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Price analysis 6/8: BTC, ETH, BNB, ADA, XRP, SOL, DOGE, DOT, AVAX, SHIB

Bitcoin and altcoins are losing bullish momentum and persistent selling at overhead resistance suggests that the current consolidation is far from over.

Bitcoin (BTC) continues to trade in a range with the local tops and bottoms coinciding with increased whale activity in the region, according to on-chain analytics resource Whalemap.

The range-bound action in Bitcoin has kept the analysts guessing and a few expect the consolidation to continue for some more time, while others anticipate another leg lower.

A June 6 Glassnode report said that the aggregated realized losses from long-term holders reflected more than 0.006% of the market capitalization on May 29. This is in comparison to the peak of 0.015% of the market capitalization reached during the 2018 to 2019 bear market.

*Daily cryptocurrency market performance. Source:* *Coin360*

Along with the quantum of losses, investors may also have to be prepared for a longer duration of subdued prices. The duration of the current loss for long-term investors is only one month old, while the previous losses remained roughly for a year.

Could the lackluster trading action in Bitcoin and other major altcoins continue? Let’s study the charts of the top-10 cryptocurrencies to find out.

BTC/USDT

Bitcoin plunged below the 20-day exponential moving average (EMA) ($30,565) on June 7 but a positive sign is that the bulls aggressively purchased the dip to the trendline of the ascending triangle pattern. This resulted in a strong recovery as seen from the long tail on the day’s candlestick. The ascending triangle pattern remains intact favoring the buyers.

However, a minor negative is that the bulls could not build upon the momentum on June 8. This gave an opportunity to the bears who have again pulled the price back below the 20-day EMA. This suggests that bears continue to sell in the zone between the 20-day EMA and $32,659.

If bears sink the price below the trendline, the BTC/USDT pair could drop to $28,630 where buying may emerge. If that happens, it will suggest that the pair may remain range-bound between $32,659 and $28,630 for a few more days.

The next directional move is likely to begin on a break above $32,659 or below $28,630. Until then, volatile range-bound action is likely to continue.

ETH/USDT

Ether (ETH) turned down from the 20-day EMA ($1,908) on June 6, indicating that bears are not willing to cede ground to the bulls. The sellers then tried to sink the price below the critical support of $1,700 on June 7 but the long tail on the candlestick shows aggressive buying by the bulls near the support.

The price is currently coiling between the downsloping 20-day EMA and $1,700. This is likely to result in a range expansion that could set the stage for the next directional move.

If buyers drive the price above the 20-day EMA, the ETH/USDT pair could rally to $2,159. The bears may again mount a strong defense at this level. If the price turns down from it, the pair may spend some time inside the $2,159 to $1,700 range.

A break above $2,159 will be the first sign that the pair may have bottomed out while a break below $1,700 could signal the resumption of the downtrend.

BNB/USDT

BNB turned down from the resistance line of the symmetrical triangle pattern on June 6 and plunged below the support line. This suggests that the bears continue to sell aggressively at higher levels.

The bears pulled the price below the immediate support at $286 on June 7 but the long wick on the day’s candlestick shows strong buying at lower levels. The bulls are attempting to push the price back above the support line on June 8.

If they manage to do that, the BNB/USDT pair could try to rise above the resistance line and trap the aggressive bears. Conversely, if the price turns down from the current level, it will suggest that the bears have flipped the support line into resistance. That could increase the possibility of a drop to $265.

ADA/USDT

The long wick on Cardano’s (ADA) June 6 and 7 candlestick shows that bears are selling the rallies to the 50-day simple moving average (SMA) ($0.65). Although bears tried to pull the price below the 20-day EMA ($0.58) on June 7, the bulls held their ground.

The buyers are again attempting to push the price above the 50-day SMA. If they succeed, the ADA/USDT pair could rally to the breakdown level of $0.74. This is an important level for the bears to defend because a break and close above it could suggest a potential change in trend. The pair could then rally toward the psychological level of $1.

Contrary to this assumption, if the price turns down from the 50-day SMA or $0.74, the bears will attempt to pull the pair below the 20-day EMA and gain the upper hand.

XRP/USDT

Ripple (XRP) formed an outside-day candlestick pattern on June 7, with the price rebounding off the strong support at $0.38 and closing near the overhead resistance at the downtrend line.

