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Bitcoin, Ethereum, Aave, THETA & Shiba Inu Daily Crypto Price Analysis
Bitcoin has experienced a choppy price action. The Ethereum(ETH) price continues to slide lower within a falling parallel channel. Aave price is facing resistance at $107.29. The crypto asset has recovered till 20 SMA and is trying to gain. THETA coin price is trying to gain strong uptrend momentum.
Himanshu S.
11:28 6th Jun, 2022
Markets

Bitcoin Price Analysis

Suppose the price could finally rebound from this range – then the 50-day moving average line, alongside the $35K area will likely serve as major resistance levels, respectively, which – if failed to break – could initiate the next run lower.

On the other hand, the bearish momentum is still ongoing, and the price could break below the $28K level even without a relief rally. In that scenario, the $24K will be the next demand zone. Failing to hold the latter, BTC might retest the 2017 bull market’s all-time high at the $17K-$20K region, a level which could finally act as this bear market’s bottom.

A sidenote – Bitcoin never retested a previous bull market’s top, and in this case, this will be the first time.

Ethereum Price Analysis

A slow yet steady downfall has brought the coin price to its current level of $1803 and aims to revisit the $1700 mark. However, the technical indicator suggests a rise in bullish momentum and hints breakout from the channel pattern.

A quick sell-off in May plunged the ETH/USDT pair to a low of $1721 and registered a 51.5 % loss in the last two months. However, responding to the widespread uncertainty in the market, the falling price has slowed down over the past three weeks.

Furthermore, the downfall showcases a descending channel pattern leading the price lower. The recent reversal from the resistance trendline has tumbled the altcoin by 8.56%, bringing its closure to $1700 support.

Aave Price Analysis

Aave price analysis is bearish today as the market looks to retest support at $103.08. The market is currently facing resistance at $107.29, preventing it from breaking out to the upside. Aave has been in a downtrend since it peaked at $115 last week and has lost over 7% of its value since then. The market is expected to continue its downtrend in the short term as it looks to retest support at $107.29. A break below this level could lead to further losses for the market in the short term.

Aave price analysis is following a descending channel. The market has been in a downtrend since it peaked at $115. The market is currently trading near the support level of $107.29 and is expected to continue its downward trend in the short term. A break below this level could lead to further losses for the market in the short term. The market is expected to find support at $101.68, which is the next level of support below $103.08.

image 121
AAVE/USD 1-day price chart, Source: TradingView

THETA Price Analysis

Theta Network price has been trading inside a horizontal range-bound area over the daily chart. The token is trying to gain either of the constant uptrend or downtrend momentum but couldn’t manage to register its breakout or breakdown. This time THETA bulls look pretty determined to register the token’s breakout from the range-bound area. Theta Network price has been consolidating in the range of $1.07 and $1.42. THETA coin must attract more buyers to maintain the current uptrend momentum over the chart. THETA investors need to wait until bulls sustain at the verge of the consolidation phase to register the token’s breakout.

Theta Network price is presently CMP at $1.32 and has gained 10.69% of its market capitalization in the last 24-hour period. Trading volume has increased by 62% in the intraday trading session. This shows that THETA bulls are accumulating for the rescue of the token. Volume to market cap ratio is 0.06076.

Source: THETA/USD by TradingView

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