Top 5 most notable coins of the week: BTC, ADA, SOL, MATIC, KLAY
US Consumer Spending Price Index (PCE) up 0.5% in May below the market estimate of 0.6%. However, year-on-year the PCE index rose to 3.4%, the largest increase since 1991.
While the US Federal Reserve expects temporary inflation, BofA analysts have a different assessment. Bank suspect US inflation will continue to be high, in the 2% to 4% range, for the next two to four years, and the Fed is expected to hike rates over the next six months to avert a financial market crash.
Should inflation persist, investors will likely focus on Bitcoin (BTC) again to protect their portfolios. A CoinShares report released on June 21 states that inflation is uncertain for the next 5 years, but that “adding bitcoin to a portfolio is a good measure to protect the portfolio from runaway inflation”.
While short-term risks remain, select cryptocurrencies may offer traders short-term trading opportunities. During the bearish period, traders can take profits when price hits the expected target rather than waiting for strong rallies. Let’s look at the charts of the top 5 cryptocurrencies that could turn into a short-term uptrend in the next few days.
BTC technical analysis
Bitcoin fell into the support range of $ 28,000 to $ 31,000 on June 26, but a positive sign is that the bulls are buying the dip again during that dip. This shows that buyers are accumulating at lower levels.
BTC / USDT daily chart | Source: TradingView
Now the bulls will try to push the price above the 20-day EMA ($ 35,148). If they are successful, it suggests that selling pressures may ease. The bullish divergence in the Relative Strength Index (RSI) also suggests a possible rally.
A break above the 20-day EMA could open the door for a move into the strong overhead resistance area at $ 40,000 to $ 42,451.67. The 200-day SMA ($ 43.505) is just above this zone, so the bulls may struggle to break above this level.
This indicates a possible consolidation between $ 28,000 and $ 42,451.67 over the next few days. The longer the price trades in this area, the stronger the next breakout will be. The trend will favor the bears if they can fall and keep the price below $ 28,000.
BTC / USDT 4-hour chart | Source: TradingView
The 4-hour chart shows that the bulls are trying to bottom at $ 30,000. The 20 EMA has flattened and the RSI is near the middle, showing that the sellers are losing their hold.
If the bulls hold the price above the EMA of 20, the BTC / USDT pair can rebound to the SMA of 200; a break of this resistance could attract additional buying and potentially push the price down to $ 40,527. That bullish view will be invalidated if the bears push the price below $ 30,000.
Technical analysis of the ADA
Cardano rebounded from the $ 1 support on June 22nd showing strong accumulation near that level. However, the bulls failed to push the price above the 20-day EMA ($ 1.39) on June 24th and 25th, showing that the bears are defending the resistance.
Daily ADA / USDT Chart | Source: TradingView
The 20-day EMA is slowly turning down and the RSI is in negative territory, showing that the bears have the upper hand. The ADA / USDT pair could see a long liquidation if the bears sink and hold the price below $ 1, which can pull the price to $ 0.68 and then to $ 0.40.
Conversely, if the bulls can push price above the 20-day EMA, it shows that the short-term trend has tipped in favor of the bulls. The pair can then rise to $ 1.60 and then hit the overhead resistance at $ 1.94.
ADA / USDT 4-hour chart | Source: TradingView
The moving averages on the 4 hour chart have flattened and the RSI near the middle shows that selling pressures are easing. If the bulls push the price above $ 1.40, it indicates the possibility of a short-term low. The pair can then attempt to rebound to $ 1.60 and higher to $ 1.88.
Contrary to this assumption, this indicates a lack of buyers at higher levels as the price drops from the current level or from $ 1.40 to below $ 1.20. The pair may then fall to the critical support at $ 1.
SOL. technical analysis
The long tail on Solana’s bar on June 22nd shows traders are actively defending the 200-day SMA (USD 20). However, the recovery rally failed to break above the 20-day EMA ($ 33), suggesting that the bears are selling on the recovery.
