Ripple

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 price analysis

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.

Ether price analysis

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 price analysis

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 price analysis

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.

Cardano price analysis

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 price analysis

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 price analysis

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 price analysis

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.

Litecoin price analysis

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 price analysis

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.

Bitcoin and most major altcoins are facing selling at higher levels, but there are no signs of panic selling at the moment.

Bitcoin and altcoins have been volatile in the past two days, as the cryptocurrency markets come to terms with the actions of the United States Securities and Exchange Commission (SEC) against two of the biggest crypto exchanges, Binance and Coinbase.

After the initial knee-jerk reaction to the news and the subsequent rebound, markets are likely to enter a range as traders reflect upon the uncertainty around the lawsuits. The initial response has been encouraging, as the markets have not collapsed, indicating the growing maturity of the crypto space.

Glassnode data shows a decline of 12,600 Bitcoin (BTC) from exchange balances on June 5 and 6, indicating that traders kept their cool and did not panic as they had done during the FTX episode in November.

What are the critical support levels to watch for on the downside? Will lower levels attract buyers? Let’s study the charts of the top 10 cryptocurrencies to find out.

Bitcoin price analysis

Bitcoin snapped back from the vital support at $25,250 on June 6, indicating that the bulls are trying to fiercely guard the level. However, the recovery is facing selling near the moving averages.

The bears will make another attempt to tug the price to $25,250. This remains the key level to keep an eye on because a break and close below it may open the doors for a potential fall to $20,000. Such a deep fall may delay the start of the next leg of the up move.

The bulls are expected to aggressively purchase the dips to the zone between $25,250 and the support line of the channel. On the upside, buyers will have to thrust the price above the resistance line of the channel to signal the end of the corrective phase. The BTC/USDT pair may then rally to $31,000.

Ether price analysis

Ether (ETH) dipped below the resistance line of the falling wedge pattern on June 5, but the bears could not build upon the strength. This shows demand at lower levels.

The bulls propelled the price back above the moving averages on June 6 but were met with heavy selling pressure from the bears. The sellers will again try to sink the price into the wedge. If they manage to do that, the ETH/USDT pair could extend the decline to the support line of the wedge.

On the contrary, if the price rebounds off the resistance line of the wedge, it will suggest that the bulls have flipped the line into support. Buyers will have to drive the price above $1,928 to start the northward march to $2,000 and subsequently to $2,200.

BNB price analysis

BNB (BNB) plummeted sharply on June 5, which yanked the price below the strong support at $280. There was a meek attempt to start a recovery on June 6, but the bears did not allow the price to sustain above $280.

The selling resumed on June 7, and the bears have dragged the price below the crucial support at $265. This is a negative sign, as it suggests the start of a new downward move to $240 and then to the vital support at $220.

If bulls want to make a comeback, they will have to push the price back above the breakdown level of $265. If they can pull it off, the BNB/USDT pair could pull back to $280 and later to the 20-day exponential moving average (EMA) of $299.

XRP price analysis

In an up move, traders generally buy the dip to the 20-day EMA ($0.49), and they did just that in XRP (XRP) on June 5 and 6 as seen from the long tail on the candlesticks.

However, the bears are not ready to give up easily. They continue to sell on rallies to the resistance zone between $0.56 and $0.59. If the price turns down sharply and breaks below the 20-day EMA, it will suggest that the bears want to keep the range between $0.30 and $0.56 intact.

Meanwhile, buyers are likely to have other plans. They will try to clear the overhead hurdle, and if they do that, it will indicate the start of a new uptrend. The XRP/USDT pair could rally to $0.60 and then to $0.80.

Cardano price analysis

Cardano (ADA) tumbled below the uptrend line of the ascending triangle pattern on June 5, invalidating the bullish setup.

The bulls purchased the dip on June 5 but could not kick the price back inside the channel. This suggests that bears are trying to flip the uptrend line into resistance. The selling continued on June 7, and the bears yanked the price below $0.33. The ADA/USDT pair could descend to the strong support at $0.30.

On the upside, the first sign of strength will be a close inside the channel. Such a move will suggest that the break below the channel may have been a bear trap. The pair could attract strong buying above $0.39.

Dogecoin price analysis

Dogecoin (DOGE) broke below the immediate support at $0.07 on June 5 but rebounded sharply off the support near $0.06.

