Price analysis: BTC, ETH, BNB, XRP, ADA
June 30, 2022 1:31 PM
Bitcoin and other major altcoins has suffered from this weeks market downturn after last week’s relief rally. The Bitcoin (BTC) dip below $20,000 on June 29, suggests bears are still in control and could push the market further down.
Mark Cuban while he was speaking on the Bankless podcast on June 23, the billionaire said that the crypto bear market could end after the price gets so cheap that every investor will go and start buying or blockchain companies start create better utility dapps or sustainable ecosystem that would attract new users and retain them as well.
According to several analysts, Bitcoin is to continue falling and eventually bottom out around $10,000. Nonetheless, John Bollinger, the creator of the popular Bollinger Bands trading indicator thinks Bitcoin (BTC) monthly charts suggest that it has reached the price to call a bottom.
Bears are in control and if the selling pressure is maintained prices could go lower. lets take a look at the top 5 cryptocurrencies.
Bitcoin fell from $22,000 on June 26 and has gradually slipped to the immediate support at $19,207. This suggests that the bears remain in command and every little rally is being sold into.
BTC/USDT daily chart. Source: TradingView
If the price breaks below $19,000, the next crucial support region is at $17,622. This is an important level to watch out for because a break and close below it could start the next leg of the downtrend, sending the BTC/USDT pair down towards $15,000 level.
However, if the price rebounds off $19,507, it will suggest traders demands at a lower level. The buyers will then try to push the price above the 20-day EMA at ($22,394).
Ethereum (ETH) turned down from the 20-day EMA ($1,268) on June 26, suggesting that the sentiment remains negative and traders are rampantly selling.
ETH/USDT daily chart. Source: TradingView
The sellers will attempt to pull the price below the support level at $1,050. If the bears succeed, that will further prove their control of the ETH/USDT pair and could pushed the price to the June 18 intraday low of $881 again.
A break below this support level could signal the resumption of the downtrend for Ether (ETH). The next support is at $681 an approximately 35.1% down from its current price at the time of writing.
The bulls have failed to push and sustain BNB price above the 20-day EMA ($238) between June 24 to 28. which has pulled the price to a support level just above $200 mark.
BNB/USDT daily chart. Source: TradingView
This suggests that the bears have more control of the BNB/USDT pair. If the price slides below $205, the BNB/USDT pair could drop to the critical support of $183. If this support is lost, BNB could resume its downtrend and slides down toward $150 level.
Ripple (XRP) has continue to experience aggressive selling at every high levelas it slipped below the breakout level of $0.35 on June 28, which suggests that bears are still in total control.
XRP/USDT daily chart. Source: TradingView
The sellers will attempt to pull the price to the vital support at $0.28, giving the bears a slight edge. This is an important level to keep an eye on because if it gives way, XRP/USDT pair could start sliding down.
However, if XRP price turns up from the current level or $0.28, it will suggest that bulls are buying at lower levels. That could keep it in accumulation phase between $0.28 and $0.38 level.
The bulls have seen various attempts to drive the price of Cardano (ADA) towards the $0.50 level thwarted by the bears, which could suggest that the bears are willing to defend that level.
ADA/USDT daily chart. Source: TradingView
The ADA/USDT pair price could drop to the strong support zone at $0.40. If the price rebounds off this zone with volume, it will suggest that bulls are accumulating. The buyers will then make another push and try to drive the price above the moving averages. If successful, the price could start an upward movement towards $0.69 level.
Nevertheless, the bears are not out of the battle just yet and will try to sink the price below $0.40. if successful, the ADA/USDT pair could resume a downtrend and the next support level is at $0.31.