Price analysis 6/15: BTC, ETH, BNB, ADA, XRP, SOL, DOGE, DOT, LEO, SHIB

Bitcoin (BTC), which was close to $20,000, plunged as panicked traders sold their holdings in fear of an aggressive rate rise by the United States Federal Reserve. The sell-off could also be caused by fears of contagion if Three Arrows Capital (3AC), a crypto venture capital firm, and lending platform Celsius, go bankrupt.

CryptoQuant’s on-chain analytics platform CryptoQuant revealed that 24-hour exchange inflows reached 59,376 bitcoin on June 14. This is the highest level of inflows since November 30, 2018, according to data. Bitcoin investors also sent Bitcoin to the exchanges with the help of Bitcoin miners. The Bitcoin Miners to Exchange flow metric hit a seven-month peak of 9,476, which suggests that miners might be anticipating a further decline in the near future.

Everyday cryptocurrency market performance. Source: Coin360

It is not clear whether Bitcoin has reached a bottom or not, according to prominent investors. Mike Novogratz, chairman of Galaxy Digital Holdings, believes Bitcoin could be worth $20,000 and Ether may reach $1,000. Arthur Hayes (co-founder and former chief at BitMEX), also mentioned these levels. He warned that if they crack, it could lead to “massive selling pressure in spot markets.”

What are the key levels to be aware of when trading Bitcoin and other major altcoins such as Bitcoin? Let’s look at the charts for the top 10 cryptocurrencies to learn more.

BTC/USDT

The bearish grip on Bitcoin is still strong. As seen by the candlestick’s long wick, the bulls attempted to begin a recovery on June 14. However, the bears refused to let go. They sold aggressively, bringing the price down to $20.111 on June 15.

Daily chart of BTC/USDT Source: TradingView

The relative strength index (RSI), has been pushed to 21 due to the sharp selling over the last few days. In the short-term, this suggests that a rebound may be possible. BTC/USDT could reach the 38.2% Fibonacci level of $24,562, then the 50% level at $25.938. This zone is expected to be defended by the bears.

The bears will try to reverse the downward trend by pulling the pair below 20,000. The pair could fall to $17,500, and then $16,000 if they succeed.

To indicate a possible trend change, buyers will need to push the price higher than the 20-day exponentially moving average (EMA), which is $27,748

ETH/USDT

Ether is currently in a strong downtrend. On June 14, the buyers attempted to stop the decline but could not maintain the higher levels. On June 15, the bears resold, but the bulls were able to maintain the psychological level at $1,000.

Daily chart of ETH/USDT Source: TradingView

The RSI has been in deep oversold due to the constant selling these past days. This indicates that selling may have been excessive in the short-term. This could lead to a strong bearish market rally, which may gain momentum above $12,68. The ETH/USDT currency pair could rally to the $20-day EMA ($1,636).

If the price falls below $1,000 and continues to fall, it could signal a resumption in the downtrend. The price could drop to $900, where the bulls would attempt to stop the decline.

BNB/USDT

BNB is witnessing a fierce battle between bulls and bears close to the critical level of $211. On June 14, the bulls attempted to create a rebound but could not sustain higher levels.

Daily chart BNB/USDT TradingView

This was a good opportunity for bears to pull the price down below $211 on June 15th. The bears have an advantage because of the downward-sloping moving averages. However, the RSI is deeply oversold and suggests a short-term relief rally.

The BNB/USDT pair may attempt a rally towards the $20-day EMA ($275) if bulls can keep the price above $211. The pair could continue to trade in the same range of $211-$350 for a few more days if it breaks and closes above this resistance.

The bears will attempt to resume the downtrend if the price falls below the current level or 20-day EMA. $186 is the next support level for the downside.

DA/USDT

Cardano (ADA), which was being pulled below $0.44 support on June 13-14 by the bears, failed to maintain the lower levels. This indicates that bulls are aggressively defending the $0.44- $0.40 support zone.

Daily chart ADA/USDT Source: TradingView

Bulls will try to push the price higher than the SMA ($0.60) 50-day simple moving Average (SMA). The ADA/USDT pair may rise to $0.69 if they succeed. This overhead zone will be defended vigorously by the bears.

Contrary to the assumption, if price falls below the 20-day EMA ($0.54) it will indicate that sentiment is still negative and traders are selling on minor rallies.

