Price analysis 6/1: BTC, ETH, BNB, XRP, ADA, SOL, DOGE, DOT, AVAX, SHIB

Bitcoin (BTC), has started the month of June with a tentative start, which suggests that bears are not yet in hibernation. According to BlockTrends analyst Caue Oliviera, Bitcoin trades at 55% of its historic high of $69,000. However, institutions and whales remain cautious and have not jumped in with gusto.

Venturefounder, a CryptoQuant contributor, said that if Bitcoin continues to follow the historical patterns after previous halving cycles then a bottom could be formed between $14,000- $21,000 over the next six months. Bitcoin could then drop to $28,000-$40,000 for the majority of the next year, and reach $40,000 during the halving.

Everyday cryptocurrency market performance. Source: Coin360

Goldman Sachs has explored the possibility of integrating derivatives products into FTX.US’s derivatives offerings despite crypto’s bear market. This indicates that the investment bank anticipates that derivatives demand will increase in the future.

Is Bitcoin at the bottom? Is the downtrend in altcoins now over? Let’s look at the charts for the top 10 cryptocurrencies to see.

BTC/USDT

Bitcoin crossed the overhead resistance at $32,659, but the bulls couldn’t overcome this obstacle. The Doji candlestick pattern of May 31 shows uncertainty between buyers and sellers.

Daily chart of BTC/USDT Source: TradingView

The bears won the victory and the price fell below the 20-day exponentially moving average (EMA), ($30,741). The next stop for the price could be $28,630 if it holds below the 20-day EMA. This level is expected to be defended by buyers.

The BTC/USDT pair may attempt to rally to $32,659. If the price recovers from $28,600 The pair could consolidate between these levels for a few more days if that happens.

If the price falls below or above the range, the next trending move might begin. The rally could reach the 50 day simple moving average (SMA), which is $32,659 if the price rises above that level. A break below the $28,630- $26,700 support zone could bring about a resumption of the downtrend.

ETH/USDT

The bears halted Ether’s (ETH), relief rally at the 20 day EMA ($2,009) May 31, indicating they aren’t allowing bulls to gain a foothold.

Daily chart of ETH/USDT Source: TradingView

The bears will attempt to push the price below $1,700. The bulls must defend this level as panic selling could occur if it falls. The pair could then revert to its downtrend, and plummet towards $1,300.

If the price rebounded above $1,700 it would indicate that bulls are buying at these levels proactive. The bulls will attempt to push the price higher than the 20-day EMA, and then challenge the stiff resistance at 2,159.

BNB/USDT

BNB rose above $320, but bulls have not been in a position to sustain this rise. This suggests that bears pose a formidable challenge at $325.

Daily chart BNB/USDT TradingView

The price has risen to the uptrend level due to sellers. This is an important level that you should be watching in the short term. This will indicate that bulls are buying dips if the price bounces off of this level. This could increase the chances of a break above $325.

Contrary to popular belief, bears could sink the price below the uptrendline, and the BNB/USDT pairs could fall to the strong support zone of $286 to $265. A break below $265 could cause the pair to tumble to $211.

XRP/USDT

Ripple (XRP), rose above the downtrendline on May 30, but bulls couldn’t clear the overhead hurdle at 20-day EMA ($0.43). This indicates that bears will not give up their advantage.

Daily chart of XRP/USDT Source: TradingView

The bears will attempt to bring the price down below the downtrend line. The XRP/USDT exchange rate could fall to $0.38 if that happens. This level will be defended by buyers and a rebound from it will indicate a consolidation in the near future.

Contrarily, if the price bounces off the downtrend line it will indicate that bulls are trying to turn this level into support. The possibility of a break below the 20-day EMA is increased if that happens. The psychological resistance at $0.50 could be reached.

DA/USDT

Cardano (ADA), broke above the 20 day EMA ($0.56) May 30, and then followed that up with a sharp up-move May 31. The price climbed to the 50-day SMA ($0.70), but the candlestick’s long wick suggests that bears may be selling at or near this level.

Daily chart ADA/USDT Source: TradingView

The bears will attempt to bring the price down below the 20-day EMA in an effort to trap aggressive bulls. The ADA/USDT exchange rate could fall to $0.44, where buying might emerge.

