polygon

The rejection of ETF applications by the SEC caused a knee-jerk reaction but the shallow fall in Bitcoin and several altcoins suggests that lower levels are attracting buyers.

Bitcoin (BTC) witnessed a volatile trading session on the last day of the quarter. The bulls were trying to maintain Bitcoin’s price above $31,000 but they received a jolt on a Wall Street Journal report which stated that the United States Securities and Exchange Commission (SEC) had returned applications for the Bitcoin spot-price exchange-traded fund (ETF). 

Although there was a knee-jerk reaction to the news, the downside was limited because it turned out that the ETF applications were returned due to a technical issue. The regulators said the asset managers could refile after providing the necessary clarifications.

Bitcoin’s failure to cross above $31,000 seems to be making the short-term speculators jittery. A Glassnode research report released on June 28 shows that short-term holders (STHs), entities holding coins for 155 days or less, have sent more than 35,000 coins to the exchanges.

Any adverse news is likely to witness a negative reaction from SThs. What are the important support and resistance levels that need to be watched on Bitcoin and altcoins in the near term? Let’s study the charts of the top-10 cryptocurrencies to find out.

Bitcoin price analysis

Bitcoin continues its tight consolidation near the overhead resistance at $31,000. This shows that the bears are trying their level best to stall the up-move but the bulls have kept up the pressure.

Generally, a tight consolidation near an overhead resistance resolves to the upside. The upsloping 20-day exponential moving average ($28,982) and the relative strength index (RSI) in the positive territory indicate that the path of least resistance is to the upside.

If buyers sustain the price above $31,000, the BTC/USDT pair could pick up momentum and start the next leg of its uptrend. There is a minor resistance at $32,400 but it is likely to be scaled. The pair could then dash toward $40,000.

This positive view will invalidate in the near term if the price turns down and plummets below the 20-day EMA. The pair may then swing inside the large range between $31,000 and $24,800 for a few more days.

Ether price analysis

Ether (ETH) bounced off the moving averages on June 29, indicating that the lower levels are attracting buyers.

The bulls will try to propel the price above the overhead resistance at $1,937. If they manage to do that, the ETH/USDT pair may rise to the psychological level of $2,000. This level may again act as a minor barrier but it is likely to be crossed. The pair may then rally to $2,142.

Instead, if the price turns down sharply from 1,937, it will suggest that bears are not willing to surrender. That will increase the likelihood of a drop below the moving averages. The pair may then slump to $1,700 and next to $1,600.

BNB price analysis

BNB (BNB) slipped below the support at $230 on June 28 but the long tail on the candlestick shows that the bulls aggressively purchased the dip.

The 20-day EMA ($245) remains the key level for the bulls to cross. If they kick the price above it, the BNB/USDT pair could fly toward the overhead resistance zone between $257 and $265. Sellers are expected to mount a strong defense in this zone.

Contrary to this assumption, if the price turns down sharply from the 20-day EMA, it will suggest that the sentiment remains negative and traders are selling on rallies. The bears will then make one more attempt to sink the pair below $220 and start the next leg of the downtrend.

XRP price analysis

XRP (XRP) fell close to the first support at $0.44 on June 28 and June 30 but the long tail on the candlesticks shows strong buying at lower levels.

The $0.44 support is an important level to watch out for in the near term. If this level breaks down, the selling could pick up and the XRP/USDT pair may tumble to $0.41. This level may again attract strong buying by the bulls.

The 20-day EMA ($0.48) remains the key resistance for the bulls to scale. If buyers overcome this obstacle, it will enhance the prospects of a rally to the strong overhead resistance zone between $0.53 and $0.56.

Cardano price analysis

Cardano (ADA) has been range-bound between $0.24 and $0.30 for the past few days. The long wick on the June 30 candlestick shows that the bears are fiercely defending the $0.30 level.

The failure to sustain the price above the 20-day EMA ($0.28) could keep the ADA/USDT pair stuck inside the range for some more time.

A close above the 20-day EMA will be the first indication that the bears may be losing their grip. Buyers will then try to strengthen their position further by driving the price above the crucial overhead resistance at $0.30. If they do that, the pair may surge toward the 50-day SMA ($0.32).

Dogecoin price analysis

Dogecoin (DOGE) turned up from the support at $0.06 on June 28, indicating that the bulls continue to defend the level with vigor.

