Price analysis 6/5: SPX, DXY, BTC, ETH, BNB, XRP, ADA, DOGE, SOL, MATIC
2 min read
Bitcoin and altcoins witnessed a sharp sell-off on the news that the United States Securities and Exchange Commission (SEC)
Dogecoin price analysis
The bulls repeatedly failed to push Dogecoin (DOGE) above the 20-day EMA ($0.07) in the past few days, indicating that the bears are fiercely guarding the level.
The selling picked up momentum on June 5, and the bears yanked the price below the immediate support at $0.07. That may have hit the stops of several traders, opening the gates for a further fall to $0.06. This level may attract strong buying by the bulls.
On the upside, the $0.07 level may now act as a strong resistance during relief rallies. The bulls will have to propel and sustain the price above the breakdown level of $0.07 to signal the start of a potential recovery.
Solana price analysis
Solana (SOL) broke above the 50-day SMA ($21.54) on June 4, but the bulls could not sustain the positive momentum. This indicates that demand dries up at higher levels.
The bears sensed an opportunity and pulled the price below the moving averages. That may have trapped the aggressive bulls, resulting in a sharp drop to the strong support at $18.70. This is an important level to keep an eye on because a break and close below it will open the doors for a potential drop to $15.28.
If the SOL/USDT pair rebounds off $18.70, the bulls will again try to clear the overhead hurdle at the moving averages. A break and close above $22.30 may tilt the advantage in favor of the bears.
Polygon price analysis
The bulls have been trying to push Polygon (MATIC) above the 20-day EMA ($0.89) for the past few days, but the bears held their ground.
The selling intensified on June 5, and the bears pulled the price to the vital support at $0.82. Buyers are expected to defend this level aggressively. A strong bounce off this support will suggest that the pair may remain stuck between $0.82 and $0.94 for some more time.
Contrarily, if the support at $0.82 crumbles, the MATIC/USDT pair could start a decline toward the next major support at $0.69. The bulls will have to push and sustain the price above the moving averages to signal the start of a sustained recovery.
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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.
