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BTC, SOL and AVAX Price Analysis for June 7

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Tue, 7/06/2022 - 16:40
BTC, SOL and AVAX Price Analysis for June 7
Cover image via www.tradingview.com

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Bulls could not hold the growth as most of the coins are in the red zone once again. Cardano (ADA) is the only exception, rising by 3% over the last 24 hours.

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Top coins by CoinMarketCap
Top coins by CoinMarketCap

BTC/USD

Bitcoin (BTC) has come back below the $30,000 mark, losing 4.59% over the last day.

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

On the daily chart, the price has returned to the middle of the wide channel where it has been located since the beginning of May. At the moment, neither bulls nor bears have accumulated enough energy for sharp growth.

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In this regard, there is a high chance of seeing sideways trading between $29,000 and $31,000 until mid-June.

Bitcoin is trading at $29,909 at press time.

SOL/USD

Solana (SOL) has underperformed Bitcoin (BTC), dropping by 7.62%.

SOL/USD chart by TradingView
SOL/USD chart by TradingView

Solana (SOL) is trading below its crucial level at $40 which means that a further drop is likelier than a comeback. Respectively, if buyers cannot seize the initiative and push the price back above the mentioned mark, there is a possibility of seeing the cryptocurrency testing the $35 zone soon.

SOL is trading at $39.15 at press time.

AVAX/USD

Avalanche (AVAX) is the biggest loser from the list today, going down by 8.13%.

AVAX/USD chart by TradingView
AVAX/USD chart by TradingView

Despite the drop, AVAX is looking better than Solana (SOL) as the price is not so close to the support zone. However, the volume has risen, which means that bears can maintain their pressure. If that happens and the daily candle fixes near the $20 mark, one can expect the fall to the $15-$17 zone shortly.

AVAX is trading at $24.24 at press time.

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