However, buyers could not build upon this move and push the price above the downtrend line on June 8. This suggests that bears continue to sell near resistance levels. The bears will again attempt to sink the price below $0.38.

If they succeed, the XRP/USDT pair will complete a descending triangle pattern. That could result in a decline to the May 12 intraday low of $0.33. If this support cracks, the next stop could be the pattern target of $0.30.

This negative view could be invalidated in the short term if bulls propel the price above the 20-day EMA. The pair could then rally to $0.46.

SOL/USDT

Solana’s (SOL) attempt to start a recovery met with stiff resistance at the 20-day EMA ($45), which suggests that the trend remains negative and traders are selling on rallies.

The bears will try to pull the price below the crucial support zone between $37 and $35. If they manage to do that, the SOL/USDT pair could resume its downtrend. The pair could then decline to $30.

On the contrary, if the price rebounds off the support zone, it will suggest that bulls are accumulating at lower levels. A break above the 20-day EMA will be the first sign that the selling pressure may be reducing. The pair could then rise to $50 and later to $60.

DOGE/USDT

Dogecoin (DOGE) once again turned down from the 20-day EMA ($0.08) on June 6, indicating that bears are selling on rallies. A minor positive is that the bulls purchased the dip on June 7, indicating buying at lower levels.

The DOGE/USDT pair has been stuck in a tight range between the 20-day EMA and $0.07, indicating uncertainty among the bulls and the bears. Usually, tight ranges resolve with an expansion but it is difficult to predict the direction of the breakout.

If the price rises above the 20-day EMA, buyers who may be waiting on the sidelines could enter and push the pair toward the psychological level of $0.10. On the contrary, if the price slips below $0.07, the pair may resume the downtrend.

DOT/USDT

Polkadot (DOT) attempted to rise above the 20-day EMA ($10) on June 6 but the long wick on the day’s candlestick shows strong selling by the bears.

The DOT/USDT pair dipped below the support line on June 7, indicating that the symmetrical triangle resolved in favor of the sellers. The pair could next drop to the strong support at $8.50 where the buyers will try to stall the decline.

This negative view could invalidate in the short term if the price turns up from the current level and rises above the resistance line of the triangle. Such a move will suggest that the break below the support line may have been a bear trap. The pair could then rise to the 50-day SMA ($12.35).

AVAX/USDT

The buyers tried to push Avalanche (AVAX) above the 20-day EMA ($28) on June 6 but the long wick on the day’s candlestick shows that the bears are defending the level aggressively.

The price is getting squeezed between the 20-day EMA and the strong support at $21 but this tight range trading is unlikely to continue for long.

If bulls drive the AVAX/USDT pair above the 20-day EMA, it will suggest the start of a recovery that may reach $37. The positive divergence on the relative strength index (RSI) also supports a relief rally in the near term.

Alternatively, if the range expands to the downside and the price plummets below $21, the pair could resume its downtrend and drop to $18.

SHIB/USDT

The bears tried to sink Shiba Inu (SHIB) below the strong support of $0.000010 on June 7 but the bulls successfully defended the level as seen from the long tail on the day’s candlestick.

The longer the price trades below the 20-day EMA ($0.000012), the greater the possibility of a break below $0.000010. If that happens, the SHIB/USDT pair could drop to $0.000009 where the bulls may attempt to stall the decline.

To invalidate the bearish view, the bulls will have to push and sustain the price above the 20-day EMA. If they manage to do that, the pair could rally to $0.000014 where the bears are likely to mount a strong defense.

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

Market data is provided by HitBTC exchange.

BNB price risks 40% drop as SEC launches probe against Binance

Downside risks for BNB also come from a recent Reuter exposé that claims Binance laundered “at least $2.35 billion in illicit funds.”

Binance Coin (BNB) price dropped by nearly 7.3% on June 7 to below $275, its lowest level in three weeks.

What’s more, BNB price could drop by another 25%–40% in 2022 as its parent firm, Binance, faces allegations of breaking securities rules and laundering billions of dollars in illicit funds for criminals.

Bad news twice in a row

BNB was issued as a part of an initial coin offering (ICO) in 2017 that amassed $15 million for Binance.

