Bitcoin (BTC) remains stuck in a large range, but the bulls are trying to maintain the price above $60,000. This is a positive sign as it shows the bulls are not waiting for the price to dip to $56,552 before buying. According to Farside Investors data, the spot Bitcoin exchange-traded funds (ETFs) seem to have turned the corner as they attracted net inflows in the past three days.
However, the range-bound action of the past few months and the failure to break out to a new high above $73,777 has resulted in a drop in bullish sentiments across major social media platforms over the past few weeks, per Santiment data. The drop in trader euphoria could be signaling a market bottom, added the crypto analytics firm.
Along with Bitcoin, select analysts are turning positive on Ether. Bitwise chief investment officer Matt Hougan said in a post on X that spot Ether ETFs could attract $15 billion in net inflows within 18 months of their launch.
Will Bitcoin start a recovery to $64,602, or could bears yank the price to $56,552? How are the altcoins expected to behave? Let’s analyze the charts of the top 10 cryptocurrencies to find out.
Bitcoin price analysis
Buyers are finding it difficult to push Bitcoin above $62,500 in the near term, but a positive sign is that they have not allowed the price to dip and sustain below $60,000.
If buyers kick the price above $62,500, the BTC/USDT pair will attempt a rally to $64,602. This is a crucial resistance for the bears to defend because a break above it will clear the path for a rise to $70,000.
On the downside, a break and close below $60,000 will signal that the bears are in control. The pair may collapse to the pivotal support at $56,552, where buyers are expected to step in because a break below it may sink the pair to $50,000.
Ether price analysis
Ether’s (ETH) relief rally is facing selling at the moving averages, indicating that the bears are active at higher levels.
If the price continues lower from the current level, it will suggest that the sentiment remains negative and traders are selling on relief rallies. The bears will try to pull the price below $3,200 and challenge the critical support at $3,000.
Contrary to this assumption, if the price rises above the moving averages, it will suggest the start of a rally to $3,730. If the ETH/USDT pair turns down from $3,730 but finds support at the 20-day EMA, it will improve the prospects of a break above the overhead resistance.
BNB price analysis
Buyers are trying to defend the $560 support, but BNB’s (BNB) recovery is facing selling at the 20-day EMA ($594).
If the price turns down and breaks below $560, it will signal the start of the next leg of the down move to $536. The bulls will try to arrest the decline at this level, but if the bears prevail, the BNB/USDT pair may plunge to $495.
If bulls want to prevent the decline, they will have to propel the price above the moving averages. That will clear the path for a possible move to $635. A break and close above this level will put the bulls in the driver’s seat.
Solana price analysis
Solana (SOL) turned up sharply above the 20-day EMA ($143) on June 27, but the higher levels are attracting solid selling by the bears.
The flattening 20-day EMA and the RSI just below the midpoint suggest a balance between buyers and sellers. The advantage will tilt in favor of the bulls if they push and sustain the price above the 50-day SMA ($156). That could open the doors for a possible rally to $175, and after that, to $189.
The bears will have the edge if they sink and maintain the price below the 20-day EMA. The SOL/USDT pair may then descend to the solid support at $116. Buyers are expected to vigorously defend the level.
XRP price analysis
The bears have been trying to sink XRP (XRP) below the $0.46 support for the past few days, but the bulls have held their ground.
However, the failure to push the price above the moving averages increases the risk of a breakdown. If the $0.46 support gives way, 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 will suggest that the pair will attempt a rally to the overhead resistance of the range at $0.57.
Dogecoin price analysis
Dogecoin (DOGE) has been stuck between $0.12 and $0.13 for the past few days, indicating that the bulls have successfully defended the support but failed to start a rebound.
The downsloping 20-day EMA ($0.13) and the RSI in the negative territory indicate that the bears have the upper hand. Sellers will try to yank and sustain the price below $0.12. If they do that, the DOGE/USDT pair may drop to $0.10.
This negative view will be invalidated in the near term if the price turns up from the current level and rises above the 20-day EMA. That will signal the start of a possible recovery to the 50-day SMA ($14). The pair may then remain inside the large range between $0.12 and $0.18 for a few more days.
Toncoin price analysis
Buyers pushed Toncoin (TON) above the $7.67 resistance on June 27 but are struggling to sustain the breakout.
If the price turns lower and breaks below the 20-day EMA ($7.39), it will suggest that the bears are selling on rallies. The TON/USDT pair may then drop to the 50-day SMA ($7). A break and close below $6.60 will complete a bearish head-and-shoulders pattern. The pair may then tumble to $6 and later to $5.50.
Contrarily, if the price turns up from the 20-day EMA and rises above $7.87, it will suggest that the bulls remain in command. The pair could then climb to $8.29. If this level is scaled, the rally could reach $10.
Cardano price analysis
Cardano (ADA) has been range-bound between $0.40 and $0.35 for the past few days, indicating a balance between supply and demand.
If the price turns down from the current level, it will suggest that the ADA/USDT pair may extend its stay inside the range for some more time. The first sign of strength will be a break and close above $0.40. The pair may then move up to the 50-day SMA ($0.43), where the bears are again expected to mount a strong defense.
On the downside, a break and close below $0.35 will tilt the advantage in favor of the bears. The pair may then slump to $0.28.
Avalanche price analysis
Avalanche (AVAX) turned up from $23.51 on June 24 and reached the breakdown level of $29 on June 28.
The 20-day EMA ($28.63) is flattening out, and the RSI is rising toward the midpoint, indicating that the selling pressure is reducing. If buyers drive and maintain the price above $29, it will signal that the markets have rejected the breakdown. The AVAX/USDT pair may rally to the 50-day SMA ($33.01).
Instead, if the price turns down sharply from $29, it will suggest that the bears are trying to flip the level into resistance. The pair may then retest the solid support at $23.51.
Shiba Inu price analysis
Shiba Inu (SHIB) has been trading in a tight range between $0.000016 and $0.000018 for the past few days, suggesting equilibrium between buyers and sellers.
The downsloping 20-day EMA ($0.000019) and the RSI near the oversold territory suggest that the path of least resistance is to the downside. If the $0.000016 level cracks, the SHIB/USDT pair may sink to $0.000014 and subsequently to $0.000010.
On the contrary, if the range resolves to the upside, the pair may reach the breakdown level of $0.000020. If bulls drive the price above this resistance, it will suggest the start of a robust recovery to the 50-day SMA ($0.000022).