone. This indicates that buyers are attempting a comeback. The bulls will have to overcome the barrier at $252.50 to gain strength. The pair could then rally to $265.
On the downside, the first support is at the 20-EMA. If this level breaks down, the pair could slip to the uptrend line. A break and close below this level will indicate that the bulls have given up. The pair could then retest the critical support at $220.
Litecoin (LTC) plunged below the symmetrical triangle pattern on June 10, indicating that bears have the upper hand. The sellers pulled the price below the immediate support at $75 on June 14 but could not build upon this move.
The sharp recovery in the past few days has pushed the LTC/USDT pair back above $75. This shows strong buying at lower levels. The bulls will next try to push the price to the 20-day EMA ($82), which is an important level to keep an eye on. If buyers clear this hurdle, the pair may rise to the 50-day SMA ($86).
Contrary to this assumption, if the price turns down from the current level or the 20-day EMA and breaks below $70, it will signal the start of the downtrend. The first stop is likely to be $65 and then $60.
The strong recovery pushed the price above the 20-EMA on the 4-hour chart, suggesting that the selling pressure is reducing. The moving averages are on the verge of completing a bullish crossover and the RSI has jumped into the positive territory, indicating that buyers are attempting a comeback.
There is a minor resistance at $80 but if bulls overcome this obstacle, the pair may accelerate to $85 and thereafter to $90. If bears want to prevent the up-move, they will have to quickly yank the price back below $75.
Related: Binance sends cease and desist notice to fraudulent Nigerian entity
OKB (OKB) broke below the symmetrical triangle pattern on June 10, signaling the start of a deeper correction. A minor positive for the bulls is that they successfully defended the support at $30.50, indicating demand at lower levels.
The price has reached the 20-day EMA ($42.73), which is an important level to watch out for. If the price turns down from the current level, it will suggest that the sentiment remains negative and traders are selling on rallies. That could pose a serious threat to the $38.50 support. If this level gives way, the OKB/USDT pair may skid to $35 and eventually to $30.
Contrarily, if buyers thrust the price above the 20-day EMA, it will suggest that the bears may be losing their grip. The pair could then rise to the support line, which is likely to act as a formidable resistance. Buyers will have to kick the price above $48 to gain the upper hand.
The pair bounced off $38.50 with vigor but is facing resistance near $42.39. A minor positive in favor of the buyers is that the moving averages have completed a bullish crossover and the RSI is in the positive territory.
If buyers thrust the price above $42.39, the pair may pick up momentum and soar to $46 where the bears are again expected to mount a strong defense.
Another possibility is that the price turns down and tumbles below the 20-EMA. That may indicate a possible range-bound action between $38.50 and $42.39 for some time.
Quant (QNT) rebounded off the $95 level with strength on June 16, indicating aggressive buying at the support.
However, the bears have not yet given up and they are fiercely defending the downtrend line. Sellers will try to sink the price below $95 while the bulls will try to maintain the QNT/USDT pair above it.
If the price turns up from $95 once again, it will enhance the prospects of a rally above the downtrend line. If that happens, the pair may start a strong recovery that could catapult the price to $135.
This positive view could invalidate in the near term if the price continues lower and plummets below $95. The pair may then slip to $87 and subsequently to $80.
The 4-hour chart shows that the pair quickly gave back a major portion of its gains, indicating that bears are active at higher levels. They pulled the price below the 61.8% Fibonacci retracement level of $103.90, which is a negative sign.
Buyers will have to quickly drive the price back above the moving averages if they want to have another shot at the downtrend line. Alternatively, if the price sustains below the 50-SMA, the likelihood of a drop to $95 increases.
This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.
This article is for general information purposes and is not intended to be and should not be taken as legal or investment advice. The views, thoughts, and opinions expressed here are the author’s alone and do not necessarily reflect or represent the views and opinions of Cointelegraph.
Bitcoin has reclaimed the $26,000 level, but will large cap altcoins follow BTC's rebound?
