ETH, TON, UNI, and XMR could rally if Bitcoin clears $68,000

ETH, TON, UNI, and XMR could rally if Bitcoin clears $68,000


Bitcoin (BTC) is down more than 4% this week, signaling that the bears are active near $70,000. However, Bitcoin investors seem to be viewing the dips as a buying opportunity. Market intelligence firm Santiment said in a post on X that Bitcoin’s dip to $66,600 saw a surge in buying while selling interest remained dormant.

Even as Bitcoin is trying to find a short-term bottom, Ether (ETH) is attempting a rebound off its recent drop below $3,400 on June 14. The solid demand at lower levels could be due to the expected launch of the spot Ether exchange-traded funds (ETFs). Bloomberg ETF analyst Eric Balchunas anticipates Ether ETFs to start trading as early as July 2.

Crypto market data daily view. Source: Coin360

Bitcoin’s recent weakness has increased selling pressure in several altcoins, which have dropped near or below their immediate support levels. However, if Bitcoin manages to stage a comeback, select altcoins are likely to witness solid buying at lower levels.

Could Bitcoin’s relief rally pull the cryptocurrency markets higher? Let’s study the top five cryptocurrencies that look strong on the charts.

Ledger

Bitcoin price analysis

Bitcoin slipped below the 50-day simple moving average ($66,147) on June 14, but the bulls could not sustain the lower levels. This shows that the buyers are trying to defend the 50-day SMA.

BTC/USDT daily chart. Source: TradingView

The 20-day exponential moving average ($67,863) has started to turn down, and the relative strength index (RSI) is in the negative territory, signaling that the bears have the edge. If the BTC/USDT pair turns down from the current level or the 20-day EMA and breaks below the 50-day SMA, it will suggest the start of a deeper correction toward $60,000.

If buyers want to make a comeback, they will have to swiftly push the price above the 20-day EMA. That will clear the path for a possible rally to $72,000, where the bears may pose a strong challenge again.

BTC/USDT 4-hour chart. Source: TradingView

The pair has been range-bound between $64,602 and $72,000 for some time. Buyers are trying to start a recovery from the $65,000 level, which is likely to face selling at the moving averages. If buyers cross this hurdle, the pair may jump to $70,000.

Contrary to this assumption, if the price turns down from the moving averages, it will signal that the sentiment remains negative and the bears are selling on every rally. The pair could then slump to $64,602. This is a vital level to keep an eye on because a break below it could start a collapse to $60,000.

Ether price analysis

Ether rebounded sharply off the 50-day SMA (3,415) on June 14, suggesting that the lower levels are attracting buyers.

ETH/USDT daily chart. Source: TradingView

The 20-day EMA ($3,612) is the critical level to watch out for. If buyers propel the price above the 20-day EMA, it will suggest that the correction may have ended. The ETH/USDT pair will then try to rise to $3,730 and later to $3,977.

This optimistic view will be invalidated in the near term if the price turns down from the 20-day EMA and breaks below the 50-day SMA. That could start a decline to the crucial support at $2,850.

ETH/USDT 4-hour chart. Source: TradingView

The pair has risen above the 50-SMA, indicating that the selling pressure is reducing. If bulls maintain the price above the 50-SMA, it will suggest the start of a robust recovery. The pair may rise to $3,730, which is expected to act as a resistance. If the price turns down from the overhead resistance but rebounds off the 20-EMA, it will increase the likelihood of a break above $3,730. The pair may then rally to $3,887.

Contrarily, if the price turns down and plummets below $3,362, it will indicate that the bears aggressively sold the rally. ETH price could then slide to $3,000.

Toncoin price analysis

Toncoin (TON) completed a bullish ascending triangle pattern after breaking out of $7.67 on June 13. The price turned down from $8.29 on June 15 to retest the breakout level of $7.67, which is likely to witness a tough battle between the bulls and the bears.

TON/USDT daily chart. Source: TradingView

If the price rebounds off $7.67, it will signal that the bulls have flipped the level into support. Buyers will then try to shove the price above $8.29. If they succeed, the TON/USDT pair could start its journey toward $10.

Instead, if the price slips below $7.67, it will suggest that the markets have rejected the breakout. The pair may skid to the uptrend line, which is an important level for the bulls to defend. If the price turns up from the uptrend line, the bulls will again try to resume the uptrend. But if the level cracks, the selling may intensify, and TON price may slump to $6.

TON/USDT 4-hour chart. Source: TradingView

The price bounced off the 20-EMA, indicating that the bulls continue to buy the dips. The bulls will try to push the price to the overhead resistance at $8.29. This level may act as a strong barrier, but if the bulls prevail, the pair could start the next leg of the uptrend.

On the contrary, if the price turns down and breaks below $7.67, it will suggest that the bulls are losing their grip. The pair may drop to the 50-SMA and later to the uptrend line, where the buyers are expected to step in.

Related: Bitcoin whale watching is ‘useless’ for information — Traders

Uniswap price analysis

Uniswap (UNI) turned up from the 50-day SMA ($9) on June 12 and reached the overhead resistance of $12 on June 15.

UNI/USDT daily chart. Source: TradingView

The bears are expected to vigorously defend the $12 level as it had acted as a formidable resistance on May 26 and June 4. However, the 20-day EMA ($10.24) has started to turn up, and the RSI is in the positive zone, signaling that the path of least resistance is to the upside. If buyers kick the price above $12, the UNI/USDT pair could rally to $13.34 and subsequently to $15.

If bears want to prevent the upside, they will have to yank the price back below the 20-day EMA. That could sink the pair to the 50-day SMA.

UNI/USDT 4-hour chart. Source: TradingView

The 4-hour chart shows that the price has been consolidating near the overhead resistance, suggesting that the bulls are not hurrying to book profits as they anticipate another leg higher. The upsloping 20-EMA and the RSI in the positive zone indicate that bulls are in command. The pair is likely to pick up momentum above $12 and reach $13.34.

Alternatively, if the price turns down from $12 and breaks below the 20-EMA, it will suggest that the bulls are rushing to the exit. That may pull the price down to the 50-SMA.

Monero price analysis

Monero (XMR) had been rising for several days but buying accelerated after the price rose above the $153 resistance.

XMR/USDT daily chart. Source: TradingView

The bears are trying to halt the rally at $180, but the bulls have not allowed the price to dip below the 20-day EMA ($163). This suggests that the bulls are buying on minor dips, increasing the likelihood of a break above $180. If that happens, the XMR/USDT pair could rally to the stiff overhead resistance of $190.

This bullish view will be negated in the near term if the price turns down sharply and dives below the 20-day EMA. The pair may then continue its fall before finding support at $153.

XMR/USDT 4-hour chart. Source: TradingView

The 4-hour chart shows that the pair is trading inside a descending channel pattern. If the price rises from the moving averages, the bulls will again attempt to drive the pair above the channel. If they do that, the prospects of a rally above $180 improve.

Conversely, if the price breaks below the moving averages, it will suggest that bulls have given up. That could tug the price to $169 and then to the support line. A break below the channel will indicate that the bears have seized control.

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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