Price analysis 6/10: BTC, ETH, BNB, ADA, XRP, SOL, DOGE, DOT, AVAX, SHIB

On June 10, the Consumer Price Index (CPI), which showed that inflation rose 8.6% from one year ago, was the largest increase since 1981, caused the US equity markets to plummet. Bloomberg reports that investors have priced in the key interest rate at 3% before the year ends.

Bitcoin (BTC), which continues its tight correlation to the S&P 500, fell below $30,000 on June 10th. Although analysts remain divided on the near-term price action, Fundstrat cofounder Tom Lee stated in an interview with CNBC that Bitcoin could have bottomed. Lee appears to have tempered his expectations, saying that Bitcoin could “remain unchanged for the year, maybe up.”

Everyday cryptocurrency market performance. Source: Coin360

There was some hope in the news that Bloomberg increased coverage of cryptocurrency data via its Bloomberg Terminal to 50 assets. Alex Wenham, Bloomberg’s cryptocurrency product manager, expressed optimism by stating that institutional interest continues to grow in digital assets.

Is there a danger of a capitulation-level crisis now that Bitcoin trades at swing lows? Let’s look at the charts for the top 10 cryptocurrencies to see.

BTC/USDT

Bulls attempted to push the price higher than the 20-day exponentially moving average (EMA) ($30,000.365) June 9, but the bears refused to relent. On June 10, the selling continued and the bears pulled the price below its trendline in the ascending triangle.

Daily chart of BTC/USDT Source: TradingView

The 20-day EMA is slowly declining and the relative strength indicator (RSI), is in the negative territory. This indicates that sellers have an advantage.

The bullish setup will be invalidated if the price remains below the trendline. This could bring the BTC/USDT price pair to $28,630. However, it could act as strong support. If this level breaks, it could lead to a decline to $26,700.

Alternativly, if the price rebounds from $28,630, and rises above 20-day EMA then the up-move might reach $32,659.

ETH/USDT

Ether (ETH), which experienced strong selling on June 10, has fallen below $1,700 support. The pair may resume its downward trend if it falls below this support.

Daily chart of ETH/USDT Source: TradingView

The pair ETH/USDT could fall to $1,500 first. If this level fails, then the crucial support at $1,300 could come in place. This level is expected to be defended by the bulls.

Contrary to popular belief, bears will not be able to maintain the price below $1700. This will indicate accumulation at lower levels. A break above the 20-day EMA will signal strength. This could lead to a rally up to $2,159

Although the indicators give mixed signals, the sellers are favorably affected by the downward-sloping moving averages. However, the positive divergence in the RSI indicates that a rally is possible.

BNB/USDT

BNB traded below the support line for the symmetrical triangle over the past three trading days, but bears have not been in a position to capitalize on the decline. This indicates that selling tends to dry up at lower levels.

Daily chart BNB/USDT TradingView

Buyers will attempt to force the price back into triangle. The buyers may trap aggressive bears that may have been shorted on the break below support line. This could lead to a short-covering that could push the price higher than the resistance line. This could indicate that bears are losing their grip.

Contrary to the assumption, if price falls below $273 and continues lower, it could increase the likelihood of a break below critical support of $260. The pair could then begin a fall towards the critical support of $211.

DA/USDT

Cardano (ADA), which was above the 50-day simple movement average (SMA) ($0.64), but not at the same time. This may have attracted short-term traders looking to make profits.

Daily chart ADA/USDT Source: TradingView

The bears are trying to keep the price below the 20 day EMA ($0.58). The ADA/USDT pair could fall to $0.53 if they succeed. The decline could reach $0.44 if this level is also broken.

If the price bounces off its current level, this will indicate that sentiment is turning positive and bulls are buying dips. The bulls will attempt to overcome the overhead hurdle at 50-day SMA. The pair may rally to $0.74 if they succeed. This could act as resistance again.

