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BTC, ETH, XRP and ADA Price Analysis for June 7

Price Predictions
Mon, 06/07/2021 - 13:30
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Denys Serhiichuk
Which coin can show the biggest rise at the current bounceback?
BTC, ETH, XRP and ADA Price Analysis for June 7
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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The weekend has begun with the bounceback of the cryptocurrency market as the majority of the top 10 coins are in the green zone. The only exception to the rule is DOGE, whose rate has gone down by 0.18%.

Top coins by CoinMarketCap
Top coins by CoinMarketCap

BTC/USD

Last Saturday, buyers were unable to gain a foothold above the average price level, and the pair rolled back to the support of $36,000. On Sunday, the weak seller's onslaught continued until the Bitcoin (BTC) price broke through this support, setting a weekly low around $34,850.

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

At the end of the week, buyers tried to restore the price and gain a foothold above the lilac support of $36,000. The volume of purchases was small, but tonight the pair recovered to the area of ​​average prices.

Related
BTC, XLM and LTC Price Analysis for June 6

At the beginning of the week, one should expect an intensification of the bearish onslaught and a pullback of the Bitcoin (BTC) price to the area of ​​psychological support at $30,000.

Bitcoin is trading at $36,380 at press time.

ETH/USD

On Saturday, buyers failed to form a bullish momentum, and the resistance of $2,800 turned the pair downward. The sales volumes were not large and, in the zone of the weekly low, the pullback was stopped by the support of $2,550.

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

On Sunday, buyers recovered the Ethereum (ETH) price, and this morning, the pair again stopped at the resistance line of $2,800. There is little hope of a false bullish breakout, but bears are likely to intensify the onslaught and break through last week's low. At the beginning of the week, the minimum is possible in the support area of $2,200.

Ethereum is trading at $2,823 at press time.

XRP/USD

Last Saturday, the XRP price failed to test the psychological $1 mark. On the way to this key level, the price reversed downward.

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

Despite the dynamic pullback, the minimum was set at $0.892. Over the next day, buyers restored the pair to the area of average prices. At the same time, it has not yet been possible to overcome the three-hour EMA55. Today there is a high probability of a reversal in the area of the moving average and a pullback to the target bearish level of $0.80.

XRP is trading at $0.9673 at press time.

ADA/USD

The rate of Cardano (ADA) has increased by 3.15% over the last 24 hours.

ADA/USD chart byTradingView
ADA/USD chart byTradingView

Despite the growth, the rise of Cardano (ADA) may not have ended yet. After a false breakout of the resistance at the $1.84 mark, the price is not going down, which means that buyers are more powerful than sellers. In this case, there is a high chance of seeing a retest of the level around $1.80 soon.

ADA is trading at $1.7343 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.