Large businesses around the world have now realized the potential of blockchain technology and are looking for new ways to adopt it and add it to their business. Main while, let’s see how the cryptocurrency market is doing today:
Price Analysis for Bitcoin
Today, the Bitcoin to USD pair rallied near the 20-day EMA but was unable to break out. If Bitcoin doesn’t stop at its present level, it may fall below $7300 and even lower to $7100. The 20-day EMA is currently serving as a resistance for the downtrend while acting as a support on the uptrend. It may face selling pressure soon.
Price Analysis for Ethereum
Ethereum is currently trading in a descending channel hitting lower lows as well as lower highs. This trend is going to change if Ether breaks the streak and moves to higher highs and higher lows. The support line from the May 28 channel showed that Ether rallied to the resistance of June 03 but the bulls could not break out so the price turned away. There will be some positivity in the market if the next dip doesn’t break past the intraday low of May 28.
Ripple XRP Price Analysis
The news of Ripple has been all over the media these past few weeks. Ripple was able to bounce away from the critical support at $0.56270 and managed to scale past the 20-day EMA but was unable to to break the 50 day SMA. Ether is trading within a descending triangle which shows that there is a bearish bias. If the price breaks below $0.54 it may fall lower to $0.45.
Bitcoin Cash Price Analysis
For a while now, traders have been expecting the price of Bitcoin Cash to fall in a small range but it has come close to the 50-day SMA. The Bitcoin Cash to USD pair is moving down from $1,200 and it may get to the $1000 support level. If the support holds, the bulls will try to break away from the 50-day SMA and may rally to $1,400.
This is how the top cryptocurrencies are trading today.