Bitcoin (BTC) is witnessing a tough battle between buyers and sellers near the $25,000 mark. A minor cause of worry for the bulls is that even the news of BlackRock having filed an application for a Bitcoin spot exchange-traded fund could not boost prices higher. This suggests that investors remain cautious due to the regulatory overhang.
However, this does not mean that professional investors have abandoned plans to invest in cryptocurrencies. The Laser Digital Investor Survey of institutional investors conducted in April shows that 90% of the respondents were ready to consider putting money into crypto if the asset was backed by a “large traditional financial institution.” Another positive was that 82% of the investors polled were positive on crypto’s prospects over the next 12 months.
Glassnode co-founders Yann Allemann and Jan Happel said in a tweet on June 15 that a traditional technical analysis indicator and two on-chain indicators for Bitcoin were looking similar to how they did in Q3 2020, just before Bitcoin soared above its 2017 high of $20,000.
Could Bitcoin and the altcoins start a recovery from the current levels? Let’s study the charts of the top-10 cryptocurrencies to find out.
Bitcoin plunged below the crucial support at $25,250 on June 14, indicating aggressive selling by the bears.
Although the bulls managed to push the price back above $25,250 on June 15, they will have to overcome the obstacle at the 20-day exponential moving average ($26,320) to start a meaningful bounce. The BTC/USDT pair could then attempt a rally to the 50-day simple moving average ($27,210) and subsequently to the resistance line of the descending channel.
Contrary to this assumption, if the price turns down from the 20-day EMA, the bears will again attempt to sink the pair to the support line of the channel. The bulls are expected to defend this level with all their might because a break below it may clear the path for a crash to the psychologically critical level of $20,000.
Ether (ETH) slipped below the $1,700 level on June 14, indicating that the failure to start a strong rebound may have intensified selling by the bears.
The bulls are trying to push the price back above $1,700 but the bears are expected to protect the level with vigor. If the price turns down from $1,700, the possibility of a break below $1,600 increases. If that happens, the ETH/USDT pair may tumble to the next major support at $1,352.
Alternatively, if the pair rises above $1,700, it will suggest strong demand at lower levels. The pair may then rise to the 20-day EMA ($1,779) where the bears will try to halt the recovery. If they fail in their endeavor, the prospects of a rally to $1,928 and thereafter to $2,000 increase.
BNB’s (BNB) rebound fizzled out at the 38.2% Fibonacci retracement level of $252.50 on June 14, indicating that bears continue to sell on minor rallies.
The real test will be at the $220 level. If bears succeed in pulling the price below it, the BNB/USDT pair could start the next leg of the downtrend. The pair could then collapse to the crucial support at $183.
Another possibility is that the bulls buy the dips to the $220 support. In that case, the pair may swing between $252 and $220 for some time. If buyers drive the price above $252, the pair may rise to $265 where the bears are again expected to mount a strong defense.
The failure to sustain XRP (XRP) above the overhead resistance at $0.56 on June 13 may have tempted several short-term traders to book profits.
The price fell below the 50-day SMA ($0.47) on June 14 and 15 but did not close below the level. Buyers could not capitalize on this window of opportunity and push the price higher. That may have accelerated selling on June 16. If the price sustains below the 50-day SMA, the XRP/USDT pair could dive to $0.41.
If bulls want to make a comeback, they will have to quickly push the price back above the 20-day EMA. The pair may then make one more attempt to rise above the overhead resistance at $0.56.
Cardano (ADA) turned down on June 14 but the bears are finding it difficult to sink the price to the next support at $0.24.
This suggests that buyers are attempting to stall the decline near $0.24. The oversold levels on the RSI indicate the possibility of a short-term consolidation or a relief rally in the next few days. The ADA/USDT pair may oscillate between $0.24 and $0.30 for some time.
