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Category: Crypto News, News

Will Market Rally Toward A New High In June?

By Published On: June 1, 20243.3 min readViews: 1770 Comments on Will Market Rally Toward A New High In June?

The cryptocurrency market is on the verge of concluding the week on a consolidated trend with top tokens recording a neutral trend in their respective portfolios. This indicates a cool-off in the buying and selling pressure in the crypto space.

Moreover, top crypto tokens such as BTC, ETH, and XRP price recorded a variation of less than ±2% in their respective portfolio during the whole week, highlighting a reduced price action for these crypto tokens.

Dive in as, in this article, we have covered the market sentiments, price analysis of Bitcoin (BTC), Ethereum (ETH), and Ripple (XRP), and also their potential price targets for June!

Bitcoin (BTC) Price Action:

The cryptocurrency market leader, Bitcoin price, has displayed a consolidated price action throughout the week, indicating a significant decline in the buying and selling pressure for the star crypto. Moreover, the price has breached its important support level, indicating a high possibility of a bearish reversal.

TradingView: BTC/USDT

The technical indicator, SMA, shows a bearish convergence in the price chart, suggesting an increase in the selling-over-buying pressure in the crypto market.

Moreover, the Moving Average Convergence Divergence (MACD), displays a constant decline in the chart, indicating increased negative sentiment for the BTC price. Moreover, the averages show a bearish convergence in the 1D time frame, suggesting uncertainty in its future price action.

If the market holds the price above the resistance level of $68,000, the bulls will regain momentum and prepare to retest its all-time high of $73,750.07 this month. However, bearish price action could pull the price toward its lower support level of $60,000 during the upcoming weeks.

Ethereum Price Hovers Close To Its Important Support Level!

Despite increased bearish sentiment in the crypto space, the ETH price has successfully held its value above the important support level of $3,730, indicating a rising bullish influence for the altcoin leader in the crypto market.

TradingView: ETH/USDT

The Ethereum crypto has added approximately 2% to its portfolio this week. However, the ETH coin price has added 28.38% over the past 30 days, highlighting a positive outlook during the upcoming weeks.

The Simple Moving Average (SMA) shows a high possibility of a bullish convergence in its 1D time frame. Furthermore, the Relative Strength Index (RSI) displays a bullish curve below the overbought range, suggesting the Ethereum price will continue gaining value this month.

If the bulls hold the price above the support level of $3,730, the ETH crypto will surpass its resistance of $4000 and head toward its upper resistance level of $4,500 during the upcoming weeks. Conversely, a bearish trend reversal could result in the price testing its low of $3,400.

XRP Coin Price Fails To Break Out Of Its Resistance Zone:

Amid increased volatility, Ripple’s XRP crypto has recorded a constant price fluctuation by adding 0.25% within the past day but recording a correction of 3% over the past week. Moreover, it added 4.35% in May but has a YTD of -15.59%, indicating a mixed price sentiment for the XRP Price.

TradingView: XRP/USDT

The Cross EMA 50/200-day acts as a resistance to the price chart, highlighting increased selling pressure for the Ripple price in the crypto market.

The technical indicator, MACD, displays a constant flatline with its averages showing a neutral trend. This highlights uncertainty in the future price action of this altcoin.

Suppose, the bulls regain momentum. In that case, the XRP coin price will surpass its resistance level of $0.5340 and retest its important resistance zone. However, a weak price action could result in the Ripple token plunging toward its crucial support level of $0.480 in the coming time.

Also Check Out : What to Expect from Ripple (XRP) & Cardano (ADA) Prices: Will They Ever Make It to $1?

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