BTC, ETH, BNB, XRP, ADA, SOL, DOGE, DOT, AVAX, SHIB

BTC, ETH, BNB, XRP, ADA, SOL, DOGE, DOT, AVAX, SHIB

After nine successive weeks of red weekly candles, Bitcoin (BTC) printed a green weekly candle on June 5. Prior to this week, the buyers kept their momentum going with a strong weekly open that propelled BTC price to $31,800.

Going forward, traders could keep an eye on May’s Consumer Price Index (CPI) data, which is due on June 10. Depending on the numbers, this could keep volatility elevated as investors digest the report and speculate on the next possible one. movement of the United States Federal Reserve.

Daily performance of the cryptocurrency market. Font: Coin360

Analysts are divided on Bitcoin’s next directional move. While some believe the bottom has been reached, others anticipate another decline. For analyst Bob Loukas, the price action in the summer could remain uninteresting and he expects the new cycle to start at the end of the year.

Could the bulls hold higher levels or will the bears sell aggressively and drive the price down? Let’s study the charts of the top 10 cryptocurrencies to find out.

BTC/USDT

After two small range days on June 4-5, the range expanded on June 6 and Bitcoin spiked above the 20-day exponential moving average (E) ($30,510). Bulls are trying to push the price to the overhead resistance at $32.659.

BTC, ETH, BNB, XRP, ADA, SOL, DOGE, DOT, AVAX, SHIB
Daily chart of the BTC/USDT pair. Source: TradingView

The price action of the past few days has formed an ascending triangle pattern, which will complete on a breakout and close above $32.659. If that happens, the BTC/USDT pair could start a new move higher. The pattern target of the triangle breakout is $38.618.

The 20-day EMA has flattened out and the RSI is close to the midpoint, which suggests that the selling pressure is reducing.

This positive view could be invalidated if the price turns down sharply and falls below the trend line of the triangle. Afterwards, the pair could drop to the strong support of $28,630, where the bulls can try to stop the decline. A break and close below this support could tip the advantage in favor of the bears.

ETH/USDT

Ether (ETH) bounced off $1,737 on June 3, which indicates that the bulls are attempting to defend the crucial support at $1,700. The buyers are attempting to push the price above the overhead resistance at the 20-day EMA ($ 1930) on June 6.

BTC, ETH, BNB, XRP, ADA, SOL, DOGE, DOT, AVAX, SHIB
Daily chart of the ETH/USDT pair. Source: TradingView

If they are successful, the ETH/USDT pair could pick up momentum and rally to $2,016. Above this level, the pair could reach the strong overhead resistance at $2,159. The bears are likely to defend this level aggressively. If the price turns below this resistance, the pair could consolidate between $2,159 and $1,700 for a few more days.

The long wick on the June 6 candle suggests that the bears continue to defend the 20-day EMA. This indicates that sentiment remains negative and traders are selling on rallies. The bears will now try to push the pair below $1,700 and resume the downtrend.

BNB/USDT

BNB has formed a symmetrical triangle pattern, indicating indecision between the bulls and the bears. The bulls are trying to push the price above the resistance line, but the bears are unwilling to give ground.

BTC, ETH, BNB, XRP, ADA, SOL, DOGE, DOT, AVAX, SHIB
BNB/USDT daily chart. Source: TradingView

If the price turns down from the overhead resistance, the bears will once again try to pull the BNB/USDT pair below the support line. If they manage to do that, the pair could drop to $265 where a buy may emerge.

Alternatively, if the bulls push and hold the price above the resistance line, it will suggest that the sellers are losing control. The pair could rally to the breakout level of $350. This is an important level to watch out for because a breakout and close above it could signal that the downtrend may be over.

XRP/USDT

Ripple (XRP) has been trading inside a bearish descending triangle pattern. The bulls are trying to push the price above the downtrend line, but the bears pose a strong challenge, as seen from the long wick of the day candle.

BTC, ETH, BNB, XRP, ADA, SOL, DOGE, DOT, AVAX, SHIB
Daily chart of the XRP/USDT pair. Source: TradingView

If the bulls push the price above the downtrend line, it will nullify the bearish pattern. That could cause a short squeeze, pushing the XRP/USDT pair to $0.46 and then to the psychological level of $0.50.

Conversely, if the price turns below the downtrend line, the pair could drop to the $0.38 support. If the bears pull the price back below $0.38, the descending triangle pattern will complete. The pair could then drop to the important support at $0.33. A breakout and close below this support could resume the downtrend.

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ADA/USDT

Cardano (ADA) has been sustaining above the 20-day EMA ($0.56) for the past few days, which suggests accumulation by the bulls. Buying increased on June 6, and the bulls are trying to push the price above the 50-day SMA ($0.66).