Daily SOL / USDT chart | Source: TradingView
Buyers are currently looking to hit a higher low at $ 26.65. If they can push and hold the price above the 20-day EMA, the SOL / USDT pair can gain momentum and climb to the downtrend line and then $ 44.
However, the falling 20-day EMA and the RSI in negative territory suggest that the bears have other plans. They will try to defend the 20-day EMA and push the price below $ 26.65. If this support is broken, the pair can drop to $ 21.10.
A strong rebound from this support zone will show that the bulls are consolidating on the downside. After that, the pair could consolidate between $ 21.10 and $ 44 over the next few days.
4-hour SOL / USDT chart | Source: TradingView
The 20 EMA on the 4-hour chart has flattened and the RSI is near the middle, indicating an equilibrium between buyers and sellers. That balance could tilt in the bulls’ favor if they push and hold the price above $ 33.
Such a move could pave the way for a move to the downtrend line and then to $ 42, however if the price drops from current levels or $ 33 the bears will attempt to break the $ 26.65 support line. If that happens, the bears could have an advantage.
MATIC technical analysis
Polygon has been trading below the 20-day EMA ($ 1.29) for the past few days, but the positive sign is that the bulls will not drop the price to the May 23rd low of $ 0.74. This shows a lack of sellers at the current level.
MATIC / USDT daily chart | Source: TradingView
If the bulls regroup and push the price above the downtrend line, it shows that the correction may be over. The MATIC / USDT pair can then rebound to $ 1.71 and above to psychological resistance at $ 2.
However, the bears may have other plans. The downward sloping 20-day EMA and the negative RSI suggest that sellers have the upper hand. If they drop below $ 0.92, the pair can drop into the $ 0.68 to $ 0.74 support area.
The cops will likely defend this zone aggressively. A strong rally indicates accumulation at lower levels and then the bulls will try to push the price above the downtrend line.
MATIC / USDT 4-hour chart | Source: TradingView
The 4-hour chart shows that the bears are actively defending the downtrend line. The 20 EMA is sloping down and the negative RSI is showing the bears an advantage. If they drop below $ 1, the pair can drop to $ 0.92.
Conversely, if the price rebounds from $ 1, the bulls will take another step to get the price above the downtrend line. If successful, it shows that the bulls are trying to make a comeback. The pair could gain momentum on a breakout and close above $ 1.25.
Technical analysis by KLAY
Klaytn has been trading below the 20-day EMA ($ 1.02) for the past few days, but the RSI is showing a bullish divergence. This suggests that sellers may lose control.
Daily KLAY / USDT chart | Source: TradingView
If the bulls push and hold price above the 20-day EMA, it is a sign that the trend may change. But the bears don’t give up that easily. They will try to prevent a rebound in the $ 1.24 to $ 1.29 zone.
If the price is falling from this zone but not below the 20-day EMA, it indicates that the bulls are trying to return. A break above the resistance area could attract buyers who can then challenge the 200-day SMA ($ 1.51).
A breakout and close above the 200-day SMA would mean that the downtrend could be over in the short term. That positive view will be invalidated if the bears push the price below $ 0.72.
KLAY / USDT 4-hour chart | Source: TradingView
The 4 hour chart shows that the KLAY / USDT pair is trading within a descending channel. The bulls pushed the price above the channel and 200 SMA but failed to hold the higher levels.
If the bulls push and hold price above the EMA of 20, the pair could try again to move above the channel and SMA of 200 and if that happens the pair can start a new uptrend with a target of $ 1.62 .
Contrary to this assumption, if the pair breaks below $ 0.86, the decline may extend to $ 0.72.
Disclaimer: This article is for informational purposes only, not investment advice. Investors should research carefully before making a decision. We are not responsible for your investment decisions.
