In summary, Polkadot (DOT), Dogecoin (DOGE), Shiba Inu (SHIB), and Uniswap (UNI) have all experienced price declines over the past month. Polkadot has been trading in a descending channel pattern and lost the crucial $6 level, but there are signs of renewed interest with a positive Chaikin Money Flow indicator. Dogecoin is currently hovering between support at $0.12 and resistance at $0.13. Shiba Inu has strong community support but is facing downward pressure and needs to go above the 200-day SMA for a sustained recovery. Uniswap has dropped below key support levels and is currently defending the $9 level, with potential support at $8.70-$8.80 if sellers push it lower.
As a crypto investor, I’ve noticed an uptick in Bitcoin (BTC) price, reaching a momentary peak above $61,000. However, selling pressure took hold and the digital asset has since dropped by more than 2% within the last 24 hours. Currently, it hovers around $60,950.
As a researcher studying the Bitcoin market, I’ve observed that the cryptocurrency has been trading within a broad price range between approximately $56,000 and $73,500 over the past few days. This price action suggests there is robust demand for Bitcoin around its support level and significant supply near its resistance level.
Bears Trying To Sink Price
Over the past month, Bitcoin (BTC) has experienced a setback, losing approximately 10% of its value. Sellers have persisted in their efforts to breach a significant support threshold, causing the price to dip beneath $60,000. Market observers are on high alert for a catalyst that could propel BTC upwards, while sellers aim to drive it below the mentioned price point.
As a researcher, I’ve noticed an uptick in investor activity following Bitcoin’s recent price downturn. Specifically, there have been approximately $31 billion worth of net inflows into Bitcoin spot exchange-traded funds (ETFs) over the past few days. In contrast, these same ETFs experienced around $1.3 billion in outflows just prior to this.
Bitcoin (BTC) Price Analysis
On Monday, Bitcoin (BTC) experienced a significant decline, reaching a low of $58,474. The asset was met with intense selling, causing the price to dip below the $60,000 mark. This downward trend is indicated by the elongated shadow on the candlestick chart, reflecting substantial buying support beneath $60,000. Despite this selling pressure, buyers managed to push the price back above $60,000. Analysts predict that bulls will remain active within the range of $56,500 and $60,000 due to the potential for a drop to $58,000 if BTC falls below this level. If the 200-day Simple Moving Average (SMA) at $58,000 is breached, Bitcoin could potentially slide further down to $55,000.
In the Bitcoin price graph, the level of $60,000 serves as a robust support. On Monday, this support was tested and BTC bounced back strongly, climbing by 2.52% to reach $61,848. Buyers tried to push BTC past $62,000, with the highest point of the day being $62,458 before it retreated to $62,458. Sellers regained control on Wednesday, causing BTC to drop beneath $61,000 and reach a low of $60,854 after a 1.61% decline. Currently, the price is slightly up as buyers and sellers vie for dominance in the market. According to technical analysis, the Relative Strength Index (RSI) is approaching oversold territory, potentially signaling an imminent bullish reversal.
If BTC is able to recover, It will first target the $62,000 level. Should BTC surpass this level, we could see a climb to $65,000, which is a key resistance level. If Bitcoin is able to break and close above $65,000, we could see a rally to $70,000.
Ethereum (ETH) Price Analysis
Ethereum (ETH) has faced challenges remaining above its crucial support of $3,350, potentially leading to a decline towards $3,000. On Sunday, ETH experienced a 2.16% decrease, falling beneath its 50-day Simple Moving Average and settling at $3,420. The selling pressure intensified on Monday, causing ETH to dip to $3,241. However, buyers stepped in to support the price, pushing it back above $3,350, where it finished the day at $3,356. A slight uptick occurred on Tuesday, with Ethereum reaching $3,395 before halting just shy of $3,400. Nonetheless, sellers reclaimed control on Wednesday, resulting in a marginal drop to $3,369. Currently, ETH is trading at $3,383 as both buyers and sellers vie for control.