If buyers want to start a sustained relief rally, they will have to overcome the obstacle at the 20-day EMA ($0.31). The pair could then climb to the 50-day SMA ($0.35). Contrarily, if the price breaks below $0.24, the pair may slump to $0.22 and then to $0.20.
The bears made an attempt to resume the decline by pulling Dogecoin (DOGE) below the strong support at $0.06 but the bulls purchased the drop as seen from the long tail on the candlestick.
Buyers will try to start a relief rally that could reach the 20-day EMA ($0.07). This remains a formidable hurdle for the bulls to cross because the bears have repeatedly stopped recovery attempts at this level since April 20.
On the downside, the $0.06 level is an important support for the bulls to defend because if it gives way, the DOGE/USDT pair could plummet to the next support at $0.05. Conversely, a break above the 20-day EMA may result in a move higher to $0.08.
The failure of the bulls to push and sustain Solana (SOL) above the breakdown level of $15.28 attracted a fresh bout of selling on June 14.
The bears tried to sink the price to the June 10 intraday low of $12.80 but the bulls purchased the dip near $14. This suggests that the buyers have not given up and are accumulating on dips.
Buyers will have to push and sustain the price above $16 to suggest the start of a stronger recovery toward the 20-day EMA ($17.52). This remains the key level to watch out for because a break above it could result in a retest of the breakdown level at $18.70.
The bears will have to yank the price below $12.80 to start the next leg of the downward move to $10.
Related: Bitcoin price eases downside as traders demand $24.5K support holds
Polygon (MATIC) turned down from the breakdown level of $0.69 on June 13, indicating that the bears are trying to flip the level into resistance.
Although the downsloping moving averages indicate advantage to bears, the oversold levels on the RSI suggest a minor consolidation is possible. The MATIC/USDT pair may stay between $0.69 and $0.50 for some time.
Buyers will have to kick the price above the 20-day EMA ($0.73) to indicate that the lower levels have been rejected. That could start a relief rally toward $1. This view will invalidate if the price continues lower and plunges below $0.50. That could open the doors for a fall to $0.44 and then to $0.32.
The $75 support cracked on June 14, indicating that the bears are trying to sink Litecoin (LTC) to the next support at $65.
A minor positive in favor of the bulls is that they did not allow the price to sustain below the $75 level. This indicates that lower levels are attracting buyers. The bulls need to drive the price above the 20-day EMA ($83) else, the LTC/USDT pair may witness another round of aggressive selling.
If the price turns down and breaks below $75, the possibility of a drop to $65 increases. This level may again attract buyers but if they fail to defend the level, the pair could slide to $61.
Polkadot (DOT) turned down from the 20-day EMA ($4.86) on June 14, indicating that the sentiment remains negative and bears are selling on rallies.
The RSI has dipped back into the oversold territory, indicating that a minor consolidation or a relief rally is possible. If the price turns up from the current level, the DOT/USDT pair could again rise to the 20-day EMA. This remains the key level to watch out for on the upside because a break above it could push the pair to $5.15.
The bears are likely to have other plans. They will try to strengthen their position further by pulling the price below the $4.22 support. If they manage to do that, the pair may slide to $4 and later to $3.50.
This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.
This article is for general information purposes and is not intended to be and should not be taken as legal or investment advice. The views, thoughts, and opinions expressed here are the author’s alone and do not necessarily reflect or represent the views and opinions of Cointelegraph.
A closely followed analyst is outlining key price levels where he believes crypto bulls would step in and ignite trend reversals for Ethereum (ETH), Binance Coin (BNB) and Litecoin (LTC). In a new video update, analyst Michaël van de Poppe tells his 163,000 YouTube subscribers that Ethereum is at risk of further downside unless it […]
The post Crypto Analyst Details Potential Reversal Levels for Ethereum, Binance Coin and Litecoin Amid Altcoin Correction appeared first on The Daily Hodl.
The entire crypto market awaits the result of todays Federal Reserve presser, and traders are hopeful that positive news will trigger a price breakout to the upside.