SN_Nour
According to Cointelegraph
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Analysis
Top 5 most notable coins of the week: BTC, ADA, SOL, MATIC, KLAY
US Consumer Spending Price Index (PCE) up 0.5% in May below the market estimate of 0.6%. However, year-on-year the PCE index rose to 3.4%, the largest increase since 1991.
While the US Federal Reserve expects temporary inflation, BofA analysts have a different assessment. Bank suspect US inflation will continue to be high, in the 2% to 4% range, for the next two to four years, and the Fed is expected to hike rates over the next six months to avert a financial market crash.
Should inflation persist, investors will likely focus on Bitcoin (BTC) again to protect their portfolios. A CoinShares report released on June 21 states that inflation is uncertain for the next 5 years, but that “adding bitcoin to a portfolio is a good measure to protect the portfolio from runaway inflation”.
While short-term risks remain, select cryptocurrencies may offer traders short-term trading opportunities. During the bearish period, traders can take profits when price hits the expected target rather than waiting for strong rallies. Let’s look at the charts of the top 5 cryptocurrencies that could turn into a short-term uptrend in the next few days.
BTC technical analysis
Bitcoin fell into the support range of $ 28,000 to $ 31,000 on June 26, but a positive sign is that the bulls are buying the dip again during that dip. This shows that buyers are accumulating at lower levels.
BTC / USDT daily chart | Source: TradingView
Now the bulls will try to push the price above the 20-day EMA ($ 35,148). If they are successful, it suggests that selling pressures may ease. The bullish divergence in the Relative Strength Index (RSI) also suggests a possible rally.
A break above the 20-day EMA could open the door for a move into the strong overhead resistance area at $ 40,000 to $ 42,451.67. The 200-day SMA ($ 43.505) is just above this zone, so the bulls may struggle to break above this level.
This indicates a possible consolidation between $ 28,000 and $ 42,451.67 over the next few days. The longer the price trades in this area, the stronger the next breakout will be. The trend will favor the bears if they can fall and keep the price below $ 28,000.
BTC / USDT 4-hour chart | Source: TradingView
The 4-hour chart shows that the bulls are trying to bottom at $ 30,000. The 20 EMA has flattened and the RSI is near the middle, showing that the sellers are losing their hold.
If the bulls hold the price above the EMA of 20, the BTC / USDT pair can rebound to the SMA of 200; a break of this resistance could attract additional buying and potentially push the price down to $ 40,527. That bullish view will be invalidated if the bears push the price below $ 30,000.
Technical analysis of the ADA
Cardano rebounded from the $ 1 support on June 22nd showing strong accumulation near that level. However, the bulls failed to push the price above the 20-day EMA ($ 1.39) on June 24th and 25th, showing that the bears are defending the resistance.
Daily ADA / USDT Chart | Source: TradingView
The 20-day EMA is slowly turning down and the RSI is in negative territory, showing that the bears have the upper hand. The ADA / USDT pair could see a long liquidation if the bears sink and hold the price below $ 1, which can pull the price to $ 0.68 and then to $ 0.40.
Conversely, if the bulls can push price above the 20-day EMA, it shows that the short-term trend has tipped in favor of the bulls. The pair can then rise to $ 1.60 and then hit the overhead resistance at $ 1.94.
ADA / USDT 4-hour chart | Source: TradingView
The moving averages on the 4 hour chart have flattened and the RSI near the middle shows that selling pressures are easing. If the bulls push the price above $ 1.40, it indicates the possibility of a short-term low. The pair can then attempt to rebound to $ 1.60 and higher to $ 1.88.
Contrary to this assumption, this indicates a lack of buyers at higher levels as the price drops from the current level or from $ 1.40 to below $ 1.20. The pair may then fall to the critical support at $ 1.
SOL. technical analysis
The long tail on Solana’s bar on June 22nd shows traders are actively defending the 200-day SMA (USD 20). However, the recovery rally failed to break above the 20-day EMA ($ 33), suggesting that the bears are selling on the recovery.
