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As of writing time, Bitcoin is striving to maintain $25,800, but the $26,000 level has been lost. The forthcoming macroeconomic data this week is likely to alleviate investor fear, yet a surge in cryptocurrencies is thwarted by the SEC, staving off further decline. What is the present outlook for the top 3 altcoins?
Ethereum (ETH) Analysis
Currently, the ETH price stands above $1,700. Sellers are targeting a deeper drop below this level. If this transpires, we would witness the beginning of a deeper correction, with the next support at $1,600. The support here isn’t particularly strong, and if lost, the sell-off could continue down to the robust $1,352 support level.
Conversely, if the ETH/USDT pair bounces back once again from $1,700, it would indicate that the bulls are fiercely defending the level. A rally above resistance at $1,778 could set a target of $2,000 once more.
Binance Coin (BNB) Analysis
The direct targeting of the Binance exchange has negatively impacted BNB coin investors. The price of BNB plunged from $305 on June 5th to $220 on June 12th within a few days, reflecting a 27% loss in value and clear bearish dominance on the chart.
The sharp drop pulled the RSI into the oversold territory, suggesting a possible relief rally within the next few days. The BNB/USDT pair could bounce back to $240 and subsequently to $252.5. If the bears can descend below $220, we could witness a deeper correction towards $200 and $183.
Ripple (XRP) Coin Analysis
In a few hours, the deadline for the publication of the Hinman documents will be due. Their publication could potentially weaken the argument that altcoins are securities. On the other hand, Ripple might have a chance to strengthen its hand in the lawsuit. XRP has displayed a relatively better performance in the past few days as bulls managed to keep the price above the moving averages. This could be due to the announcement by Ripple‘s CEO that the lawsuit would end in a few weeks.
The bulls need to surpass the $0.56 resistance to initiate the next leg of the upward trend. If the price drops below the 20-day EMA ($0.50), it could indicate that the bulls are losing control. The pair could then drop to the significant 50-day SMA level ($0.47), which needs to be considered.
