Price analysis 6/27: BTC, ETH, BNB, XRP, ADA, SOL, DOGE, DOT, SHIB, AVAX

According to Glassnode, the current bear market in Bitcoin (BTC), is among the most severe. This was the first time that the Mayer Multiple fell below its previous low in history. The $4.23 trillion loss that Bitcoin suffered on June 18 when it fell below $20,000 was also the largest ever recorded by investors. Glassnode thinks that Bitcoin’s capitulation may have begun after considering the above and other events.

Bitcoin whales appear to have begun their buying, which suggests that the bottom may not be far away. On June 25, Analytics resource “Game of Trades”, highlighted that whales with 1,000 to 10,000 Bitcoin saw a sharp rise in demand.

Everyday cryptocurrency market performance. Source: Coin360

Glassnode comments also indicate that traders are buying. They show that the average 30-day change in supply on exchanges fell by 153 849 Bitcoin on June 26, making it the largest drop in price in history.

Are bulls likely to continue buying on dips in order to reach a higher level? Let’s look at the charts for the top 10 cryptocurrencies to see if we can find out.

BTC/USDT

Bitcoin fell from $22,000 June 26 to $22,000 on June 26, which indicates that sentiment is still negative and traders are selling at minor rallies. The bears will attempt to bring the price down to $20,000.

Daily chart of BTC/USDT Source: TradingView

If the price recovers below $20,000 it will indicate that bulls are buying dips. This could mean that the pair will remain between $20,000 to $22,000 for a few more days.

A break above the 20-day exponentially moving average (EMA), ($22,890) will signal strength. This could lead to a rally towards the Fibonacci 50% retracement level of $24,693.

The resistance level at this level could be resisted again, but bulls can overcome it and the BTC/USDT price could rally to the SMA ($27,150) 50-day simple moving Average (SMA). To indicate that the pair has bottomed, the bulls will need to push the price higher than this level.

ETH/USDT

The price of Ether (ETH), reached the 20-day EMA ($1,300), on June 26, but the bulls were unable to push it above the resistance. This indicates that the bears will not give up their advantage easily.

Daily chart of ETH/USDT Source: TradingView

The bears will attempt to lower the ETH/USDT pairing to $1,050 if the price falls below the current level. This level is important to monitor as a break below could indicate that bears have control.

The bulls will attempt to push the pair higher than the 20-day EMA if the price rises above $1,050 or the current level. The pair could rally to $1,700 if they succeed. If the resistance is broken and closes above it, this could signal the beginning of an uptrend.

BNB/USDT

Since June 24, BNB has held onto the 20-day EMA ($241) for most of the time. The bears may be defending the level, but the bulls anticipate a higher price.

Daily chart BNB/USDT TradingView

The BNB/USDT pair may rally to the $50 SMA ($277) if buyers push the price higher than the 20-day EMA. Although this level could be a stumbling block, if it is overcome, the pair may attempt to rally towards $350.

The pair could fall to $211 if the price drops from its current level. This level is important to watch because a rebound from it could indicate that bulls are trying to make a lower low. If the level breaks, the pair may retest $183 as support.

XRP/USDT

Ripple (XRP), which broke above the overhead resistance at $0.35, closed above it on June 24, but the bulls couldn’t clear the barrier at SMA 50 ($0.38). This indicates that the bears are aggressively defending the level.

Daily chart of XRP/USDT Source: TradingView

The bulls have not allowed prices to drop below the 20-day EMA ($0.35), which is a minor plus. This means that dips can be bought. The bulls will attempt to push the price higher than the 50-day SMA if the price recovers from the current level.

If they are able to pull it off it will indicate that the downtrend may be weakening. The XRP/USDT exchange rate could rise to $0.45.

Bears could pull the price below $0.35. The pair could then slide to $0.32, and then to $0.28.

DA/USDT

Cardano (ADA), which was above the 20-day EMA ($0.50), on June 26, was pushed by buyers. However, the candlestick’s long wick shows that bears are aggressively selling at higher levels.