The United States equities markets rose after the consumer price index print on June 13 came in below expectations but Bitcoin (BTC) and the altcoins failed to recover. This suggests that cryptocurrency traders are focused on crypto-specific issues and are not buying on favorable macroeconomic news.
However, there is a ray of hope for the bulls because Bitcoin is still holding above the $25,000 support. MicroStrategy co-founder Michael Saylor said in a Bloomberg interview on June 13 that the regulatory crackdown by the Securities and Exchange Commission may be bullish for Bitcoin. Saylor expects Bitcoin’s dominance to hit 80% in the future as “mega institutional money” flows into crypto after the “confusion and anxiety” dies down.
Although Saylor’s views may sound comforting to the Bitcoin bulls, they should keep in mind that MicroStrategy has a large position in Bitcoin, hence his views may be biased.
Traders hate uncertainty and generally stay on the sidelines until clarity emerges. The same may happen with the cryptocurrency markets in the near term. A trending move is likely to begin only after investors sense some regulatory clarity. During uncertain phases, traders could consider reducing their position size to avoid getting whipsawed.
What are the levels that may act as a resistance in Bitcoin and the major altcoins? Let’s study the charts of the top-10 cryptocurrencies to find out.
Bitcoin climbed close to the 20-day exponential moving average ($26,531) on June 13 but the long wick on the candlestick shows that the bears sold at higher levels.
The price has been stuck between the 20-day EMA and the crucial support at $25,250 for the past few days. This suggests that bulls are buying the dips but the bears are not willing to let go of their advantage.
The downsloping moving averages indicate that bears have the upper hand but the positive divergence on the relative strength index (RSI) indicates that the selling pressure may be reducing.
If buyers kick the price above the 20-day EMA, the BTC/USDT pair may rally to the resistance line of the descending channel. Buyers will have to overcome this roadblock to signal the start of a march to $31,000.
Instead, if the price turns down from the current level and breaks below $25,250, it will suggest that the bulls have given up. The pair may first slump to the support line of the channel and eventually to the psychologically important level of $20,000.
Ether’s (ETH) shallow bounce off the strong support at $1,700 indicates a lack of demand at higher levels. A tight consolidation near a support increases the risk of a breakdown.
Therefore, the buyers will have to quickly propel the price above the moving averages. If they manage to do that, the ETH/USDT pair could first rise to $1,928 and then make a dash toward the overhead resistance at $2,000.
Contrary to this assumption, if the price turns down from the current level or the moving averages, it will indicate that bears are selling on every minor rally. That could sink the pair below $1,700. There is a minor support at $1,600 but if that also fails to hold, the decline may extend to $1,352.
BNB (BNB) once again bounced off the strong support at $220 on June 12, indicating that the bulls are aggressively protecting the level.
The BNB/USDT pair has started a recovery which is likely to face stiff resistance at the 38.2% Fibonacci retracement at $252 and again at the breakdown level of $265. If the price turns down from either level, it will suggest that the bears are viewing the relief rallies as a selling opportunity. The pair could then once again slide to $220.
On the contrary, if the bulls push and sustain the price above the breakdown level of $265, it may trap the aggressive bears. There is a minor resistance at the 20-day EMA ($272) but it is likely to be crossed.
Buyers shoved XRP (XRP) above the overhead resistance at $0.56 on June 13 but they could not sustain the higher levels.
The XRP/USDT pair turned down sharply, forming a long wick on the day’s candlestick. The bears are trying to strengthen their position further by pulling the price below the 20-day EMA ($0.50). Below this level, the next important support to watch out for is the 50-day SMA ($0.47).
If this level gives way, the selling pressure could increase and the pair may nosedive to the next major support near $0.41. On the contrary, if the price bounces off the 50-day SMA, it will signal a range-bound action for a few days.
Cardano’s (ADA) recovery halted near the breakdown level of $0.30, indicating that the bears are fiercely protecting the level.