The token mainly behaves as a utility asset within the Binance ecosystem, primarily enabling traders to earn discounts on their trading activities. Simultaneously, BNB also functions as a speculative financial asset, which has made it the fifth-largest cryptocurrency by market capitalization.

*BNB market capitalization was $45.42 billion as of June 7. Source: CoinMarketCap*

As a result, the U.S. Securities and Exchange Commission (SEC) is investigating whether the ICO of BNB tokens in 2017 was a sale of securities that should have been registered with the regulator, according to sources contacted by Bloomberg.

So, will all exchanges including binance delist $BNB like they did with $XRP?

— Crypto Mark ❄️ (@MarkCrypto8) June 6, 2022

This risks putting downward pressure on BNB’s price, which has already lost more than half of its value after peaking out in May 2021 at around $700.

BNB holds above May–July 2021 support

In addition to the bad news, BNB’s plunge also came as a part of a broader correction trend elsewhere in the crypto market, with top coins Bitcoin (BTC) and Ether (ETH) dipping by 7% and 7.25% on the same day.

$BNB aggressively shorted because of the FUD. pic.twitter.com/BzvGtPcK3d

— Byzantine General (@ByzGeneral) June 6, 2022

Now, BNB tests the 61.8 Fib retracement level (near $274) of the Fibonacci retracement graph sketched from its $10-swing low to $700-swing high. Interestingly, the same level was instrumental as support during the May–July 2021 session that preceded a 170% price rally.

But weak fundamentals, including the Federal Reserve’s hawkish policy, have raised BNB’s possibility of dropping below the 61.8 Fib line.

If this happens, then BNB’s next downside target could be its 200-week exponential moving average (200-week EMA; the blue wave) near $200, down about 25% from June 7’s price.

The BNB/USD pair’s weekly relative strength index (RSI), now at 34, also shows more room to drop until the reading hits 30, an oversold level that indicates buying sentiment.

*BNB/USD weekly price chart. Source: TradingView*

Meanwhile, a further drop below the 200-week EMA could have BNB eye the 0.786 Fib line near $160 as its support, down by 40% from June 7’s price.

Conversely, if BNB manages to hold strong above $274, it could rebound toward the area defined by its 0.5 Fib line around $355 and its 50-week EMA (the red wave) near $380, up over 20% from the current price 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 conduct your own research when making a decision.

Bad day for Binance with SEC investigation and Reuters exposé

The SEC is reportedly suspicious that the world’s biggest crypto exchange sold unlicensed securities in its ICO, and the news agency tallied up some old cases.

The United States Securities and Exchange Commission is investigating whether Binance Holdings broke securities rules when it launched its BNB token in an initial coin offering (ICO) five years ago, Bloomberg reported on Monday.

Binance is the world’s largest crypto exchange, and BNB is the fifth-largest cryptocurrency.

The BNB ICO took place in July 2017 on several platforms during the height of the so-called ICO boom, and the Binance exchange opened just days afterward. According to Bloomberg, citing unnamed people familiar with the matter, at least one U.S. resident claimed to have taken part in the ICO, which could be a crucial fact for an SEC case, if the agency chose to pursue one. The SEC has claimed most cryptocurrencies are securities and brought cases against a number of ICO projects.

Binance founder and CEO Changpeng Zhao, often known as “CZ,” said in a 2020 blog post that the wording of the BNB white paper was changed in January 2019 because “the potential for being misunderstood as a security is higher in certain regions.” Binance’s American arm, Binance.US, was created later that year.

Also on May 6, Reuters published a lengthy special report alleging that Binance processed at least $2.35 billion of transactions from hacks, investment frauds and narcotics sales between 2017 and 2021, and had weak Know Your Customer (KYC) and Anti-Money Laundering (AML) protections for those years.

Among other cases, Reuters mentions the hacking of Eterbase, with some of the proceeds being laundered through Binance by North Korean hacker group Lazarus, and Binance’s association with Russian-language drug mart Hydra.

A Binance spokesperson disputed Reuters’ findings, and the exchange told Forbes in a statement that the report is a “woefully misinformed op-ed that uses outdated information from 2019 and unverified personal attestations.”

