Price analysis 6/29: BTC, ETH, BNB, XRP, ADA, SOL, DOGE, DOT, SHIB, LEO
The United States equities markets have given back some of the gains made last week and that has pulled Bitcoin to the psychological support at $20,000. This suggests that investors are nervous to buy risky assets at higher levels.
Meanwhile, while speaking to the hosts of the Bankless Podcast on June 23, Mark Cuban said that the crypto bear market could end after the price gets so cheap that investors go and start buying or an application with utility is launched that attracts users.
Several analysts expect Bitcoin to continue falling and eventually bottom out between $10,000 and $12,000. However, John Bollinger, the creator of the popular Bollinger Bands trading indicator, said that the monthly charts suggest that Bitcoin’s price has reached “a logical place to put in a bottom.”
Could bears maintain the selling pressure and pull cryptocurrency prices lower? Let’s study the charts of the top-10 cryptocurrencies to find out.
Bitcoin turned down from $22,000 on June 26 and has gradually slipped to the immediate support at $19,637. This suggests that the bears remain in command and every rally is being sold into.
If the price breaks below $19,637, the BTC/USDT pair could be at risk of dropping to the crucial support at $17,622. This is an important level to watch out for because a break and close below it could start the next leg of the downtrend. The pair could then decline to $15,000.
On the other hand, if the price rebounds off $19,637, it will suggest demand at lower levels. The buyers will then try to push the price above the 20-day exponential moving average ($22,393). If they succeed, the pair could rally to the 50-day simple moving average ($26,735).
Ether (ETH) turned down from the 20-day EMA ($1,268) on June 26
Read more on cointelegraph.com
