in

Crypto Price Analysis Jun-9: XRP, ADA, BNB, SOL, and MATIC

This week, we take a closer look at Ripple, Cardano, Binance Coin, Solana, and Polygon.

Ripple (XRP)

Ripple continues to surprise the market with its strength, considering that in the past week, most altcoins ended up in red. More so, XRP has managed to close in green with a 2.6% increase in price, making it the best performer on our list today.

This resilience has taken the price just under the key resistance at 53 cents. Volatility also increased this week, and buyers already attempted to break higher but were pushed back by bears.

Looking ahead, XRP seems well-positioned to break the key resistance since the momentum is firmly on the buyer’s side. The indicators on the daily timeframe are also bullish, and another push higher could turn the 53 cents level into support.

XRPUSDT_2023-06-09_14-40-41
Chart by TradingView

Cardano (ADA)

Cardano is the exact opposite of XRP. The price has made a lower low and closed the week with a 16% loss. This major crash could also be explained by the fact that the US SEC declared ADA security in the lawsuits against Binance and Coinbase.

Sentiment about Cardano is quite bearish at this time, and the price reflects this. For this reason, the cryptocurrency seems more likely to continue to fall toward the key support at 30 cents.

Looking ahead, buyers have to do their best to stop the assault from bears and reverse the downtrend at the key support. Any weakness is likely to translate into further losses for Cardano holders in the future.

ADAUSDT_2023-06-09_14-41-04
Chart by TradingView

Binance Coin (BNB)

With Binance sued by the US SEC, the price of its token, BNB, took a nosedive and closed the week with a 15% loss. This also pushed it to the key support at $250.

The current PA is bearish and has remained so for all week. However, the selling pressure appears to be fading as we approach the weekend. So long the key support at $250 holds, then buyers could try to turn around this situation.

Looking ahead, Binance Coin buyers should try their best to hold at the current support, because any weakness here could see it quickly fall to $200 next.

BNBUSDT_2023-06-09_14-41-40
Chart by TradingView

Solana (SOL) 

Solana’s volatility increased considering the events of this past week, and the buyers failed to defend themselves from the incoming sell pressure. For this reason, SOL closed the week with a 9% loss.

The price also made a lower low, and sellers appear to have the upper hand right now. If the pressure continues, then SOL could fall to the key support at $17.5.

Looking ahead, Solana continues to find itself in a large range, and despite this most recent loss in valuation, the support might hold, just like it did in March. If so, this cryptocurrency will likely continue to move sideways.

SOLUSDT_2023-06-09_14-42-56
Chart by TradingView

Polygon (MATIC)

Polygon shares a lot in terms of price action with Cardano. Since MATIC was also listed as a security alongside ADA in the SEC lawsuits against Coinbase, the price was quick to react and fell by 13% this week.

With MATIC in a clear downtrend with lower lows and lower highs, it needs a miracle to change this price action. Buyers have vanished since February, and they could not stop this bearish trend.

Looking ahead, MATIC has good support at 75 cents, and bulls could attempt to make a stand here. However, in the past, every support level was eventually broken by sellers, and it is unclear if MATIC has the strength to hold here.

MATICUSDT_2023-06-09_14-44-52
Chart by TradingView
SPECIAL OFFER (Sponsored)

Binance Free $100 (Exclusive): Use this link to register and receive $100 free and 10% off fees on Binance Futures first month (terms).

PrimeXBT Special Offer: Use this link to register & enter CRYPTOPOTATO50 code to receive up to $7,000 on your deposits.

Disclaimer: Information found on CryptoPotato is those of writers quoted. It does not represent the opinions of CryptoPotato on whether to buy, sell, or hold any investments. You are advised to conduct your own research before making any investment decisions. Use provided information at your own risk. See Disclaimer for more information.

Cryptocurrency charts by TradingView.

Read More

What do you think?

Written by admin

Leave a Reply

Your email address will not be published. Required fields are marked *

GIPHY App Key not set. Please check settings

Kraken Launches NFT Marketplace With 250 Collections

Kraken Launches NFT Marketplace With 250 Collections

Litecoin (LTC) Price Nears Rebound: Miners’ Bullish Sentiment?

Litecoin (LTC) Price Nears Rebound: Miners’ Bullish Sentiment?