Markets
Will the market move to a new high in June?
The cryptocurrency market is preparing to end the week with a consolidated trend, with the top tokens recording a neutral trend in their respective portfolios. This indicates a cooling of buying and selling pressure in the crypto space.
Furthermore, major crypto tokens such as BTC, ETH, and
Dive in because, in this article, we have covered market sentiments, price analysis of Bitcoin (BTC), Ethereum (ETH), and Ripple (XRP) and even their potential price targets for June!
Bitcoin (BTC) Price Action:
The leader of the cryptocurrency market, Bitcoin price, has shown consolidated price action throughout the week, indicating a significant drop in buying and selling pressure for the cryptocurrency. Furthermore, the price broke above its important support level, indicating a high possibility of a bearish reversal.
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The technical indicator, SMA, shows bearish convergence on the price chart, suggesting an increase in selling versus buying pressure in the cryptocurrency market.
Furthermore, the Moving Average Convergence Divergence (MACD) shows a steady decline on the chart, indicating an increase in negative sentiment for the BTC price. Furthermore, the averages show bearish convergence on the 1D time frame, suggesting uncertainty in future price action.
If the market sustains the price above the $68,000 resistance level, the bulls will regain momentum and prepare to retest its all-time high of $73,750.07 this month. However, bearish price action could push the price towards the lower $60,000 support level in the coming weeks.
Ethereum price is approaching its important support level!
Despite the growing bearish sentiment in the cryptocurrency sector, the ETH price successfully held its value above the important support level of $3,730, indicating growing bullish influence for the altcoin leader in the cryptocurrency market.
The cryptocurrency Ethereum added about 2% to its portfolio this week. However, the ETH coin price has increased by 28.38% over the past 30 days, highlighting a positive outlook for the coming weeks.
The simple moving average (SMA) shows a high possibility of bullish convergence in its 1D time frame. Furthermore, the Relative Strength Index (RSI) shows a bullish curve below the overbought range, suggesting the Ethereum price will continue to gain value this month.
If the bulls keep the price above the $3,730 support level, the ETH cryptocurrency will break above its $4,000 resistance and head towards the $4,500 upper resistance level in the coming weeks. Conversely, a bearish trend reversal could lead the price to touch the low of $3,400.
The price of the XRP coin fails to break out of its resistance zone:
Amid increasing volatility, Ripple’s XRP cryptocurrency has seen a steady price fluctuation adding 0.25% in the last day but recording a correction of 3% in the last week. Furthermore, it gained 4.35% in May, but has a YTD of -15.59%, indicating mixed price sentiment for the XRP Price.
The Cross 50/200-day EMA acts as resistance on the price chart, highlighting increased selling pressure for the Wavy price in the cryptocurrency market.
The technical indicator, MACD, shows a steady flat line with its averages showing a neutral trend. This highlights the uncertainty in the future price action of this altcoin.
Suppose the bulls regain momentum. In that case, the XRP coin price will break above its $0.5340 resistance level and retest its important resistance zone. However, weak price action could send the Ripple token plummeting towards its crucial support level of $0.480 in the coming times.
Also check: What to expect from Ripple (XRP) and Cardano (ADA) prices: will they ever reach $1?