Price Analysis June 25th – BTC, SOL, ETH, XRP, ADA, BNB, and DOGE
This week’s applications for spot Bitcoin ETFs (Exchange-Traded Funds) by institutional investors like Invesco and WisdomTree have encouraged the bulls to continue buying Bitcoin and altcoins. That has caused prices to rally significantly. However, as crypto prices surge, the risk of a market crash increases in case the Securities and Exchange Commission fails to approve any of those applications.
Some crypto players have already expressed pessimism over a spot Bitcoin ETF approval. Gemini founder Cameron Winklevoss, MicroStrategy CEO Michael Saylor, and Trading company QCP Capital do not think the Gary Gensler-led agency will give the green light to spot Bitcoin ETFs anytime soon.
Meanwhile, let’s explore some price charts to find out if leading cryptocurrencies can break above key resistance levels to continue with the upward momentum.
Bitcoin Price Analysis
On Friday, Bitcoin retested the $31,000 resistance level but failed to rally further. Nonetheless, the coin is still priced above the 20-day Exponential Moving Average (EMA) of $27,546. The bulls are evidently in charge and will now try to push Bitcoin above $31,000 again. If they can sustain the BTC price above that level, the crypto asset may rise to retest the $32,450 resistance level. A break above this price could motivate the bulls to take the coin to $40,000.
Conversely, Bitcoin is likely to slide to the $26,730 and $25,100 support levels if it crosses below $27,546.
Ethereum Price Analysis
ETH hasn’t been able to go above the $1,927 key resistance level this week. It is priced at $1,917 as of this writing. If the bulls can thrust ETH above $1,927, it would boost the chances of a rally to $1,990 and subsequently to $2,250. However, if ETH reaches $1,927 but fails to break that barrier, it may suggest that the sellers find this price perfect for booking profits, and aggressive selling pressure could lead to Ethereum sinking to $1,854 and then to $1,806, which is the 20-day EMA.
BNB Price Analysis
On Thursday, BNB encountered tough resistance at the 20-day EMA of $256, suggesting negative sentiment around the token and that the bears were still selling every short rally. The sellers have one thing in mind at the moment: to pull BNB to the $231 support level to increase the chances of a further drop to $219.
Conversely, if BNB’s price goes above $256, it may suggest a declining selling pressure. And in case the bulls maintain the upward momentum, the token may hit the $266 resistance level. Moreover, BNB could retest $273 if it crosses $266.
XRP Price Analysis
The bulls managed to kick XRP above the 20-day EMA of $0.4910 at the start of the week. But since then, the price has been relatively stable. The token is, as of Sunday afternoon, priced at $0.4934. If its price sinks below $0.4910, it may find support at $0.4792, which is the 50-day Simple Moving Average. On the positive side, XRP could rally to retest the $0.5635 resistance level if the bulls stage a rally now.
Cardano Price Analysis
Cardano is up 11% over the past seven days. Still, the token is unable to cross above the $0.3015 key resistance level. It could rally to the 50-day Simple Moving Average of $0.3405 if it breaks past $0.3015. On the contrary, ADA could drop to $0.2850 and then to $0.2480 if the bears pull the token below the 20-day EMA of $0.2905.
Dogecoin Price Analysis
Since Thursday, DOGE has traded above the 20-day EMA of $0.0653, indicating that the bulls are still accumulating the meme coin. Increased buying pressure could push Dogecoin to the $0.0715 resistance level, where it is likely to face a sell-off. However, if the bulls overcome the bears and thrust the dog-themed coin above that level, it may move to retest another major resistance at $0.0850.
Solana Price Analysis
Solana crossed above $17 (the 20-day EMA) on Saturday to trade at $17.18 as of this writing. SOL could reach $18.60 if the bulls keep the price above $17 over the next few days. Conversely, the crypto asset may restest the $16.20 support level if sellers sink its price below $17.
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