Price analysis 6/8: BTC, ETH, BNB, ADA, XRP, SOL, DOGE, DOT, AVAX, SHIB

According to Whalemap, Bitcoin (BTC), continues to trade in a range that coincides with local tops or bottoms. This is consistent with an increase in whale activity in the area.

Analysts are still unsure about the range-bound action in Bitcoin. Some expect consolidation to continue, while others see a lower level.

According to a Glassnode report, the total realized losses of long-term holders was more than 0.006% of market capitalization as of May 29. This compares to the 0.015% market capitalization peak reached during the 2018-2019 bear market.

Everyday cryptocurrency market performance. Source: Coin360

Investors may need to prepare for subdued prices for a longer time than the loss amount. Long-term investors are only experiencing a one-month loss, while previous losses lasted roughly for a year.

Is it possible that the trading activity in Bitcoin and other major altcoins is still sporadic? Let’s look at the charts for the top 10 cryptocurrencies to see what happens.

BTC/USDT

Bitcoin fell below the 20-day exponentially moving average (EMA) on June 7, but a positive sign was that bulls bought the dip to the trendline in the ascending triangle pattern. As seen in the candlestick’s long tail, this resulted a strong recovery. The ascending triangle pattern favors the buyers.

Daily chart of BTC/USDT Source: TradingView

The downside is that the bulls couldn’t build on the momentum from June 8. The bears took advantage of this opportunity and have pulled the price below the 20-day EMA. This indicates that bears are still selling in the area between the 20-day EMA (32,659).

The BTC/USDT pair may drop to $28,630 if bears lower the price below the trendline. This would allow for buying opportunities. This will mean that the pair could remain range-bound for a few days between $32,659 to $28,630.

A break above $32,659 and below $28,630 will likely be the next directional move. Volatility-bound action will continue until then.

ETH/USDT

The Ether (ETH), which was lower than the 20-day EMA ($1,908) June 6th, indicates that bulls are unwilling to give ground to bears. The sellers tried to lower the price below $1,700 on June 7, but the candlestick’s long tail shows that bulls are buying aggressively near this support.

Daily chart of ETH/USDT Source: TradingView

The current price oscillates between the $1,700 and downslope 20-day EMA. This could lead to a range expansion, which could set the stage in the next directional move.

The ETH/USDT pair could rise to $2,159 if buyers push the price higher than the 20-day EMA. At this level, the bears could again mount a strong defense. The price may drop to $2,159-$1,700 if the market is stable.

A break above $2159 is a sign that the pair has bottomed. However, a break below $1700 could indicate that the downtrend is resuming.

BNB/USDT

BNB fell below the support line after it crossed the resistance line for the symmetrical triangle on June 6. This indicates that bears are selling aggressively at higher levels.

Daily chart BNB/USDT TradingView

Although the bears pulled the price down below $286 as an immediate support on June 7, the candlestick’s long wick shows that there was strong buying at lower levels. Bulls are trying to push the price higher than the support line of June 8.

If they are able to do so, the BNB/USDT pairing could attempt to climb above the resistance line to trap aggressive bears. If the price falls below the current level, this will indicate that the bears have turned the support line into resistance. This could lead to a drop of as much as $265.

DA/USDT

Cardano’s (ADA), June 6 and 7, candlesticks show that bears are selling rallies below the 50-day simple movement average (SMA) ($0.65). The bulls prevailed despite bears trying to lower the price below the $20-day EMA ($0.58) June 7.

Daily chart ADA/USDT Source: TradingView

Buyers are trying to push the price higher than the 50-day SMA. The ADA/USDT pairing could rally to $0.74 if they succeed. This is an important level that bears must defend as a break or close above could signal a change in trend. The psychological level of $1 could be reached and the pair could rally.

Contrary to the assumption, if price falls below the 50-day SMA (or $0.74), the bears will try to pull the pair under the 20-day EMA to gain the upper hand.

