Table of Contents
- Bitcoin Spikes On Back On Trump-Biden Debate
- Bitcoin (BTC) Price Analysis
- Ethereum (ETH) Price Analysis
- Binance Coin (BNB) Price Analysis
- Solana (SOL) Price Analysis
- Toncoin (TON) Price Analysis
- Avalanche (AVAX) Price Analysis
- Chainlink (LINK) Price Analysis
- Litecoin (LTC) Price Analysis
The short-term trends for the cryptocurrency markets look shaky, although the potential for relief remains. Bitcoin (BTC) is struggling to move past the $62,200 and $62,400 levels.
Bitcoin had started the week with a drop of 4.48%, facing intense selling pressure as bears pushed it to a low of $58,474 before buyers could push the price back above $60,000.
Bitcoin Spikes On Back On Trump-Biden Debate
Bitcoin has spiked by over 1%, buoyed by Republican presidential candidate Donald Trump widening the gap between himself and current president Joe Biden on the betting markets after the first presidential debate. Bitcoin was trading below $62,000 prior to the beginning of the debate before jumping above $62,000 as Biden and Trump answered the rapid-fire questions from CNN moderators.
Data from PredictIt, a prediction markets platform, showed that Trump’s odds of winning the presidency had increased, while Biden’s dropped after the debate when the president struggled through a few answers.
Bitcoin (BTC) Price Analysis
The Bitcoin (BTC) price dropped to $60,000 on Monday as sellers attempted to breach the level of support at $60,000. However, with bulls active at this level, BTC recovered on Tuesday, rising by 2.52% to $61,848. Selling pressure returned on Wednesday, as BTC dropped by 1.61%. However, sellers were unable to push BTC below $60,000 yet again. Thursday saw buyers push the price back above $61,000, with BTC rising to $61,691. However, the current session sees BTC back in the red as buyers and sellers look to establish control.
Source: TradingView
The Bitcoin price is facing several hurdles. As the price chart shows, it has been struggling to move above the $62,200 and $62,400 levels. BTC reached $64,458 on Tuesday before sellers pushed the price back down. The same scenario happened on Wednesday and Thursday as buyers attempted to push above these levels to $65,000. However, with sellers vigorously defending this level, the price fell back each time. The current session saw BTC push above $62,000 before dropping back.
So, could BTC see another decline? The next critical level of resistance for BTC is at $62,500. If buyers can push the asset above this level, we can see a move towards $65,000, the next critical level of resistance. A key level of support for BTC sits at $60,000. If bearish sentiment returns, we could see an immediate drop to this level. Any further selling pressure could push BTC towards $58,000.
Ethereum (ETH) Price Analysis
The Ethereum (ETH) price has endured a significant correction since the beginning of June. ETH dropped to $3,352 on Monday after facing considerable selling pressure as bears looked to push the price toward $3,000, as can be seen in the price chart. However, buyers were active at this level and pushed the price back above the critical level of $3,350. Following this drop, ETH has made a strong recovery, with the price pushing towards $3,500 and wiping out previous losses.
Source: TradingView
ETH registered an increase of 1.28% on Tuesday, settling just short of the $3,400 mark. Wednesday saw bearish sentiment return, with ETH dropping as low as $3,328. However, sellers were able to push ETH back above $3,350, as it settled at $3,369. Thursday registered yet another strong showing for ETH, with an increase of 2.34% and moving to $3,448. The current session sees buyers looking to push ETH above $3,500. However, sellers are aggressively defending the level.
If ETH is able to push above $3,500, we could see a surge to $3,700 if bullish momentum sustains. An uptick also means that there is significant demand present near its support level of $3,350. If sellers push ETH lower, we can see the price stabilize at this level thanks to strong buying demand.
Binance Coin (BNB) Price Analysis
Binance Coin (BNB) began the week in the red, facing considerable selling pressure as bears looked to push the price below $550. However, buyers were able to push back in the face of weakening bearish momentum, pushing BNB back above the critical support level of $560. BNB eventually ended Monday at $568. Tuesday saw buyers continue to push the price higher, with the cryptocurrency registering an increase of 1.78% and moving to $578. BNB attempted to move towards $600 on Wednesday, but with selling pressure at this level, the price dropped by almost 1% to $572.
Source: TradingView
Buyers were back in control on Thursday despite sellers attempting to push BNB below $560, with the cryptocurrency registering an increase of 1.47% to settle at $581. As we can see from BNB’s price movements, buyers are aggressively defending the $560 support level, while sellers are making their presence felt at $600, a strong level of resistance. If BNB can move past $600, we could see a move towards the $650-$700 zone. However, should bearish sentiment prevail, we will see a quick downturn, with BNB dropping to its support level of $560. Should sellers manage to breach this level of resistance, we could see a considerable drop, with BNB dropping below $500. In such a scenario, BNB could drop to $470, where the 200-day SMA could act as a dynamic level of support and stabilize the price.
Solana (SOL) Price Analysis
Solana (SOL) registered a sharp jump on Thursday, rising by 9.39%. The surge comes as the broader cryptocurrency market recovers despite fears of selling pressure that could stem from the selling pressure that could potentially arise with Mt. Gox’s repayment to creditors. SOL hit an intraday low of $122 on Monday. However, it was able to make a strong recovery and ended the day at $132.33, an increase of 2.88%. Tuesday saw buyers continue to dominate as SOL resumed its upward trajectory. This time, SOL was able to surge past the 200-day SMA, flipping it and settling above $130 at $136.59 after an increase of 4.26%.
