The S&P 500 Index (SPX) gained five straight weeks for the first time since November 2021. By contrast, Bitcoin is trading well below its local high of $31,000, which it reached on April 14. This indicates a clear divergence between the performance of the two asset classes. Some analysts expect Bitcoin’s range-bound movement to continue for a while. So, what are the key resistance levels that major altcoins like Bitcoin and XRP need to cross to initiate a sustainable recovery? Here are analyst Rakesh Upadhyay’s analysis and details…
What’s next for XRP, ADA, BTC, and more?
S&P 500 and DXY
The S&P 500 Index is in a short-term uptrend. The rally over the past few days has pushed the relative strength index (RSI) into overbought territory, signaling that a minor correction or consolidation is possible. The index may turn down and retest the 4.325 breakout level. If the price rebounds from this level, it will show that buyers have turned 4.325 to support. This will increase the probability of a rise to 4,500 and then to 4,650.
The failure of the bulls to keep the US Dollar Index above the 20-day EMA (103) on June 12 accelerated the selling. This brought the index below the 50-day SMA (102) on June 15. The 20-day EMA has started to turn down and the RSI is in the negative territory, indicating that the bears have the upper hand. Sellers will try to push the price to the crucial support at 100.82. A break and close below this level will signal the resumption of the downtrend.
On the contrary, if buyers quickly push the price above the moving averages, it will indicate that the index may rise to the downtrend line. Buyers will need to push the price above this level to open the doors for a possible rally to 106.
Bitcoin price analysis
Bitcoin has been correcting inside the descending channel formation for the past few weeks. The 20-day EMA ($26,389) is flattening and the RSI has climbed to the midpoint, suggesting that selling pressure may ease. Buyers will try to push the price to the resistance line of the channel. This is an important level for the bears to defend, as a break and close above it could start a fresh upward move.
Alternatively, if the price drops sharply from the current level, it will indicate that the bears continue to sell in rallies. The BTC/USDT pair could then retest the strong support zone between $25,250 and $24,800.
Ethereum price analysis
Ether’s attempt to start a recovery is facing selling at the 20-day EMA ($1,766) but it is a minor positive that the bulls do not allow the price to drop below $1,700. If the price turns higher from $1,700, the ETH/USDT pair will attempt to break above the 20-day EMA again. If this happens, it will signal that the short-term corrective phase may have ended. The pair could rally to $1,928 and then to $2,000. On the contrary, if the price turns down from the current level and dips below $1,700, it will indicate that the bears are in command. There is a minor support at $1,600, but if this level is surpassed, the pair could drop to $1,352.
BNB price analysis
BNB’s rally faces selling at the 38.2% Fibonacci retracement level at $252.50, but the fact that the bulls haven’t lost much ground is a positive sign. The bulls will again try to push the price above the overhead resistance zone between $252.50 and the 20-day EMA ($259). If they manage to do so, the BNB/USDT pair could climb to the 61.8% retracement level to $272.50. Bears are expected to fiercely maintain this level. Contrary to this assumption, if the price turns down from the current level or overhead resistance, it will indicate that the bears are not ready to give up their grip. In this case, the pair could drop to the critical $220 support once again.
XRP price analysis
The bears repeatedly pulled XRP below the 50-day SMA ($0.47) from June 14-17, but were unable to sustain lower levels. This suggests buying on the lows. The bulls are trying to push the price above the 20-day EMA ($0.49). If they do, it will show that the XRP/USDT pair can oscillate between the 50-day SMA and $0.56 for a while. A flattening 20-day EMA and near 50 RSI also point to possible consolidation in the short term. If the bears want to stay at the top, they will need to quickly push the price below $0.45. This, in turn, could accelerate selling and drop the pair to $0.41.
Cardano price analysis
The bulls are struggling to start a relief rally on Cardano despite the RSI being at oversold levels. The bears are trying to pull the price towards the vital support at $0.24. This is an important support to consider because if it breaks, the ADA/USDT pair could drop to $0.22 and then extend the decline to $0.20. Buyers are likely to have other plans. They will try to fiercely protect the zone between $0.24 and $0.22. If the price turns up from this zone, it will indicate that the pair could consolidate between $0.24 and $0.30 for a while. The first sign of strength would be a break and close above the 20-day EMA ($0.30).
Dogecoin price analysis
For the past few days, Dogecoin has been trading in a tight range between the 20-day EMA ($0.06) and the horizontal support at $0.06. The DOGE/USDT pair’s failure to break above the 20-day EMA indicates that sentiment remains negative and the bears are selling on every minor rally. This increases the risk of falling below the $0.06 vital support. If this level is exceeded, the pair could drop as low as $0.05. On the upside, the 20-day EMA remains the top hurdle for the bulls to cross. If they hold the price above this resistance, the pair could rally to $0.08. This level can pose a strong challenge for the bulls.
Solana price analysis
Solana is witnessing a tough fight near the $15.28 level. Buyers pushed the price above this level, but they were unable to overcome the $16.18 barrier. The bears are trying to push the price below $15.28. If they do, the SOL/USDT pair could slide to $14.06 and later to $12.80 support. This is an important level to watch out for because if it breaks, the pair could drop as low as $10.
The first sign of strength would be a break above the zone between $16.18 and the 20-day EMA ($17.03). This could pave the way for a potential retest of the $18.70 breakdown level. This level is likely to attract strong selling by the bears.
Litecoin price analysis
The bulls are trying to keep Litecoin above the immediate support at $75, which indicates buying lower. The bulls will try to push the price towards the overhead resistance at the 20-day EMA ($81). This level could 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 $75 to $70 support zone. Contrary to this assumption, if the bulls push the price above the 20-day EMA, it will indicate that the bears may be losing control. In this case, the LTC/USDT pair could rise as high as $90.
XRP, ADA, DOGE and Buy-Sell Levels for These 5 Altcoins!
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