The bulls tried to propel the price above the 20-day EMA ($0.07) on June 6, but the bears sold the rally. This indicates that the bears have not given up and they continue to sell near stiff resistance. The downsloping moving averages and the relative strength index in the negative territory indicate that bears have an edge. The bears will attempt to sink the price below $0.06.

If bulls want to make a comeback, they will have to push the price back above the 20-day EMA. The DOGE/USDT pair could then attempt a rally to $0.08.

Polygon price analysis

Polygon (MATIC) slipped below the $0.82 support on June 6, but the bulls aggressively purchased the dip as seen from the long tail on the day’s candlestick.

Buyers tried to sustain the price above the breakdown level of $0.82, but the bears had other plans. They sold aggressively on June 7 and pulled the price below the June 6 low of $0.79. This suggests the resumption of the downtrend. The MATIC/USDT pair could next drop to the strong support at $0.69.

If bears want to prevent the decline, they will have to quickly push the price back above $0.82. That may trap the aggressive bears, resulting in a short squeeze, which could push the price back toward $0.94.

Related: ARK Invest buys Coinbase shares the same day SEC serves lawsuit

Solana price analysis

Solana (SOL) rebounded off the strong support at $18.70 on June 5 and 6 as seen from the long tail on the day’s candlesticks, but the bulls could not clear the hurdle at the 20-day EMA ($20.50).

This indicates that the bears remain active at higher levels. If the price continues lower and breaks below the $18.70 support, the SOL/USDT pair may start a down move toward the next support at $15.28.

Alternatively, if the price rebounds off the current level or $15.28, it will indicate demand at lower levels. The bulls will then try to drive the price above $22.30. If they succeed, the pair may climb to $24 and later attempt a rally to $27.12.

Polkadot price analysis

Polkadot (DOT) collapsed below the crucial support of $5.15 on June 5 but bounced back sharply on June 6 and rose above the breakdown level.

The bulls could not continue the recovery on June 7, as the bears sold the minor rally. Sellers will try to strengthen their position further by pulling the price below $4.90. If they manage to do that, the DOT/USDT pair may nosedive to $4.22.

On the upside, the first crucial resistance to watch out for is the 20-day EMA ($5.29). A rally above this level will be the first indication that the selling pressure may be reducing. The pair may pick up momentum above $5.56.

Litecoin price analysis

Litecoin (LTC) plunged below the moving averages on June 5 and recovered sharply on June 6, but the bulls could not sustain the price above the 20-day EMA ($90). This suggests that bears are selling on rallies.

The bears will try to drag the price to the uptrend line. This is an important level for the bulls to defend because a break and close below it will signal the start of a potential downward move. The LTC/USDT pair could first fall to $75 and thereafter to $65.

Contrarily, if the price turns up from the current level or the uptrend line, it will suggest that the pair may remain stuck inside the triangle for a while longer. The bulls will have to catapult the price above the triangle to start the next leg of the up move.

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 most major altcoins are witnessing subdued price action, indicating a lack of buying interest from the larger players.

The United States equities markets rallied sharply on June 2 even though the nonfarm payrolls in May rose 339,000, blowing past economists’ expectations of a 190,000 increase. A few analysts pointed out that the market was possibly encouraged by the slower growth rate of hourly earnings which was slightly below estimates and an uptick in the unemployment rate.

The rally in the equities markets failed to act as a tailwind to the cryptocurrency markets, which remain stuck in a range. Galaxy Digital CEO Mike Novogratz said in an interview with CNBC that the lack of enthusiasm in the crypto markets was due to absence of institutional buying.

Bitcoin’s (BTC) historical performance in June does not give a clear advantage either to the bulls or the bears. According to CoinGlass data, between 2013 and 2022, there have been an equal number of positive and negative monthly closes in June.

Will buyers defend the respective support levels and start a strong recovery in Bitcoin and select altcoins? Let’s study the charts of the top-10 cryptocurrencies to find out.

Bitcoin price analysis

Bitcoin has been trading inside a descending channel pattern for the past few days. The price closed below the 20-day exponential moving average ($27,239) on May 31 but the bears are struggling to maintain the lower levels.

The bulls will try to push the price back above the 20-day EMA. If they do that, the BTC/USDT pair could reach the resistance line where the bears are expected to mount a strong defense.

