Bitcoin (BTC) is currently trading within a wide range, but there are positive signs as the bulls are keeping the price above $60,000 instead of waiting for a dip to $56,552. Spot Bitcoin exchange-traded funds (ETFs) have also seen net inflows in the past three days, according to Farside Investors data.
However, the failure to break out to a new high above $73,777 and the range-bound action over the past few months have led to a decrease in bullish sentiments on major social media platforms, as reported by Santiment data. This drop in trader euphoria could indicate a market bottom, according to the crypto analytics firm.
In addition to Bitcoin, some analysts are becoming more positive on Ether. Bitwise chief investment officer Matt Hougan believes that spot Ether ETFs could attract $15 billion in net inflows within 18 months of their launch.
Now, let’s analyze the charts of the top 10 cryptocurrencies to see how Bitcoin’s recovery and the behavior of altcoins are expected to unfold.
Bitcoin Price Analysis
Buyers are facing resistance in pushing Bitcoin above $62,500 in the short term. However, the fact that they haven’t allowed the price to dip below $60,000 and sustain it is a positive sign.
If buyers manage to break above $62,500, the BTC/USDT pair will attempt a rally to $64,602, which is a crucial resistance. A successful break above this level could pave the way for a rise to $70,000.
On the downside, a break and close below $60,000 would signal that the bears are in control. The pair may then drop to the pivotal support at $56,552, where buyers are expected to step in. However, a break below this level could result in a further decline to $50,000.
Ether Price Analysis
Ether’s relief rally is facing selling pressure at the moving averages, indicating bearish activity at higher levels.
If the price continues to decline from the current level, it suggests that sentiment remains negative and traders are selling during relief rallies. The bears will aim to push the price below $3,200 and challenge the critical support at $3,000.
On the other hand, if the price rises above the moving averages, it suggests the start of a rally to $3,730. If the ETH/USDT pair turns down from this level but finds support at the 20-day EMA, it improves the chances of a break above the overhead resistance.
BNB Price Analysis
Buyers are attempting to defend the $560 support level, but BNB’s recovery is facing resistance at the 20-day EMA.
If the price turns down and breaks below $560, it would indicate the start of the next leg of the down move to $536. The bulls will try to halt the decline at this level, but a breakdown could lead to a plunge to $495.
To prevent the decline, bulls need to push the price above the moving averages, clearing the path for a possible move to $635. A break and close above this level would put the bulls in control.
Solana Price Analysis
Solana turned up sharply above the 20-day EMA on June 27, but higher levels are attracting strong selling by the bears.
The flattening 20-day EMA and the RSI just below the midpoint suggest a balance between buyers and sellers. If buyers can sustain the price above the 50-day SMA, it could open the doors for a possible rally to $175 and $189.
However, if the price sinks below the 20-day EMA, the bears will have the advantage, and the SOL/USDT pair may descend to the solid support at $116.
XRP Price Analysis
The bears have been attempting to push XRP below the $0.46 support, but the bulls have managed to hold their ground.
However, the failure to push the price above the moving averages increases the risk of a breakdown. If the $0.46 support level is breached, the XRP/USDT pair is likely to slide down to the critical support at $0.41.
Alternatively, if the price turns up from the current level and breaks above the moving averages, it suggests an attempt to rally to the overhead resistance at $0.57.
Dogecoin Price Analysis
Dogecoin has been trading within a tight range between $0.12 and $0.13, indicating that the bulls are defending the support but failing to initiate a rebound.
The downsloping 20-day EMA and the negative RSI suggest that the bears have the upper hand. If the price sustains below $0.12, the DOGE/USDT pair may drop to $0.10.
However, if the price turns up and rises above the 20-day EMA, it signals a possible recovery to the 50-day SMA. The pair may then remain within the range between $0.12 and $0.18 for a few more days.
Toncoin Price Analysis
Toncoin broke above the $7.67 resistance on June 27 but is struggling to sustain the breakout.
If the price turns lower and breaks below the 20-day EMA, it suggests that bears are selling on rallies. The TON/USDT pair may then drop to the 50-day SMA, and a break below $6.60 could complete a bearish head-and-shoulders pattern, resulting in a further decline.
On the other hand, if the price turns up from the 20-day EMA and rises above $7.87, it suggests that the bulls remain in control. The pair may then climb to $8.29 and potentially reach $10.
Cardano Price Analysis
Cardano has been range-bound between $0.40 and $0.35, indicating a balance between supply and demand.
If the price turns down from the current level, it suggests that the ADA/USDT pair may continue to trade within the range. The first sign of strength would be a break and close above $0.40, with a potential move to the 50-day SMA. However, the bears are expected to mount a strong defense at this level.
On the downside, a break and close below $0.35 would tilt the advantage in favor of the bears, potentially leading to a slump to $0.28.
Avalanche Price Analysis
Avalanche turned up from $23.51 on June 24 and reached the breakdown level of $29 on June 28.
The flattening 20-day EMA and the rising RSI suggest a reduction in selling pressure. If buyers can maintain the price above $29, it will indicate a rejection of the breakdown and could lead to a rally to the 50-day SMA.
However, if the price turns down sharply from $29, it suggests that the bears are trying to turn the level into resistance. The pair may then retest the support at $23.51.
Shiba Inu Price Analysis
Shiba Inu has been trading in a tight range between $0.000016 and $0.000018, suggesting a balance between buyers and sellers.
The downsloping 20-day EMA and the RSI near the oversold territory indicate a downside bias. If the $0.000016 level is breached, the SHIB/USDT pair may drop to $0.000014 and potentially $0.000010.
However, if the range resolves to the upside, the pair may reach the breakdown level of $0.000020, and a break above this resistance could signal a recovery to the 50-day SMA.
Disclaimer: This article is for informational purposes only and should not be taken as investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research before making a decision.