Top 10 Cryptocurrencies Analysis (June 24)
Disclaimer: the cryptocurrency market is extremely volatile so all predictions should be considered as approximate only. Superorder isn’t responsible for any consequences of your trading actions. Always do your own research before making a deal.
Bitcoin is on the rise, undoubtedly. Recently, it hit the psychological barrier at $10,000 and moved higher. Moderate forecasts say that the currency will be around $20,000 by the end of the year while optimists insist on $40,000. Altcoins continue rising, too. Overall, we see the crypto summer but should be aware of possible corrections.
This digest will include 10 currencies with the highest market cap: Bitcoin, Ethereum, Ripple, Bitcoin Cash, Litecoin, EOS, Binance Coin, Bitcoin SV, TRON, and Cardano. We base insights on the stats from CoinMarketCap while cryptocurrency charts are from our crypto trading terminal Superorder and TradingView. Let’s go!
BTC/USD
Resistance level: $12,000.
Support levels: $9,270 and $7,400.
Trading recommendation: nothing to say here, honestly. Bitcoin experiences an amazing recovery and may go up to $20,000, according to experts and tech indicators. However, it’s possible that we will test the resistance at $12,000 and then turn back to $9,000–$10,000 so whales can take profits. It’s better to wait for the next sustain above $12,000.
ETH/USD
Resistance levels: $322, $335, and $480.
Support levels: $280 and $275.
Trading recommendation: bulls failed to consolidate near $335 so now they should gather power to retest this level. Close above it will complete a rounding bottom pattern and send Ethereum to $500 zone. Thus, you want to wait now and buy above $335 with relevant Stop Losses.
XRP/USD
Resistance levels: $0.57, and $0.62.
Support levels: $0.45 and $0.37.
Trading recommendation: the pair now tries to stay above the upper line of the symmetric triangle. Chances are pretty good because of positive indicators. Thus, traders can maintain their long orders with Stop Losses at $0.41. You may want using Trailing Stops to automatically move them higher with the uptrend.
BCH/USD
Resistance levels: $482, $639, and $889.
Support levels: $430 and $400.
Trading recommendation: the emerged ascending channel will continue, most likely. Bulls tested the upper line but failed and will try to do it once again. We don’t expect quick breakout but opt for slow uptrend so you should keep long positions open.
LTC/USD
Resistance levels: $140, $158, and $184.
Support levels: $130 and $110.
Trading recommendation: similarly, bulls tried to break through the main resistance at $140 but didn’t sustain. They will do it again and again. Surely, leave your longs open but don’t forget about protection and set Stop Losses at $129.
EOS/USD
Resistance level: $8.6.
Support levels: $6.8, $6.5, and $4.5.
Trading recommendation: the situation is almost identical to the LTC/USD pair so we suggest maintain long positions with open Stop Loss orders at $6.4. You can put these orders using our API trading terminal that supports combined Stop Loss + Take Profit.
BNB/USD
Resistance levels: $38, $46, and $50.
Support levels: $35 and $28.
Trading recommendation: again, traders tried to push up but failed and now rebounded from the first support level. The long-term trend for BNB is highly positive so we expect for the next cryptocurrency bull run. Be sure not to close long orders.
BSV/USD
Resistance levels: $255, $308, and $340.
Support levels: $210 and $175.
Trading recommendation: not only technical analysis but the actual market state suggest that bulls have a huge advantage. Bears weren’t successful in moving towards the first support. You should maintain and even increase long positions.
TRX/USD
Resistance levels: $0.042 and $0.052.
Support level: $0.028.
Trading recommendation: TRON returned in the crypto top after a long period of consolidation. Now, it occupies the 9th place. Indicators and history analysis show that we can hope for a significant uptrend soon. Thus, you can buy this coin or add more to your longs. Don’t forget about stops near the support.
ADA/USD
Resistance levels: $0.1 and $0.22.
Support level: $0.07.
Trading recommendation: traders tried to break the first resistance but failed to complete it. Thus, we still suggest keeping long positions and waiting for the breakout of $0.1. You may buy more after this level because it will finalize a rounding bottom emergence.