Looking forward, Ethereum (ETH) encounters significant obstacles as bears remain dominant above the $3,400 mark. As a result, buyers find it challenging to drive ETH towards its 20-day Simple Moving Average (SMA) at $3,500. Overcoming this hurdle could potentially lead to an upward trend to $3,700. However, for this to occur, Ethereum must first regain control above the $3,400 level. In contrast, if sellers manage to force ETH below the $3,300 mark, it may slip down to $3,000. Nevertheless, this support level is considered robust, and buyers are anticipated to fiercely protect it.
Solana (SOL) Price Analysis
As an analyst, I’ve noticed that Solana (SOL) experienced a significant rebound after hitting a low of $122 on Monday. The previous week saw substantial selling pressure for SOL, resulting in a weekly loss of almost 4% and a closing price below the 200-day Simple Moving Average (SMA), settling at $128.63. The selling pressure intensified on Monday, driving SOL down to $122 as evidenced by the long tail on the candlestick. However, buyers managed to regain control and push SOL back up to around $130 to $132. Although bullish sentiment prevailed, SOL failed to surpass the 200-day SMA on Monday.
As a researcher, I observed that on Tuesday, the buying force prevailed, allowing SOL to surpass the 200-day Simple Moving Average (SMA), reaching a peak of $136.59 following a 3.22% growth. However, Wednesday brought about significant price fluctuations as buyers attempted to propel SOL to $140. Yet, sellers countered their efforts, eventually bringing the price back down to $136. In the current trading session, both buying and selling forces are engaged in a fierce struggle to dominate the market trend.
As a crypto investor, I’m keeping a close eye on Solana (SOL). The first significant resistance level for SOL is located between $140 and $142. If SOL fails to break past this barrier, we might witness a correction towards $134. This level could serve as support due to the presence of the 200-day Simple Moving Average (SMA). A further decline below $134 may lead us to $130. In such a scenario, buyers will be crucial in defending this level, as any additional drop might push SOL down to $100.
Binance Coin (BNB) Price Analysis
Last Monday, Binance Coin (BNB) experienced a significant decrease in value, reaching a low of $551. This marked a bearish beginning to the week. Despite this downturn, sellers failed to maintain their pressure on BNB, allowing it to bounce back and close at $568 for the day. Throughout the current week, there have been periods of consolidation for BNB. On Tuesday, it rose by 1.78% to reach a settlement price of $578. Buyers made an attempt to push BNB above $600 on Wednesday, but sellers were quick to defend this level and drove the price down to $572 once more. Currently, the session sees BNB experiencing only slight losses as both buyers and sellers continue their struggle for control.
any attempt by buyers to push prices up from their current level will encounter resistance at $600 – a significant barrier for price advancement. If buyers manage to surpass the 20-day and 50-day Simple Moving Averages (SMAs), it could be a sign that bearish sentiment is weakening, potentially allowing BNB to rise towards $650. Conversely, a decline from this point may result in the price falling back down to its support level of $560. Should sellers succeed in breaking below this level, BNB could slide beneath $500 and reach as low as $471 – a position where the 200-day SMA might act as a floor for further declines. From a technical standpoint, the Awesome Oscillator (AO) has shifted to red, suggesting that bearish momentum is quite strong.
Polkadot (DOT) Price Analysis
Polkadot (DOT) has experienced substantial downward pressure recently, resulting in a 23% decline over the past month. Prior to this slide, DOT had been moving within a descending channel and succumbed to selling pressure on June 18th, breaching the significant support level of $6. This event triggered a considerable sell-off. However, since then, DOT has exhibited some modest recovery and price consolidation beneath $6. The slight uptick and holding pattern can be attributed to demand existing near the $5.50 mark. As depicted in the price chart, DOT is currently bouncing between the support at $5.50 and resistance at $6.
If sellers persist in controlling the market, there’s a possibility that Polkadot’s price could dip as low as $5.5 or even hit $5. But if buyers jump in around $5.5, we might observe a reversal and see Polkadot pushing back towards $6. Despite its prolonged downtrend, Polkadot shows signs of potential change. The Chaikin Money Flow (CMF), which had been negative for over a month, recently turned positive. This shift suggests a substantial increase in buying pressure, possibly due to renewed investor interest in DOT.