Binance is already the object of several U.S. federal investigations, including another SEC probe. The U.S. Commodity Futures Trading Commission began an investigation of the exchange’s trading practices last year.

Binance Markets, its United Kingdom branch, was ordered by the Financial Conduct Authority to cease activities in that county after a review of its operations last year. Additionally, Binance was ordered to cease operations in Ontario last June, although it remained active in the Canadian province until March of this year.

Price analysis 6/6: BTC, ETH, BNB, XRP, ADA, SOL, DOGE, DOT, AVAX, SHIB

BTC and altcoins flashed green at the weekly open, but overhead resistance levels will continue to pose a challenge in the short-term.

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

Going forward, traders might keep a close eye on the Consumer Price Index (CPI) data for May, which is due on June 10. Depending on the figures, this could keep the volatility elevated as investors digest the report and speculate on the next possible move of the United States Federal Reserve.

Analysts are divided about the next directional move for Bitcoin. While some believe a bottom has been made, others anticipate another leg down. For analyst Bob Loukas, the price action in the summer could remain uninteresting and he expects the new cycle to begin late in the year.

Could bulls sustain higher levels or will bears sell aggressively and pull 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 and 5, the range expanded on June 6 and Bitcoin soared above the 20-day exponential moving average (E($30,510). The bulls are attempting to push the price to the overhead resistance at $32,659.

The price action of the past few days has formed an ascending triangle pattern, which will complete on a break and close above $32,659. If that happens, the BTC/USDT pair could start a new up-move. The pattern target of the breakout from the triangle is $38,618.

The 20-day EMA has flattened out and the relative strength index (RSI) is near the midpoint, suggesting that the selling pressure is reducing.

This positive view could invalidate if the price turns down sharply and plunges below the trendline of the triangle. The pair could then drop to the strong support at $28,630 where the bulls may try to arrest the decline. A break and close below this support could tilt the advantage in favor of the bears.

ETH/USDT

Ether (ETH) bounced off $1,737 on June 3, indicating that bulls are attempting to defend the crucial support of $1,700. The buyers are attempting to push the price above the overhead resistance at the 20-day EMA ($1,930) on June 6.

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

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

BNB/USDT

BNB has formed a symmetrical triangle pattern, indicating indecision among the bulls and the bears. The bulls are attempting to push the price above the resistance line but the bears are not willing to cede ground.

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

Alternatively, if bulls push and sustain the price above the resistance line, it will suggest that the sellers are losing their grip. The pair could then rally to the breakdown level of $350. This is an important level to keep an eye on because a break 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 attempting to push the price above the downtrend line but the bears are posing a strong challenge as seen from the long wick on the day’s candlestick.

If bulls propel the price above the downtrend line, it will negate the bearish pattern. That could cause a short squeeze, pushing the XRP/USDT pair to $0.46 and later to the psychological level at $0.50.

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

ADA/USDT

Cardano (ADA) had been sustaining above the 20-day EMA ($0.56) for the past few days suggesting accumulation by the bulls. Buying picked up on June 6 and the bulls are trying to push the price above the 50-day SMA ($0.66).

If they succeed, the ADA/USDT pair could rally to the breakdown level of $0.74. This level may again act as a major hurdle but if the bulls overcome it, the recovery could pick up momentum. The pair could then rally to $0.90.

The 20-day EMA has flattened out and the RSI is just above the midpoint, suggesting a slight edge to buyers.

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

SOL/USDT

Solana (SOL) plunged below the critical support of $37 on June 4 but a minor positive is that the bulls purchased at lower levels. This may have caught the aggressive bears off-guard, which resulted in a strong recovery as seen from the long tail on the day’s candlestick.

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

On the contrary, if the price turns down from the 20-day EMA, it will suggest that the trend remains negative and bears are selling on rallies. The bears will then make one more attempt to resume the downtrend by pulling the pair 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.

If buyers push the price above the 20-day EMA, the DOGE/USDT pair could rally toward the psychological resistance at $0.10. This level may again act as a hurdle but if bulls overcome 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 bears continue to sell on minor rallies. If bears sink the price below $0.08, the pair could drop to $0.07. A break and close below this support will suggest the resumption of the downtrend.