XRP/USDT

For the past two trading days, Ripple (XRP), had been trading near the downtrend line. Profit-booking by short-term traders may have been attracted by the failure to push the price higher than the overhead resistance.

Daily chart of XRP/USDT Source: TradingView

The USDT/XRP pair has fallen to $0.38, where buyers might attempt to stop the slide. The pair could rally to $0.46 if it bounces off the support and moves above the downtrend line.

Contrarily, bears that sink below $0.38 will form a bearish triangle pattern. This could increase the selling and push the price down to $0.33. Breaking below this support could signal a resumption in the downtrend.

SOL/USDT

Solana (SOL), is currently trading between the 20 day EMA ($44), and $37 over the past few days. Although the buyers attempted to push the price higher than the 20-day EMA, the bears held firm.

Daily chart of SOL/USDT Source: TradingView

Positive divergence in the RSI suggests a slight advantage for buyers, while downsloping moving medians indicate that bears hold the upper hand. This uncertainty will not last long. If bears drop below $35, the SOL/USDT pairing may resume the downtrend. The next stop for the downside could be $30

Contrary to popular belief, if bulls push the price above the 20 day EMA, the pair might rally to $50, and then to the overhead resistance of $60.

DOGE/USDT

Dogecoin (DOGE), which was above $0.08 on June 8, and 9, was not sustained by the bulls. This could have led to further selling, and the support fell on June 10.

Daily chart of DOGE/USDT Source: TradingView

The bears will attempt to capitalize on their advantage and sink the price below the crucial support level of $0.07. Breaking and closing below this level could signal that the next leg is in the downtrend.

If the price rises and breaks above the $20-day EMA ($0.08), this negative view could be invalidated in the short term. This could draw buyers from aggressive bulls and push the DOGE/USDT exchange to $0.10.

Related: Ethereum eyes set new yearly lows vs. Bitcoin, as bulls snub ‘Merge” rehearsal

DOT/USDT

On June 9, the bulls attempted to push Polkadot, (DOT), back into the symmetrical triangular triangle but the bears defended it aggressively. This indicates that the bears have turned the support line into resistance.

Daily chart of DOT/USDT Source: TradingView

The bears will try to lower the price below $8.56 as an immediate support. The DOT/USDT pair may drop to $7.30 if they succeed. To signal the resumption or decline of the downtrend, the bears will need to lower the price below the support.

If the price rises above $8.56, this bearish view may be invalidated. The pair could be re-sold to buyers, who might then push it to $11 or later to $12.50.

VAX/USDT

The Doji candlestick pattern formed by Avalanche (AVAX), over the past two days, indicating uncertainty among the bulls as well as the bears. The uncertainty ended on June 10, and the bears are now trying to push the price towards the strong support of $21.

Daily chart of AVAX/USDT Source: TradingView

The price is between $21 and the 20-day EMA ($27). The tight range trading will likely be resolved by a range expansion over the next few days. The positive divergence in the RSI suggests a slight advantage for buyers. However, the moving averages that are downsloping suggest that bears hold the upper hand.

If the range narrows and the price falls below $21, it will signal the resumption or continuation of the downtrend. The AVAX/USDT exchange rate could fall to $18. If the price rises above the 20 day EMA, it could open the way for a rally to $33 or $37.

SHIB/USDT

Since June 7, Shiba Inu’s (SHIB), has traded close to $0.000010, the support level. Bulls have tried to defend the support but have not been able to create a strong rebound.

Daily chart of SHIB/USDT TradingView

This raises the chance of a break below $0.000010. The SHIB/USDT pair could then form a bearish triangle pattern. The pair could fall to $0.000009, the intraday low on May 12. The next stop, $0.000006, could be reached if this support cracks.

This bearish view must be dispelled by buyers who will need to push the price higher than the downtrend line. This could open the way for a rally to $0.000014.

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

HitBTC exchange provides market data.

https://cointelegraph.com/news/price-analysis-6-10-btc-eth-bnb-ada-xrp-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.