If DOT fails to escape its downtrend, it might slide down to around $5, potentially undermining the bullish trend.
Dogecoin (DOGE) Price Analysis
As a researcher studying the cryptocurrency market, I observed that Dogecoin (DOGE) dipped below the significant support level of $0.12 at the week’s start, reaching a low of $0.114. However, buyers managed to regain control and lifted DOGE’s price back up, ending Tuesday at $0.126 following a 6% surge. The 200-day Simple Moving Average (SMA) functioned as resistance for DOGE, preventing it from surpassing this level on Wednesday. Consequently, sellers reentered the market and caused a 3% price decrease. Presently, DOGE is experiencing a decline and is attempting to drive its price below the $0.12 mark.
The price of DOGE is currently fluctuating between the support at $0.12 and the resistance at $0.13. In order for DOGE to experience a significant upward trend, investors must manage to surpass both the 200-day Simple Moving Average (SMA) and the support level of $0.12. If successful, DOGE may surge towards the price point of $0.15. On the contrary, should sellers drive the price below $0.12, we could anticipate a possible decline to the level of $0.10.
Shiba Inu (SHIB) Price Analysis
Similar to DOGE‘s weekly performance, Shiba Inu (SHIB) has primarily seen price declines. Factors beyond the general market downturn have contributed to SHIB’s subdued gains recently, including Binance’s decision to delist TUSD pairs for SHIB. Despite these dips in SHIB’s value, its community remains committed, as evidenced by the continued positive SHIB burn rate.
Shib Inu (SHIB) initiated this week on a downward trend, losing 2.80% and reaching a price of $0.000017. On Tuesday, buyers attempted to revive the coin, pushing it up to $0.0000182, but faced strong resistance at the $0.000019 mark. Consequently, SHIB dipped back down to $0.0000174. Negative sentiment resurfaced on Wednesday, causing a 3.44% decline to $0.0000171. In the current trading session, SHIB is experiencing a further drop of 1.46%, currently selling for $0.0000168 beneath the $0.000017 mark.
Based on the price trend, SHIB has a strong support level at $0.000016. Should sellers manage to drive the price below this point, SHIB may slide down to $0.000015. Pessimistic views might even cause the token to reach as low as $0.000010. Conversely, a bullish trend would require SHIB to surpass its 200-day Simple Moving Average (SMA) at $0.000019 and its 20-day SMA at $0.000020 for momentum to recover. A successful closing above these levels could potentially propel SHIB towards $0.000025.
Uniswap (UNI) Price Analysis
Uniswap’s (UNI) price has been sliding downward since reaching a peak of $11.97 on June 16. Following this high, UNI experienced a significant decline of around 11.53% on June 17 and an additional drop of nearly 8% the next day. This dip caused UNI to fall below its 20-day moving average and an essential support level at $10. The price bounced back slightly over the subsequent days, enabling it to reclaim the $10 mark and close at $10.03 on June 20. However, pessimistic feelings have resurfaced since then, resulting in UNI finishing the weekend under $10.
In the past week, UNI‘s value encountered resistance at the $9 mark on its opening day, causing a decline that reached as low as $8.75. Despite this setback, UNI regained some ground to close the week at $9.32, recording a 4.65% decrease. On Tuesday, there was a slight recovery with a 1.94% increase, but UNI struggled to break above its 50-day moving average. Sellers intensified their efforts on Wednesday, aiming to drop UNI below $9 again. However, buyers managed to halt this downward trend, and UNI ended the day at $9.39. Currently, the price is dipping by nearly 2%, with sellers aiming for another push below $9. Yet, active buying efforts are thwarting these attempts.
Moving forward with UNI, if selling pressure drives the price below $9, there’s a possibility of reaching support levels around $8.70-$8.80, which is where the 200-day Simple Moving Average (SMA) lies. Should bears gain more momentum, we may see UNI testing the $8 mark. Conversely, if buyers regain control and reverse the current trend, UNI could make another attempt to surpass the $9.50 resistance level and move above the 50-day SMA. If the price manages to close above this hurdle, we might observe buyers trying to push UNI beyond $10 and past the 20-day SMA.
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2024-06-27 12:19