Top 5 Cryptocurrencies Price Analysis June Week 1: SOL, MATIC, DOGE, ADA, XRP

In this top 5 weekly cryptocurrencies price analysis, we want to take a look at the charts, patterns, technicals and price action of the leading crypto coins by trading volume. We are going to analyze Solana, Polygon, Dogecoin, Cardano and Ripple.

Solana (SOL)

Selling pressure on Solana price charts increased after breaking above the 50-day simple moving average at $22.34.  As a result, the upward momentum died up and the bulls retreated to $19.81 on June 6th.

The bearish pressure has held the price hostage below the moving averages and managed to build a minor resistance zone around $18.70. On the other hand, the bulls are tugging along to prevent a break and close below the minor resistance. This is because a break below the resistance would open up the door for a potential $15.

As of the writing of this Solana price analysis, SOL/USDT has already rebounded and cleared the overhead resistance at $20. Analysts are hoping the 1-day chart is the saving grace for Solana’s road to $30.

Polygon (MATIC)

Polygon’s exponential moving average (EMA) lies at $0.8634. The bears are hard at work to put the price of the MATIC/USDT pair below the EMA. As a result, the price action of MATIC has held ground below $0.9000 since last week.

Let us have a look at the 5-day chart, and observe the trend relative to the exponential moving average.

Sellers managed to pull down the price from $0.9980 on Friday. Thereby hitting a weekly low of  $0.8200. If the bulls fail to show up strongly and rebound the coin above the $1 psychological support, the price of MATIC is likely to remain within the $0.8 – 0.9 range for a long time. Dying buying pressure and heightened selling will open the door for a downtrend towards $0.690. Getting the price back from this level might prove a challenge for the bulls. Hence, they will rather protect the $0.8000 major support, and create a bounce back.

Dogecoin (DOGE)

Buyers are unable to activate any upward trend above Dogecoin’s 20-day exponential moving average at $0.07. As with the overal cryptocurrency trend since yesterday (June 5), nearly all cryptocurrencies (including DOGE) faced tremendous rejection along the EMA due to increased selling pressure.  Let’s take a look at the 5-day chart:

Two things might happen over the next fear days. One depends on whether the bulls can manage to suppress the selling pressure and overcome the hurdle at $0.07. The other depends on whether the bears are strong enough to activate $0.06.

If the bears open the doors for a downward trend to $0.06, that level indicates an entry point for more buyers and the potential to activate a strong uptrend over the next weeks. If the bulls manage to prevent a breakdown to $0.06, the price is likely to cross $0.07 but will remain within that range for a substantial amount of time due to break-even sellers.

Cardano (ADA)

Cardano posted a remarkable perfomance last week, with the ascending channel pattern indicating chances of a medium-term uptrend line. However, bears staged a tug-war that saw the bulls’ trendline come to a sudden halt. The long red wick on the 2-day ADA/USD chart is an indication of the strong selling pressure. (June 4th – June 6th):

The bears are attempting to unlock a downward trend to the $0.30 support level. However, the chart also indicates on the 1-day chart (June 6th), that the bulls already rejected the lower price levels around $0.3400. This validates the possibility of an upward momentum that could end up breaking the $0.4000 barrier.

Ripple (XRP)

The price trend of XRP  is pretty interesting. It has been that way for the past several months. Setting a defined upper limit, and a definite lower limit. This has given most traders an upper hand in buying lower and selling higher without delving much into the fundamentals of price patterns.

Traders (primarily day traders and swing traders) are taking advantage of two-range bounds. The green lines represent the first and main range that XRP/USD has been trading within for several months. As well as the minor range represented by the yellow lines. The red line with an upside-down emoji shows the major resistance around $0.40898. You may notice the buyers are preventing any break below this line, and whenever they have broken above it, the major range has been activated every time.

The upper yellow line also serves as a psychological resistance line ($0.54771). As of this writing, the price has just dropped from the same level, but the bulls seem to be retreating in order to consolidate sufficient momentum for breaking above $0.55 and heading for $0.58435 (the upper bound).