Price analysis 6/21: BTC, ETH, BNB, XRP, ADA, DOGE, SOL, MATIC, LTC, DOT

2 years ago

BlackRock’s exertion for a spot Bitcoin (BTC) exchange-traded money (ETF) has encouraged different fiscal firms to travel suit. First, it was the New York-based plus absorption money WisdomTree which made a caller filing connected June 21 for a Bitcoin ETF. This was past followed by concern manager Invesco, which reactivated its exertion for a spot ETF.

These announcements boosted capitalist sentiment, resulting successful a abbreviated compression and further buying involvement from traders who whitethorn person been waiting connected the sidelines. The slew of events implicit the past fewer days has accrued buying involvement successful Bitcoin, which sent its market dominance to supra 50% connected June 19.

The short-term traders who are expecting a speedy rally to the all-time highs whitethorn beryllium successful for a shock. In the latest variation of its play newsletter, “The Week On-Chain,” analytics steadfast Glassnode warned investors that their patience could beryllium tested for different 8-18 months earlier the marketplace hits a caller all-time high.

Will Bitcoin’s rally proceed to emergence for a fewer much days oregon is it clip to publication profits? Let’s survey the charts of the top-10 cryptocurrencies to find out.

Bitcoin terms analysis

Bitcoin broke and closed supra the 20-day exponential moving mean ($26,934) connected June 17. The bears tried to descend the terms backmost beneath the level connected June 18 but the bulls held their ground.

That attracted assertive buying connected June 19, which picked up further momentum connected June 20. That catapulted the terms supra the absorption enactment of the descending transmission pattern, signaling a short-term inclination change. This determination whitethorn person deed the stops of respective short-term bears, resulting successful a abbreviated squeeze. That sent the terms skyrocketing to $30,800 connected June 21.

The bears are improbable to springiness up easily. They volition effort to halt the rally astatine $31,000 but if the bulls bash not springiness up overmuch crushed from the existent level, it volition heighten the prospects of a rally supra the overhead resistance. If that happens, the BTC/USDT brace whitethorn surge to $32,400. The bears are expected to support this level with each their mightiness due to the fact that if they neglect to bash that, the brace whitethorn surge to $40,000.

If bears privation to trap the bulls, they volition person to yank the terms backmost beneath the moving averages. That could effect successful a agelong liquidation and endanger the $25,250 support.

Ether terms analysis

Ether (ETH) turned up from the beardown enactment of $1,700 connected June 19, signaling beardown buying astatine this level.

The bulls continued their acquisition and pushed the terms supra the 20-day EMA ($1,781) connected June 20. This was the archetypal motion that the bears were losing their grip. The bullish momentum picked up further connected June 21 and sent the ETH/USDT brace supra the downtrend line. The brace is expected to rally to the intelligence absorption astatine $2,000.

Contrarily, if the terms reverses absorption from the existent level and slips beneath the 20-day EMA, it volition suggest that bears stay successful control. The brace could past dip to $1,700.

BNB terms analysis

The wick connected BNB’s (BNB) June 21 candlestick shows that the bears are selling the alleviation rallies to the 20-day EMA ($257).

The downsloping moving averages and the comparative spot scale (RSI) successful the antagonistic territory bespeak that bears person an edge. If the terms turns down from the existent level, the BNB/USDT brace whitethorn descent to $230 and aboriginal retest the captious enactment astatine $220.

On the contrary, if bulls flooded the obstacle astatine the 20-day EMA, it volition suggest coagulated request astatine little levels. The brace could past effort a rally to the 61.8% Fibonacci retracement level of $272 and subsequently to the 50-day elemental moving mean ($290).

XRP terms analysis

XRP (XRP) turned down sharply from the 20-day EMA ($0.49) connected June 20 and slipped beneath the 50-day SMA ($0.47) but the agelong process connected the candlestick shows assertive buying astatine little levels.

The 20-day EMA has flattened retired and the RSI is conscionable supra the midpoint, indicating a equilibrium betwixt proviso and demand. If bulls prolong the terms supra the 20-day EMA, it could unfastened the doors for a imaginable rally to the overhead absorption astatine $0.56. This level whitethorn again enactment arsenic a beardown barrier.

The 50-day SMA remains the cardinal enactment to ticker retired for connected the downside. If this level is breached, the vantage volition tilt successful favour of the bears. The XRP/USDT brace could past plummet to $0.41.

Cardano terms analysis

The agelong process connected Cardano’s (ADA) June 20 candlestick shows that the bulls are trying to defender the portion betwixt $0.25 and $0.24.

