Crypto price analysis for 6/16 BTC, ETH, BNB, XRP, ADA, DOGE, SOL, MATIC, LTC, DOT.

Bitcoin (BTC) is currently experiencing a tough battle between buyers and sellers around the $25,000 mark. The bulls are slightly worried that even the news of BlackRock’s application for a Bitcoin spot exchange-traded fund couldn’t boost prices higher, implying that investors remain cautious due to the regulatory overhang.

However, this does not mean that professional investors have abandoned plans to invest in cryptocurrencies. The Laser Digital Investor Survey of institutional investors conducted in April shows that 90% of the respondents were ready to consider putting money into crypto if the asset was backed by a “large traditional financial institution.” Another positive was that 82% of the investors polled were positive on crypto’s prospects over the next 12 months.

Glassnode co-founders Yann Allemann and Jan Happel said in a tweet on June 15 that a traditional technical analysis indicator and two on-chain indicators for Bitcoin were looking similar to how they did in Q3 2020, just before Bitcoin soared above its 2017 high of $20,000. Could Bitcoin and the altcoins start a recovery from the current levels? Let’s study the charts of the top-10 cryptocurrencies to find out.

Bitcoin plunged below the crucial support at $25,250 on June 14, indicating aggressive selling by the bears. Although the bulls managed to push the price back above $25,250 on June 15, they will have to overcome the obstacle at the 20-day exponential moving average ($26,320) to start a meaningful bounce. The BTC/USDT pair could then attempt a rally to the 50-day simple moving average ($27,210) and subsequently to the resistance line of the descending channel.

On the other hand, if the price turns down from the 20-day EMA, the bears will again attempt to sink the pair to the support line of the channel. The bulls are expected to defend this level with all their might because a break below it may clear the path for a crash to the psychologically critical level of $20,000.

Ether (ETH) slipped below the $1,700 level on June 14, indicating that the failure to start a strong rebound may have intensified selling by the bears. The bulls are trying to push the price back above $1,700, but the bears are expected to defend the level with vigor. If the price turns down from $1,700, the possibility of a break below $1,600 increases. If that happens, the ETH/USDT pair may tumble to the next major support at $1,352.

Alternatively, if the pair rises above $1,700, it will suggest strong demand at lower levels. The pair may then rise to the 20-day EMA ($1,779) where the bears will try to halt the recovery. If they fail in their endeavor, the prospects of a rally to $1,928 and thereafter to $2,000 increase.

BNB’s (BNB) rebound fizzled out at the 38.2% Fibonacci retracement level of $252.50 on June 14, indicating that bears continue to sell on minor rallies. The real test will be at the $220 level. If bears succeed in pulling the price below it, the BNB/USDT pair could start the next leg of the downtrend. The pair could then collapse to the crucial support at $183.

Another possibility is that the bulls buy the dips to the $220 support. In that case, the pair may swing between $252 and $220 for some time. If buyers drive the price above $252, the pair may rise to $265 where the bears are again expected to mount a strong defense.This is a report on the analysis of prices for several cryptocurrencies. The report starts with XRP, which failed to sustain a price above $0.56 on June 13, causing short-term traders to book profits. The price fell below the 50-day SMA ($0.47) on June 14 and 15, but buyers could not push the price higher and the selling accelerated on June 16. If the price remains below the 50-day SMA, the XRP/USDT pair could fall to $0.41.
Moving on to Cardano (ADA), the bears are finding it difficult to sink the price to the next support level at $0.24. Buyers are attempting to stall the decline near $0.24, and the oversold levels on the RSI indicate the possibility of a short-term consolidation or a relief rally in the next few days. The ADA/USDT pair may oscillate between $0.24 and $0.30 for some time.
Next is Dogecoin (DOGE), which saw the bears attempt to resume the decline by pulling the price below the strong support at $0.06. However, the bulls purchased the drop and will try to start a relief rally that could reach the 20-day EMA ($0.07). On the downside, the $0.06 level is an important support for the bulls to defend because if it gives way, the DOGE/USDT pair could plummet to the next support at $0.05.
Lastly, Solana (SOL) saw the bulls fail to push and sustain the price above the breakdown level of $15.28, attracting a fresh bout of selling on June 14. The bears tried to sink the price to the June 10 intraday low of $12.80 but the bulls purchased the dip near $14. Buyers will have to push and sustain the price above $16 to suggest the start of a stronger recovery toward the 20-day EMA ($17.52). The bears will have to yank the price below $12.80 to start the next leg of the downward move to $10.

The cryptocurrency Polygon (MATIC) experienced a decline from the breakdown level of $0.69 on June 13, indicating that the sellers are attempting to turn the level into resistance.

Although the downsloping moving averages suggest an advantage for sellers, the RSI indicates that oversold levels may lead to a minor consolidation. It is possible that the MATIC/USDT pair will remain between the prices of $0.69 and $0.50 for some time.

For buyers to show that lower levels have been rejected, they must push the price above the 20-day EMA ($0.73). This could lead to a relief rally towards $1. However, if the price continues to drop below $0.50, this view will be invalidated, and the pair may fall to $0.44 and then to $0.32.

Litecoin price analysis

The support level of $75 was broken on June 14, indicating that the sellers are attempting to push Litecoin (LTC) to the next support level at $65.

A minor positive indication for buyers is that the price did not remain below $75, suggesting that lower levels are attracting buyers. For buyers to gain control, they need to push the price above the 20-day EMA ($83). Otherwise, the LTC/USDT pair may experience another round of aggressive selling.

If the price declines and falls below $75, it is more likely that the pair may drop to $65. Although the level may attract buyers, if they fail to defend it, the pair could slide to $61.

Polkadot price analysis

On June 14, Polkadot (DOT) experienced a decline from the 20-day EMA ($4.86), indicating that sentiment remains negative and sellers are selling on rallies.

The RSI has dipped back into oversold territory, indicating that a minor consolidation or relief rally may occur. If the price rebounds from the current level, the DOT/USDT pair may once again rise to the 20-day EMA, which is a key level to watch on the upside. If the pair breaks above this level, it could push the price to $5.15.

Sellers are likely to attempt to strengthen their position by pushing the price below the $4.22 support level. If they succeed, the pair may slide to $4 and later to $3.50.