The crypto market continues to trend upward this week thanks to positive sentiment fueled by BlackRock on June 16. The asset management firm filed an application for Bitcoin Exchange-Traded Fund with the US Securities and Exchange Commission. Financial analyst Eric Balchunas says the filling stands a 50% chance of approval.
Meanwhile, Fireblocks CEO Michael Shaulov believes that despite the entry of institutional investors in the crypto market, retail traders are needed to push the prices higher. He points out a scenario in 2020, where even though there was huge capital coming from various institutions, the crypto prices did not increase until retail traders came in.
Will cryptocurrencies rally further to retest upper resistance levels, or is a marketwide correction on the horizon? Analyzing some price charts will help us answer this question.
Bitcoin Price Analysis
The bears are still protecting $31,000. All the rallies toward this level have been sold since the start of this week. But the positive thing is that the coin continues to trade above $28,684, which is the 20-day Exponential Moving Average (EMA). In addition, the Relative Strength Index has yet to hit the overbought territory, meaning there is a chance Bitcoin’s price could go higher.
BTC going above $31,000 could lead to a rally toward $32,760. This is a minor resistance level, so we expect the bulls to thrust the coin above $32,760 and drive it to $34,000, where a sell-off is likely.
Conversely, we predict that Bitcoin could reach the $26,560 support level if it crosses below $28,684.
Ethereum Price Analysis
ETH’s price has been ranging between $1,855 and $1,928 for the last few days. As of this writing, it is trading at $1,860. Suppose the bears succeed in pulling the token below the 20-day EMA of $1,834; it may begin a downtrend to find support at $1,770. Dropping below this level would cause Ethereum to hit $1,703.
On the positive side, if ETH overcomes the barrier at $1,928, the bulls could be motivated to drive the crypto asset up toward $1,995 and later to $2,140.
BNB Price Analysis
For the first time since June 14, the bulls have let BNB slide below $230 today. This is a crucial support level. However, it did not take long before they pushed the token above that price. BNB trades at $233.21 as of Thursday evening. The bulls can only stage a decent rally if they get Binance Coin above the 20-day EMA of $246. Achieving this will enable the token to retest the $267 resistance level.
On the negative side, if BNB falls below $230 again and the bulls fail to stage a recovery, the crypto asset could hit $223 and then $195.
XRP Price Analysis
On Wednesday, XRP dropped below $0.4818, which is the 50-day Simple Moving Average. Bulls’ attempts to get the crypto asset above this level have been unsuccessful. This means $0.4818 is now acting as a resistance level. XRP could plummet further to retest the $0.4476 support level. Falling below this price could encourage the bears to sink the token to $0.4097.
Contrarily, it is possible for XRP to rally to $0.5418 or even to $0.5682 if the buyers push the price above the 20-day EMA of $0.4953.
Cardano Price Analysis
Over the past five days, the bulls have not managed to thrust ADA above the $0.3070 resistance level. This suggests that the bears find prices below this level perfect for booking profits. Cardano could trade within the range of $0.2416 and $0.0.2962 for the next few days. Any signs of a strong recovery will only show when the token cross above $0.3070. If this occurs, ADA may retest the $0.3620 resistance level.
Litecoin Price Analysis
LTC has dropped below the 20-day EMA of $84.86 today. If the token keeps falling, it may find support at $80.15. A further decline would cause Litecoin to retest $76.45. Conversely, if the bulls want the token to reach $105, they must first break the barrier at $84.86.
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