The ADA/USDT brace could scope the $0.30 level, which is apt to behave arsenic a formidable resistance. If the terms turns down sharply from this level, the brace whitethorn consolidate betwixt $0.30 and $0.24 for a while.

Contrary to this assumption, if bulls footwear the terms supra $0.30, it volition suggest the commencement of a sustained betterment to the 50-day SMA ($0.34). The enactment connected the downside is astatine $0.25 and past astatine $0.22.

Dogecoin terms analysis

Dogecoin (DOGE) bounced disconnected the beardown enactment astatine $0.06 connected June 20, indicating that the bulls are fiercely defending this level.

The DOGE/USDT brace has risen supra the 20-day EMA ($0.06), suggesting that the bears whitethorn beryllium losing their grip. The brace whitethorn adjacent rally to $0.07. If the terms turns down sharply from this level, it volition awesome that the brace whitethorn enactment range-bound betwixt $0.06 and $0.07 for immoderate much time.

Buyers volition person to wide the hurdle astatine $0.07 to bespeak strength. The brace whitethorn past ascent to $0.08 wherever the bears whitethorn again equine a beardown defense. On the downside, a tumble beneath $0.06 volition bespeak vantage to bears.

Solana terms analysis

Solana (SOL) roseate supra the contiguous absorption of $16.18 connected June 20 and reached the 20-day EMA ($17.04) connected June 21.

If the terms turns down from the existent level and slips beneath $16.18, it volition suggest that bears are progressive astatine higher levels. The SOL/USDT brace whitethorn past again retest the captious enactment portion betwixt $15.28 and $14.06.

Alternatively, if bulls thrust the terms supra the 20-day EMA, it volition suggest that the interruption beneath $15.28 whitethorn person been a carnivore trap. That could origin a abbreviated squeeze, propelling the brace to the 50-day SMA ($19.34).

Polygon terms analysis

Polygon (MATIC) is gradually rising toward the breakdown level of $0.69. The 20-day EMA ($0.69) is besides placed astatine this level, hence the bears are expected to support this absorption with vigor.

The downsloping moving averages and the RSI successful the antagonistic territory bespeak a insignificant vantage to the bears. If the terms turns down from $0.69, the MATIC/USDT brace could stay stuck betwixt $0.69 and $0.50 for a fewer days.

The archetypal motion of spot volition beryllium a interruption and adjacent supra the 20-day EMA. Such a determination volition suggest beardown buying astatine little levels. The brace whitethorn past emergence to the 50-day SMA ($0.82). The important enactment to ticker for connected the downside is $0.50.

Litecoin terms analysis

Litecoin (LTC) rebounded sharply disconnected the beardown enactment astatine $75 connected June 20, indicating that the bulls are aggressively buying the dips to this level.

The buying continued connected June 21 and the bulls propelled the terms supra the 20-day EMA ($81), signaling a comeback. There is simply a insignificant absorption astatine the 50-day SMA ($85) but it is apt to beryllium crossed. The LTC/USDT brace whitethorn archetypal deed $92 and past $98.

Time is moving retired for the bears. If they privation to reestablish control, they volition person to rapidly tug the terms backmost beneath the $75 to $71 enactment zone. Until that happens, the bulls are apt to presumption the dips arsenic a buying opportunity.

Polkadot terms analysis

The bears tried to propulsion Polkadot (DOT) toward the $4.22 enactment connected June 20 but the agelong process connected the day’s candlestick shows beardown buying astatine little levels.

Buyers person pushed the terms to the 20-day EMA ($4.76), which is apt to enactment arsenic a beardown resistance. If bulls thrust the terms supra the 20-day EMA, the DOT/USDT brace could scope the breakdown level of $5.15.

This level is again apt to airs a beardown situation to the bulls. If the terms turns down from this level, the brace whitethorn oscillate betwixt $5.15 and $4.22 for immoderate time. The bears volition person to yank the terms beneath $4.22 to commencement the adjacent limb of the downtrend.

This nonfiction does not incorporate concern proposal oregon recommendations. Every concern and trading determination involves risk, and readers should behaviour their ain probe erstwhile making a decision.

This nonfiction is for wide accusation purposes and is not intended to beryllium and should not beryllium taken arsenic ineligible oregon concern advice. The views, thoughts, and opinions expressed present are the author’s unsocial and bash not needfully bespeak oregon correspond the views and opinions of Cointelegraph.

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