Cryptocurrency prices analyzed on 6/2 BTC, ETH, BNB, XRP, ADA, DOGE, MATIC, SOL, DOT, LTC.

The United States stock market increased significantly on June 2, despite nonfarm payrolls rising to 339,000 in May, exceeding economists’ forecast of a 190,000 increase. Some analysts suggested that the market was motivated by the lower hourly earnings growth rate, which was slightly under the estimates, as well as a rise in the unemployment rate. However, the rally in equities markets did not have a positive impact on the cryptocurrency markets, which remained stagnant. According to Galaxy Digital CEO Mike Novogratz, institutional buying was absent, leading to the lack of enthusiasm in the crypto markets. Bitcoin’s historical performance in June does not provide a clear advantage to either the bulls or the bears. To find out whether buyers will defend respective support levels and initiate a significant recovery in Bitcoin and select altcoins, the charts of the top-10 cryptocurrencies need to be studied. The article then provides analyses for Bitcoin, Ether, BNB, and XRP price movements.There is an image included in the text. The bulls will attempt to drive the price above the immediate resistance at $0.53. If they succeed, the XRP/USDT pair may try to rally to $0.56, with $0.80 as a potential target for a new uptrend. On the other hand, if the price slips below $0.49, it suggests the bulls are booking profits, and the pair could drop to the 20-day EMA ($0.48) and then to the 50-day simple moving average ($0.47).

Regarding Cardano (ADA), sellers tried to sink it below the uptrend line of the ascending triangle pattern on June 1, but the bulls held their ground. The ADA/USDT pair has risen above the 20-day EMA ($0.37), and the bulls will try to push the price above the 50-day SMA ($0.38). If they succeed, the pair could climb gradually to $0.42 and then to the overhead resistance at $0.44. However, if the price turns down from the current level or the 50-day SMA, it will indicate that bears are selling on rallies, increasing the likelihood of a break below the uptrend line. The pair may then start its descent to the next support at $0.30.

For Dogecoin (DOGE), the bulls managed to sustain it above the horizontal support at $0.07, but they are finding it difficult to push the price above the 20-day EMA ($0.07). This tight range trading is ripe for a breakout. If buyers kick and sustain the price above the 20-day EMA, the DOGE/USDT pair could rally to $0.08. This level may again act as a strong barrier. On the other hand, if the price turns down from the 20-day EMA, it will suggest that bears are selling on every minor rally, and the bears will then try to yank the price below $0.07 and extend the correction to $0.06.

Regarding Polygon (MATIC), it fell below the 20-day EMA ($0.90) on May 30, but the bears could not sustain the lower levels, suggesting buying on dips. The flattish 20-day EMA and the RSI near the midpoint signal a balance between supply and demand. If the bulls push the price above the 20-day EMA, the MATIC/USDT pair may try to surmount the resistance at $0.94 and start its northward march toward the downtrend line. Conversely, if the price turns down from $0.94 and dips back below the 20-day EMA, it will suggest that bears are trying to flip the level into resistance, keeping the pair stuck inside the $0.82 to $0.94 range for a few more days.

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 01, but the bulls did not budge.

The market is currently in a tight range trading, but this is unlikely to last for long. Buyers will attempt to push the price above the 50-day SMA ($21.50). If successful, the SOL/USDT pair may rally to $24 and eventually $27.12.

However, if the price drops below the 20-day EMA, it will suggest that supply exceeds demand. In this case, the pair could drop to the important support level at $18.70. The bulls are likely to defend this level strongly.

Polkadot price analysis

Polkadot (DOT) has been consolidating within a narrow range of $5.15 to $5.56 for the past few days.

The price bounced off the $5.15 support on June 2, but the bulls are facing selling pressure at the 20-day EMA ($5.37). This indicates that every relief rally is being sold into. If the price continues to fall and drops below $5.15, the DOT/USDT pair may enter the next leg of the downtrend towards $4.22.

Buyers face a difficult challenge ahead. If they want to prevent a decline, they will need to push the price above the 50-day SMA ($5.69). If successful, the pair could attempt to recover to $6 and eventually to the downtrend line.

Litecoin price analysis

Litecoin (LTC) dipped below the moving averages on May 31, but the bulls bought at lower levels, as evidenced by the long tail on the day’s candlestick.

Buyers pushed the price above the resistance level at $95 on June 1, but have not yet achieved a close above it. If they do, the LTC/USDT pair could rise to the resistance line of the symmetrical triangle pattern.

If the price sharply drops from the resistance line, it will suggest that the pair may continue to oscillate within the triangle for some 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.