Price analysis 6/2: BTC, ETH, BNB, XRP, ADA, DOGE, MATIC, SOL, DOT, LTC
2 min read
The United States equities markets
Solana price analysis
Solana (SOL) has been trading between the moving averages for the past few days. The bears tried to tug the price below the 20-day EMA ($20.58) on May 31 and June 1, but the bulls did not budge.
The tight-range trading is unlikely to continue for long. Buyers will try to thrust the price above the 50-day SMA ($21.50). If they can pull it off, the SOL/USDT pair may rally to $24 and subsequently to $27.12.
Instead, if the price turns down from the 50-day SMA and plummets below the 20-day EMA, it will suggest that supply exceeds demand. The pair could then drop to the vital support at $18.70. The bulls are likely to defend this level fiercely.
Polkadot price analysis
Polkadot (DOT) has been consolidating in a tight range between $5.15 and $5.56 for the past several days.
The price rebounded off the $5.15 support on June 2, but the bulls are facing selling at the 20-day EMA ($5.37). This suggests that every relief rally is being sold into. If the price continues lower and plunges below $5.15, the DOT/USDT pair could start the next leg of the downtrend toward $4.22.
Buyers have a difficult task ahead of them. If they want to prevent a decline, they will have to shove the price above the 50-day SMA ($5.69). The pair could then attempt a recovery to $6 and eventually to the downtrend line.
Litecoin price analysis
Litecoin (LTC) dipped below the moving averages on May 31, but the bulls purchased at lower levels as seen from the long tail on the day’s candlestick.
Buyers propelled the price above the overhead obstacle at $95 on June 1, but they haven’t achieved a close above it yet. If they do that, the LTC/USDT pair could rise to the resistance line of the symmetrical triangle pattern.
If the price turns down sharply from the resistance line, it will suggest that the pair may continue to oscillate inside the triangle for some more time.
On the other hand, a break and close above the triangle will indicate the start of a new uptrend. The pair could first reach $115 and then start its march toward the pattern target of $142.
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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.
