Crypto Price Analysis, On Monday, the price of Bitcoin (BTC) fluctuated between levels of support and resistance, dropping as low as $58,474. After failing to break past resistance, BTC has been steadily descending towards its support level. It is yet unclear if sellers will be able to force Bitcoin prices below its support level and seize full market control.
BTC Whales Cautious
With the asset’s decline below its support level on Friday (June 21), Bitcoin whales have grown increasingly wary. There were 9,921 transactions worth more than $100,000, according to Sentiment data, which indicates a decline in whale trades. Compared to 17,091 transactions two days before, this is a significant decrease. Metaplanet, an investment and consulting organization based in Tokyo, has announced plans to issue 1 billion yen worth of bonds to acquire Bitcoin, giving long-term traders the chance to buy at a discount.
Bitcoin (BTC) Price Analysis
Over the weekend, Bitcoin’s (BTC) price maintained its downward trend, falling 1.70 percent to $63,170 by the weekend’s close. On Monday, sellers took control of the session and drove the price of Bitcoin as low as $58,474, kicking off the current week in a downtrend. Nevertheless, buyers stepped in at this level, causing Bitcoin’s price to rise past $60,000. In the end, $60,330 was the final price.
Bitcoin’s price jumped 1.04% today due to buyers flooding the market at $60,000, where the cryptocurrency finds significant support. Bitcoin is now trading at a little under $61,000. After this, where does Bitcoin go? If Bitcoin reaches $60,000, it is anticipated to draw buyers because of the strong level of support at that level. At $65,500, where the 20 and 50-day simple moving averages have finished a bearish crossover, any price increase will encounter resistance.
If sellers reclaim control, Bitcoin’s price might fall to as low as $57,500 if it tests the $60,000 support level. The bearish crossover has been previously addressed with the indicators. The market is range-bound, according to the Choppiness Index, and the relative strength index (RSI) is in oversold territory, showing that the bears are in control at the moment.
Ethereum (ETH) Price Analysis
After failing to break over the $4,000 resistance level, the price of Ethereum (ETH) began a precipitous decline. At its peak on May 27 at $3,972, ETH last tested this resistance level. Nevertheless, the elusive $4,000 milestone remained elusive. The selling pressure on ETH has been increasing over the past few days, and the price has fallen by more than 10% in the past month. On Sunday, after a 2.16% decline brought the price of ETH to $3,420, it fell below the 50-day simple moving average. Also, this decline was crucial in bringing ETH below the $3,500 level.
Early this week, there was a lot of selling pressure, and ETH dropped as low as $3,241. Despite this, purchasers were successful in driving up the price, and ETH ended up losing little more than 2% to $3,352. Crypto Price Analysis While buyers are trying to recover, significant bearish sentiment is prevailing in the market, which could lead to a reversal and bears targeting the $3,000 support zone. ETH is currently slightly up in the session. This level takes on even more significance because the 200-day simple moving average (SMA) is also located here, as can be seen in the price chart.
There is growing pessimism when the Relative Strength Index (RSI) falls below 50. Ethereum (ETH) might fall to $2,800 or perhaps $2500 if sellers break through the critical $3,000 support zone.
Solana (SOL) Price Analysis
Even though it was under heavy selling pressure last week, Solana (SOL) is off to a strong start this week. As bears attempted to drive the price of SOL below $130, a critical support level, the stock came under heavy selling pressure on Monday. Twice in April, this assistance was tested, and SOL recovered admirably each time. Will SOL be pulled down by the Bitcoin factor, or will we witness a comparable recovery?
The price of SOL fell as low as $128.19 on Sunday, but it faced heavy selling pressure before recovering on Monday as buyers flooded the market at that level. After falling to $121.97, SOL was able to recover enough to be bought and settle at $132.33, far over the critical $130 barrier. With SOL up 1.61% and trading at $134.46, sellers are still in control of the market this session. Crypto Price Analysis If SOL maintains its current upward trend, it has the potential to surpass the 20-day simple moving average and reach $150. But if sellers take back the market and go through $130, SOL might fall to $100.
Toncoin (TON) Price Analysis
Despite last week’s intense selling pressure, Solana (SOL) has started this week well. On Monday, selling pressure on SOL stock was high as bears tried to plummet the price below $130, a solid support level. April saw two tests of this support, and SOL performed admirably on both occasions. The Bitcoin component might drag SOL down, but it could also lead to a similar comeback.
