Analyzing Key Movements and Market Trends in Top 10 Cryptocurrencies
Summary:
Bitcoin, Ether, Binance Coin, Cardano, Ripple, Solana, Shiba Inu, Toncoin, Dogecoin, and Avalanche crypto prices show variations with speculations of both bullish and bearish dominance. Analysts detail uncertain trajectories in Bitcoin exchange, with Ether caught between moving averages, and price drops for Binance Coin, Cardano, Ripple, Solana, Dogecoin, and Avalanche. Regardless of these dips, Bitcoin whales remain optimistic, suggesting possible rebounds for each of these cryptocurrencies.
Bitcoin (BTC) has been moving within a broad scope of $56,552 and $73,777 for the past few days. Predicting the next course of movement is challenging due to the unpredictable and erratic nature of trade within this range. Consequently, it is wise to wait until the price moves outside the current bracket before making significant investments. The uncertain trajectory has caused traders to exercise caution in the short term. Recent data from Farside Investors reveals that Bitcoin exchange-traded funds have experienced outflows over the last four days. CoinShares’ latest ‘Weekly Asset Fund Flows’ report indicates a $600 million outflow from digital asset investment products – a peak since March 22.
Nonetheless, a review of recent Deribit derivatives data by Cointelegraph reveals that Bitcoin whales and market makers are not flustered, maintaining their optimism despite a price dip. Several experts echo this optimistic sentiment, even amidst Bitcoin’s fall under the $65,000 mark. So, what fate lies in store for Bitcoin and the altcoins? Only a thorough examination of the charts of the top ten cryptocurrencies can provide clues.
Bitcoin valuation fell to the bottom of the $64,602 to $72,000 scope on June 18. The bulls' struggle to initiate a strong rebound from this level implies that bearish momentum persists. The descending 20-day exponential moving average ($67,249) and the Relative Strength Index (RSI) below 40 reinforce the dominance of the bears. If the $64,602 mark is broken, the Bitcoin value might tumble down to $60,000.
Ether (ETH), the cryptocurrency of the Ethereum network, is currently trapped between the moving averages, implying a sudden breakout might be imminent. If Ether breaks above the 20-day average ($3,586), predictions suggest a rise to reach $3,730. This point is a key defensive line against the bears, as breaking it would potentially open the gates to an increase to $3,977. However, should the price drop and fall below the 50-day simple moving average ($3,436), this would indicate bearish dominance, and Ether could potentially plummet to psychological support at $3,000 and possibly drop further to $2,850.
Binance Coin (BNB) dropped below the initial support of $590 on June 18, however, the bears could not challenge the vital $560 support line. This indicates a limited selling aggression at lower levels. The bulls are now striving for a recovery and aim to push the price above the moving averages. If that's achieved, the BNB price could rally towards the $617 mark, a crucial point to monitor as a rise above this level could lead to reaching $722.
Solana (SOL) fell below the descending channel pattern on June 18, but the bulls were quick to buy the dip, resulting in a long tail on the day's candlestick. On the other hand, Ripple (XRP) turned down from the 50-day SMA ($0.51) on June 17 but found support at $0.46 on June 18.
Dogecoin (DOGE) ventured below the robust support of $0.12, yet the bears failed to sustain the lower values, showcasing the bull's defense of the $0.12 level. On the contrary, buyers could not sustain Toncoin’s (TON) rebound off $7.67 on June 16 indicating a lack of demand at higher levels.
Cardano (ADA) signaled the return of the downtrend after the price fell below the robust support at $0.40 on June 18. Meanwhile, Shiba Inu (SHIB) caved below the infamous $0.000020 support on June 17, signaling bearish control. Lastly, Avalanche (AVAX) crumbled, closing below the critical $29 support on June 17, disclosing that the consolidation was in favor of the bears.
Published At
6/19/2024 7:33:09 PM
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