The majority of cryptocurrencies have been walloping in selling pressure, besides the prices have declined further since the beginning of June. The latest slide saw various coins and altcoins in the market test and even break major support areas. However, the market is slightly green mid-week on Wednesday with Monero (XMR) leading the recover by over a 5% rise on the day. Litecoin (LTC) is up 3.52% while EOS has corrected higher over 3% as well.
Bitcoin (BTC) Price Analysis
Bitcoin (BTC) price trend is highly bearish but the charts are showing a subtle 0.11% increase on the day. There was another decline during the trading session on Tuesday, however, the buyers have been able to stand their ground above $6,000. Bitcoin price is currently trading at $6,069 while the upside has been capped by the Andrew’s Pitchfork.
The immediate resistance is at $6,100, but the key resistance is at $6,200 in the short-term. The stochastic RSI on the 4-hour chart is at 20% while sending bullish signals in the near-term. However, the price is changing hands below the Simple Moving Averages. Moreover, the gap between the 50 SMA and the longer term 100 SMA is increasing to show that selling pressure dominance will continue.
As mentioned, the upside has been limited by the Andrew’s Pitchfork at $6,200. This level also presents a breakout towards another long-term resistance at $6,400 (former support). The short-term support at the moment is at $6,000, although the lows traded last week around at $5,777 are still within reach.
Stellar (XLM) Price Analysis
Stellar (XLM) price, on the other hand, is trading a classic falling wedge pattern supported at $0.1772. The crypto embarked on a recovery after the overarching declines in the last couple of weeks. However, the buyers encountered growing resistance at the 61.8%b Fib retracement level at $0.235 and a low of $0.177 close to $0.20. XMR/USD gave in to selling pressure trading lower highs through various support areas at $0.195, $0.190 and $0.18.
The digital asset commenced the trading session today approximately at $0.183 but is exchanging at $0.181 at the time of writing. There was a brief surge above $0.185 but the 100 Simple Moving Averaged prevented further upwards movement at $0.187. The price is testing the short-term support at $0.1820, furthermore, $0.180 is within reach. Various technical indicators like the stochastic and the RSI are calling for selling entries in the near-term. The demand zone at $0.177 will be instrumental in stopping extended declines towards $0.175.
Cardano (ADA) price analysis
Cardano ADA, like many of the coins in the market, is battling to recoil higher and leave the pits it has been sinking into in the past two weeks. ADA/USD has been trading bearish flag patterns this week while the latest has been supported at $0.1240. On the upside, the intraday highs have been capped below $0.270. The trend is, however, bullish within the contracting triangle.
The price is testing $0.126 (short-term) resistance. The bullish momentum is supported at $0.1240 while the buyers are pushing to retrace steps to the upper supply zone at $0.128, but their eyes are psychologically locked on $0.130. The 100 SMA will also provide resistance before $0.128 (breakout), which also coincides with the bearish trendline.
According to CoinMarketCap, Cardano ADA price is down 2.68% in the last 24 hours. It is ranked the 8th digital asset with a market capitalization of $ 3,273,059,312 and its trading volume in the last 24 hours is $39,184,800. The trading volume has dropped almost by half from$57,752,100 recorded on June 25 to $32,927,500 on June 26. Most of the trading for Cardano takes place on Binance followed closely by Upbit.