Price Analysis June 1: BTC, ADA, ETH, BNB, DOGE, MATIC, and XRP

BTC lost 5% in May after increasing for four consecutive months.

Overview

  1. Bitcoin (BTC): Bitcoin is the first and most well-known cryptocurrency. It has a significant impact on the overall cryptocurrency market. Bitcoin's price has historically been volatile, with periods of rapid growth followed by corrections. It is often considered a store of value and digital gold by some investors.
  2. Cardano (ADA): Cardano is a blockchain platform that aims to provide a more secure and scalable infrastructure for the development of decentralized applications. ADA is the native cryptocurrency of the Cardano network. Cardano has gained popularity due to its focus on academic research and peer-reviewed development.
  3. Ethereum (ETH): Ethereum is a decentralized platform that enables the creation of smart contracts and decentralized applications (DApps). ETH is the native cryptocurrency of the Ethereum network. Ethereum has a large developer community and is widely used for various blockchain-based projects and Initial Coin Offerings (ICOs).
  4. Binance Coin (BNB): Binance Coin is the native cryptocurrency of the Binance exchange, one of the largest cryptocurrency exchanges in the world. BNB can be used to pay transaction fees on the Binance platform and participate in token sales on the Binance Launchpad.
  5. Dogecoin (DOGE): Dogecoin started as a meme cryptocurrency but has gained a significant following and community. It has often been associated with charitable initiatives and community-driven projects. Dogecoin's price has experienced notable volatility, influenced by social media trends and celebrity endorsements.
  6. Polygon (MATIC): Polygon (previously known as Matic Network) is a layer-2 scaling solution for Ethereum. It aims to improve scalability and reduce transaction fees on the Ethereum network. MATIC is the native cryptocurrency of the Polygon network.
  7. XRP: XRP is the native cryptocurrency of the Ripple network. Ripple aims to facilitate fast and low-cost international money transfers. XRP has been used by financial institutions for cross-border transactions and remittances.

Read More: Bitcoin ETFs: Enter the Cryptoverse Without Purchasing

Bitcoin may regain its value if the much-anticipated vote on the US debt ceiling, scheduled to take place within the next two weeks, goes in favor of the proposal, as predicted by Glassnode analyst James Check. The coin is expected to reach $32,000, according to Check. If, however, Congress rejects the plan, the value of Bitcoin may fall below $25,000 or even lower.

Meanwhile, analysis of cryptocurrency price charts reveals that bulls are retreating. So, let's figure out what key levels of support they require to guard against a collapse.

Analysis of Bitcoin Prices

Bitcoin dipped below the downtrend line on Tuesday before making a sharp reversal, showing bears are determined to thwart any bullish attempts. The current price of the cryptocurrency is less than $27,124, which is the 20-day Exponential Moving Average (EMA). Bitcoin's $25,100 support level is where buyers are expected to step in and stop the price from falling any lower than $21,000 if the bears manage to keep it under this level.

In contrast, if BTC recovers and trades over $27,124, the cryptocurrency might experience a price increase to $29,342 and then $31,200.

Evaluation of the Ethereum Price

So far, buyers have kept ETH above the 20-day EMA ($1,846), but the cryptocurrency has been unable to break over the 50-day SMA ($1,884). If they succeed, Ether will likely try to re-test the $2,050 resistance level again. If this level is breached, the next potential target is $2,143.

If the token falls below $1,846, it is likely to revisit the $1,793 support level. If the bulls can't hold on here, we could see a drop to $1,763.

Analysis of the BNB Price

Since the bulls did not start a rally when BNB crossed the 20-day EMA of $313 on Tuesday, BNB ended May below that level. With sellers in control, Binance Coin may return to the $299 level it just tested. If BNB falls any lower, the support level might get touched. Buying the $299 drop could aid bulls in pushing the stock beyond $313. If BNB manages to stage a comeback from here, it will be able to re-visit the $318 resistance zone.

Analysis of the XRP Price

After a strong month-long uptrend, investors appear to be taking profits as XRP approaches the $0.512 barrier level. The first support level to watch for is $0.498 if selling pressure persists. A recovery here might launch a run that takes the price to $0.543 and eventually $0.586.

A decline below $0.498 in XRP would indicate that optimistic sentiment among investors has evaporated, perhaps sending the coin tumbling below the $0.478 20-day moving average.

Evaluation of the Cardano Cost

On Tuesday, buyers were unable to push ADA above the 50-day Simple Moving Average (SMA) of $0.382, indicating that sellers are exerting maximum effort to maintain the status quo. Bears have succeeded in pushing Cardano's price below the 20-day EMA of 0.371, as of this writing. Their next goal is to bring about a decline to $0.305.

If bulls can push ADA's price over $0.382, they'll have a clear shot at the $0.425 resistance level.

Read More: How exactly does cryptocurrency trading function?

Analysis of the Dogecoin Price

Since Monday, attempts by bulls to mount a rally have halted at the 20-day EMA of $0.0711, signaling that sentiment around Dogecoin is still negative. Bears are selling into every brief upswing. The $0.0678 support level for DOGE might be reached if they are successful in driving the token below the 20-day EMA.

On the other hand, if the bulls take action, the dog-themed token might increase in value from its current level of $0.0786 to $0.0743 and $0.0786.

Forecasting Costs in a Polygon

Bears withstood bulls' attempts to start a rally toward the $0.943 resistance level last month, and MATIC ultimately ended below the 20-day EMA of $0.901. As long as the token stays below $0.901, sellers will have the upper hand and push the price down to the $0.826 support level. MATIC could drop to $0.732 if selling pressure increases at the current price.

The Bulls need to get Polygon back above the 20-day EMA before they can hope for a move to the 50-day SMA, currently at $0.964.


DivineMercy

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Comments
obenyi Dan 15 w

This is absolutely educative and beneficial