Source: TradingView
Wednesday saw a tussle between buyers and sellers and some significant price fluctuations. Buyers attempted to push SOL towards $150 but could not, as sellers were defending this zone. On their part, sellers attempted to drive SOL below $130 and the 200-day SMA. However, with considerable buying pressure at this level, they were unsuccessful. The bearish resistance was broken on Thursday as SOL surged by over 9%, driven by VanEck’s SOL spot ETF filing. SOL surged to $149.62 but was unable to move past $50. The current session sees SOL down by just over 3%, with sellers in control of the market.
If the bearish sentiment continues, SOL could drop to $140, and a further decline from this level could cause the price to drop back to the crucial $130 support level. However, if SOL recovers, we could see buyers push the price back above $150. A close above this level could see a surge towards $170.
Toncoin (TON) Price Analysis
Toncoin (TON) has been one of the standout performers in the crypto markets, having gained a staggering 450% over the past year. TON set an all-time high on June 15 and faced some bearish pressure after that, dropping to $6.91 by June 19. However, it has resumed its upward trajectory. As we can see from the price chart, an ascending trendline indicates a bullish trend for the mid-term. After its support level at $7 held, TON has registered significant bullish momentum, with the price rising above the 20-day SMA on Sunday and settling at $7.51.
Monday and Tuesday saw bearish sentiment return to the market, with TON facing considerable selling pressure on Tuesday as sellers attempted to push the price below $7. However, buyers were able to prop up the price, with TON settling just shy of $7.50. On Wednesday, TON was able to go past $7.50, a crucial level of resistance, registering an increase of 2.22% to move to $7.63. Thursday saw TON continue its upward trajectory, with the price moving to $7.80, as buyers look to push the price past $8. However, with the expected selling pressure at this level, TON is down by almost 2% during the current session.
Source: TradingView
So what’s next for TON? If selling pressure increases during the ongoing session, we could see a drop back to $7.50, where the price has support. However, if the price is able to consolidate at its current level, buyers could renew their attempts to push TON above $8. A close above this level could allow the price to test its all-time high and potentially set a new one.
Avalanche (AVAX) Price Analysis
Avalanche (AVAX) dropped below a crucial level on June 17, slipping below $30 and dropping to $26.60 on June 18. Buyers attempted a relief rally but could not sustain it, with bearish sentiment pushing the price down again. By Sunday, AVAX had dropped to $25. The price found support at this level, and with buyers entering the market, AVAX was back in the green on Tuesday after a marginal drop on Monday. Tuesday saw buyers push the price back above $25, with AVAX settling at $25.41 after an increase of 2.43%.
Source: TradingView
Bullish sentiment gathered momentum on Wednesday, with AVAX rising to $25.80 before a jump of over 8% on Thursday pushed the price to $27.91. AVAX faces resistance between $28 and $28.50, with the 20-day SMA acting as a dynamic level of resistance. If AVAX is able to overcome this level, it could rally towards $30. The next crucial resistance lies at $33, where the 50-day SMA is present. A reversal and the return of bearish sentiment could drive AVAX down to its support level at $25.
Chainlink (LINK) Price Analysis
Chainlink (LINK) has managed to reverse a bearish pattern that had seen the asset on a downward trajectory since the beginning of the month. LINK lost a crucial level of support when it slipped below $15 on June 14. The price continued to drop, reaching $13.19 on Sunday (June 23). Thanks to this bearish trajectory, LINK is trading below the 20, 50, and 200-day SMAs. A breakout in either direction could lead to a significant rally or correction. To understand future price movements, we must analyze specific price levels.
Source: TradingView
Currently, LINK is trading at $14.17, with the 20-day SMA acting as resistance at $14.50. A breakout above this level could see LINK push towards $15.50. Subsequent resistance levels are present at $15.70 and $16.50. If the price is able to consolidate above the 20-day SMA, we could see a push towards these levels. If the opposite happens, LINK could register a significant drop and fall to its support level of $13. LINK could find considerable support at this level, preventing any further price drops.
Litecoin (LTC) Price Analysis
Litecoin (LTC) recently hit its lowest levels since February, despite large purchases by whales. However, the increase in whale activity could point to potential accumulation before a significant price increase. Whale activity has seen a noticeable uptick in June. LTC saw some consolidation around the $75 mark last week. However, the current week saw the return of bearish sentiment, with the price dropping by 5% to $69.70. Sellers attempted to push the price lower, but with buyers defending this level of support, bearish pressure waned. Buyers were able to reverse the bearish sentiment on Tuesday as LTC climbed back above $70 to settle at $71.39.
Source: TradingView
Wednesday saw a marginal drop, with LTC managing to stay above $70, with buyers regaining control of the market on Thursday and pushing the price up by over 3% to $73.25. The current session sees LTC marginally down, with the price sitting at $73. Regarding future price movements, we need to look at two levels: $70 and $75. For sustained bullish momentum, LTC must move past the 20-day SMA. If it is able to do so, we could see a rally towards $80.
Should sellers prevail, LTC could drop to its support level of $70, with buyers expected to enter at this point. However, should sellers overwhelm this level of support, LTC could drop to $60.
Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.
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