The recent failure of the bears to maintain itcoin">Bitcoin’s value below the $25,000 mark, specifically at $26,446, indicates a missed opportunity for them. This occurrence has potentially sparked interest from the bulls, who are now actively seeking to initiate a market recovery for both itcoin">Bitcoin and certain alternative cryptocurrencies.
Furthermore, the submission of an application by BlackRock to establish a itcoin">Bitcoin spot price exchange-traded fund, coupled with the continued stability in the US stock market, has potentially contributed to a more favorable outlook towards cryptocurrencies. itcoin">Bitcoin is projected to conclude the week with a slight increase of 2%, while institutional purchases of the Grayscale itcoin">Bitcoin Trust have resulted in a decrease of its discount to itcoin">Bitcoin spot from 44% on June 13 to 36.6%, as per data provided by CoinGlass.
Despite the ongoing efforts of itcoin">Bitcoin and certain alternative cryptocurrencies to initiate a recovery in the market, the overall trend continues to be bearish. Consequently, traders who intend to purchase for a potential pullback in the short term should take into account the possibility of booking profits or implementing stricter stop-loss measures when the price encounters significant resistance levels that prove difficult to overcome.
For long-term investors, the approach may differ as they may opt to utilize any downward trends toward strong support levels as an opportunity to acquire the cryptocurrencies they desire. It is advisable to adopt a staggered purchasing strategy, as the possibility of a sudden and significant rally appears to be unlikely.
We shall now examine the leading five cryptocurrencies that are currently endeavoring to initiate a short-term market recovery.
Price Analysis: itcoin">Bitcoin
On June 15, itcoin">Bitcoin exhibited a sharp upturn, potentially catching the attention of aggressive bears who may have initiated a short position following a breach of the $25,250 mark. This occurrence may have led to a short squeeze in the short term, propelling the price to the 20-day exponential moving average of $26,403.
The bears are currently attempting to constrain the relief rally at the 20-day exponential moving average. Nevertheless, a promising indication is that the bulls have not surrendered much ground, implying that the buyers are maintaining their positions in anticipation of a potential upward market movement.
Nonetheless, it is probable that the bears possess alternate strategies, as they may endeavor to provide significant resistance within the region that lies between the 20-day exponential moving average and the resistance line of the descending channel. Should the price experience a downturn in this area, it is plausible that the BTC/USDT pair may continue to remain within the channel for an extended period of time.
However, should the bulls successfully propel the price above the channel, the BTC/USDT pair may indicate a potential alteration in the market trend in the short term. In this scenario, the pair could potentially surge towards the $31,000 mark.
The 20-exponential moving average on the four-hour chart has displayed an upward trend, and the relative strength index (RSI) is currently situated within the positive region, signifying that the bulls possess an advantageous position in the short term. A minor resistance level is present at $26,850, but should it be surpassed, the BTC/USDT pair may reach the resistance line of the channel, situated at approximately $27,600. This level may potentially pose a substantial obstacle for the bulls to overcome, but if they manage to do so, the pair may experience a surge toward $28,500.
This optimistic perspective may become invalidated in the short term if the price experiences a downturn and subsequently breaches the 20-exponential moving average. This occurrence may lead to a decrease in price, potentially causing it to reach the 50-simple moving average and eventually, the robust support zone situated between $25,250 and $24,800. Should the price breach this zone, it may result in an escalation of selling activity.
BNB, currently valued at $244, has been actively involved in the market for the past few days. However, a promising indication is that the bulls have prevented the price from breaching the $220 support level, implying the presence of demand at lower levels.
The initial obstacle to overcome on the upward trend is the 38.2% Fibonacci retracement level, valued at $252.50. Should the BNB/USDT pair succeed in surpassing this level, it may potentially reach the 20-day exponential moving average, currently valued at $261. The bears are likely to try and prevent this recovery at the aforementioned level. If they are successful in their efforts, the pair may experience a downturn toward the $220 mark.
Conversely, if the bulls successfully drive the price above the 20-day exponential moving average, the BNB/USDT pair may potentially reach the 61.8% Fibonacci retracement level, valued at $272.50. This level is of significant importance for the bears to protect, as a breach may result in the pair experiencing a surge toward $305.
The analysis of the four-hour chart reveals that the moving averages have concluded a bullish crossover and the relative strength index (RSI) has increased into the positive zone. These observations suggest that buyers are endeavoring to initiate a resurgence. To gain momentum, the bulls must surpass the obstacle at $252.50. If they manage to do so, the BNB/USDT pair may potentially experience a rally toward $265.