The flattish 20-day EMA ($0.07) and the RSI just below the midpoint suggest a range-bound action in the near term. The price may swing between $0.06 and $0.07 for a while longer. This neutral view will tilt in favor of the buyers if they thrust and sustain the price above the overhead resistance at $0.07. The DOGE/USDT pair may then climb to $0.08.

Alternatively, the bears will have to sink and sustain the price below the strong support of $0.06 to gain the upper hand. The pair may then fall to the vital support at $0.05.

Solana price analysis

Solana (SOL) broke below the $16.18 support on June 28 but this proved to be a bear trap. The price turned up sharply on June 29 and skyrocketed above the 20-day EMA ($17.07) as the bears may have rushed to cover their short positions.

The buying continued on June 30 and the bulls are trying to drive the price above the breakdown level of $18.70. If they can pull it off, the SOL/USDT pair may shoot up to $22 and subsequently to $24.

If bears want to prevent the upside, they will have to stop the relief rally at $18.70 and pull the price back below the 20-day EMA. The pair could then retest the crucial support zone between $16.18 and $15.28.

Related: Why approving a Bitcoin ETF might unleash $18B in sell-pressure

Litecoin price analysis

Litecoin (LTC) plummeted below the moving averages on June 28 but the bears could not build upon this advantage.

The bulls purchased the dip on June 29 and pushed the price back above the moving averages on June 30. This attracted aggressive buying by the bulls who drove the price above the downtrend line of the descending channel pattern. The price reached the crucial resistance at $106 but the bulls could not overcome this barrier.

This is an important level for the bears to defend because if this resistance crumbles, the LTC/USDT pair may jump to $135. The major support is at the downtrend line of the channel.

Polygon price analysis

Polygon (MATIC) is attempting to form a bullish ascending triangle pattern, which will complete on a break and close above $0.69.

The bulls tried to push the price above the 20-day EMA ($0.66) on June 30 but the long wick on the candlestick shows aggressive selling at higher levels. If the price dips below the uptrend line, the MATIC/USDT pair may slide toward $0.55.

Alternatively, if the price rises from the current level, it will signal strong buying near the uptrend line. A break and close above $0.69 could open the doors for a potential rally to the 50-day SMA and subsequently to $1.

Polkadot price analysis

The bears tried to sink Polkadot (DOT) below the 20-day EMA ($4.93) on June 28 and June 30 but the bulls held their ground. This suggests that dips are being bought.

The bulls are attempting to clear and sustain the overhead hurdle at $5.15. If they succeed, the DOT/USDT pair rise to $5.56. This level may attract strong selling by the bears but on the way down, if bulls do not allow the price to slip below $5.15, the possibility of a rally to the downtrend line increases.

The 20-day EMA remains the key level to watch out for because a break below it may open the doors for a collapse to the pivotal support 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.

Bitcoin and several altcoins are stuck in a tight range, indicating that a breakout is brewing.

A large part of the recent leg of Bitcoin’s rally started after BlackRock filed to list a spot Bitcoin exchange-traded fund (ETF) on June 15. Several applications by other firms have been rejected by the United States Securities and Exchange Commission in the past. However, BlackRock’s filing has a 50% possibility of getting approved, said Bloomberg senior ETF analyst Eric Balchunas. 

Another bullish catalyst for the cryptocurrency markets could be a filing by asset manager Fidelity Investments to launch its Bitcoin (BTC) spot ETF. CoinShares chief strategy officer Meltem Demirors said that firms managing $27 trillion of assets are “actively” pursuing efforts to allow their clients exposure in the crypto space.

Most of the focus in recent days has been on institutional money, but the retail trader’s power should not be underestimated. Fireblocks CEO and co-founder Michael Shaulov said in an interview with Cointelegraph that institutional entry may not boost prices higher because institutions are likely to do it in such a way as to avoid large price bursts. Shaulov said there was a significant inflow of institutional money in 2020, but the prices did not appreciate until retail investors entered.

Will Bitcoin and altcoins break out of their respective overhead resistance levels, or could they start a short-term correction? Let’s study the charts of the top 10 cryptocurrencies to find out.

Bitcoin price analysis

Buyers tried to catapult Bitcoin above the overhead resistance of $31,000 on June 27, but the bears did not budge. This kept the price stuck inside the tight range between $31,000 and $29,500.

The bears are likely to make an attempt to sink the price below $29,500, but if bulls protect this level, it will indicate strength. The rising 20-day exponential moving average (EMA) of $28,696 and the relative strength index (RSI) in positive territory indicate that the path of least resistance is to the upside.