The bears will attempt to lower the price below the support area. If they succeed, it could signal the beginning of the next downtrend. Support for the downside lies at $0.30.

XRP/USDT

The pattern target for the break below the descending triangle was $0.30, which Ripple (XRP), fell to on June 13. The bears pulled the price down below support on June 14, but the bulls bought the dip, as seen from the long tail of the day’s candlestick.

Daily chart of XRP/USDT Source: TradingView

Buyers are trying to initiate a recovery that could reach $0.38. This level could be turned into resistance by bears, which would indicate that sentiment is still negative. Sellers will attempt to reverse the trend and bring down the XRP/USDT pairs to $0.24.

Contrarily, strong buying at lower levels will be encouraged if bulls continue to drive the price higher than $0.38. The buyers will push the pair towards the 50-day SMA ($0.45). Bears will likely pose a challenge to the zone between $0.46- $0.50.

SOL/USDT

Solana (SOL), is trying to maintain above the $26 mark. Although the bulls attempted to push the price higher than the $35 breakdown level on June 14, the bears held firm. This indicates that the bears are trying turn the $35 level into resistance.

Daily chart of SOL/USDT Source: TradingView

It will signal the resumption or decline of the downtrend if the price falls below $26. SOL/USDT could fall to $22 and then to $20 psychologically.

If buyers push the price higher than the 20-day EMA (38), this bearish view may be invalidated. The aggressive bears, who may have been in short positions below $35, may try to exit. This could lead to a short squeeze that pushes the pair towards the overhead resistance of $60.

DOGE/USDT

Dogecoin (DOGE), which is currently trading at $0.05, is being sought by buyers. A relief rally may be possible in the near term, as evidenced by the RSI’s deeply oversold levels.

Daily chart of DOGE/USDT Source: TradingView

The bulls will push the DOGE/USDT price to the 20-day EMA ($0.07) if the price recovers from the current level. If the price falls below this level, bears will attempt to resume the downtrend to sink the pair to $0.04.

Contrary to what you might think, if the price breaches the 20-day EMA the bullish momentum may pick up and the pair could rally towards the 50-day SMA ($0.09). This would indicate that the pair has reached its bottom in the near-term.

Related: NEXO’s price drops 40% in 3 days due to contagion fears from a ‘insolvent crypto fund

DOT/USDT

For the past two days, Polkadot has traded near $7.30 as a support level. Although the price fell below $7.30 by bears, it was not able to sustain that low level. This is a strong indication that dips are worth buying.

Daily chart of DOT/USDT Source: TradingView

The DOT/USDT pairing could reach the 20-day EMA ($8.80) if buyers can maintain the price above $7.30. This is an important level that you should be watching because a break or close below it could indicate that the pair may consolidate between $6.36-12.44 for a while.

If the price falls below the 20-day EMA it will indicate that bears are active at higher levels. Breaking below $6.36 could indicate a resumption in the downtrend. The pair could fall to $5, and then to $4.23.

LEO/USD

UNUSSED LEO (LEO), although it fell below the moving averages, the long tail of the day’s candlestick indicates aggressive buying at lower levels. This was followed by an inside day candlestick pattern on Juni 14, which indicated indecision among buyers and sellers.

Daily chart LEO/USD TradingView

Although the bulls attempted to push the price towards the resistance line for the descending channel, the bears had other plans. They pulled the price below the moving averages, increasing chances of a fall to the channel’s support line.

The LEO/USD pair could extend its stay within the channel for a few days if it bounces off the support line with strength. If the pair is sunk below the channel, or if bulls push the price above its resistance line, the next trending move may be initiated.

SHIB/USDT

The bulls are trying to defend the $0.000007 area aggressively. Shiba Inu, (SHIB), formed a Doji candlestick structure on June 14, which indicated indecision between the bulls and bears.

Daily chart of SHIB/USDT TradingView

If the uncertainty ends on the upside and the bulls push the price higher than $0.000009, then the SHIB/USDT pairing could reach the breaking point of $0.000010. The price dropping below this level will indicate that traders are buying rallies and the trend is still negative. The bears will attempt to reestablish the downtrend and bring the pair down to $0.000006.

If bulls push the price above the downtrend, it could open up the possibility of a rally to $0.000014. This could indicate that the pair has reached its bottom.

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-6-15-btc-eth-bnb-ada-xrp-sol-doge-dot-leo-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.