DOT/USDT

Polkadot (DOT) has formed a symmetrical triangle, which usually 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.

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

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

AVAX/USDT

Avalanche (AVAX) bounced off $22.14 on June 4, indicating that bulls are defending the $21.35 support with vigor. The buyers have pushed the price above the downtrend line and are attempting to clear the overhead hurdle at the 20-day EMA ($28).

If they manage to do that, the AVAX/USDT pair could pick up momentum and start its northward journey toward $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 bears remain active at higher levels. The pair could then slide toward $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 several days but they have not been able to push Shiba Inu (SHIB) above the 20-day EMA ($0.000012). This suggests that buying dries up at higher levels.

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

Alternatively, if buyers propel 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.

Market data is provided by HitBTC exchange.

Price analysis 6/1: BTC, ETH, BNB, XRP, ADA, SOL, DOGE, DOT, AVAX, SHIB

BTC and altcoins met resistance at a key moving average, leading traders to wonder whether the current pullback is a lower support test, or proof that bears are still in control.

Bitcoin (BTC) has made a tentative start to the month of June, suggesting that bears have not gone into hibernation just yet. Although Bitcoin is trading nearly 55% off its all-time high of $69,000, whales and institutions remain cautious and have not jumped into the market with gusto, according to BlockTrends analyst Caue Oliveira.

According to CryptoQuant contributor Venturefounder, if Bitcoin repeats the historical patterns seen after the previous halving cycles, then a bottom may be formed between $14,000 and $21,000 in the next six months. Thereafter, Bitcoin may chop around the $28,000 to $40,000 range for a large part of the next year and be around $40,000 during the halving.

Crypto’s bear market has not stopped Goldman Sachs from exploring the possibility of integrating its derivatives products into FTX.US derivatives offerings. This suggests that the investment bank expects derivatives demand to pick up in the future.

Has Bitcoin started a bottoming formation? Is the short-term downtrend in altcoins over? Let’s study the charts of the top-10 cryptocurrencies to find out.

BTC/USDT

Bitcoin reached the overhead resistance at $32,659 on May 31 but the bulls could not clear this hurdle. The Doji candlestick pattern on May 31 indicates uncertainty among the buyers and sellers.

This uncertainty resolved in favor of the bears on June 1 and they pulled the price below the 20-day exponential moving average (EMA) ($30,741). If the price sustains below the 20-day EMA, the next stop could be $28,630. The buyers are expected to defend this level with all their might.

If the price rebounds off $28,600, the BTC/USDT pair could again attempt a rally to $32,659. If that happens, the pair may consolidate between these two levels for a few days.

The next trending move could begin if the price breaks above or below the range. If the price soars above $32,659, the rally could reach the 50-day simple moving average (SMA) ($34,629). The downtrend could resume on a break below the $28,630 to $26,700 support zone.

ETH/USDT

The bears stalled Ether’s (ETH) relief rally at the 20-day EMA ($2,009) on May 31, indicating that they are not allowing the bulls to get a foothold.

The bears will try to pull the price to the vital support at $1,700. This is an important level for the bulls to defend because if it cracks, the ETH/USDT pair could witness panic selling. The pair could then resume its downtrend and plummet to $1,300.

Alternatively, if the price rebounds off $1,700, it will suggest that the bulls are buying proactively at these levels. The bulls will then again try to push the price above the 20-day EMA and challenge the stiff resistance at $2,159.

BNB/USDT

BNB rose above the immediate resistance of $320 on May 30 but the bulls have not been able to build upon this move. This indicates that bears are posing a strong challenge at $325.

The sellers have pulled the price to the uptrend line. This is an important level to keep an eye on in the near term. If the price rebounds off this level, it will suggest that bulls are accumulating on dips. That could enhance the prospects of a break above $325.

Contrary to this assumption, if bears sink the price below the uptrend line, the BNB/USDT pair could drop to the strong support zone between $286 and $265. A break below $265 could send the pair tumbling to the vital support at $211.

XRP/USDT

Ripple (XRP) rose above the downtrend line on May 30 but the bulls could not clear the overhead hurdle at the 20-day EMA ($0.43). This suggests that bears are not willing to surrender their advantage.