Due to severe selling pressure, the price of SOL dropped as low as $128.19 on Sunday. However, it recovered on Monday as purchasers entered the market at that level. At $132.33, far over the crucial $130 barrier, SOL recovered from a decline to $121.97, allowing it to be purchased. The market is again being dominated by sellers this session, as SOL is up 1.61% and trading at $134.46. SOL might reach $150 if it continues its present upward trend and breaks through the 20-day simple moving average. However, SOL can drop to $100 if sellers regain control of the market and push prices through $130.
Dogecoin (DOGE) Price Analysis
Despite heavy selling pressure on Monday, Dogecoin (DOGE) managed to move above $0.12. This is an impressive display of resistance. With a 1.61% decline to $0.12 by Sunday’s close, DOGE had been rather pessimistic during the weekend. On Monday, DOGE dropped as low as $0.11, a sign that bears were exerting more pressure. But DOGE is up 2.53% and back above $0.12 in this session, so there’s been some recovery.
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DOGE’s $0.12 support level is vital. The price of DOGE might fall below $0.11 or even $0.09 if sellers succeed in pushing it below this level. In this case, the sellers would have total control. Crypto Price Analysis on the other hand, if bullish emotion comes back and drives DOGE prices above $0.12, we can witness a price surge toward $0.15 due to persistent bullish pressure. To establish such a scenario, DOGE has to break out of the 200-day and 20-day simple moving averages.
BNB Price Analysis
Since reaching a new high of $720 on June 6, Binance Coin’s (BNB) price has been steadily declining. Price drops below $600 as a result of selling pressure since then. As a bearish signal, BNB closed Sunday below the support of the ascending trendline. As shown in the price chart below, BNB’s bearish move is further supported by the RSI hovering below 50.
At the moment, the $560 level is a support level for BNB. A 10% drop in BNB price, below $500 and back to its $498 low from March, is possible if sellers manage to break this level of support. Crypto Price Analysis. In today’s trading session, both buyers and sellers are vying for dominance. BNB has seen significant resistance, as it has fallen from $578 to $571 in trading.
Cardano (ADA) Price Analysis
Since the start of the month, Cardano (ADA) has been falling in price, with the 20-day simple moving average (SMA) serving as resistance and driving the price even lower. With a low of $0.35 on June 18 and subsequent recovery to a final price of $0.38, ADA has been continuously rejected at the 20-day simple moving average (SMA). Ever since the price of ADA has been fluctuating from $0.35 to $0.40. At $0.35, ADA has significant support since that’s where most of the market’s buyers are hitting. But if this support level is broken, ADA might fall to $0.30.
If the market attitude turns bullish again, ADA can go up and try to break the $0.40 resistance level. After breaking beyond this level, $0.45 will be the next objective for ADA.
Shiba Inu (SHIB) Price Analysis
Like the rest of the cryptocurrency market, SHIB has been falling recently. After dropping 6.42 percent on June 18, SHIB fell below the 200-day simple moving average. In the time after, DOGE experienced a great deal of volatility, with selling pressure building up near $0.000019, the level at which the 200-day simple moving average was providing resistance. On Monday, DOGE fell to $0.000017, approaching a crucial support level at $0.000016. As buyers flood the market, DOGE is up 1.41% this session.
Prices of DOGE might fall as low as $0.000016 before making a comeback, with some predicting a price of $0.000020. According to data from IntoTheBlock, there has been a decrease in whale transactions, suggesting that DOGE has also experienced some consolidation over the previous few days.
Polygon (MATIC) Price Analysis
The price of MATIC has fallen significantly since the start of the month, from $0.72 on June 6 to the current $0.57. Although it has gained about 4% in the last 24 hours, it has lost more than 20% in the last 30 days, suggesting that overall, people still feel negative about the asset. If Polygon’s negative trend persists, the price of MATIC might hit a new low not seen since October 2023, bringing it down to $0.50.
Nevertheless, if buyers continue to support MATIC’s price action and push back against selling pressure, the stock can reach resistance at $0.60 and attempt to break through the 20-day simple moving average. Crypto Price Analysis If market sentiment improves in the next months, the asset might potentially make modest gains.
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