If buyers propel the price above $31,000, the BTC/USDT pair may resume its uptrend. The bears may try to stall the up move at $32,400, but the buyers are likely to bulldoze their way through.

The first indication of weakness will be a close below $29,500. That may pull the price to the 20-day EMA ($28,696). If this level cracks, the pair may stay range-bound between $31,000 and $24,800.

Ether price analysis

Ether’s (ETH) narrow range trading between $1,936 and $1,861 resolved to the downside on June 26. The bulls pushed the price back into the range on June 27 but could not sustain the higher levels.

The bears are trying to sink the price below the moving averages. This remains the key level to watch out for in the near term because a break and close below it may open the gates for a potential decline to the strong support at $1,700.

Contrarily, if the price rebounds off the moving averages, it will suggest that the bulls are fiercely defending the level. The bulls will then make one more attempt to overcome the barrier at $1,937. If they succeed, the ETH/USDT pair could rally to the psychological level of $2,000 and then to $2,142.

BNB price analysis

BNB (BNB) has reached the first support at $230. This level has not been broken since June 13, hence the bulls will try to defend it aggressively.

The first sign of strength will be a rise above the 20-day EMA ($247). That will indicate solid buying at lower levels. The BNB/USDT pair may then rise to the overhead resistance zone between $257 and $265.

On the contrary, if the price dumps below $230, the pair could fall to the vital support at $220. This remains the key level to keep an eye on in the near term because a break and close below it may start the next leg of the downtrend to $200.

XRP price analysis

XRP (XRP) closed below the 50-day simple moving average (SMA) of $0.48 on June 26, and the attempts by the bulls to push the price back above the level failed on June 27. This suggests that the bears are trying to flip the 50-day SMA into resistance.

The downsloping 20-day EMA ($0.49) and the RSI in the negative territory indicate that the bears have the upper hand. The XRP/USDT pair could first drop to $0.44 and next to the strong support at $0.41.

This negative view will invalidate in the near term if the price turns up from the current level and breaks above the 20-day EMA. That could open the doors for a possible rally to $0.53 and then to $0.56.

Cardano price analysis

The failure of the bulls to shove Cardano (ADA) above the overhead resistance of $0.30 may have resulted in profit booking.

The ADA/USDT pair turned down from the 20-day EMA ($0.29) on June 26, increasing the likelihood of range-bound action between $0.24 and $0.30 for a few days. Trading inside a range could be random and volatile.

Buyers will have to kick and maintain the price above $0.30 to signal the start of a sustained recovery. The pair may first ascend to the 50-day SMA ($0.33) and later to $0.38. On the downside, a break and close below $0.24 may start the next leg of the downtrend.

Dogecoin price analysis

Dogecoin (DOGE) tripped below the 20-day EMA ($0.07) on June 26, indicating that the bears are fiercely defending the overhead resistance of $0.07.

The bulls tried to push the price back above the 20-day EMA, but the bears held their ground. The DOGE/USDT pair may next tumble to the strong support at $0.06. A bounce off this level will indicate that the pair may oscillate between $0.06 and $0.07 for a while.

The flattish 20-day EMA and the RSI just below the midpoint also signal a possible consolidation in the near term. Buyers will have to overcome the barrier at $0.07 to start the next leg of the up move to $0.08 and then to $0.10.

Solana price analysis

Solana (SOL) turned down from the 20-day EMA ($16.84) on June 26 and fell to the immediate support at $16.18. The bulls guarded the level on June 27, but they could not thrust the price above the 20-day EMA.

After the tight range trading of the past few days, the SOL/USDT pair is ripe for a range expansion. If the price plummets and sustains below $16.18, the pair may slide to $15.28 and thereafter to $14.

On the upside, the first sign of strength will be a break and close above the 20-day EMA. The pair may pick up momentum after the price rises above $17.75. The next stop is likely to be the breakdown level of $18.70.

Related: Ethereum price won’t see $2K anytime soon, market data suggests

Litecoin price analysis

The bulls managed to keep Litecoin (LTC) above the moving averages for the past few days, but they could not start a rebound. This may tempt the bears to seize control.

If the price dips below the moving averages, the LTC/USDT pair could drop to $80 and then to $76. That may keep the pair stuck inside the descending channel pattern for a while longer.