BTC, ETH, BNB, XRP, ADA, SOL, DOGE, DOT, AVAX, SHIB
Daily chart of the ADA/USDT pair. Source: TradingView

If they are successful, the ADA/USDT pair could rally to the breakout level of $0.74. This level can again act as a major hurdle, but if the bulls break through it, the rally could gain momentum. The pair could rally to $0.90.

The 20-day EMA has flattened out and the RSI is just above the midpoint, which suggests a slight upside for the buyers.

This bullish view could be invalidated in the short term if the price turns down and breaks below the 20-day EMA. If that happens, the pair could gradually slide towards the strong support at $0.44.

SOL/USDT

Solana (SOL) broke below the critical support of $37 on June 4, but a minor positive is that the bulls bought at lower levels. This may have caught the aggressive bears by surprise, resulting in a strong rally as seen in the long tail of the day’s candlestick.

BTC, ETH, BNB, XRP, ADA, SOL, DOGE, DOT, AVAX, SHIB
SOL/USDT daily chart. Source: TradingView

The RSI has formed a positive divergence, indicating that the bearish momentum may be winding down. The bulls are attempting to push the price above the 20-day EMA ($46). If they are successful, the SOL/USDT pair could rally to $55 and then $60.

Conversely, if the price turns down from the 20-day EMA, it will suggest that the trend remains negative and the bears are selling on the rallies. Afterwards, the bears will make one more attempt to resume the downtrend by pulling the pair back below $35.

DOGE/USDT

Dogecoin (DOGE) is stuck between the 20-day EMA ($0.08) and $0.08 for the past few days, but this tight range trading is unlikely to continue for long.

BTC, ETH, BNB, XRP, ADA, SOL, DOGE, DOT, AVAX, SHIB
DOGE/USD daily chart. Source: TradingView

If the buyers push the price above the 20-day EMA, the DOGE/USDT pair could rally towards the psychological resistance at $0.10. This level can again act as a hurdle, but if the bulls break through it, the pair could rally to $0.12.

Contrary to this assumption, if the price turns down from the 20-day EMA, it will suggest that the bears continue to sell on minor rallies. If the bears sink the price below $0.08, the pair could drop to $0.07. A break and close below this support will suggest a resumption of the downtrend.

DOT/USDT

Polkadot (DOT) has formed a symmetrical triangle, which normally acts as a continuation pattern. The buyers are attempting to push the price above the 20-day EMA ($10) and challenge the resistance line of the triangle.

BTC, ETH, BNB, XRP, ADA, SOL, DOGE, DOT, AVAX, SHIB
Daily chart of the DOT/USDT pair. Source: TradingView

A breakout and close above the triangle will be the first indication of a possible trend reversal. The DOT/USDT pair could rally to $12 and then attempt a rally to the breakout level of $14. The bears are likely to defend this level aggressively.

Alternatively, if the price turns down from overhead resistance and breaks below the triangle, it will suggest that the bears are in control. The pair could then drop to $8 and then retest the May 12 intraday low of $7.30.

AVAX/USDT

Avalanche (AVAX) bounced off $22.14 on June 4, which indicates that the bulls are vigorously defending the $21.35 support. The buyers have pushed the price above the downtrend line and are trying to overcome the general hurdle at the 20-day EMA ($28).

BTC, ETH, BNB, XRP, ADA, SOL, DOGE, DOT, AVAX, SHIB
AVAX/USDT daily chart. Source: TradingView

If they manage to do that, the AVAX/USDT pair could pick up momentum and start its journey north towards $33 and then $37. Such a move will suggest that the bulls are back in the game.

Contrary to this assumption, if the price turns down from the 20-day EMA, it will suggest that the bears remain active at higher levels. Afterwards, the pair could slide towards $21.35. A break and close below this support could start the next leg of the downtrend.

SHIB/USDT

The buyers have successfully defended the $0.000010 support for the past few days, but have been unable to push Shiba Inu (SHIB) above the 20-day EMA ($0.000012). This suggests that buying is exhausted at higher levels.

BTC, ETH, BNB, XRP, ADA, SOL, DOGE, DOT, AVAX, SHIB
SHIB/USD daily chart. Source: TradingView

The tight trading range between $0.000010 and the 20-day EMA is unlikely to continue for long. If the bears sink the price below $0.000010, the SHIB/USDT pair could retest the intraday low of May 12 at $0.000009. A breakout and close below this level could signal a resumption of the downtrend.

Alternatively, if the buyers push the price above the 20-day EMA, the pair could rally to the overhead resistance at $0.000014. The bears are expected to mount a strong defense at this level.

The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph.com. Every investment and trading move involves risk, you should do your own research when making a decision.

Market data is provided by the exchange HitBTC .