Price analysis 6/7: BTC, ETH, BNB, XRP, ADA, DOGE, MATIC, SOL, DOT, LTC
2 min read
Bitcoin and altcoins have been volatile in the past two days, as the cryptocurrency markets
Solana price analysis
Solana (SOL) rebounded off the strong support at $18.70 on June 5 and 6 as seen from the long tail on the day’s candlesticks, but the bulls could not clear the hurdle at the 20-day EMA ($20.50).
This indicates that the bears remain active at higher levels. If the price continues lower and breaks below the $18.70 support, the SOL/USDT pair may start a down move toward the next support at $15.28.
Alternatively, if the price rebounds off the current level or $15.28, it will indicate demand at lower levels. The bulls will then try to drive the price above $22.30. If they succeed, the pair may climb to $24 and later attempt a rally to $27.12.
Polkadot price analysis
Polkadot (DOT) collapsed below the crucial support of $5.15 on June 5 but bounced back sharply on June 6 and rose above the breakdown level.
The bulls could not continue the recovery on June 7, as the bears sold the minor rally. Sellers will try to strengthen their position further by pulling the price below $4.90. If they manage to do that, the DOT/USDT pair may nosedive to $4.22.
On the upside, the first crucial resistance to watch out for is the 20-day EMA ($5.29). A rally above this level will be the first indication that the selling pressure may be reducing. The pair may pick up momentum above $5.56.
Litecoin price analysis
Litecoin (LTC) plunged below the moving averages on June 5 and recovered sharply on June 6, but the bulls could not sustain the price above the 20-day EMA ($90). This suggests that bears are selling on rallies.
The bears will try to drag the price to the uptrend line. This is an important level for the bulls to defend because a break and close below it will signal the start of a potential downward move. The LTC/USDT pair could first fall to $75 and thereafter to $65.
Contrarily, if the price turns up from the current level or the uptrend line, it will suggest that the pair may remain stuck inside the triangle for a while longer. The bulls will have to catapult the price above the triangle to start the next leg of the up move.
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This article is for general information purposes and is not intended to be and should not be taken as legal or investment advice. The views, thoughts, and opinions expressed here are the author’s alone and do not necessarily reflect or represent the views and opinions of Cointelegraph.
