Bitcoin is likely to extend its stay inside the range as traders buy the dips under $60,000.
$60,771 has been consolidating inside a large range between $56,552 and $73,777 for several months, indicating buying near its support and selling close to the resistance. Generally, when the price spends a long time in consolidation, it needs a solid trigger to push the price above or below the range.
The bears tried to sink the price below the support on the news of the German Government selling their Bitcoin holdings and the likely selling pressure to be created by the Mt. Gox payout. However, that did not work out as lower levels attracted buyers who defended the support and are trying to start a recovery.
Investors also seem to have used the recent weakness to start accumulating again. Data from SoSo Value shows $31 million in net inflows into the spot Bitcoin exchange-traded funds after almost $1.3 billion in outflows over the last two weeks.
Could Bitcoin bulls prevent a breakdown below $56,552? Will that lead to a recovery in altcoins? Let’s analyze the charts of the top 10 cryptocurrencies to find out.
Bitcoin price analysis
Bitcoin bulls have a battle on their hands as they try to prevent the bears from pulling the price below the pivotal support at $56,552.
The bears pulled the price below $60,000 on June 24, but the long tail on the candlestick shows buying at lower levels. Expect bulls to remain active in the $60,000 to $56,552 zone for the next few days because if they fail to protect the support, the BTC/USDT pair may plunge to $50,000.
The 20-day exponential moving average ($64,883) is the key resistance level to watch out for on the upside. A break and close above this level will suggest that the bears are losing their grip. The pair may then attempt a rally to $70,000.
Ether price analysis
$3,387 has been gradually slipping to the next significant support at $3,000. The bulls purchased the dip to $3,240 on June 24 but are struggling to push the price to the 20-day EMA ($3,506).
If the price turns down from the current level, the bears will make one more attempt to sink the price below $3,200. If they manage to do that, the ETH/USDT pair could plummet to the psychological level of $3,000. Buyers are expected to fiercely defend the $3,000 to $2,850 zone.
On the upside, the bulls will have to push and sustain the price above the 20-day EMA to signal that the selling pressure is reducing. That will clear the path for a possible up move to $3,730.
BNB price analysis
$573 broke below the $560 support on June 24, but the bears could not sustain the lower levels.
Any recovery attempt is likely to face stiff resistance at the 20-day EMA ($597). If the price turns down from the current level or the 20-day EMA, the bears will again try to sink the BNB/USDT pair to $536. This is an important support, but if it cracks, the pair could drop to $495.
Contrary to this assumption, if the price rises and breaks above the moving averages, it will suggest that the bears are losing their grip. The pair may then rally to the overhead resistance at $635.
Solana price analysis
$137 recovered smartly from $122 on June 24 and re-entered the descending channel pattern on June 25.
The bears will try to halt the relief rally at the 20-day EMA ($143). If the price turns down sharply from this level, the SOL/USDT pair could tumble to the crucial support at $116. The bulls are expected to defend this level with all their might because a break below it may open the doors for a fall to $100.
Alternatively, if bulls push the price above the 20-day EMA, it will suggest that the selling pressure is reducing. The pair may then climb to the channel’s resistance line. A break above the channel will tilt the advantage in favor of the bulls.
XRP price analysis
$0.47 bounced off the $0.46 support on June 24, but the bulls are finding it difficult to extend the recovery.
Both moving averages are sloping down, and the relative strength index (RSI) is in the negative territory, indicating that the bears are in control. Sellers will again try to yank the price below $0.46. If they succeed, the XRP/USDT pair could slump toward the next major support at $0.41.
Buyers are expected to vigorously defend the $0.41 to $0.46 zone because a break below it could sink the pair to $0.35. The first sign of strength will be a break and close above the 20-day EMA. The pair may then attempt a rally to $0.52.
Dogecoin price analysis
$0.12 broke and closed below the $0.12 support on June 24, but the bulls started a recovery and pushed the price back above the breakdown level on June 25.
The bulls will have to propel the price above the 20-day EMA ($0.13) to signal the start of a robust recovery. The DOGE/USDT pair could rise to the 50-day simple moving average ($0.15), indicating that the range-bound action between $0.12 and $0.18 may continue for a few more days.
Contrarily, if the price turns down sharply and breaks below $0.12, it will suggest that bears are in command. That could start a downward move toward $0.10, where the bulls will again try to arrest the decline.
Toncoin price analysis
Toncoin (TON) has been trading between the 50-day SMA ($6.93) and the overhead resistance of $7.67 for the past few days. This suggests that the bulls are not ceding ground to the bears and have kept up the buying pressure.
The moving averages are gradually sloping higher, and the RSI is just above the midpoint, suggesting that the bulls have a slight edge. A break and close above $7.67 could retest the crucial resistance at $8.29. If this level is scaled, the TON/USDT pair could attempt a rally to $10.
Instead, if the price turns down sharply from the current level, it will signal that the bears are fiercely defending the $7.67 level. The pair will complete a bearish head-and-shoulders pattern on a break below $6.60. That could start a fall to $6 and then to $5.50.
Cardano price analysis
$0.39 has been trading below the breakdown level of $0.40 since June 18, but the bulls have not allowed the price to slip below $0.35. This suggests a range-bound action between $0.35 and $0.40.
The downsloping 20-day EMA ($0.40) and the RSI in the negative territory indicate that the bears have a slight edge. If the price turns down from $0.40, the ADA/USDT pair may continue to oscillate inside the tight range.
If the price skids below $0.35, it will signal the resumption of the downtrend. The pair may then collapse to $0.28. On the contrary, a rally above $0.40 will suggest that the markets have rejected the breakdown. The pair may rise to the 50-day SMA ($0.43) and later to $0.50.
Shiba Inu price analysis
$0.000017 plunged below the 78.6% Fibonacci retracement level of $0.000017 on June 24, indicating that the bears are firmly in the driver’s seat.
The bulls tried to start a recovery on June 25, but the up move lacks strength. The bears will again try to sink the price below $0.000017. If they can pull it off, the SHIB/USDT pair could drop to $0.000014 and eventually to $0.000010.
If buyers want to make a comeback, they will have to quickly shove the price back above the breakdown level of $0.000020. That could clear the path for a rally to the 50-day SMA ($0.000023).
Avalanche price analysis
$26.41 resumed its downtrend after breaking below the strong support at $29 on June 17.
The down sloping moving averages and the RSI near the oversold zone suggest that the bears are in control. The bulls are trying to start a relief rally, which is likely to face strong selling at the 20-day EMA ($28.76). If the price turns down from the 20-day EMA, the bears will again attempt to sink the AVAX/USDT pair to $20.
This negative view will be invalidated in the near term if the bulls kick the price above $29. The pair could then rise to $33, indicating that the markets have rejected the breakdown below $29.