On the downside, the initial support level is situated at the 20-exponential moving average. Should this level experience a breakdown, the BNB/USDT pair may potentially decline toward the uptrend line. If the pair breaches and closes below this level, it may signify that the bulls have relinquished their position. Consequently, the pair may experience a retest of the crucial support level at $220.
Litecoin, currently valued at $77.21, experienced a sharp decline below the symmetrical triangle pattern on June 10, signaling that the bears have gained an advantage. On June 14, the sellers managed to pull the price below the immediate support level situated at $75. However, they were unable to capitalize on this movement.
The LTC/USDT pair has experienced a rapid resurgence over the past few days, propelling the price above the $75 mark, and indicating the presence of robust buying activity at lower levels. The bulls will now attempt to drive the price toward the 20-day exponential moving average, valued at $82, which is a critical level to monitor. If the buyers successfully surpass this barrier, the pair may potentially rise toward the 50-day simple moving average, currently valued at $86.
In contrast to the aforementioned prediction, if the price retraces from the current level or the 20-day exponential moving average and experiences a breach below $70, it may indicate the initiation of a downtrend. The first target level for the decline is expected to be at $65, followed by a potential drop toward $60.
The robust resurgence of the price has resulted in it surpassing the 20-exponential moving average on the four-hour chart, indicating a potential reduction in selling pressure. Furthermore, the moving averages are on the brink of concluding a bullish crossover, and the relative strength index (RSI) has surged into positive territory, suggesting that the buyers are endeavoring to initiate a resurgence.
A minor obstacle for the bulls is the resistance level situated at $80, but if they manage to overcome this hurdle, the LTC/USDT pair may potentially experience a surge towards $85, followed by a potential rise towards $90. To prevent the upsurge, the bears must swiftly pull the price below the $75 mark.
Price Analysis: OKB
OKB (OKB) experienced a breach below the symmetrical triangle pattern on June 10, indicating the initiation of a more profound correction. However, a minor positive for the bulls is that they were able to safeguard the support level at $30.50, suggesting the presence of demand at lower levels.
The price of OKB has reached the crucial 20-day exponential moving average, currently valued at $42.73, which is a significant level to monitor. In the event that the price retraces from the current level, it may indicate that the overall market sentiment remains negative, and traders are opting to sell during rallies. This trend could potentially pose a severe threat to the $38.50 support level, and if it is breached, the OKB/USDT pair may experience a decline toward $35, followed by a potential drop toward $30.
On the other hand, if the buyers successfully propel the price above the 20-day exponential moving average, it may indicate that the bears are potentially losing their influence. This development could potentially result in the pair rising towards the support line, which is expected to serve as a robust resistance level. To gain the advantage, the buyers will need to drive the price beyond $48.
The OKB/USDT pair experienced a strong rebound from the $38.50 support level, but it is currently encountering resistance in the vicinity of $42.39. Despite this, a minor advantage for the buyers is that the moving averages have concluded a bullish crossover and the relative strength index (RSI) is currently in positive territory.
In the event that the buyers successfully propel the price beyond the resistance level at $42.39, the OKB/USDT pair may potentially pick up momentum and experience a surge toward $46. However, it is anticipated that the bears will mount a robust defense at this level.
An alternative scenario is that the price retraces and falls beneath the 20-day exponential moving average. This development may potentially indicate a period of range-bound movement between the levels of $38.50 and $42.39 for a certain duration.
Price Analysis: Quant
On June 16, Quant $99.86 experienced a robust rebound from the $95 level, which potentially indicates the presence of aggressive buying activity at the support level.
Despite the strong rebound, the bears have not conceded defeat and are currently mounting a fierce defense of the downtrend line. In the upcoming period, sellers will likely attempt to drive the price below the $95 level, while the buyers will endeavor to maintain the QNT/USDT pair above this support level.
In the event that the price rebounds once again from the $95 support level, it may potentially strengthen the possibility of a rally above the downtrend line. Should this occur, the QNT/USDT pair may potentially initiate a robust recovery, which could propel the price toward the $135 level.
However, this bullish outlook may be negated in the short term if the price continues to decline and falls beneath the $95 support level. In such a scenario, the QNT/USDT pair may potentially decline further towards the levels of $87 and subsequently, $80.
The four-hour chart illustrates that the QNT/USDT pair promptly relinquished a significant portion of its gains, potentially indicating the presence of bearish activity at elevated levels. The bears succeeded in driving the price below the 61.8% Fibonacci retracement level of $103.90, which is regarded as a negative indication.
If the buyers intend to make another attempt at the downtrend line, they will need to promptly propel the price above the moving averages. Conversely, if the price remains below the 50-period simple moving average, it may potentially increase the likelihood of a decline toward the $95 support level.
