The cryptocurrency market displays disheartening sentiment amongst investors as a Bitcoin price fails to hold support above 30,000. Failure to hold the psychological number hunt is work only being carried through by smart money. Bitcoin, Ethereum and XRPcould experience more sell-offs due to the immense power displayed by the bears.
Today’s Shiba Inu price analysis displays a bearish movement in the market, and the market moves towards a negative direction, declining the price of SHIB significantly. After that, however, the cost of SHIB experienced a crash and decreased to $0.00001063, from $0.00001181; on June 1, 2022, SHIB/USD lost further momentum and obtained a massive decreasing movement the following day.
Solana price analysis shows a bearish trend for the past 24-hours as prices retrace from highs near $39.95. The cryptocurrency is now trading at $37.68 and is facing immediate resistance at $39.95. A break above this level could see SOL prices continue higher towards $41. On the downside, support lies at $36.04 which if breached could see Solana prices retest the $34 level. The prices have been hovering around a range of $36.04 and $39.95 for the past few hours.
Bitcoin Price Analysis
Bitcoin price failure to hold the $30,000 price zone is a signal no trader wants to see. It appears smart money has a strong enough influence to keep the BTC price suppressed. Now that the previous bullish thesis is invalid, the bears are building shorts to aim for lower targets. Bulls in the market should step back and allow more evidence from the technicals before placing a long entry.
Invalidation of the downtrend now still lies at $32,630. If this level is breached, the bulls should be able to raise the BTC price as high as $38,000, resulting in a 30% increase from the current Bitcoin price.
Ethereum Price Analysis
Ethereum price still falls short of the $2000 price level. The ETH price currently trades at $1756 as the bears continue to follow last month's technicals.
Ethereum price shows no signs of a bullish retaliation. The ETH price is suppressed
and declining in an almost free-fall-like manner. A $1400 target is imminent for the Ethereum price and lower targets would not be surprising. There are no indicators to dispute the bearish thesis at the current time.
Ethereum price bearish invalidation still lies above $2,480. If the bulls can breach this area, the ETH price downtrend could be void. The bulls could rally as high as $3000, resulting in a 75% increase from the current Ethereum price.
Ripple Price Analysis
XRP price is heartbreaking as investors who bought the dip are seeing their investments diminish in value. This week, the Ripple price saw an intense decline following a weekend rally that shot the price above $0.42. The digital remittance token is losing value in a free-fall fashion and is unlikely to stop at the current $0.38 price level.
XRP price could continue its plummeting nature for days to come. The long-held dispute between XRP and SEC still alludes to unpredictable price action for the summer. If market conditions persist, XRP price is on pace to tap the liquidity levels at $0.32. A dollar-cost average approach is still a favorable strategy for XRP maximists aiming for long-term macro targets.
ShibaInu Price Analysis
Shiba Inu price analysis revealed the market following a solid bearish trend. However, the market volatility decreases, forcing the resistance and the support to move closer, making the cryptocurrency’s price less prone to volatility fluctuations. Consequently, the upper limit of the Bollinger’s band is present at $0.00001203, which acts as the strongest resistance for SHIB. Conversely, the lower limit of the Bollinger’s band is available at $0.00001046, which acts as the strongest support point for SHIB.
The SHIB/USD price appears to be crossing under the Moving Average curve, making the market bearish. Therefore, the market shows immense reversal opportunities and possibly favors the bulls. However, the price is expected to continue toward a downward movement due to the current movement towards the support, as the price attempts to break the support soon.
Shiba Inu price analysis reveals that the Relative Strength Index (RSI) score is 38 making SHIB/USD fall under the stable region. However, the RSI follows a slight upward trend indicating an increasing market and dominance of buying activities.
Solana Price Analysis
The market looks bearish as prices have declined from highs near $39.95. The market is currently trading at $37.68 and is facing immediate resistance at $39.95.The market has faced a strong sell-off and the prices have not been able to find any buyers at higher levels. The market is currently in a consolidation phase and the prices are trading between $36.04 and $39.95.
The Moving Average Convergence Divergence (MACD) shows a bearish crossover as the MACD line (blue) crosses below the signal line. The RSI for SOL is currently below 50 which indicates that the market is bearish. The Bollinger band is below the 50 level which indicates that the market is oversold.