Bitcoin and altcoins have returned all the gains from last week’s rally. Now, the June 29 drop below $20,000 shows that the bears are intent on pushing the market back to their yearly lows. Expert technical analyst Rakesh Upadhyay considers the next trading levels for SHIB, Bitcoin, DOGE and 8 altcoins.
SHIB, Bitcoin, DOGE, ADA, XRP technical analysis
Bitcoin (BTC)
Bitcoin dropped from $22,000 on June 26. It then gradually slipped towards the critical support at $19,637. This shows the bears are in command and every rally is sold out.
If the price breaks below $19,637, it risks falling to the critical support at $17,622. One of the next critical supports for Bitcoin is located at $15,000. On the other hand, if the price returns to $19,637, it will suggest that demand is at lower levels. Buyers will then try to push the price above $22,393. If they are successful, BTC price could rally to $26,735.
Ethereum (ETH)
Ethereum (ETH) bounced back from $1,268 on June 26. This indicates that sentiment remains negative and investors are selling on rallies.
Sellers will now try to push ETH price below $1,050. If successful, ETH could drop to the intraday low of June 18 at $881. A break below this support will signal a resumption of the downtrend. The next support on the downside is at $681.
Contrary to this assumption, if the price rises to $1,050, it will suggest demand lower. Buyers will then make another attempt to push the price above the 20-day EMA. In this case, it will open the door to a journey towards $1,500 and then toward $1,700.
BNB Coin (BNB)
Buyers failed to get BNB above $238 from June 24-28. This resulted in a profit booking that drove the price to the strong support of $211.
If BNB price drops below $211, the next support will be $183. If it breaks this support, BNB could resume its downtrend. Later, it could decline towards $150. Conversely, if the price rises above $211, it will indicate that the bulls are attempting to form a higher bottom. A strong bounce might increase the likelihood of a break above $250. BNB could rise to $273 later, according to the analyst.
XRP
Ripple (XRP) broke below the $0.35 breakout level on June 28. This indicates that the bears continue to sell aggressively at higher levels.
Now, the sellers will try to push the XRP price to the critical support $0.28. This is an important level to consider. On the contrary, if the price rises from the current level or $0.28, it will suggest that the bulls are buying lower. Such a scenario would keep the BNB price between $0.28 and $0.38.
Cardano (ADA)
The bears thwarted the bulls’ attempts to push Cardano above $0.50 over the past few days. This indicates that the bears are aggressively defending the level.
ADA could drop into the strong support zone between $0.44 and $0.40. Buyers will then try to push the price back above the moving averages. If they manage to do so, ADA price will suggest an upward move towards $0.70. On the other hand, this positive view will be invalidated if ADA sinks the price below the support zone. As a result, the next level of support is at $0.33.
Left (LEFT)
Solana (SOL) gained downward momentum with a break below $37. The bears are trying to push the price below the $33 support.
If they are successful, the SOL price could drop to $27. It could then retest the intraday low of June 14 at $25.86. Contrary to this assumption, if the price bounces back at $33, it will indicate that the bulls are attempting to form a higher bottom. Buyers will then try to get the $43 back. If this happens, Solana could signal a potential change in trend. It will then target $60, where the bears can form a strong defense again.
Dogecoin (DOGE)
Dogecoin (DOGE) dropped to $0.08 on June 27 and deepened to $0.07. This shows that the bears did not give up and continued to sell in the rallies.
If the bears sink the price below $0.06, their next target will be a retest of $0.05. Alternatively, if the price rises from the current level or $0.06 support and rises above the 20-day EMA, it will indicate that the bulls are attempting to form a higher bottom. The bullish momentum will start with a break above $0.08. DOGE will then attempt a rally to the $0.10 psychological level.
Polkadot (DOT)
Repeated failures to push and sustain the DOT price above $7.93 prompted short-term traders to book profits. Later, the price fell from the 20-day EMA and reached $7.30 on June 28.
Both the bulls and bears are struggling for supremacy near the $7.30 level. If the bears top it, the DOT could drop to the critical support at $6.36. The bulls are expected to defend this level aggressively. Because a break below this will signal the resumption of the downtrend.
Conversely, if the price rises above the current level, buyers will again seek to close above the 20-day EMA. If they do, the DOT bulls are targeting $8.97.
Shiba Inu (SHIB)
The Shiba Inu (SHIB) dropped below $0.000011 on June 28, indicating that the bears are active at higher levels. The bears failed to develop this advantage even though the price slumped below $0.0000010.
This indicates that sales are drying up at lower levels. The bulls will again try to push the price above the 50-day SMA and challenge the resistance at $0.000012. A break and close above this level could open the doors for a possible rally to $0.000014.
The 20-day EMA ($0.00010) has flattened out and the RSI is just below the midpoint, indicating an equilibrium between supply and demand. If the price drops below $0.000009, the advantage will be in favor of the sellers. SHIB then targets $0.000007.
UNUS SED LEO (LEO)
UNUS SED LEO broke above the resistance line of the descending channel on June 25 and closed. However, the bulls failed to push the price above $6. This may have attracted profit bookings from short-term traders who pulled the price back into the channel on June 27.
The 20-day EMA ($5.57) is rising and the RSI is in the positive zone, indicating the bulls have prevailed. Buyers are again trying to clear the overhead barrier at $6. If successful, LEO could rally to $6.50 and then to the formation target of $6.90.
Contrary to this assumption, if the price drops below $6 once again, it will show that the bears are fiercely defending this level. Sellers will then try to push the price below the 20-day EMA and challenge the 50-day SMA ($5.24).
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