Price rating for top 3 altcoins 15.6: ETH, SOL, ADA

As the Bitcoin (BTC) price started a free fall towards $20,000, altcoin prices began to melt.

Cointelegraph Markets and NewsOfFinance According to data, the total value of the crypto money ecosystem, which approached 3 trillion dollars in November 2021, fell below 900 billion dollars as of 15 June.

While the market was completely negative, Cointelegraph analyst Rakesh Upadhyay evaluated how the prices of the three largest altcoins in terms of market capitalization will move in the coming days.

ETH/USDT – Ethereum technical analysis

Ether (ETH) dropped below the vital support at $1,700 on June 10, showing that the bears are in control. Thus, the next leg of the downtrend started.

Price rating for top 3 altcoins 15.6: ETH, SOL, ADA

ETH/USDT daily chart. Source: NewsOfFinance

On June 11, as selling gained momentum, the bears dragged the price below the strong support at $1,300. At the end of this situation, buyers got scared and quickly left their positions.

With the aggressive selling in the last three days, the relative strength index (RSI) fell below the 22 level. Historically, the ETH/USDT pair starts a relief rally when the RSI drops to the 21 level. This suggests that the pair may attempt a rally towards the $1,700 breakout level.

Otherwise, if the bears continue to maintain the selling pressure, the pair could drop as low as $1,000, which is a strong psychological support level.

ADA/USDT – Cardano price analysis

Cardano (ADA) fell below the 20-day exponential moving average (EMA) calculated at $0.54 on June 10. On June 11, the attempts of the bulls, who developed a counterattack, to push the price higher, were blocked by higher selling levels.

Price rating for top 3 altcoins 15.6: ETH, SOL, ADA

ADA/USDT daily chart. Source: NewsOfFinance

The bears pulled the price into the strong support zone between $0.44 and $0.40. Strong buying by the bulls is likely in this region as a break below this level could signal a resumption of the downtrend. Afterwards, the ADA/USDT pair may decline to the next strong support level at $0.30.

Alternatively, if the price rebounds from the current level, the bulls could try to push the pair above the 50-day simple moving average (SMA) calculated at $0.60. If this happens, the pair could consolidate between $0.74 and $0.40 for a few days.

SOL/USDT – Solana technical analysis

Solana (SOL) has been stuck between the 20-day EMA at $38 and $35 for several days. This uncertainty was resolved on the downside as the bears pulled the price below support on June 11.

Price rating for top 3 altcoins 15.6: ETH, SOL, ADA

SOL/USDT daily chart. Source: NewsOfFinance

With this development, sales accelerated and the bears pushed the price below the immediate support at the $30 level. Now the pair could slide as low as the $22 support. If this critical level is also broken, the next stop will be the $20 level, which acts as a strong support.

Investors have left their positions heavily in the last few days, pulling the RSI value into the oversold zone. This indicates that a relief rally or consolidation is likely in the near term. Now the bulls will try to push the price above the breakout level of $35 and the 20-day EMA ($38). If they are successful, it will suggest that the current collapse may actually be a bear trap.

The views and comments expressed here are solely those of the author. It may not reflect the views of Cointelegraph. Every investment and trading involves risk. You should do your own research when making a decision.

Soruce :

Leave a comment

SMM Panel PDF Kitap indir