XRP/USDT

Ripple (XRP), formed an outside-day candlestick on June 7. The price rebounded from $0.38 strong support and closed near the overhead resistance at downtrend line.

Daily chart of XRP/USDT Source: TradingView

But, buyers couldn’t capitalize on this move to push the price higher than the downtrend line of June 8. This means that bears will continue to sell at resistance levels. Bears will attempt to lower the price below $0.38.

If they succeed, the pair XRP/USDT will form a descending triangle. This could lead to a fall to $0.33, the intraday low on May 12. The pattern target of $0.30 could become the next stop if this support breaks down.

If bulls push the price higher than the 20-day EMA, this negative view may be discredited in the short-term. This could lead to a rally of the pair to $0.46

SOL/USDT

Solana’s attempt to restart a recovery was met with resistance at the $20 EMA ($45), suggesting that traders are still selling on rallies and the trend remains negative.

Daily chart of SOL/USDT Source: TradingView

The bears will attempt to push the price below the critical support zone of $37-35. The SOL/USDT pairing could resume its downward trend if they succeed. The pair could fall to $30.

Contrarily, if the price bounces off the support zone it will indicate that bulls are accumulating lower levels. The first sign that selling pressure is decreasing is a break above the 20 day EMA. The pair could rise to $50, and then to $60.

DOGE/USDT

Dogecoin (DOGE), once again declined from the 20-day EMA ($0.08) June 6, indicating that bears have been selling during rallies. The bulls bought the dip on June 7, which is a positive sign that they are buying at lower levels.

Daily chart of DOGE/USDT Source: TradingView

The DOGE/USDT currency pair has been trading in a narrow range between $0.07 and the 20-day EMA, which indicates uncertainty for both bulls and bears. Tight ranges usually resolve with an expansion, but it is hard to predict the direction.

Buyers who might be sitting on the sidelines and hoping to get in could buy the pair above the 20-day EMA. This would push it towards the psychological $0.10. The reverse could happen if the price falls below $0.07 and the pair might resume its downtrend.

Related: Ethereum double Doji’ pattern suggests a 50% ETH price rise by September

DOT/USDT

Polkadot (DOT), tried to surpass the 20-day EMA ($10) June 6, but the candlestick’s long wick shows that the bears are selling well.

Daily chart of DOT/USDT Source: TradingView

On June 7, the DOT/USDT pair fell below the support line, indicating that the symmetrical triangle was resolved in favor the sellers. The pair could drop to $8.50, where buyers will attempt to halt the decline.

If the price rises above the resistance triangle line, this negative view may be invalidated in the short-term. This would indicate that the bear trap was in place after the price broke below the support line. The pair could then reach the 50-day SMA ($12.35).

VAX/USDT

Avalanche (AVAX), which was bought to push it above the 20-day EMA ($28), on June 6, but the candlestick’s long wick shows that the bears are defending this level aggressively.

Daily chart of AVAX/USDT Source: TradingView

Although the price is being squeezed between the 20 day EMA and strong support at $21, this tight trading range is unlikely to last long.

Bulls driving the AVAX/USDT price pair above the 20 day EMA will signal the beginning of a recovery that could reach $37. A relief rally is also supported by the positive divergence in relative strength (RSI).

Alternativly, if the price falls below $21, and the range becomes wider to the downside, the pair could resume their downtrend and fall to $18.

SHIB/USDT

Although the bears attempted to sink Shiba Inu(SHIB), below $0.000010 on June 7, the strong support was held by the bulls. The level can be seen from the candlestick’s long tail.

Daily chart of SHIB/USDT TradingView

The greater chance of a price drop below $0.000010, the longer it trades below the 20 day EMA ($0.000012) The SHIB/USDT pairing could fall to $0.000009 if that happens. This is where bulls might attempt to halt the decline.

The bearish view must be dispelled by the bulls. They will need to push the price higher than the 20-day EMA in order to keep it there. The pair could rally to $0.000014 if they can do so. This is where the bears will likely mount a strong defense.

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-6-8-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.