Price Analysis June 20th – BTC, ETH, XRP, BNB, ADA, SOL, DOGE, and LTC
Bitcoin continues to trade below this year’s high of $31,000, hit in April. Crypto traders hope that BlackRock’s application for a Bitcoin Spot ETF (exchange-traded fund) gets approved to increase chances of BTC rallying above April’s peak price.
Now let’s find out which resistance levels need to be broken for Bitcoin and other coins to stage a strong rally.
Bitcoin Price Analysis
BTC is currently priced at $26,789 after breaking above the barrier at the 20-day EMA (Exponential Moving Average) of $26,366 on Monday. The Relative Strength Index indicator has crossed 50%, suggesting a weakening selling pressure. The bulls will attempt to thrust Bitcoin above the $27,278 resistance level to start a rally toward $29,278 and subsequently to $31,200.
However, if the bears continue selling and manage to pull the price below $26,366, BTC may be forced to retest the $25,350 support level. If the bulls can’t defend this price, the coin may drop to $24,700.
Ethereum Price Analysis
Buyers’ efforts to stage a rally encountered a massive sell-off at the 20-day EMA of $1,767, causing Ethereum to drop to $1,724 as of this writing. The current price is near the $1,708 strong support level. If bears sink ETH below this price, it may plummet to $1,659 and then to $1,397.
Conversely, we expect the token to reach $1,814 if it crosses $1,767 again. Breaking above that barrier gives Ethereum room to rally to the $1,904 resistance level.
BNB Price Analysis
BNB has struggled to go above the 20-day EMA of $259 over the last seven days. It now trades at $240. With the bears still in control, the token could retest the $220 support level. However, this assumption will be invalidated if the bulls take charge and thrust BNB above $259. This will open a possibility of a rally to $287 and later to $304.
XRP Price Analysis
Over the weekend, the bears caused XRP to drop below $0.470, but they couldn’t maintain a downward momentum as the buyers bought the dip. XRP is now valued at $0.478. The bulls’ first target is to get the token above the 20-day EMA of $0.492. Achieving this could fuel a rally toward the 50-day Simple Moving Average of $0.567.
Meanwhile, if the sellers want to have any advantage over the buyers, they must pull XRP below the $0.453 support level. By doing so, they will have the power to sink the price to $0.413.
Cardano Price Analysis
The Relative Strength Index on the ADA’s price chart is in the oversold region. However, the bulls are still unable to start a rally. The token is trading at $0.257. With more selling pressure, it could reach the $0.247 and $0.221 support levels. But if the buyers can begin a rally now, Cardano could retest resistance at the 20-day EMA of $0.302. And if it goes above this level, the price will likely rally to $0.337.
Dogecoin Price Analysis
DOGE continues to trade below the 20-day EMA of $0.0652. It appears that the bulls won’t start a significant rally any time soon unless some positive developments emerge. Sellers are aiming to break the price below the $0.0605 support level. After doing this, they can cause a further decline to $0.0583.
On the positive side, a rally to $0.0783 can happen if the buyers thrust Dogecoin above $0.0652.
Solana Price Analysis
On Monday, SOL traded near the $15.29 support level, but buyers have managed to push the price to $16.14 as of this writing. The immediate resistance is at the $16.17 level. If they thrust Solana above this level, it could reach the 20-day EMA of $17.06, where a sell-off is expected.
On the contrary, if SOL drops below $15.29, it may hit second support at $14.07.
Litecoin Price Analysis
Buyers have kept LTC above the $75 support level since last Friday. They will now focus on taking the token above the 20-day EMA of $82 to boost the chances of a rally to $91. Conversely, if Litecoin slides below $75, we expect it to retest the $71 support level.
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