The bears will try to sink the price below the downtrend line. If that happens, the XRP/USDT pair could decline to $0.38. The buyers are likely to defend this level and a bounce off it will point to a possible consolidation in the near term.

On the contrary, if the price rebounds off the downtrend line, it will suggest that bulls are attempting to flip this level to support. If that happens, the possibility of a break above the 20-day EMA increases. The pair could then rally to the psychological resistance at $0.50.

ADA/USDT

Cardano (ADA) broke above the 20-day EMA ($0.56) on May 30 and followed it up with another sharp up-move on May 31. This pushed the price to the 50-day SMA ($0.70) but the long wick on the day’s candlestick suggests that bears are selling near this level.

The bears will try to pull the price back below the 20-day EMA and trap the aggressive bulls. If that happens, the ADA/USDT pair could drop to $0.44 where buying may emerge.

That could suggest a consolidation inside the large range between $0.44 and $0.74. The flattening 20-day EMA and the relative strength index (RSI) just below the midpoint also indicate a range-bound action in the near term.

The bulls may gain the upper hand if the price rebounds off the 20-day EMA and breaks above $0.74. Such a move will suggest that the downtrend may be over.

SOL/USDT

Solana’s (SOL) relief rally is facing stiff resistance from the bears near the psychological level at $50. This suggests that bears have not yet given up and they continue to sell on rallies.

The bears will try to pull the price to the strong support at $40. The bulls are expected to buy the dips to this level. If the price rebounds off this support, the buyers will again try to push the SOL/USDT pair above the 20-day EMA ($51). If they succeed, the pair could rally to $60 and thereafter attempt an up-move to the breakdown level of $75.

On the other hand, if bears sink the price below $40, the pair could drop to the May 12 intraday low of $37. The pair could resume its downtrend if bears pull the price below this crucial support.

DOGE/USDT

Dogecoin’s (DOGE) price has been trading near the 20-day EMA ($0.09) for the past two days but the bulls have failed to achieve a breakout. This suggests that bears are defending the 20-day EMA with vigor.

The bears will try to sink the price to the strong support at $0.07. This level has held on two previous occasions; hence, the bulls will again try to defend it. If the price rebounds off this support, the DOGE/USDT pair may remain stuck inside a range between $0.10 and $0.07 for some time.

If bulls drive the price above $0.10, it will suggest that the downtrend could be weakening. The pair could then rally to $0.12. Conversely, the downtrend could resume on a break below $0.07.

DOT/USDT

Polkadot (DOT) is facing resistance at the 20-day EMA ($10.55) but the bulls have not allowed the price to sustain below $10. This suggests strong demand at lower levels.

If bulls push and sustain the price above the 20-day EMA, the DOT/USDT pair could rally to $12. This level may act as a minor hurdle but if crossed, the recovery could reach the strong overhead resistance at $14.

Contrary to this assumption, if the price turns down and sustains below $10, the decline could extend to the strong support at $8. A strong bounce off this support will suggest that the pair may remain range-bound between $8 and $12 for some time.

AVAX/USDT

Avalanche (AVAX) turned down from the downtrend line on May 31, suggesting that bears continue to defend the level with vigor. The bears will now try to pull the price below the strong support zone of $23.51 to $21.35.

If they succeed, the AVAX/USDT pair will complete a descending triangle pattern, indicating the start of the next leg of the downtrend. The pair could then decline to $20.

Although the downsloping 20-day EMA ($31.33) favors the bears, the positive divergence on the RSI suggests that the bearish momentum may be weakening. If the price turns up from the current level and breaks above the 20-day EMA, buying could resume. The bulls will then try to propel the pair to $38.

SHIB/USDT

Shiba Inu’s (SHIB) recovery is facing stiff resistance at the 20-day EMA ($0.000012), suggesting that the sentiment remains negative and bears are selling on rallies.

The bears will try to pull the price to the strong support at $0.000010. This level is likely to attract aggressive buying by the bulls. If the price rebounds off $0.000010, the SHIB/USDT pair could rally toward the 20-day EMA.

If buyers push the price above the 20-day EMA, the pair could rise to $0.000014 and later to the breakdown level of $0.000017. On the downside, the bears will have to sink the price below $0.000009 to signal the resumption of the downtrend.

Market data is provided by HitBTC exchange.