Price analysis 6/9: BTC, ETH, BNB, XRP, ADA, DOGE, SOL, MATIC, LTC, DOT
3 min read
Bitcoin remains well above the crucial support at $25,250, indicating that market participants have shrugged off the news of the lawsuits by the United States Securities and Exchange Commission (SEC) against Binance and Coinbase. When markets do not stay lower for long after negative news, it is a sign that traders are looking to buy the dips rather than panic and dump their holdings.
ARK Invest CEO Cathie Wood has been
Polygon price analysis
Polygon (MATIC) continues to move lower toward its crucial support at $0.69, indicating that bears are in firm control.
The bulls are expected to defend the $0.69 level with vigor because if they fail to do that, the selling may intensify and the MATIC/USDT pair could plunge to the next major support at $0.50.
On relief rallies, the breakdown level of $0.82 is likely to act as a major hurdle. If bulls overcome this obstacle, the pair may move up to $0.94. This level is likely to witness strong selling by the bears.
Litecoin price analysis
The bulls repeatedly purchased the dip below the 50-day SMA ($88) between June 7 and 9, indicating solid demand at lower levels. However, the bears have not given up as they continue to sell Litecoin (LTC) near the 20-day EMA ($90).
If the price turns down from the current level, the bears will try to pull the LTC/USDT pair to the uptrend line, which is likely to attract buyers. If the price rebounds off the uptrend line, it will suggest that the pair may extend its stay inside the triangle for a few more days.
On the upside, buyers will have to push the price above the 20-day EMA ($90) to open the doors for a possible rally to the resistance line of the triangle.
The next trending move is likely to begin after the price breaks above or below the triangle. Until then, the range-bound action is likely to continue.
Polkadot price analysis
Polkadot (DOT) remains below the breakdown level of $5.15, but a minor advantage in favor of the bulls is that they have not allowed the bears to sink the price below the immediate support at $4.90.
If the price turns up from the current level, it will suggest buying on dips. The bulls will then again try to propel the price above the 20-day EMA ($5.24). If they do that, the DOT/USDT pair may recover to $5.56.
Contrarily, if the price once again turns down from $5.15 or the 20-day EMA, it will indicate that bears continue to sell on minor rallies. That will increase the possibility of a drop below $4.90. The next major support on the downside is way lower at $4.22.
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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.
