Price Analysis June 1 – BTC, ADA, ETH, BNB, DOGE, MATIC, and XRP
After recording growth for four straight months, BTC ended May with a 5% loss. But Glassnode analyst James Check says that Bitcoin could recover the loss if the most-awaited vote on the US debt ceiling, set to happen within the next two weeks, is in favor of the proposal. Check predicts that the coin could surge to $32,000. On the contrary, if Congress votes against the proposal, Bitcoin could sink to $25,000.
Meanwhile, charts of various cryptocurrencies show that the bulls are losing ground. So let’s find out the vital support levels they need to protect to prevent a collapse.
Bitcoin Price Analysis
On Tuesday, BTC touched the downtrend line and then reversed, suggesting that sellers are keen on blocking all bulls’ attempts to initiate a rally. The crypto asset is now priced below the 20-day EMA (Exponential Moving Average) of $27,124. If the bears maintain Bitcoin below this level, they may sink it to the $25,100 support level, where the bulls are expected to prevent a further drop to $21,000.
Conversely, if BTC rebounds to trade above $27,124, it may surge to $29,342 and subsequently to $31,200.
Ethereum Price Analysis
Buyers have so far managed to keep ETH above the 20-day EMA ($1,846) but are still struggling to break above the 50-day Simple Moving Average of $1,884. If they achieve this, Ether could retest the $2,050 resistance level. Breaking above this price could fuel a rally to $2,143.
On the downside, If the token sinks below $1,846, it is expected to retest the immediate support at $1,793. A further decline to $1,763 may be possible if the bulls fail to defend this level.
BNB Price Analysis
BNB closed May below the 20-day EMA of $313 as the bulls failed to initiate a rally when the token crossed that level on Tuesday. With the bears having the advantage, Binance Coin could retest the $299 support level. Sinking below this price could cause BNB to touch the support line. On the positive side, buying the dip at $299 may help the bulls push the price above $313. A rally from this level will get BNB to retest the first resistance at $318.
XRP Price Analysis
XRP has experienced a good rally over the past month, but now it appears that investors are booking profits near the $0.512 resistance level. If the selling pressure continues, the first support level to look out for is $0.498. A rebound at this zone could prompt a rally to $0.543 and then to $0.586.
Contrarily, if XRP sinks below $0.498, it would mean that investors are no longer bullish, and this may cause the token to plummet below the 20-day EMA of $0.478.
Cardano Price Analysis
The bulls failed to push ADA above the 50-day Simple Moving Average of $0.382 on Tuesday, suggesting that the sellers are doing all they can to protect this level. As of this writing, the bears have already pulled Cardano’s price below the 20-day EMA of 0.371. Their next attempt is to cause a further drop to $0.305.
On the upside, taking ADA above $0.382 will allow the bulls to propel its price to the $0.425 resistance level.
Dogecoin Price Analysis
The bulls’ attempts to stage a rebound at the 20-day EMA of $0.0711 have stalled since Monday, suggesting that sentiment around Dogecoin is still negative. The bears are selling off every short rally. If they succeed in sinking DOGE below the 20-day EMA, the token may reach the $0.0678 support level.
Conversely, if the bulls act now, we may see the dog-themed token rally toward $0.0743 and then to $0.0786.
Polygon Price Analysis
MATIC closed below the 20-day EMA of $0.901 last month after bears resisted bulls’ attempts to begin a rally towards the $0.943 resistance level. With the token trading below $0.901, the bears could force a further decline to the $0.826 support level. If selling pressure intensifies at this price, MATIC may fall to $0.732.
On the contrary, a rally to the 50-day Simple Moving Average of $0.964 may be possible if the bulls push Polygon above the 20-day EMA again.
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