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BTC, ETH, XRP and ADA Price Analysis for June 1

Price Predictions
Tue, 06/01/2021 - 15:49
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Denys Serhiichuk
Can altcoins withstand the fall of Bitcoin (BTC)?
BTC, ETH, XRP and ADA Price Analysis for June 1
Cover image via www.tradingview.com

Disclaimer: The opinion expressed here is not investment advice – it is provided for informational purposes only. It does not necessarily reflect the opinion of U.Today. Every investment and all trading involves risk, so you should always perform your own research prior to making decisions. We do not recommend investing money you cannot afford to lose.

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June has begun with the slight growth of the cryptocurrency market as all of the top 10 coins are in the green zone.

Top coins by CoinMarketCap
Top coins by CoinMarketCap

BTC/USD

Yesterday morning, despite rather modest buying volumes, the BTC/USD pair was able to recover to the area of average prices. In the afternoon, the Bitcoin (BTC) price moved into a narrow consolidation, right at the EMA55 line and, at night, bulls tried to form an impulse to break through the resistance of the $37,150 level.

BTC/USD chart by TradingView
BTC/USD chart by TradingView

One failed to significantly increase the volume and, this morning, the price returned to the moving average EMA 55. If during the day buyers cannot find support in the area of ​​average prices, the forecast for a pullback to the psychological level of $30,000 remains relevant.

Bitcoin is trading at $36,298 at press time.

ETH/USD

Sales volumes decreased yesterday morning, and the Ethereum (ETH) price was able to gain a foothold above the POC line ($2,330). In the afternoon, the pair broke through the moving average EMA55, but small buying volumes did not allow the Ether price to test the resistance of $2,800.

ETH/USD chart by TradingView
ETH/USD chart by TradingView

The pair's recovery has slowed down this morning, and the price may return to the three-hour EMA55. If the level of average prices does not stop the bears, the pair may roll back to the psychological level of $2,000.

Ethereum is trading at $2,565 at press time.

XRP/USD

Yesterday in the morning, buyers managed to form a strong enough bullish momentum to break through the resistance of the EMA55 moving average and test the psychological level of $1.00. In the afternoon, buying volumes declined and the XRP price stuck in the sideways right at the $1 mark.

XRP/USD chart by TradingView
XRP/USD chart by TradingView

At night, buyers tried to continue the recovery and tested the level of $1.10. However, the growth was not supported by large volumes and, most likely today, the pair will roll back to the area of ​​average prices.

Related
BTC, ETH and XRP Price Analysis for May 31

If the three-hour EMA55 stops the decline, then the recovery may continue to the level of $1.20.

XRP is trading at $1.01 at press time.

ADA/USD

The rate of Cardano (ADA) has risen by 2% over the last day.

ADA/USD chart by TradingView
ADA/USD chart by TradingView

Cardano (ADA) keeps trading sideways as neither bulls nor bears have seized the initiative. However, on the daily chart, the selling trading volume is going down, which means that bears are losing their power. In this case, one can expect a retest of the resistance at $1.87 soon.

ADA is trading at $1.695 at press time.

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About the author

With more than 5 years of trading, Denys has a deep knowledge of both technical and fundamental market analysis. Mainly, he has started his blog on TradingView where publishes all relevant information and makes predictions about top coins.
Thus, his experience is backed up by working in top blockchain related companies such as W12, Platinum Listing & ICO Advisory, ATB Coin, and others, can be contacted at denys.serhiichuk@u.today.