BTC, ETH, BNB, XRP, ADA, DOGE, SOL, MATIC, LTC, DOT – Price analysis for 6/9.

The cryptocurrency market seems to have shrugged off the news of the United States Securities and Exchange Commission (SEC) lawsuits against Binance and Coinbase, as Bitcoin remains above the crucial support at $25,250. This indicates that traders are looking to buy the dips rather than panic and dump their holdings. ARK Invest CEO Cathie Wood has also been buying the dip in crypto-related stocks since the SEC unleashed its recent crypto regulatory action. The resilience of the cryptocurrency space is supported by a risk-on sentiment, as the US equities markets are on a roll, with the S&P 500 rising above 4,300 on June 9. The article then analyzes the charts of the top 10 cryptocurrencies, studying the possible scenarios for Bitcoin, Ether, and BNB.

Analysis of the price of XRP

XRP (XRP) continues to rise. The bears attempted to start a correction but were unable to pull the price to the 20-day EMA ($0.50) on June 7, indicating that the bulls are holding strong.

The rising 20-day EMA and the RSI in positive territory indicate that the bulls are in control. Buyers will try to push the price above the overhead zone between $0.56 and $0.58. If they succeed, the XRP/USDT pair may start a new uptrend. The pair may first climb to $0.60 and then to $0.80.

If the bears want to start a pullback, they will have to pull the price below the 20-day EMA. This may attract profit-booking from short-term traders, and the pair could fall to the 50-day SMA ($0.47) and then to $0.42.

Analysis of the price of Cardano

The bulls attempted to start a relief rally on June 8, but the long wick on the day’s candlestick shows that the bears continue to sell Cardano (ADA) at higher levels.

Although the downsloping moving averages indicate an advantage to bears, the RSI in the oversold territory suggests that a relief rally may be around the corner. The ADA/USDT pair may bounce off the solid support at $0.30.

The first overhead resistance to watch out for is the 20-day EMA ($0.35). A break and close above this resistance will indicate that the selling pressure may be reducing.

Alternatively, if the price continues lower and drops below $0.30, it will clear the path for a potential decline to $0.24.

Analysis of the price of Dogecoin

Dogecoin (DOGE) remains below the breakdown level of $0.07, but the bulls have not allowed the bears to sink the price to the next support near $0.06.

Any recovery from the current level is likely to face selling near the 20-day EMA ($0.07), as seen from the long wick on the June 9 candlestick.

If the price turns down and continues lower, it will suggest that the bears are selling near overhead resistance levels. The DOGE/USDT pair could then dip toward the support near $0.06.

If the bulls want to prevent the decline, they will have to quickly drive the price above the 20-day EMA. Such a move will suggest the start of a stronger recovery. The pair may then attempt a rally to $0.08.

Analysis of the price of Solana

Solana (SOL) dipped below the $18.70 support on June 8, but the long tail on the candlestick shows that the bulls are trying to protect the level.

The 20-day EMA ($20.15) has turned down and the RSI is below 39, indicating that it is going to be difficult for the bulls to start a solid rebound from the current levels. If the price breaks and sustains below $18.70, the SOL/USDT pair could drop to $17 and thereafter to the vital support at $15.28.

Contrary to this assumption, if the price rebounds off the current level, the pair may reach the moving averages. A break and close above the 50-day SMA ($20.92) will signal the start of a stronger relief rally toward $24.

Related: Why is Bitcoin price stuck?

Polygon price analysis

The value of Polygon (MATIC) is decreasing and approaching a significant support level of $0.69. This suggests that the market is currently controlled by bears.

The bulls are expected to defend the $0.69 level strongly, as if they fail to do so, selling may intensify and the MATIC/USDT pair could drop further to the next major support at $0.50.

If there are relief rallies, the key breakdown level of $0.82 is likely to be a significant obstacle for the bulls. If they succeed in overcoming this obstacle, the pair may move up to $0.94. However, this level is likely to experience strong selling pressure from the bears.

Litecoin price analysis

The bulls have repeatedly bought the dip below the 50-day SMA ($88) between June 7 and 9, indicating strong demand at lower levels. However, the bears have continued to sell Litecoin (LTC) near the 20-day EMA ($90).

If the price falls from the current level, the bears will try to pull the LTC/USDT pair to the uptrend line, which is likely to attract buyers. If the price rebounds off the uptrend line, it will suggest that the pair may stay within the triangle for a few more days.

On the upside, buyers will have to push the price above the 20-day EMA ($90) to open the doors for a possible rally to the resistance line of the triangle.

The next significant movement is likely to start after the price breaks above or below the triangle. Until then, the market will likely continue within a range-bound action.

Polkadot price analysis

Polkadot (DOT) is still below the breakdown level of $5.15, but the bulls have not allowed the price to fall below the immediate support at $4.90.

If the price rebounds from the current level, it will suggest buying on dips. The bulls will then try to push the price above the 20-day EMA ($5.24) again. If they succeed, the DOT/USDT pair may recover to $5.56.

However, if the price falls from $5.15 or the 20-day EMA, it will indicate that bears are still selling on minor rallies. This will increase the likelihood of a drop below $4.90. The next significant support on the downside is much lower at $4.22.

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