If the price turns down from the resistance line, it will signal that the pair may extend its stay inside the channel for some more time. The crucial support to watch on the downside is $25,250 because a break below it will indicate that bears are in control.

The first sign of strength on the upside will be a break and close above the channel. The pair could then start its journey toward $31,000.

Ether price analysis

The bulls have successfully thwarted attempts by the bears to pull Ether (ETH) back into the falling wedge pattern. This suggests that the bulls are trying to flip the resistance line into support.

The ETH/USDT pair has rebounded off the 20-day EMA ($1,855), indicating a change in sentiment from selling on rallies to buying on dips. The bulls will next try to propel the price above $1,927 and retest the stiff overhead resistance at $2,000.

This positive view will invalidate in the near term if the price turns down and re-enters the wedge. That could trap the aggressive bulls resulting in a long liquidation. The pair may then slump toward the support line of the wedge.

BNB price analysis

BNB (BNB) has been consolidating in a tight range between $300 and $317 for the past few days. This shows indecision among the bulls and the bears about the next directional move.

The gradually downsloping 20-day EMA ($310) and the relative strength index (RSI) below the midpoint give a slight advantage to the bears. If the price turns down from the 20-day EMA, it will enhance the prospects of a break below $300. If that happens, the BNB/USDT pair could collapse to the next support at $280.

If bulls push the price above the 20-day EMA, the pair may reach the overhead resistance at $317. A break and close above this level will indicate the start of an up-move to $334 and then $350.

XRP price analysis

Buyers are trying to arrest XRP’s (XRP) pullback above the 38.2% Fibonacci retracement level of $0.49. A shallow correction is a positive sign as it shows that traders are keen to buy on minor dips.

The bulls will try to drive the price above the immediate resistance at $0.53 If they manage to do that, the XRP/USDT pair could attempt a rally to $0.56. This level is expected to act as a major hurdle but if bulls overcome it, the pair may start a new uptrend toward $0.80.

Alternatively, if the price turns down from the current level and slips below $0.49, it will suggest that the bulls are booking profits. The pair could drop to the 20-day EMA ($0.48) and then to the 50-day simple moving average ($0.47).

Cardano price analysis

Sellers tried to sink Cardano (ADA) below the uptrend line of the ascending triangle pattern on June 1 but the bulls held their ground.

The ADA/USDT pair has risen above the 20-day EMA ($0.37) and the bulls will try to thrust the price above the 50-day SMA ($0.38). If they succeed, the pair could gradually climb to $0.42 and thereafter to the overhead resistance at $0.44.

Contrarily, if the price turns down from the current level or the 50-day SMA, it will indicate that bears are selling on rallies. That will increase the likelihood of a break below the uptrend line. The pair may then start its descent to the next support at $0.30.

Dogecoin price analysis

The bulls again managed to sustain Dogecoin (DOGE) above the horizontal support at $0.07 but they are finding it difficult to push the price above the 20-day EMA ($0.07).

This tight range trading is ripe for a breakout. If buyers kick and sustain the price above the 20-day EMA, the DOGE/USDT pair could rally to $0.08. This level may again act as a strong barrier. If the price turns down from it, the pair may trade inside the range between $0.07 and $0.08 for some time.

If the price turns down from the 20-day EMA, it will suggest that bears are selling on every minor rally. The bears will then try to yank the price below $0.07 and extend the correction to $0.06.

Polygon price analysis

Polygon (MATIC) fell below the 20-day EMA ($0.90) on May 30 but the bears could not sustain the lower levels. This suggests buying on dips.

The flattish 20-day EMA and the RSI near the midpoint signal a balance between supply and demand. If bulls push the price above the 20-day EMA, the MATIC/USDT pair will once again try to surmount the resistance at $0.94. If that happens, the pair could start its northward march toward the downtrend line.

On the contrary, if the price turns down from $0.94 and dips back below the 20-day EMA, it will suggest that bears are trying to flip the level into resistance. That could keep the pair stuck inside the $0.82 to $0.94 range for a few more days.

Related: Bitcoin wicks down to $26.5K, but trader eyes chance for ‘bullish surprise’

Solana price analysis

Solana (SOL) has been trading between the moving averages for the past few days. The bears tried to tug the price below the 20-day EMA ($20.58) on May 31 and June 01 but the bulls did not budge.

The tight range trading is unlikely to continue for long. Buyers will try to thrust the price above the 50-day SMA ($21.50). If they can pull it off, the SOL/USDT pair may rally to $24 and subsequently to $27.12.