If bulls fail to kick the price above $0.30, the ADA/USDT pair may turn down and slide to the support at $0.24. A strong rebound off this level may keep the pair range-bound between $0.24 and $0.30 for a few days.
If buyers push the price above $0.30, it will suggest that the decline may have ended in the near term. The pair could then rise to the 20-day EMA ($0.32) and subsequently to the 50-day SMA ($0.36).
Dogecoin (DOGE) has been sustaining above the $0.06 level since June 11 but a minor negative is that the bulls have failed to start a meaningful bounce.
The failure to rise above the 20-day EMA ($0.07) may give rise to another round of selling by the bears. If the $0.06 support gives way, the DOGE/USDT pair could plunge to the vital support at $0.05. Buyers are expected to defend this level with vigor.
On the upside, the first sign of strength will be a break and close above the 20-day EMA. That will increase the possibility of a relief rally to $0.08 where the bulls may again face strong resistance by the bears.
Solana (SOL) has been witnessing a tough battle between the bulls and the bears near the crucial support at $15.28.
The bulls are struggling to sustain the price above $15.28 but a minor solace is that they have not allowed the SOL/USDT pair to remain below $15. The oversold levels on the RSI suggest that a relief rally is possible but the bulls will have to overcome the barrier at $16.20. If they manage to do that, the pair may start an up-move to the 20-day EMA ($18.16).
Conversely, if the price turns down from the current level, it will suggest that the bears remain in control. If the price slips below $15, the pair could retest the intraday low of $12.80 made on June 10.
Related: Bitcoin stays flat at $26K after PPL data as markets await Fed’s Powell
Polygon (MATIC) nosedived below the support at $0.69 and hit the psychologically important level of $0.50 on June 10.
The bulls purchased the dip and are trying to start a recovery, which is likely to face stiff resistance at the breakdown level of $0.69. If the price turns down from this level, it will suggest that the bears have flipped the level into resistance. That could result in a retest of the support at $0.50.
Contrarily, if bulls thrust the price above $0.69, the MATIC/USDT pair may reach the 20-day EMA ($0.76). A break above this level will indicate that the bears are losing their grip. The pair may then attempt a rally to $1.
Litecoin (LTC) turned down from the moving averages and plummeted below the support line of the symmetrical triangle pattern on June 10, indicating that the bears overpowered the bulls.
The LTC/USDT pair is attempting a bounce off the horizontal support at $75 but the failure of the bulls to push the price back into the triangle suggests that the bears are selling on minor rallies. That increases the likelihood of a further fall below $75. The next major support on the downside is $65.
Alternatively, if the price turns up from the current level and re-enters the triangle, it will suggest that the recent breakdown may have been a bear trap. The positive momentum may pick up after the bulls push the price above $91.50.
Polkadot (DOT) rebounded off the strong support at $4.22 on June 10, indicating that the bulls are trying to arrest the decline.
The relief rally could reach the 20-day EMA ($4.98) where the bears are likely to sell aggressively. If the price turns down from this level, the DOT/USDT pair may retest the support at $4.22. A break below this level could start a move to $4 and later to $3.50.
On the contrary, if the bulls push the price above the 20-day EMA, it will suggest that the bears may be losing their grip. The pair could first rise to $5.15 and then to $5.56. Until buyers clear this hurdle, the sellers will remain in control.
This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.
This article is for general information purposes and is not intended to be and should not be taken as legal or investment advice. The views, thoughts, and opinions expressed here are the author’s alone and do not necessarily reflect or represent the views and opinions of Cointelegraph.
Digital assets manager CoinShares says institutional investors are likely being scared away by US monetary policy as the crypto markets suffer outflows for the eighth week in a row. In its latest Digital Asset Fund Flows Weekly Report, CoinShares finds that institutional investors sold off $88 million in crypto holdings last week, possibly due to interest […]
The post Institutional Investors Let Go of $417,000,000 in Crypto After Eight Consecutive Weeks of Selling: CoinShares appeared first on The Daily Hodl.
