Latest Market Overview 10th June: SPX, DXY, BTC, ETH, BNB, SOL, XRP, TON, DOGE, ADA
The Bitcoin market and various altcoins are expected to be affected by this week’s forthcoming macroeconomic events.
Two significant macroeconomic events, the Federal Reserve’s press conference following their rate decision and the release of the Consumer Price Index (CPI) data, both scheduled for June 12, could increase Bitcoin’s volatility in the coming days. These events could enable Bitcoin to break out of its narrow trading range.
Investors are optimistic about a potential upward breakout, which might explain the strong buying activity observed last week. According to CoinShares’ weekly fund flows report from June 10, digital asset investment products saw over $2 billion in inflows. This brings the total inflows for digital investment products over the past five weeks to $4.3 billion.
Bitcoin ETFs acquired 25,729 Bitcoin between June 3 and 7, a tad lower than the 29,592 Bitcoin bought in May. The purchase in the first week of June was equivalent to roughly two months’ worth of mining supply, showing demand overtaking supply.
Could Bitcoin and select altcoins overcome their respective overhead resistance levels? Let’s analyze the charts to find out.
S&P 500 Index (SPX) Market Analysis
The S&P 500 Index (SPX) hit a new all-time high last week, indicating that the bulls are in control.
The upsloping 20-day exponential moving average (5,285) and the relative strength index (RSI) in the positive territory indicate that the path of least resistance is to the upside. The rally could reach 5,500.
If sellers want to prevent the upside, they must quickly yank the price below the moving averages. The aggressive bulls may get trapped if they do that, resulting in long liquidation. The index could then slide toward 5,000.
U.S. Dollar Index (DXY) Market Analysis
The U.S. Dollar Index fell below the ascending channel on June 3, but the bears could not sink the price below 104.
That rebound started, pushing the price back inside the channel on June 7. The bulls continued their purchase on June 10, propelling the price above the 50-day simple moving average (105). The strong recovery shows that several short-term bears may have been trapped, resulting in a short squeeze.
Buyers will try to push the price to 105.75 and subsequently to 106.50. This optimistic view will be negated if the price turns down sharply and skids below 104.
Bitcoin (BTC) Market Analysis
The bulls managed to keep Bitcoin market above the 20-day EMA ($68,726) but failed to start a strong rebound. This suggests a lack of aggressive buying at current levels.
The bears will try to sink the price below the 20-day EMA. The BTC/USDT pair could sink to the 50-day SMA ($65,906) if they do that. This level may attract strong bull buying because a break below the 50-day SMA will tilt the short-term advantage in favour of the bears. The pair may then fall to $60,000.
The $72,000 to $73,777 zone is the critical overhead resistance to watch out for. If buyers overcome this zone, the pair could pick up momentum and surge to $80,000 and eventually to $88,000.
Ether (ETH) Price Analysis
The Ether market is trying to find support at the 20-day EMA ($3,676), but the failure to push the price above $3,730 suggests that the bears are maintaining their pressure.
The 20-day EMA has flattened out, and the RSI is just above the midpoint, suggesting a balance between supply and demand. If the price plummets below $3,600, the selling could pick up, and the ETH/USDT pair may collapse to the 50-day SMA ($3,374).
Conversely, if the price rises and maintains above $3,730, it will suggest solid buying on dips. The bulls will then make one more attempt to drive the cost to the overhead resistance at $4,094. If this obstacle is overcome, the pair may reach $4,868.
BNB Price Analysis
BNB turned down from $722 on June 6, reaching the breakout level of $635 on June 10. This is a significant level to watch out for as the bulls and the bears are expected to battle it for supremacy.
If the price bounces off $635 with strength, it will suggest that the bulls are trying to flip the level into support. The BNB/USDT pair will again try to rise to the overhead resistance of $722. A close above this resistance will clear the path to the pattern target of $775.
On the contrary, if the price breaks below the breakout level, the pair could descend to the uptrend line. The bulls are expected to defend this level with all their might because if they fail in their endeavour, the pair may tumble to $560 and then to $536.
Solana (SOL) Price Analysis
Solana dipped below the breakout of $162 on June 7, signalling that the bears are attempting a comeback.
The bulls have defended the 50-day SMA ($157) for the past three days but have failed to push the SOL/USDT pair above the 20-day EMA ($164). This increases the risk of a breakdown to $140, which is expected to behave as a strong support.
The first sign of strength on the upside will be a break and close above $176. If that happens, the bulls will try to kick the price above the $189 resistance and challenge the formidable hurdle at $205.
XRP Price Analysis
XRP nosedived below the support line and the $0.46 support, but the lower levels attracted solid buying, as seen from the long tail on the candlestick.
The break below the triangle invalidated the developing ascending triangle pattern. The 20-day EMA ($0.51) has started to turn down, and the RSI is in the negative zone, indicating that the bears are in command. Sellers will try to sink the price to the crucial support at $0.46.
If the price once again bounces off the $0.46 support, it will suggest that the bulls are aggressively defending the level. A break and close above the moving averages will signal that the XRP/USDT pair may remain inside the $0.46 to $0.57 range for a while.
Toncoin (TON) Price Analysis
Toncoin (TON) rebounded off the 20-day EMA ($6.82) on June 9, indicating that the sentiment remains positive and traders are buying on dips.
The bulls will try to push the price to the overhead resistance of $7.67, which is likely to attract strong selling by the bears. However, if the bulls prevail, the TON/USDT pair could start the next leg of the uptrend toward $10.
Contrary to this assumption, if the price turns down and breaks below the uptrend line, it will invalidate the bullish ascending triangle pattern. The pair may then slump to $6 and subsequently to $5.60.
Dogecoin (DOGE) Price Analysis
Dogecoin turned down and plunged below the moving averages on June 7, suggesting that the price may remain inside the $0.12 to $0.18 range for some time.
The downsloping 20-day EMA ($0.15) and the RSI in the negative territory signal that the bears have the edge in the near term. The DOGE/USDT pair could fall to $0.14 and thereafter to $0.12.
A strong rebound off $0.12 will suggest that the bulls remain buyers at lower levels. The next trending move will likely begin on a break above $0.18 or below $0.12. Until then, random and volatile range-bound action may continue.
Cardano (ADA) Price Analysis
Cardano witnessed sharp volatility on June 7, followed by a drop below the symmetrical triangle pattern on June 8.
The bulls tried to push the price back into the triangle on June 9, but the bears are trying to defend the level. If the price turns down and breaks below $0.42, it will signal that the bears have flipped the support line into resistance, increasing the likelihood of a fall to $0.35.
Contrarily, if buyers propel the price above the 50-day SMA ($0.46), it will suggest that the breakdown may have been a bear trap. The ADA/USDT pair could then rally to the resistance of the triangle.