If bulls want to maintain their hold, they will have to quickly propel the price above the resistance line of the channel. The pair may then start an up move, which could reach the overhead resistance at $105. The bears are expected to mount a strong defense at this level.

Polygon price analysis

Polygon (MATIC) traded in a narrow range near the overhead resistance of $0.69 for the past few days, but the bulls failed to push the price above it.

The failure of the bulls to clear the overhead hurdle may tempt the aggressive bears to sell. The gradually downsloping 20-day EMA ($0.67) and the RSI in the negative territory indicate that the bears have a minor advantage. Sellers will try to sink the price to the strong support zone between $0.56 and $0.51.

If bulls want to gain the upper hand, they will have to drive and sustain the price above $0.69. The MATIC/USDT pair may then climb to the 50-day SMA ($0.78).

Polkadot price analysis

Polkadot (DOT) has been trading near the breakdown level of $5.15 for the past five days. Although the bears successfully defended the level, a positive sign is that the bulls have not allowed the price to dip below the 20-day EMA ($4.91).

The gradually rising 20-day EMA and the RSI in the positive territory indicate that the bulls have a slight edge. If buyers drive the price above $5.25, the DOT/USDT pair could rally to the next resistance at $5.56.

Contrary to this assumption, if the price turns down and breaks below the 20-day EMA, it will suggest that the bears are active at higher levels. The pair may then remain range-bound between $5.15 and $4.22 for a few days.

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 looks ready to turn $31,000 to support, and many altcoins are following with double-digit gains.

The rush to apply for a spot Bitcoin (BTC) exchange-traded fund (ETF) rejuvenated the bulls but this news is likely to boost the price only to a certain distance. As the price moves up, the risks of a crash increase if none of the ETF applications are approved. Trading firm QCP Capital is not convinced that a spot ETF will see the light of the day in the near term.

Another point of view came from Gemini co-founder Cameron Winklevoss who said on June 21 that the “floodgates” for accumulating Bitcoin are “closing fast.” Similarly, MicroStrategy Executive Chairman Michael Saylor said that the opportunity to “front-run institutional demand for Bitcoin” was ending.

Bitcoin remains the center of attraction as its market dominance has been hovering near 50%. K33 Research analysis found that over the long term, Bitcoin investment has far outperformed an altcoin portfolio by a huge margin. Altcoins had their share of short-term outperformance in 2017 and again in 2021 but that could not sustain in the long term.

Could Bitcoin and the altcoins rise above their respective overhead resistance levels? Let’s study the charts of the top-10 cryptocurrencies to find out.

Bitcoin price analysis

Bitcoin is facing resistance at the overhead resistance of $31,000 but the bulls have not ceded ground to the bears. This enhances the prospects of a break above $31,000.

The uncertainty of the June 22 Doji candlestick pattern resolved to the upside on June 23. Buyers will again try to sustain the price above $31,000. If they succeed, the BTC/USDT pair could first rise to $32,400 and thereafter make a dash toward the next major resistance at $40,000.

The 20-day exponential moving average ($27,561) has turned up and the relative strength index (RSI) is in the overbought zone, indicating that bulls are in control. This view will be negated in the near term if the price sustains below $28,500. The pair could then enter a range-bound action between $31,000 and $24,800.

Ether price analysis

Ether (ETH) is attempting to resume its up-move. The bulls pushed the price above the overhead resistance of $1,928 on June 22 but could not sustain the higher levels.

The bulls purchased the intraday dips and have again sent the price to the overhead resistance at $1,928. If this level is scaled, it will suggest that lower levels are attracting buyers. That could enhance the prospect of a rally to $2,000 and then to $2,200.

Contrary to this assumption, if the price once again turns down and breaks below the moving averages, it will suggest that the bears are selling on rallies near $2,000. The ETH/USDT pair could then decline to 20-day EMA ($1,804).

BNB price analysis

BNB (BNB) turned down from the 20-day EMA ($255) on June 22, indicating that the sentiment remains negative and traders are selling on rallies.

The bears will try to pull the price to the first support at $230 and then to the vital support at $220. Sellers will have to tug the price below the support zone to signal the resumption of the downtrend.

On the contrary, if buyers drive the price above the 20-day EMA, it will suggest that the selling pressure is reducing. The BNB/USDT pair could then surge to the breakdown level of $265 and subsequently to the 61.8% Fibonacci retracement level of $272.

XRP price analysis

XRP’s (XRP) recovery picked up momentum on June 22 and the bulls kicked the price above the 20-day EMA ($0.49). However, the long wick on the day’s candlestick shows that the bears are unlikely to give up easily.