A trader who skilfully rode the crypto rally earlier this year says he’s keeping an eye on two large-cap altcoins amid the latest sell-off in the digital asset market. In a new strategy session, pseudonymous analyst DonAlt tells his 51,200 YouTube subscribers that altcoins in general look weak as many popular coins are now trading […]
The post Top Trader Who Nailed 2023 Crypto Rally Names Two Assets To Accumulate Amid Altcoin Beating appeared first on The Daily Hodl.
Stock markets are showing strength, and selling by crypto traders has taken a pause. Is this a sign that Bitcoin and altcoins are about to reverse course?
Bitcoin remains well above the crucial support at $25,250, indicating that market participants have shrugged off the news of the lawsuits by the United States Securities and Exchange Commission (SEC) against Binance and Coinbase. When markets do not stay lower for long after negative news, it is a sign that traders are looking to buy the dips rather than panic and dump their holdings.
ARK Invest CEO Cathie Wood has been buying the dip in crypto-related stocks since the SEC unleashed its recent crypto regulatory action. Wood purchased $21 million worth of Coinbase stock on June 6 and followed that up with a purchase of Block Inc. shares worth $19.9 million between June 7 and 8.
The resilience of the cryptocurrency space is supported by a risk-on sentiment. The U.S. equities markets are on a roll, with the S&P 500 rising above 4,300 on June 9, the first such instance since August 2022.
Can bulls sustain the recovery in the cryptocurrency markets, or will higher levels bring out the bears in large numbers? Let’s study the charts of the top 10 cryptocurrencies to find out.
Bitcoin (BTC) turned down from the moving averages on June 7, but a minor positive is that the bulls did not allow the price to slump below $26,125. This suggests that lower levels are attracting buyers.
The bulls will again try to thrust the price above the 20-day exponential moving average (EMA) of $26,924. If they succeed, it will suggest that the selling pressure is reducing.
The BTC/USDT pair may then climb to the 50-day simple moving average (SMA) of $27,536 and later to the resistance line of the descending channel. The bears are expected to fiercely defend this level.
Another possibility is that the price turns down from the current level. In that case, the bears will try to strengthen their position by pulling the price to $25,250. Buyers are likely to protect this level to the best of their ability.
The bulls have managed to maintain Ether (ETH) above the resistance line of the falling wedge pattern, indicating demand at lower levels.
The 20-day EMA ($1,854) has flattened out, and the relative strength index (RSI) is near the midpoint, indicating a balance between supply and demand. This balance will tilt in favor of the bears if they yank the price below $1,778. The ETH/USDT pair may then slip to $1,740 and subsequently to the support line of the wedge.
On the contrary, if buyers drive the price above $1,927, the bulls will gain the upper hand. The pair may first rise to $2,000 and thereafter dash toward the next major resistance at $2,200.
BNB (BNB) nosedived below the important support of $265 on June 7. The bulls tried to push the price back above the breakdown level on June 8, but the bulls held their ground.
The RSI in the oversold zone indicates that the selling may have been overdone in the near term. That could start a relief rally, which is likely to face selling at $265 and again at $280. If the price turns down from either level, it will signal that the sentiment remains negative and traders are selling on rallies.
On the downside, if bears sink the price below the intraday low of $253 made on June 7, the BNB/USDT pair may extend its decline to $240 and below that to $220.
XRP (XRP) remains in an up move. The bears tried to start a correction but could not pull the price to the 20-day EMA ($0.50) on June 7, indicating that the bulls are holding strong.
The rising 20-day EMA and the RSI in the positive territory indicate that the bulls are in command. Buyers will try to thrust the price above the overhead zone between $0.56 and $0.58. If they succeed, the XRP/USDT pair may start a new uptrend. The pair may first climb to $0.60 and then to $0.80.
