Crypto price analysis for 6/7 BTC, ETH, BNB, XRP, ADA, DOGE, MATIC, SOL, DOT, LTC.

Bitcoin and other cryptocurrencies have experienced significant volatility over the past two days as the cryptocurrency market reacts to the actions of the United States Securities and Exchange Commission (SEC) against two of the largest crypto exchanges, Binance and Blockchain.

Following the initial reaction to the news and the subsequent rebound, traders are likely to reflect on the uncertainty surrounding the lawsuits, causing the markets to enter a range. However, the initial response has been positive, as the markets have not collapsed, indicating the growing maturity of the cryptocurrency space.

According to Glassnode data, there has been a decline of 12,600 Bitcoin (BTC) on exchange balances on June 5 and 6, suggesting that traders have not panicked as they did during the FTX incident in November.

What are the critical levels to watch for on the downside? Will lower levels attract buyers? Let’s study the charts of the top 10 cryptocurrencies to find out.

Bitcoin price analysis

Bitcoin recovered from critical support at $25,250 on June 6, indicating that the bulls are fiercely guarding this level. However, the recovery is facing selling pressure near the moving averages.

The bears will likely try to push the price down to $25,250, which remains a key level to watch as a break and close below it may open the door for a potential drop to $20,000. Such a significant drop may delay the start of the next leg of the upward move.

The bulls are expected to aggressively purchase dips between $25,250 and the support line of the channel. On the upside, buyers will have to push the price above the resistance line of the channel to signal the end of the corrective phase. If they do, the BTC/USDT pair may then rally to $31,000.

Ether price analysis

Ether (ETH) dipped below the resistance line of the falling wedge pattern on June 5, but the bears could not maintain their strength, indicating demand at lower levels.

The bulls propelled the price back above the moving averages on June 6 but were met with heavy selling pressure from the bears. The sellers will again try to sink the price into the wedge. If they manage to do that, the ETH/USDT pair could extend the decline to the support line of the wedge.

On the other hand, if the price rebounds off the resistance line of the wedge, it will suggest that the bulls have converted the line into support. Buyers will have to push the price above $1,928 to start the upward march to $2,000 and subsequently to $2,200.

BNB price analysis

BNB (BNB) plummeted sharply on June 5, dragging the price below the strong support at $280. There was a weak attempt to start a recovery on June 6, but the bears did not allow the price to stay above $280.

The selling resumed on June 7, and the bears have pushed the price below the crucial support at $265. This is a negative sign, as it suggests the start of a new downward move to $240 and then to the critical support at $220.

If the bulls want to make a comeback, they will have to push the price back above the breakdown level of $265. If they can do that, the BNB/USDT pair could pull back to $280 and later to the 20-day exponential moving average (EMA) of $299.

XRP price analysis

During an upward move, traders typically buy the dip to the 20-day EMA ($0.49), and that’s exactly what happened in XRP (XRP) on June 5 and 6, as seen from the long tail on the candlesticks.

There is an image included in the html that shows the price trend for XRP/USDT, and it suggests that there is resistance between $0.56 and $0.59. If the price drops below the 20-day EMA, it could indicate that the bears are keeping the range between $0.30 and $0.56. However, buyers are looking to clear the resistance zone, which could mark the start of a new uptrend and push the price to $0.60 and then $0.80.

The html also includes a section on Cardano (ADA), which has fallen below the uptrend line of the ascending triangle pattern on June 5. The bulls tried to recover, but the selling continued and the ADA/USDT pair could drop to strong support at $0.30. If the price manages to close inside the channel, it could suggest that the break below the channel was a bear trap, and the pair could attract strong buying above $0.39.

Dogecoin (DOGE) has broken below the immediate support at $0.07, but rebounded to support near $0.06. The bears have not given up and continue to sell near stiff resistance. The DOGE/USDT pair could drop below $0.06, but if bulls push the price back above the 20-day EMA, it could attempt a rally to $0.08.

Polygon (MATIC) slipped below the $0.82 support, but the bulls aggressively purchased the dip. Buyers tried to sustain the price above the breakdown level, but the bears sold aggressively and pulled the price below the June 6 low of $0.79. The MATIC/USDT pair could drop to the strong support at $0.69, but if bears push the price above $0.82, a short squeeze could result in a push back towards $0.94.

Finally, the html includes a section on Solana (SOL), which rebounded off strong support at $18.70, but could not clear the hurdle at the 20-day EMA ($20.50).

This paragraph explains that if the price of SOL/USDT continues to decrease and drops below the support level of $18.70, the bears will start to dominate and the pair may fall to the next support level of $15.28. On the other hand, if the price rebounds from the current level or $15.28, it suggests that there is demand at lower levels and the bulls will try to push the price above $22.30. If they succeed, the pair may rise to $24 and even attempt to rally to $27.12.

Polkadot price analysis

On June 5, the price of Polkadot (DOT) fell below the crucial support level of $5.15 but rebounded sharply on June 6 and rose above the breakdown level.

However, on June 7, the bulls could not continue the recovery as the bears sold the minor rally. The sellers will try to further strengthen their position by pulling the price below $4.90. If they succeed, the DOT/USDT pair may plummet to $4.22. On the upside, the first crucial resistance level to watch out for is the 20-day EMA ($5.29). A rally above this level will be the first indication that the selling pressure may be reducing. The pair may gain momentum above $5.56.

Litecoin price analysis

On June 5, Litecoin (LTC) fell below the moving averages but rebounded sharply on June 6. However, the bulls could not sustain the price above the 20-day EMA ($90), suggesting that bears are selling on rallies.

The bears will try to pull the price to the uptrend line, which is an important level for the bulls to defend. If the pair breaks and closes below it, it will signal the start of a potential downward move, and the LTC/USDT pair may fall to $75 and subsequently to $65. However, if the price turns up from the current level or the uptrend line, it suggests that the pair may remain inside the triangle for some time. The bulls will have to push the price above the triangle to start the next leg of the up move.

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