The flattish 20-day EMA and the RSI near the midpoint suggest a balance between supply and demand. That could keep the XRP/USDT pair between the 50-day SMA ($0.47) and the overhead resistance of $0.56 for a few days.

The next trending move could start after the bulls overcome the obstacle at $0.56 or the bears sink the price below $0.46. Until then, random range-bound price action is likely to continue.

Cardano price analysis

Cardano’s (ADA) long wick on the June 22 candlestick suggests that the bears are selling the rallies to this level.

But the bulls are in no mood to give up. They are again trying to thrust the price above the breakdown level of $0.30. If they can pull it off, it will suggest the start of a stronger recovery to the 50-day SMA ($0.34). The bears will again try to check the relief rally at this level.

Another possibility is that the price turns down sharply from the overhead resistance. Such a move will enhance the prospects of a consolidation between $0.24 and $0.30. The bears will have to yank the ADA/USDT pair below $0.24 to start the next leg of the downtrend.

Dogecoin price analysis

Dogecoin (DOGE) turned down sharply from the overhead resistance of $0.07 on June 22, indicating that the bears are guarding the level with vigor.

The bulls are trying to sustain the price above the 20-day EMA ($0.06). If they manage to do that, the DOGE/USDT pair could again rise to $0.07. A break and close above this level will suggest that the bears are losing their grip. The pair may then climb to $0.08 which may prove to be a tough barrier to cross.

The 20-day EMA is the key support for the bulls to protect. If this level gives way, it will suggest that the pair may swing between $0.06 and $0.07 for some time.

Solana price analysis

The bulls pushed Solana (SOL) above the 20-day EMA ($17) on June 21 but they could not sustain the higher levels. Sellers pulled the price back below the level on June 22.

The immediate support to watch for on the downside is $16.18. If the price remains above this level, the likelihood of a break above the 20-day EMA increases. The SOL/USDT pair could then rally to $18.70.

Instead, if the price turns down and breaks below $16.18, it will signal that the bulls have given up and are bailing out of their positions. That could risk a retest of the crucial support zone between $15.28 and $14.06.

Related: Bitcoin volatility takes a break as $31K BTC price yearly highs loom

Polygon price analysis

The bulls pushed Polygon (MATIC) above the breakdown level of $0.69 on June 22 but the long wick on the candlestick shows that the bears are trying to protect the level.

A minor positive in favor of the bulls is that they have not allowed the price to drift much lower from the overhead resistance. This suggests that the bulls are hanging on to their positions in expectation of a move higher.

If buyers propel and sustain the price above $0.69, it may start a stronger recovery to the 50-day SMA ($0.80). This level may again act as a hurdle but if cleared, the MATIC/USDT pair may soar to $1.

Alternatively, if the price turns down from the overhead resistance and dips below $0.62, it will suggest that the pair may oscillate between $0.69 and $0.50 for a while longer.

Litecoin price analysis

The bears tried to make a comeback on June 21 and 22 by defending the 50-day SMA ($85) but the bulls kept up the buying pressure in Litecoin (LTC).

The 20-day EMA ($82) has started to turn up and the RSI has jumped into positive territory, indicating that the bulls are in command. There is a minor resistance at $92 but if that is crossed, the LTC/USDT pair may rally to the zone between $96 and the resistance line.

If bears want to halt the upward march, they will have to quickly pull the price back below the 20-day EMA. If they do that, the pair may slide to $75.

Polkadot price analysis

The long wick on Polkadot’s (DOT) June 21 and 22 candlestick shows that the bears tried to halt the recovery but the bulls were in the mood to relent.

The failure of the bears to sink the price below the 20-day EMA ($4.80) shows that the bulls are trying to flip this level into support. Buyers pushed the price to the breakdown level of $5.15 where the bears may again mount a strong defense. If bulls overcome this hurdle, the DOT/USDT pair could rise to $5.56 and then to the downtrend line.

Contrarily, if the price turns down from $5.15 and slips below the 20-day EMA, it will suggest that the bears are active at higher levels. That could keep the pair range-bound between $5.15 and $4.22 for a few days.

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’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 price analysis

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 price analysis

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.

BNB price analysis

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 price analysis

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.

Cardano price analysis

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 price analysis

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 price analysis

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).

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Polygon price analysis

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 price analysis

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.

Polkadot price analysis

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.

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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.