If bears want to start a pullback, they will have to tug the price below the 20-day EMA. That may attract profit-booking from short-term traders, and the pair could fall to the 50-day SMA ($0.47) and later to $0.42.
The bulls tried to start a relief rally on June 8, but the long wick on the day’s candlestick shows that bears continue to sell Cardano (ADA) at higher levels.
Although the downsloping moving averages indicate an advantage to bears, the RSI in the oversold territory suggests that a relief rally may be around the corner. The ADA/USDT pair may bounce off the solid support at $0.30.
The first overhead resistance to watch out for is the 20-day EMA ($0.35). A break and close above this resistance will indicate that the selling pressure may be reducing.
Alternatively, if the price continues lower and plummets below $0.30, it will clear the path for a potential decline to $0.24.
Dogecoin (DOGE) remains below the breakdown level of $0.07, but the bulls have not allowed the bears to sink the price to the next support near $0.06.
Any recovery from the current level is likely to face selling near the 20-day EMA ($0.07), as seen from the long wick on the June 9 candlestick.
If the price turns down and continues lower, it will suggest that the bears are selling near overhead resistance levels. The DOGE/USDT pair could then dip toward the support near $0.06.
If bulls want to prevent the decline, they will have to quickly drive the price above the 20-day EMA. Such a move will suggest the start of a stronger recovery. The pair may then attempt a rally to $0.08.
Solana (SOL) dipped below the $18.70 support on June 8, but the long tail on the candlestick shows that the bulls are trying to protect the level.
The 20-day EMA ($20.15) has turned down and the RSI is below 39, indicating that it is going to be difficult for the bulls to start a solid rebound from the current levels. If the price breaks and sustains below $18.70, the SOL/USDT pair could drop to $17 and thereafter to the vital support at $15.28.
Contrary to this assumption, if the price rebounds off the current level, the pair may reach the moving averages. A break and close above the 50-day SMA ($20.92) will signal the start of a stronger relief rally toward $24.
Related: Why is Bitcoin price stuck?
Polygon (MATIC) continues to move lower toward its crucial support at $0.69, indicating that bears are in firm control.
The bulls are expected to defend the $0.69 level with vigor because if they fail to do that, the selling may intensify and the MATIC/USDT pair could plunge to the next major support at $0.50.
On relief rallies, the breakdown level of $0.82 is likely to act as a major hurdle. If bulls overcome this obstacle, the pair may move up to $0.94. This level is likely to witness strong selling by the bears.
The bulls repeatedly purchased the dip below the 50-day SMA ($88) between June 7 and 9, indicating solid demand at lower levels. However, the bears have not given up as they continue to sell Litecoin (LTC) near the 20-day EMA ($90).
If the price turns down from the current level, the bears will try to pull the LTC/USDT pair to the uptrend line, which is likely to attract buyers. If the price rebounds off the uptrend line, it will suggest that the pair may extend its stay inside the triangle for a few more days.
On the upside, buyers will have to push the price above the 20-day EMA ($90) to open the doors for a possible rally to the resistance line of the triangle.
The next trending move is likely to begin after the price breaks above or below the triangle. Until then, the range-bound action is likely to continue.
Polkadot (DOT) remains below the breakdown level of $5.15, but a minor advantage in favor of the bulls is that they have not allowed the bears to sink the price below the immediate support at $4.90.
If the price turns up from the current level, it will suggest buying on dips. The bulls will then again try to propel the price above the 20-day EMA ($5.24). If they do that, the DOT/USDT pair may recover to $5.56.
Contrarily, if the price once again turns down from $5.15 or the 20-day EMA, it will indicate that bears continue to sell on minor rallies. That will increase the possibility of a drop below $4.90. The next major support on the downside is way lower at $4.22.
This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.
This article is for general information purposes and is not intended to be and should not be taken as legal or investment advice. The views, thoughts, and opinions expressed here are the author’s alone and do not necessarily reflect or represent the views and opinions of Cointelegraph.