Daily chart ADA/USDT Source: TradingView

The bulls are not giving up and trying to overcome the overhead hurdle at moving averages. This is a minor positive. The ADA/USDT pairing could reach $0.70 if they succeed. If not, the bears will likely continue to defend their position.

If the price drops sharply below this level, it could indicate that the pair will remain range-bound between $0.40 to $0.70 for some time.

If the price falls below $0.44, this positive outlook could be retracted. This could push the pair to $0.40.

SOL/USDT

Since June 24, Solana (SOL), has been stuck between moving averages. This indicates that bulls are buying dips to 20-day EMA ($38) while bears are selling rallies to the 50 day SMA ($43).

Daily chart of SOL/USDT Source: TradingView

The relative strength index (RSI), which is close to a bullish crossover, and the moving averages are at the midpoint suggest that bulls may be trying to make a comeback. The SOL/USDT pair may rise to $60 if buyers push the price higher than the 50-day SMA.

Although this level could act as a strong resistance, bulls can overcome it and the momentum will pick up. If the price falls below the 20-day EMA and the price goes down, it will indicate that the bears have overcome the bulls. This could lead to the pair sliding to $33.

DOGE/USDT

Dogecoin (DOGE), broke and closed above $0.07 on June 25 at the 20-day EMA ($0.07). On June 26, the buyers extended the recovery and drove the price up to the 50-day SMA ($0.08). However, the candlestick’s long wick suggests that bears are vigorously defending the level.

Daily chart of DOGE/USDT Source: TradingView

The buyers are trying again to push the price higher than the 50-day SMA. The DOT/USDT pairing could rise to $0.09 if they succeed. The resistance level at $0.09 could be a barrier again, but bulls can overcome it and momentum will pick up.

Alternately bears may continue to sell rallies if the price does not sustain above the 50 day SMA. The bears will attempt to bring the price below the 20 day EMA.

Related: The bullish reversal pattern could cause the Dogecoin price to rise 20% in July

DOT/USDT

Since June 24, the bears have been aggressively defending Polkadot’s 20-day EMA ($8.11) in Polkadot. However, this is a positive sign that bulls are not giving up any ground. A tight consolidation close to resistance often resolves to the upside.

Daily chart of DOT/USDT Source: TradingView

The DOT/USDT pairing could reach the 50-day SMA ($9.13) if buyers push the price higher than the 20-day EMA. Although this level could act as a barrier, the probability of a break beyond it is high. The pair could rally to $10.75 if that happens.

Contrary to popular belief, if the price falls below the 20-day EMA it will indicate that bears have been active at higher levels. The sellers will attempt to lower the price below $7.30, challenging the $6.36 support.

SHIB/USDT

The 50-day SMA of Shiba Inu ($0.000011) was broken on June 25, but the bulls couldn’t sustain the recovery. The bears were able to sell the price at $0.000012 on June 26, and they are now trying to bring it back down below the 50 day SMA.

Daily chart of SHIB/USDT TradingView

The 20-day EMA ($0.000010) is slowly rising and the RSI remains in positive territory. This indicates that buyers may have a slight advantage. The bulls will attempt to resume their up-move if the price rebounds below the current level or 20-day EMA.

The SHIB/USDT currency pair could rise to $0.000014 if the price rises beyond $0.000012. If the price falls below the 20-day EMA, this positive outlook could be retracted in the short term.

VAX/USDT

Since June 25, Avalanche’s (AVAX), has been in a tight range at the 20-day EMA ($20), and overhead resistance at $21.35. This indicates indecision between the bulls, and the bears.

Daily chart of AVAX/USDT Source: TradingView

The 20-day EMA is flattened and the RSI just below the midpoint. This suggests that there is an equilibrium between sellers and buyers. The AVAX/USDT price could rise to the $50 SMA ($25) if bulls push it above $21.35. Although this level is a small hurdle, if it is crossed, the pair could rise to $30.

If the price falls below the 20-day EMA and the current level of the 50-day SMA, this positive outlook could be invalidated. This could lead to a possible drop to $16.

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-6-27-btc-eth-bnb-xrp-ada-sol-doge-dot-shib-avax

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.