Instead, if the price turns down from the 50-day SMA and plummets below the 20-day EMA, it will suggest that supply exceeds demand. The pair could then drop to the vital support at $18.70. The bulls are likely to defend this level fiercely.

Polkadot price analysis

Polkadot (DOT) has been consolidating in a tight range between $5.15 and $5.56 for the past several days.

The price rebounded off the $5.15 support on June 2 but the bulls are facing selling at the 20-day EMA ($5.37). This suggests that every relief rally is being sold into. If the price continues lower and plunges below $5.15, the DOT/USDT pair could start the next leg of the downtrend toward $4.22.

Buyers have a difficult task ahead of them. If they want to prevent a decline, they will have to shove the price above the 50-day SMA ($5.69). The pair could then attempt a recovery to $6 and eventually to the downtrend line.

Litecoin price analysis

Litecoin (LTC) dipped below the moving averages on May 31 but the bulls purchased at lower levels as seen from the long tail on the day’s candlestick.

Buyers propelled the price above the overhead obstacle at $95 on June 1 but they haven’t achieved a close above it yet. If they do that, the LTC/USDT pair could rise to the resistance line of the symmetrical triangle pattern.

If the price turns down sharply from the resistance line, it will suggest that the pair may continue to oscillate inside the triangle for some more time.

On the other hand, a break and close above the triangle will indicate the start of a new uptrend. The pair could first reach $115 and then start its march toward the pattern target of $142.

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 most major altcoins are struggling to hold on to their higher levels, indicating that the bears have not given up yet.

After rising for four successive months, Bitcoin (BTC) is on track to end May with losses of about 7%. Another noteworthy thing in May is that Bitcoin’s 30-day volatility dropped to 1.52%, which is far below the yearly average 4% and higher. Glassnode data shows that Bitcoin’s low volatile periods have only lasted for 19.3% of its total price history. Hence, there is an expectation for volatility to pick up in June.

In an exclusive interview with Cointelegraph, Glassnode lead on-chain analyst James Check said that Bitcoin could rally to $32,000, which is its “true cost basis.” Analysts at Glassnode arrived at this level after focusing on active Bitcoin investors and removing coins that are lost forever.

In the near term, the outcome of the vote on the debt ceiling in the United States House of Representatives could provide direction. If the vote succeeds, as is widely accepted, it could lead to a knee-jerk reaction to the upside. But if the vote fails, then Bitcoin is likely to break below $25,000.

The short-term charts of Bitcoin and select major altcoins suggest that the bulls may be losing their grip. What are the important support levels that the bulls need to hold to avoid a collapse? Let’s study the charts of the top-10 cryptocurrencies to find out.

Bitcoin price analysis

Bitcoin reversed direction from the downtrend line on May 29, indicating that the bears continue to sell near crucial resistance levels.

The flattish 20-day exponential moving average ($27,273) and the relative strength index just below the midpoint do not give a clear advantage either to the bulls or the bears. If the price sustains below the 20-day EMA, the BTC/USDT pair could drop to the $25,250 support.

Buyers are expected to defend the zone between $24,000 and $25,250 with all their might because if it cracks, the pair may nosedive to $20,000.

On the upside, the bulls will have to surmount the downtrend line to signal the start of a new up-move. The pair may first rise to $30,000 and later to $31,000.

Ether price analysis

The bulls are struggling to maintain Ether (ETH) above the 50-day SMA ($1,883). This suggests a lack of demand at higher levels.

The bears are trying to sink the price back into the falling wedge pattern and trap the aggressive bulls. If that happens, the ETH/USDT pair may fall to $1,762 and then to the support line of the wedge.

Conversely, if the price rebounds off the resistance line of the wedge, it will suggest that the bears have flipped the level into support. The pair may then rise to the psychological resistance at $2,000 and subsequently to $2,142.

BNB price analysis

BNB (BNB) climbed and closed above the 20-day EMA ($311) on May 28 but the bulls could not continue the momentum and challenge the 50-day SMA ($319).

The bears used the opportunity and pulled the price back below the 20-day EMA on May 31. Sellers will try to retest the psychological support at $300. If this level gives way, the BNB/USDT pair may descend to the support line.

