Bitcoin’s price has surged to $31,000, with the market dominance of the digital currency now above 50%, after BlackRock filed an application for a spot Bitcoin exchange-traded fund (ETF). Following this, other financial companies such as WisdomTree and Invesco have also filed for similar ETFs, which has boosted investor sentiment. Glassnode has warned investors their patience could be tested for another 8-18 months before the market hits a new all-time high.
The article provides a comprehensive analysis of the top ten cryptocurrencies, including Bitcoin, Ether, Binance Coin, XRP, Cardano, Dogecoin, Solana, Polygon, Litecoin, and Polkadot.
Bitcoin broke and closed above the 20-day exponential moving average, signaling a short-term trend change. If the bulls do not give up much ground from the current level, it will enhance the prospects of a rally above the overhead resistance.
Ether turned up from strong support of $1,700 on June 19, indicating strong buying at that level. The bullish momentum picked up further on June 21 and sent the ETH/USDT pair above the downtrend line.
Binance Coin (BNB) is facing resistance at the 20-day EMA, with bears having an edge, and if the price turns down from the current level, the BNB/USDT pair may slide to $230 and later retest the vital support at $220.
XRP turned down sharply from the 20-day EMA but has flattened out, indicating a balance between supply and demand, and may open the doors for a potential rally to the overhead resistance at $0.56.
Cardano’s long tail shows that the bulls are trying to guard the zone between $0.25 and $0.24, and the ADA/USDT pair could reach the $0.30 level, which is likely to behave as a formidable resistance. If bulls kick the price above $0.30, it will suggest the start of a sustained recovery to the 50-day SMA.
Dogecoin bounced off strong support at $0.06 on June 20, indicating that the bulls are fiercely defending this level, and the DOGE/USDT pair may next rally to $0.07.
Solana rose above the immediate resistance of $16.18 on June 20 and reached the 20-day EMA on June 21.
Lastly, Polkadot’s buyers have pushed the price to the 20-day EMA, which is likely to act as a strong resistance, and if bulls drive the price above it, the DOT/USDT pair could reach the breakdown level of $5.15.