Critical Buy-Sell Levels for DOGE, SOL, ADA, XRP: A Comprehensive Analysis for Crypto Traders

  • Bitcoin faces selling near its 50-day SMA, indicating a likely continuation of range-bound action for a few more days. What are the key resistance levels to watch out for in leading altcoins including Bitcoin and XRP Coin? Crypto analyst Rakesh Upadhyay examines the charts to find out.
  • Bitcoin managed to climb above the 20-day EMA ($63,556) after a minor hesitation. However, the bulls failed to pierce the 50-day SMA ($65,937). Both moving averages have flattened and the RSI is near the midpoint, indicating a range-bound action in the short term.
  • Ethereum managed to break out of the 20-day EMA ($3,143) on May 6. However, the long wick on the candlestick shows strong selling by the bears. The sellers will try to increase their strength and pull the price down to the critical support at $2,850.

Bitcoin and leading altcoins face key resistance levels. Analyst Rakesh Upadhyay examines the charts for Bitcoin, Ethereum, Binance Coin, and Solana.

Bitcoin (BTC) Price Analysis

After a minor hesitation, Bitcoin managed to climb above the 20-day EMA ($63,556). However, the bulls failed to pierce the 50-day SMA ($65,937). Both moving averages have flattened and the RSI is near the midpoint, indicating a range-bound action in the short term. It is likely that BTC will remain between $56,500 and $73,777 for a while longer. A break and close above the 50-day SMA could push BTC to the critical level of $73,777. The bulls will face stiff resistance at this level because if it is crossed, it is likely to start the next leg of the uptrend that could take BTC to $80,000.

Ethereum (ETH) Price Analysis

Ethereum managed to break out of the 20-day EMA ($3,143) on May 6. However, the long wick on the candlestick shows strong selling by the bears. The sellers will try to increase their strength and pull the price down to the critical support at $2,850. This bearish view will be invalidated in the short term if the price turns up from the current levels and breaks above the resistance line. Such a move will indicate a potential change in trend. ETH could then rise to $3,730.

Conclusion

Bitcoin and leading altcoins are facing key resistance levels. The bulls and bears are battling it out to gain the upper hand. While the bulls are trying to start the next leg of the uptrend, the bears are attempting to pull the price back down to critical support levels. Traders should watch these levels closely as they could influence the course of the next trending move in the cryptocurrencies.

Don't forget to enable notifications for our Twitter account and Telegram channel to stay informed about the latest cryptocurrency news.

BREAKING NEWS

Upbit Trading Volume Hits $17.06B with BTC/KRW Leading Korean Won Market

According to recent data from CoinGecko, Upbit's 24-hour trading...

Bitcoin Fear and Greed Index Surges to 71, Signaling Rising Market Greed on June 10th

According to Alternative data reported by COINOTAG News on...

Whale Liquidates 5002 ETH Bought at $2580, Nets $231K Profit in Early June

On-chain analytics from Ai Auntie (@ai_9684xtpa) reveal that a...

UK Insolvency Service Appoints Crypto Expert to Track Bitcoin and Recover Funds in Bankruptcy Cases

On June 10th, the UK Insolvency Service announced the...

Bitcoin Core 30 Update to Boost OP_RETURN Data Limit from 80 Bytes to Nearly 4MB

COINOTAG News reports that the Bitcoin Core development team...
spot_imgspot_imgspot_img

Related Articles

spot_imgspot_imgspot_imgspot_img

Popular Categories

spot_imgspot_imgspot_img