Following a massive sell-off over the weekend, the crypto market hopes to get some boost from important macroeconomic data set to be released today and tomorrow. The United States Bureau of Statistics will publish Consumer Price Index (CPI) report on Tuesday, and then traders will wait for the Federal Reserve to make its policy decision on Wednesday. That said, high market volatility is expected over the next three to four days.
The Securities and Exchange Commission’s enforcement actions against crypto firms Binance and Coinbase caused the market to crash last week. The low prices attracted Bitcoin whales who bought the dip. On Monday, blockchain analytics company Santiment said that whales had accumulated over 10,000 BTC since June 9.
Can Bitcoin and the big altcoins rally this week? Let’s analyze the price charts to find out.
Bitcoin Price Analysis
Over the last few days, the bulls have kept Bitcoin from slipping below the $25,280 crucial support. Although the bears are still in control due to the fact that BTC’s price is below the 20-day Exponential Moving Average (EMA) of $26,668, the Relative Strength Index suggests a decreasing selling pressure. A rally can only be possible when buyers thrust Bitcoin above $26,668. If this happens, the coin could reach $28,246. Conversely, a drop to the $22,000 support level is also a possibility if bears block the price from going above the 20-day EMA.
Ethereum Price Analysis
The bulls’ attempt to stage a rally on Sunday was met with a massive sell-off that caused Ethereum to decline from $1,836 to its current price of $1,746. The sellers’ immediate goal is to drive ETH toward the $1,700 support level. If the token trades below this price, it will present the bears with an opportunity to sink Ethereum further to the support at $1,670.
On a positive note, if Ethereum reaches $1,700 and rebounds, the bulls can cause a rally toward the $1,776 resistance level.
BNB Price Analysis
Last week, BNB plummeted from $306 to $221 after the US Securities and Exchange Commission deemed the token a security. However, as of this writing, BNB trades at $241 after adding 4.8% to its value in the past 24 hours. If the buyers drive the token above the $252 resistance level, a rally toward the 20-day EMA of $277 may be possible.
On the contrary, if bears defend $252 and the price starts going down, BNB could retest $221 and ultimately fall to $185.
XRP Price Analysis
While most top ten tokens were in red last week, XRP, on the other hand, performed tremendously, rising by 8.54%. It’s now trading at $0.528, above the 20-day EMA of $0.506. The token could face a sell-off at the $0.564 resistance level. But if the bulls thrust XRP above this price, it may rally to $0.653.
Conversely, a price below $0.506 could give the bears an advantage to sink XRP to the 50-day Simple Moving Average of $0.472.
Cardano Price Analysis
ADA was subject to high selling pressure last week after it broke below the uptrend line. The token was part of the crypto assets labeled as securities by the Securities and Exchange Commission. At press time, Cardano has managed to go above the $0.244 support level to trade at $0.272. A strong buying pressure may push the price to the $0.296 resistance level. But a significant rally is only likely to occur when the bulls thrust ADA above the 20-day EMA of $0.336.
Dogecoin Price Analysis
On Saturday, sellers briefly brought DOGE below the $0.060 crucial support before the bulls came in and bought the dip. The meme coin is currently priced at $0.061. If the price reverses and drops below $0.060 again, We may see Dogecoin reach $0.054 and, subsequently, $0.049.
On the positive side, if the bulls can take the dog-themed token above the 20-day EMA of $0.068, it may rally to the $0.073 and $0.081 resistance levels.
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