Contrarily, if the price rebounds off $300, it will suggest that lower levels are attracting buyers. That may keep the pair inside the upper half of the channel for a few more days. A new up-move could begin after bulls kick the price above the channel.

XRP price analysis

XRP’s (XRP) rally is facing profit-booking near the overhead resistance of $0.54. The first support is at the 38.2% Fibonacci retracement level of $0.49 and then at the 50% retracement level at $0.48.

If the price rebounds off this support zone, it will suggest that the sentiment has changed from selling on rallies to buying on dips. That will enhance the prospects of a rally above $0.54. The XRP/USDT pair may then rise to $0.58.

Contrarily, if the price breaks below $0.48, it will suggest that the bullish momentum has weakened. That could tug the price to the moving averages and keep the price stuck inside the range for a few more days.

Cardano price analysis

Cardano (ADA) turned down from the 50-day SMA ($0.38) on May 29, indicating that the bears are protecting this level aggressively.

The sellers will try to pull the price below the uptrend line. This is an important level for the buyers to defend because a break below it will invalidate the bullish ascending triangle pattern. That could then start a downswing to $0.30.

Alternatively, if the price turns up from the current level or the uptrend line, it will suggest that bulls are buying on dips. The bulls will then make one more attempt to thrust the price above the 50-day SMA. If they can pull it off, the ADA/USDT pair may surge toward the $0.42 to $0.44 resistance zone.

Dogecoin price analysis

Dogecoin’s (DOGE) recovery stalled at the 20-day EMA ($0.07), indicating that the sentiment remains negative and relief rallies are being sold into.

The bears will try to strengthen their position by yanking the price below the immediate support at $0.07. If they manage to do that, the DOGE/USDT pair may start its journey toward the next support at $0.06.

Time is running out for the bulls. If they want to start a recovery, they will have to quickly drive the price above the 20-day EMA. The pair could then rally to the overhead resistance of $0.08. A break above this level will suggest that the bulls are on a comeback.

Polygon price analysis

Polygon’s (MATIC) recovery fizzled out near the overhead resistance at $0.94, indicating that the bears are not willing to let go of their advantage.

The bears are trying to sustain the price below the 20-day EMA ($0.90). If they do that, the MATIC/USDT pair could drop to the vital support at $0.82. This remains the key level to watch out for on the downside because if it cracks, the selling may intensify and the pair is likely to plunge to $0.69.

The first sign of strength will be a break and close above the 50-day SMA ($0.96). Such a move will open the doors for a possible rally to the downtrend line.

Related: Bitcoin hodlers exited ‘capitulation’ above $20K, new metric hints

Solana price analysis

Solana (SOL) has been stuck between the moving averages for the past four days. This suggests that the bulls are buying the dips to the 20-day EMA ($20.50) but the bears remain active at higher levels.

The 20-day EMA is flattish and the RSI is near the midpoint, indicating a range-bound action in the near term. If the price dips below the 20-day EMA, the SOL/USDT pair could slide to the solid support at $18.70. A bounce off this level will suggest a consolidation between $18.70 and the 50-day SMA.

If the price bounces off the 20-day EMA, the bulls will again try to overcome the obstacle at the 50-day SMA. If they succeed, the pair could start a rally to $24 and then to $27.12.

Polkadot price analysis

The bulls pushed Polkadot (DOT) above the 20-day EMA ($5.40) on May 28 but they could not build upon this breakout. This shows that demand dries up at higher levels.

The bears have pulled the price back below the 20-day EMA. Sellers will next try to yank the price below the critical support at $5.15. If they manage to do that, the DOT/USDT pair could start a downward move toward $4.22.

If the price rebounds off $5.15, it will suggest that bulls continue to defend this level aggressively. The pair could then consolidate between $5.15 and $5.56 for a few more days. The bulls will gain the upper hand in the short term if they clear the 50-day SMA ($5.74).

Litecoin price analysis

The price action of the past few weeks has formed a symmetrical triangle pattern in Litecoin (LTC). This indicates indecision among the bulls and the bears about the next directional move.

The price action inside a triangle is generally random and volatile. If the price sustains below the moving averages, the LTC/USDT pair could drop to the uptrend line. This line is likely to attract buying from the bulls.

Another possibility is that the price turns up from the moving averages. In that case, the pair will attempt to rise to the resistance line. A break and close above this level will indicate the start of a new up-move. The pattern target of this setup is $142.

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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.