Price Prediction 6/20: BTC, ETH, XRP, BNB, SOL, DOGE, TRX

XRP veered closer to testing the $2.10 support as selling pressure mounts. It saw a change in trajectory a few hours ago as the bulls failed to sustain the momentum. 

The coin peaked slightly higher than its opening price but retraced as it saw a 7% decline in trading volume. XRP reflects the same trend in the entire crypto market. The global cryptocurrency market cap is slightly down as volume sees a similar decline. 

Investors remain uncertain about the next price action, causing many to hold stablecoins as they anticipate the next big move. They’ve maintained the same level of fear over the last three days as the fear and greed index remains stable at 48. 

Fundamentals are the primary drivers of current market sentiment. The raging war in the Middle East and ongoing talks of US involvement continue to keep traders cautious. 

However, some tokens are on the uptrend amid the bearish state of the market. SEI is one of the biggest gainers in the last 24 hours. It surged to a high of $0.21 but is currently trading at $0.198 at the time of writing. 

Cryptocurrencies in the top 10 are stuck in a rangebound movement. Let’s go over some key levels to watch. 

BTC/USD

Bitcoin is trading at $103,700 after experiencing notable selling pressure at $106,521. It is on the verge of another bearish close as selling pressure increases. Nonetheless, the coin remains within its rangebound movement and shows no signs of an impending breakout.

BTC is at its pivot point and threatens to flip. Previous price movement suggests that the apex coin may slip below it as it did last Friday. However, the bollinger bands hint at a possible retracement to $101k. Failure to defend this mark will result in the asset retesting the $100,000 support.

Onchain data shows no notable changes in exchange reserves over the last 24 hours. The MVRV slightly increased, indicating a spike in selling pressure. Other metrics, such as funding rates and open interests, are negative, supporting the speculation of further downside movement.

On the other hand, BTC may rebound and reclaim $105k, as it has previously done. This will continue its rangebound movement.

ETH/USD

Ethereum peaked at $2,569 a few hours ago but retraced as the bulls failed to sustain the buying pressure. It trades at $2,478 and hints at a further decline as selling pressure mounts. 

Down by almost 2%, the bulls will look to halt the downward movement at $2,450, a mark known for its significant demand concentration. However, failure to defend this mark will cause ETH to retest the $2,400 support. 

Onchain data reveals ongoing bearish activity. One such is the increase in exchange reserves. These trading platforms experienced increased inflows over the last 24 hours as traders sold off their assets.

Nonetheless, the derivatives market is heating up, with open interest surging by over 4% and funding seeing a similar growth. Both metrics suggest a potential price rebound that could see ETH reclaim its lost levels. The coin edge closer to breaking above the $2,600 resistance.

It is worth noting that the asset may hover around this mark before a major breakout.

XRP/USD

XRP retested its fourteen-day low a few minutes ago. It retraced from $2.17 to $2.08 and is now trading slightly higher. Previous price movements indicate that the altcoin is likely to rebound around this level. However, failure to defend this level will result in the asset testing the $2 support.

The bollinger bands favor speculation of recovery as a test of the lower band, which almost always results in notable upside movement. XRP will look to retest the $2.20 resistance following its rebound but may face notable resistance at $2.18.

The coin will continue in its rangebound movement if it fails to attain the highlighted mark.

BNB/USD

Binance coin experienced a sudden shift in its price trajectory, similar to XRP. It peaked at $651 but retraced to a low of $638. It trades slightly higher but remains at risk of further declines.

Although it trades at its seven-day low, failure to defend this mark will send the altcoin to its fourteen-day low at $625. A slip to this level will lead to BNB slipping below the bollinger bands, increasing the chances of more upside movement.

Nonetheless, the bands are narrow as the asset sees less volatility. The cryptocurrency may continue its rangebound movement following its rebound and retest of the SMA around $650. 

SOL/USD

Solana is seeing one of its biggest declines in the last fourteen days. The altcoin continues its plummet after a slight price increase that saw it edge closer to $150. 

Like XRP, it failed to continue the uptick as it saw massive selling pressure. It dipped below its seven-day low at $140, hitting a low of $135. Although it rebounded and trades slightly higher, previous price movement hints at further descent.

The coin may retest $130. However, the first pivot support suggests that this is less likely due to notable demand pressure around it. Defending the mark will see the altcoin reclaim $145.

DOGE/USD

Dogecoin has declined by over 4% in the last 19 hours. It retraced to its lowest value in the previous three months. The bears caused further declines on Friday, sending prices as low as $0.158. However, the asset trades slightly higher, hinting at further upside.

The coin may experience further buybacks in the coming days. It may lead to full recovery, which will see the cryptocurrency reclaim $0.17. It may attempt bollinger’s SMA at $0.18. 

Conversely, a further downtrend will see DOGE retrace to the first pivot support at $0.15. Failure to defend this mark will put the coin at risk of slipping as low as $0.13.

TRX/USD

TRX remains in its rangebound movement amid the massive selloff the market saw a few minutes ago. It declined slightly in response to the bearish sentiment and then rebounded. 

It may continue to range between $0.268 and $0.276. It struggled to break above bollinger’s middle band over the last three days. Its three-day movement reinforces speculations of no impending breakout. 

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