BTC, ETH, BNB, SOL, XRP, DOGE, TON, ADA, SHIB, AVAX

BTC, ETH, BNB, SOL, XRP, DOGE, TON, ADA, SHIB, AVAX


Bitcoin (BTC) has dropped to the support of its narrow range, suggesting that the bears are keeping up the selling pressure.

Veteran trader Peter Brandt said in a post on X that Bitcoin risks a fall to $60,000 and eventually to $48,000. However, the Bitcoin whales do not seem worried about the short-term uncertainty and have continued their purchase. The number of whale entities holding at least 1,000 Bitcoin is nearing its all-time high.

The smaller and even the larger whales are positive about the future prospects. MicroStrategy said in a press release that it intends to offer $700 million in convertible senior notes due in 2032, the proceeds of which will be used to acquire more Bitcoin and for “general corporate purposes.” MicroStrategy holds 214,400 BTC today.

Crypto market data daily view. Source: Coin360

The buying is not restricted to Bitcoin alone, as Ether (ETH) witnessed one of its biggest days in long-term holder accumulation. CryptoQuant head of research Julio Moreno said in a post on X that accumulation addresses bought 298,000 Ether on June 12 over 24 hours, a tad shy of the 317,000 Ether record purchase on Sep. 11, 2023.

Minergate

Will whale buying help start a recovery in Bitcoin toward $70,000? Could altcoins also follow to the upside? Let’s analyze the charts of the top 10 cryptocurrencies to find out.

Bitcoin price analysis

The long wick on Bitcoin’s June 12 candlestick shows that the bears are trying to stall the relief rally at $70,000.

BTC/USDT daily chart. Source: TradingView

The 20-day exponential moving average ($68,234) has started to turn down, and the relative strength index (RSI) has slipped into negative territory, indicating that the bears have an edge. If the price skids below the 50-day simple moving average ($66,047), the BTC/USDT par could start a deeper correction to $60,000.

Time is running out for the bulls. To prevent the decline, they will have to kick and maintain the price above the 20-day EMA. The pair may then climb to $70,000 and subsequently to $72,000.

Ether price analysis

Ether’s recovery stalled at the 20-day EMA ($3,618) on June 12, indicating that the sentiment is turning negative, and traders are selling on rallies.

ETH/USDT daily chart. Source: TradingView

The bulls must protect the 50-day SMA ($3,400) because if they fail in their endeavor, the ETH/USDT pair could start a deeper fall toward $2,850. The bulls are expected to buy near $2,850 and keep the price inside the range.

Buyers must drive and maintain the price above the 20-day EMA if they want to make a comeback. If they do that, the buying could pick up, and the pair may start a relief rally to $3,887 and later to $3,977.

BNB price analysis

BNB (BNB) has been trading in a tight range between $591 and $635 for the past few days, indicating a tough battle between the bulls and the bears.

BNB/USDT daily chart. Source: TradingView

The 20-day EMA ($627) has started to turn down, and the RSI is in the negative zone, signaling a minor advantage to the bears. If the price breaks below $591, the BNB/USDT pair may slump to $536.

This negative view will be invalidated soon if the price turns up from the current level and breaks above $635. The bulls will then attempt to push the price to the overhead resistance of $722.

Solana price analysis

Solana (SOL) has been falling inside the descending channel pattern for several days. The price rebounded off the support line on June 12, but the bears halted the relief rally at the 20-day EMA ($159).

SOL/USDT daily chart. Source: TradingView

The bears are again trying to sink the price below the support line. If they manage to do that, the selling could pick up, and the SOL/USDT pair may move down toward the critical support at $116. The bulls are likely to defend this level with vigor.

Alternatively, if the price rises from the current level and breaks above the channel, it will suggest that the short-term correction may be over. The pair could move up to $176 and then to $189.

XRP price analysis

XRP (XRP) has been oscillating inside the large range between $0.46 and $0.57 for the past few days. This shows buying near the support and selling close to the resistance.

XRP/USDT daily chart. Source: TradingView

The downsloping moving averages and the RSI in the negative territory suggest that the bears are in control. If the price turns down from the current level or the 20-day EMA ($0.50), it will increase the likelihood of a drop below $0.46. If that happens, the XRP/USDT pair could descend to the pivotal support at $0.41.

If buyers want to prevent the downside, they must quickly pull the price above the 50-day SMA ($0.51). The pair may then gradually start its journey toward the overhead resistance at $0.57.

Dogecoin price analysis

Dogecoin (DOGE) is trying to find support at $0.13, but the bulls have failed to push the price above the 20-day EMA ($0.15).

DOGE/USDT daily chart. Source: TradingView

If the price turns down from the current level or the 20-day EMA, it will increase the likelihood of a drop to $0.12. This is an important level for the bulls to defend because if it cracks, the DOGE/USDT pair may plummet to $0.08.

On the upside, a break and close above the moving averages will clear the path for a rally to $0.18. The bears are likely to mount a strong defense at this level. If the price turns down from $0.18, the range-bound action may continue for some more time.

Toncoin price analysis

Toncoin (TON) broke and closed above the stiff overhead resistance of $7.67 on June 13, completing a bullish ascending triangle pattern.

TON/USDT daily chart. Source: TradingView

If buyers sustain the price above $7.87, the TON/USDT pair is likely to start the next leg of the uptrend. The pattern target of the bullish setup is $10.62, but the bears are expected to pose a strong challenge at $10.

The first sign of weakness will be a break and close below the breakout level of $7.67. Such a move will signal that the markets have rejected the breakout. Selling may pick up if the bears yank the price below the uptrend line.

Related: Here’s what happened in crypto today

Cardano price analysis

Cardano (ADA) was rejected at the 20-day EMA ($0.44) on June 12, indicating that the bears are selling on every relief rally.

ADA/USDT daily chart. Source: TradingView

The downsloping moving averages and the RSI in the negative zone suggest that the bears are in command. The $0.40 to $0.41 zone is likely to act as a firm support, but if the bears prevail, the ADA/USDT pair could plunge to $0.35.

Bulls must quickly propel the price above the moving averages if they want to prevent the downside. If they do that, the pair could attempt a rally to the resistance line. This level may be a minor obstacle, but the next stop could be $0.57 if it’s overcome.

Shiba Inu price analysis

Shiba Inu (SHIB) has been gradually slipping toward the vital support at $0.000020, which is likely to witness strong buying by the bulls.

SHIB/USDT daily chart. Source: TradingView

If the price turns up from $0.000020 and breaks above the moving averages, it will indicate that the range remains intact. The bulls will then attempt to push the SHIB/USDT pair to the overhead resistance at $0.000030.

Contrarily, if the price turns down from the moving averages, it will suggest that the bears are maintaining their pressure. A break and close below $0.000020 will signal the start of the next leg of the downtrend to the 78.6% Fibonacci retracement level of $0.000017.

Avalanche price analysis

Avalanche (AVAX) turned down from the 20-day EMA ($34) on June 12, indicating that the bears are selling the rallies to the moving averages.

AVAX/USDT daily chart. Source: TradingView

The AVAX/USDT pair is likely to witness a tough battle between the bulls and the bears at $29. If the price rebounds off the support with strength and rises above the moving averages, it will signal that the consolidation may continue for a few more days.

Conversely, if the price breaks and closes below $29, it will indicate that the range has resolved in favor of the bears. That could start a downward move to $25 and subsequently to $20.

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.



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