This could indicate a consolidation within the large range of $0.44 to $0.74. A range-bound action is also indicated by the flattening 20 day EMA and relative strength index (RSI), just below the midpoint.

If the price rebounds from the 20-day EMA, and rises above $0.74, the bulls could gain the upper hand. This will indicate that the downtrend could be ending.

SOL/USDT

The bears are putting up stiff resistance to Solana’s relief rally (SOL), near the psychological threshold of $50. This indicates that bears are not giving up on their rallies and they have not given up.

Daily chart of SOL/USDT Source: TradingView

The bears will attempt to push the price down to $40. Bulls will likely buy dips below this level. If the price bounces off this support, buyers will attempt to push the SOL/USDT pairs above the 20-day EMA ($51). The pair could rally to $60, and then attempt a move up to $75.

The other possibility is that bears lower the price below $40 and the pair could fall to the intraday low of $37 on May 12. If bears pull below this critical support, the pair could resume its downward trend.

DOGE/USDT

Dogecoin’s price (DOGE), has been trading close to the 20-day EMA ($0.09) over the past two days, but the bulls are yet to make a break. This indicates that bears are defending 20-day EMA vigorously.

Daily chart of DOGE/USDT Source: TradingView

The bears will attempt to lower the price below the support level of $0.07. This level has held twice before; therefore, the bulls will try to defend it. The DOGE/USDT pairing may not move beyond this support if the price continues to rebound.

Bulls driving the price higher than $0.10 will indicate that the downtrend is weakening. This could lead to a rally to $0.12. The downtrend could then resume if the pair breaks below $0.07.

Related: Axie Infinity V shape recovery fails as AXS prices drop 20% from three-week peak

DOT/USDT

Polkadot’s (DOT) price is currently at resistance at the 20-day EMA ($10.55), but the bulls have not allowed it to drop below $10. This indicates that there is strong demand at lower levels.

Daily chart of DOT/USDT Source: TradingView

The DOT/USDT pair could rise to $12 if bulls continue pushing the price higher than the 20-day EMA. Although this level is a temporary hurdle, if it is crossed, the recovery can reach strong overhead resistance at 14 dollars.

Contrary to popular belief, if the price falls below $10 and continues to decline, it could reach the $8 support. The strong rebound from this support could indicate that the pair will remain range-bound between $8-12 for some time.

VAX/USDT

Avalanche (AVAX), which was down from the downtrendline on May 31st, suggests that bears will continue to defend this level with vigor. The bears will attempt to push the price below $23.51 to $21.35.

Daily chart of AVAX/USDT Source: TradingView

If they succeed, the AVAX/USDT pairing will form a descending triangular pattern that signals the beginning of the next leg in the downtrend. The pair could fall to $20.

The bears are favorably favored by the downwardly trending 20-day EMA ($31.33), but the positive divergence of the RSI suggests that bearish momentum could be weakening. Buyback could be resumed if the price rises above its current level and surpasses the 20-day EMA. The bulls will try to push the pair to $38.

SHIB/USDT

Shiba Inu (SHIB), which is recovering from a stroke, is being hampered by stiff resistance at the 20 day EMA ($0.000012) suggesting that sentiment remains negative and bears have been selling rallies.

Daily chart of SHIB/USDT TradingView

The bears will attempt to push the price below $0.000010. Bulls will likely be aggressive in buying at this level. The SHIB/USDT pairing could rally towards the 20-day EMA if the price rebounds below $0.000010.

The price could rise to $0.000014 if buyers push it above the 20-day EMA and then to the $0.000017 breakdown level. To signal the resumption or decline of the downtrend, bears must bring the price to $0.000009

Risk is inherent in every investment or trading move. Before making any investment or trading move, you should do your research.

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https://cointelegraph.com/news/price-analysis-6-1-btc-eth-bnb-xrp-ada-sol-doge-dot-avax-shib

Lillian Call

I am a technology and gaming writer by profession. I love NFT's and play to earn gaming such as Axie Infinity. I love writing about anything on the blockchain, especially gaming and entertainment. I often sing, write or draw to portray my feelings. When it comes to my free time or you can say ‘ME-TIME’, I love to play with my cat, sleep an extra hour, or play my favorite video games.