Daily SOL / USDT chart | Source: TradingView
Buyers are currently looking to hit a higher low at $ 26.65. If they can push and hold the price above the 20-day EMA, the SOL / USDT pair can gain momentum and climb to the downtrend line and then $ 44.
However, the falling 20-day EMA and the RSI in negative territory suggest that the bears have other plans. They will try to defend the 20-day EMA and push the price below $ 26.65. If this support is broken, the pair can drop to $ 21.10.
A strong rebound from this support zone will show that the bulls are consolidating on the downside. After that, the pair could consolidate between $ 21.10 and $ 44 over the next few days.
4-hour SOL / USDT chart | Source: TradingView
The 20 EMA on the 4-hour chart has flattened and the RSI is near the middle, indicating an equilibrium between buyers and sellers. That balance could tilt in the bulls’ favor if they push and hold the price above $ 33.
Such a move could pave the way for a move to the downtrend line and then to $ 42, however if the price drops from current levels or $ 33 the bears will attempt to break the $ 26.65 support line. If that happens, the bears could have an advantage.
MATIC technical analysis
Polygon has been trading below the 20-day EMA ($ 1.29) for the past few days, but the positive sign is that the bulls will not drop the price to the May 23rd low of $ 0.74. This shows a lack of sellers at the current level.
MATIC / USDT daily chart | Source: TradingView
If the bulls regroup and push the price above the downtrend line, it shows that the correction may be over. The MATIC / USDT pair can then rebound to $ 1.71 and above to psychological resistance at $ 2.
However, the bears may have other plans. The downward sloping 20-day EMA and the negative RSI suggest that sellers have the upper hand. If they drop below $ 0.92, the pair can drop into the $ 0.68 to $ 0.74 support area.
The cops will likely defend this zone aggressively. A strong rally indicates accumulation at lower levels and then the bulls will try to push the price above the downtrend line.
MATIC / USDT 4-hour chart | Source: TradingView
The 4-hour chart shows that the bears are actively defending the downtrend line. The 20 EMA is sloping down and the negative RSI is showing the bears an advantage. If they drop below $ 1, the pair can drop to $ 0.92.
Conversely, if the price rebounds from $ 1, the bulls will take another step to get the price above the downtrend line. If successful, it shows that the bulls are trying to make a comeback. The pair could gain momentum on a breakout and close above $ 1.25.
Technical analysis by KLAY
Klaytn has been trading below the 20-day EMA ($ 1.02) for the past few days, but the RSI is showing a bullish divergence. This suggests that sellers may lose control.
Daily KLAY / USDT chart | Source: TradingView
If the bulls push and hold price above the 20-day EMA, it is a sign that the trend may change. But the bears don’t give up that easily. They will try to prevent a rebound in the $ 1.24 to $ 1.29 zone.
If the price is falling from this zone but not below the 20-day EMA, it indicates that the bulls are trying to return. A break above the resistance area could attract buyers who can then challenge the 200-day SMA ($ 1.51).
A breakout and close above the 200-day SMA would mean that the downtrend could be over in the short term. That positive view will be invalidated if the bears push the price below $ 0.72.
KLAY / USDT 4-hour chart | Source: TradingView
The 4 hour chart shows that the KLAY / USDT pair is trading within a descending channel. The bulls pushed the price above the channel and 200 SMA but failed to hold the higher levels.
If the bulls push and hold price above the EMA of 20, the pair could try again to move above the channel and SMA of 200 and if that happens the pair can start a new uptrend with a target of $ 1.62 .
Contrary to this assumption, if the pair breaks below $ 0.86, the decline may extend to $ 0.72.
Disclaimer: This article is for informational purposes only, not investment advice. Investors should research carefully before making a decision. We are not responsible for your investment decisions.
SN_Nour
According to Cointelegraph
Follow the Youtube Channel | Subscribe to telegram channel | Follow the Facebook page
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