TOP 3 Price Analysis: BTC, ETH, XRP — Bullish Market to Come in June?

Price Predictions
Mon, 06/01/2020 - 13:58
Denys Serhiichuk
Could June be as positive for Bitcoin (BTC), Ethereum (ETH), and XRP as May?
Cover image via www.tradingview.com

The first day of summer has started with a decline among most of the top 10 coins. However, Ethereum (ETH) is an exception to the rule, having grown by 0.4% over the past day. The recent gainer Cardano (ADA) is today's biggest loser. Its rate has dropped by 6.45% since yesterday.

Top 10 coins by Coinstats

The main data for Bitcoin (BTC), Ethereum ETH), and XRP is below.

Name

Ticker

Market Cap

Price 

Volume (24h)

Change (24h)

Bitcoin

BTC

$176 019 848 764

$9 570.84

$28 820 224 211

-0.06%

Ethereum

ETH

$26 511 588 246

$238.48

$13 233 552 113

0.4%

XRP

XRP

$9 040 158 763

$0.204933

$1 603 735 230

-3.03%

BTC/USD 

On the first day of the week, Bitcoin (BTC) has been gaining power to break the $10,000 level. Over the past day, the rate of the main crypto has remained almost unchanged.

BTC/USD chart by TradingView

Bitcoin (BTC) has successfully bounced off the support line of the rising channel that started after the dump of March 12. Although the trading volume is not so high, there is enough liquidy for the coin to move higher.

Related
TOP 3 Price Analysis: BTC, ETH, XRP — How Likely Are New Local Peaks?

Also, buyers continue buying back Bitcoin (BTC) every time it touches the support zone. In this case, the next resistance that could be reached even this week is $10,500. However, it will happen only if there is no false breakout at $10,000.

Bitcoin is trading at $9,557 at press time.

ETH/USD 

As it was mentioned above, Ethereum (ETH) is the only coin out of the top 10 list located in the green zone. While the growth over the past week has constituted almost 17%.

ETH/USD chart by TradingView

On the daily time frame, Ethereum has almost reached the March high where the coin reached the $253 level. From a technical point of view, buyers have the power to retest it. However, there is a chance probability of a false breakout as the buying trading volume is remaining at the same level and there is no liquidity above it. Respectively, traders may see the start of a correction at around $255.

Ethereum is trading at $239.14 at press time.

XRP/USD 

XRP is the biggest gainer from our list. The price of the coin has fallen 2.78% over the past 24 hours.

XRP/USD chart by TradingView

XRP might have started its correction as the daily candle could not support the growth of the previous one. In addition, the coin has not broken out of the falling channel since March 2020, which suggests ongoing bearish pressure. As a result, bulls keep losing power and the nearest mark where a decline might finish is $0.1758.

XRP is trading at $0.2048 at press time.

 

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.

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