Crypto Price Analysis Jun-07: ETH, XRP, BNB, SHIB and DOT
This week we take a closer look at Ethereum, ripple, Binance Coin, Shiba Inu and Polkadot.
Ethereum (ETH)
For the last two weeks, ETH has been hovering around $3,800. However, this consolidation below the key $4,000 resistance could result in explosive volatility.
The current trend in this price movement is bullish and there may just be a pause before Ethereum continues its uptrend. This will be confirmed once the $4,000 level turns into a significant support. So far, buyers have always come in when this cryptocurrency breaks below $3,800, which acts as support.
Looking ahead, market participants are growing impatient as they predict Ethereum’s next big move. If Bitcoin rises above its all-time high of $74,000, Ethereum will likely follow and make new highs.
Chart by TradingView
Ripple (XRP)
This cryptocurrency has been struggling to find its bearings since the crash in April. The price remained stable and is just below the key resistance at 54 cents. So far sellers have rejected all attempts to break through this level and the price is almost in the same place as last week.
This prolonged sideways trend has made the price action quite unattractive and has resulted in reduced volume since April. However, momentum indicators signal that this horizontal movement may be nearing an end, with the daily RSI rising above 50 points.
Looking ahead, XRP really needs to break key resistance if it wants to bring buyers back.
Chart by TradingView
Binance Coin (BNB)
In stark contrast to previous altcoins, binance Coin rose above $700 this week. This is a new all-time high for BNB after closing the last seven days with an 18% price increase.
Considering the dynamics in most of the altcoin space, this cryptocurrency is a rare gem that has managed to challenge most of the market. With such a spectacular performance, BNB joins a very exclusive club of cryptocurrencies that are creating a new ATH.
Looking ahead, the path is now clear for Binance Coin to target a four-digit price or $1,000, which will likely be the next major resistance if this rally continues.
Chart by TradingView
shiba inu (SHIB)
Volatility in SHIB continued to hinder expectations of new highs and the price closed the week down 3%. Buyers are trying to push Shiba Inu above $0.000025 but are having trouble achieving a decisive breakout.
Even if buyers dominate in terms of total volume, sellers continue to make their presence known and always appear when the price tries to escape higher.
Looking ahead, SHIB may be in the preparation phase ahead of a big move. Strong momentum above $0.000025 is needed for a breakout to be successful.
Chart by TradingView
Polka Dot (DOT)
DOT’s price action is similar to SHIB and XRP. It has so far failed to break the main resistance at $7.6 and closed the week with a modest price increase of 1.8%.
DOT is unlikely to attract much attention until underlying resistance falls. Volume is steady and sellers appear to dominate in the decisive moments.
Looking ahead, polkadot looks poised to take off, but current volume does not have enough strength for such a breakout. Therefore, a major move could be preceded by more sideways price movement.
Chart by TradingView
The post Crypto Price Analysis June 07: ETH, XRP, BNB, SHIB and DOT appeared first on CryptoPotato.
#Crypto #Price #Analysis #Jun07 #ETH #XRP #BNB #SHIB #DOT