Bitcoin price looks set to turn $31,000 into support. Most altcoins, with the exception of BNB, follow with double-digit gains. Can Bitcoin and altcoins rise above their overall resistance levels? Crypto analyst Rakesh Upadhyay examines the charts of the top 10 cryptocurrencies to find out.
An overview of the cryptocurrency market
The rush to apply for a Spot Bitcoin exchange-traded fund (ETF) has revived the bulls. But this news is likely to push the price up only a certain distance. The higher the price, the greater the risk of collapse if none of the ETF applications are approved. Trading firm QCP Capital, for example, is not convinced that a spot ETF will see the light of day in the near term.
Another view came from Gemini co-founder Cameron Winklevoss, who said on June 21 that the “floodgates” “quickly closed” to accumulate Bitcoin. Similarly, MicroStrategy chief executive Michael Saylor said that the opportunity to “get ahead of institutional demand for Bitcoin” is over.
Daily cryptocurrency market performance / Source: Coin360As you follow on Kriptokoin.com, Bitcoin’s market dominance is close to 50%. Therefore, it remains the center of attraction. K33 Research analysis revealed that over the long term, Bitcoin investment outperforms an altcoin portfolio by a large margin. Altcoins have had their share of short-term superior performance in 2017 and 2021. However, this could not continue in the long run.
BTC, ETH, BNB, XRP and ADA analysis
Bitcoin (BTC) price analysis
Bitcoin is facing the overhead resistance of $31,000. However, the bulls did not leave any ground for the bears. This increases the likelihood of a break above $31,000.
June 22 The uncertainty of the Doji candlestick pattern was resolved to the upside on June 23. Buyers will again try to keep the price above $31,000. If they are successful, it is possible for BTC to rise to $32,400 first and then make a move towards the next major resistance at $40,000. The 20-day exponential moving average, or EMA, is up ($27,561). Also, the relative strength index (RSI) is in the overbought territory. This shows that the bulls are in control. This view will be rejected in the near term if the price stays below $28,500. BTC is likely to enter a range-bound move between $31,000 and $24,800 later.
Ethereum (ETH) price analysis
Ether is trying to continue its upward movement. The bulls pushed the price above the overhead resistance of $1,928 on June 22. However, it was unable to sustain higher levels.
The bulls bought the intraday lows and sent the price back to the overhead resistance of $1,928. If this level is scaled, it will show that lower levels are attracting buyers. This will likely increase the likelihood of a rally to $2,000 and then to $2,200. Contrary to this assumption, if the price drops once again and breaks below the moving averages, it will indicate that the bears are selling on rallies close to $2,000. It is possible for ETH to slide back to the 20-day EMA ($1,804) later on.
Binance Coin (BNB) price analysis
BNB turned down from the 20-day EMA ($255) on June 22. This indicates that sentiment remains negative and traders are selling on rallies.
The bears will try to push BNB price towards the initial $230 support and then the vital $220 support. Sellers will need to push the price below the support zone to signal the resumption of the downtrend. On the contrary, if the buyers push the BNB price above the 20-day EMA, it will indicate that the selling pressure has subsided. It is possible for BNB to climb higher to the $265 break and then the 61.8% Fibonacci retracement level to $272.
Ripple (XRP) price analysis
The recovery in XRP gained momentum on June 22. Thus, the bulls pushed the price above the 20-day EMA ($0.49). However, the long wick on the day’s candlestick indicates that the bears are unlikely to give up easily.
The 20-day EMA is flat. Also, the RSI is near the midpoint. These show that there is a balance between supply and demand. This is likely to hold XRP between the 50-day SMA ($0.47) and the overhead resistance of $0.56 for a few days. The next trend move is likely to start after the bulls break the $0.56 hurdle or the bears push the price below $0.46. Until then, random range-bound price action is likely to continue.
Cardano (ADA) price analysis
ADA’s long wick on the June 22 candlestick indicates that the bears are selling the rally up to this level.
However, the bulls are not going to give up. They are again trying to push the price above the $0.30 breakdown level. If they do, it will indicate the start of a stronger recovery to the 50-day SMA ($0.34). The bears will again try to control this level of relief rally. Another possibility is for the price to turn sharply down from overhead resistance. Such a move would increase the probability of consolidation between $0.24 and $0.30. The bears will have to pull ADA below $0.24 to start the next leg of the downtrend.
DOGE, SOL, MATIC, LTC and DOT analysis
Dogecoin (DOGE) price analysis
DOGE declined sharply from the overhead resistance of $0.07 on June 22. This shows that the bears are keeping the level fiercely.
The bulls are trying to keep the price above the 20-day EMA ($0.06). If they do, DOGE is likely to rise again to $0.07. A break and close above this level will indicate that the bears have lost control. It is possible for DOGE to rally to $0.08 later. However, this will be a formidable hurdle. The 20-day EMA is the key support that the bulls need to protect. If this level gives way, it will show that DOGE could swing between $0.06 and $0.07 for a while.
Solana (SOL) price analysis
The bulls pushed Solana’s SOL above the 20-day EMA ($17) on June 21. However, they were unable to sustain higher levels. Sellers pushed the price back below the level on June 22.
The immediate support to watch on the downside is $16.18. If the price stays above this level, the probability of a break above the 20-day EMA increases. SOL is likely to rally as high as $18.70 later. Instead, if the price drops and dips below $16.18, it will indicate that the bulls have given up and exit their position. This risks retesting the key support zone between $15.28 and $14.06.
Polygon (MATIC) price analysis
The bulls pushed Polygon’s MATIC on June 22 above the $0.69 breakout level. However, the long wick on the candlestick indicates that the bears are trying to hold the level.
A small positive point in favor of the bulls is that they did not allow the price to slide much lower than the overhead resistance. This shows that the bulls are holding on to their positions in anticipation of a higher move. If buyers push and sustain the price above $0.69, a stronger recovery to the 50-day SMA ($0.80) is possible. This level is likely to act as a barrier again. However, it is possible for MATIC to rise to $1 if the bulls clear it. Alternatively, if the price drops from overhead resistance and dips below $0.62, it will indicate that MATIC could oscillate between $0.69 and $0.50 for a while.
Litecoin (LTC) price analysis
The bears tried to make a comeback by defending the 50-day SMA ($85) on June 21 and 22. However, the bulls continued the buying pressure on LTC.
The 20-day EMA ($82) has started to rise. Also, the RSI has jumped into the positive territory. This shows that the bulls are in command. A minor resistance stands at $92. However, if this is exceeded, LTC could rise to the zone between $96 and the resistance line. If the bears want to stop the upward march, they will need to quickly push the price below the 20-day EMA. If they do, it is possible for LTC to drop to $75.
Polkadot (DOT) price analysis
The long wick on the DOT 21 and June 22 candlestick indicates that the bears are trying to stop the recovery. However, the bulls tend to relax.
The failure of the bears to push the price below the 20-day EMA ($4.80) indicates that the bulls are attempting to turn this level into support. Buyers pushed the price to the breakdown level of $5.15, where the bears can again make a strong defense. If the bulls overcome this hurdle, the DOT is likely to rise to $5.56 and then to the downtrend line. Conversely, if the price drops from $5.15 and breaks below the 20-day EMA, it will indicate that the bears are active at higher levels. It is also possible that this will keep the DOT between $5.15 and $4.22 for a few days.
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