Price Analysis June 27th – BTC, BNB, XRP, ETH, DOGE, SOL, and ADA
The crypto market has been on an upward momentum since asset management company BlackRock filed an application for a spot Bitcoin Exchange-Traded Fund (ETF) about ten days ago.
Further, a new report released by Philip Swift, the founder of LookIntoBitcoin, revealed speculative investors were now accumulating BTC, suggesting that they believe the coin may continue rallying in the short term.
Will speculators’ entry into the market cause a further price increase, or should we expect a correction? We will find out after analyzing various price charts.
Bitcoin Price Analysis
The sellers haven’t let Bitcoin cross above $31,000 since Friday. Nonetheless, the bulls have managed to keep BTC’s price above $30,000, suggesting they are not hurrying to book profits. With the coin trading above the 20-day Exponential Moving Average (EMA) of $28,167 and the Relative Strength Index not close to the overbought region, Bitcoin still has room to rally further.
If it breaks above the barrier at $31,000, it may grow to retest the $32,360 resistance level. Clearing this second barrier could make a rally to $40,500 possible.
Ethereum Price Analysis
Over the last few days, ETH has traded between $1,865 and $1,937, indicating indecision between the bears and the bulls. The Relative Strength Index shows there is still room for the bulls to continue buying since it’s not in the overbought territory. Moreover, Ethereum’s price is above the 20-day EMA of $1,822, giving the buyers an advantage. If they can get the token above $1,937, it may rise to retest the $2,005 resistance level and even rally to $2,320.
On the negative side, there is a possibility Ethereum could plummet to $1,754 if it crosses below $1,822.
BNB Price Analysis
The bears attempted to cause a drop below the $229 crucial support level on Sunday, but the bulls stood firm and pushed BNB’s price to $239 as of this writing. However, to get a strong advantage over sellers, the buyers have to thrust the token’s price above the 20-day EMA of $251. That way, BNB may rise further to retest the $268 resistance level.
However, that’s a big test for the bulls considering that BNB is currently priced below the 20-day EMA. Bears could be aiming to pull the crypto asset down to retest $230. If BNB falls below this level, its price may first hit $217 and then $205.
XRP Price Analysis
The bears are still resisting the bulls’ attempts to push XRP above the 20-day EMA of $0.4925. On Monday, they pulled the token below the 50-day Simple Moving Average of $0.4861 to trade at $0.479 as of this writing. Continued downward movement could cause XRP to reach $0.4427 and, subsequently, $0.4108.
On the contrary, thrusting this crypto asset above $0.4925 could help the bulls stage a rally toward the $0.5603 resistance level.
Cardano Price Analysis
Since Cardano broke below the $0.3017 support level last Thursday, the bulls have found it tough to start any significant rally. The token could trade between $0.2500 and $0.2950 for the next few days. However, this assumption won’t hold if the bulls take ADA above $0.3017. That would mean the beginning of a strong recovery toward the 50-day Simple Moving Average of $0.3325. Overcoming this hurdle could encourage the bulls to push Cardano to $0.3870.
Dogecoin Price Analysis
DOGE has failed to retest the $0.06920 resistance level since touching it last Friday. The bears have gone all out to defend this level because they know Dogecoin could rally massively if it crosses above it. At the moment, the Relative Strength Index is at the midpoint, meaning there is a balance between buyers and sellers. However, if the bears cause DOGE to drop below the $0.0632 support level, it may hit $0.6050.
Solana Price Analysis
SOL reversed from the 20-day EMA of $17.05 on Monday to trade at $16.64 as of this writing. A continued downturn could cause Solana to reach the $16.19 support level. Conversely, a sustained rally above $17.05 may push the token to retest the $18.75 resistance level.
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