Price Analysis 6/26: BTC, ETH, XRP, BNB, SOL

BNB has not registered significant increases in the last two days. The one-day chart shows that it lost momentum after the massive surge it had on the first day of the week. The coin has since grappled with notable selling pressure.

BNB reflects the same trend as most assets in the top 10. They print dojis at the time of writing as they receive less attention from investors.

The global cryptocurrency market cap is seeing a notable decline in trading volume. Down by 32% in the last 24 hours, the market has barely moved. Nonetheless, the fear and greed index gained one point as trading sentiment improves.

Investors are feeling more optimistic as the conflict in the Middle East eases. However, ongoing price movements indicate that they may be exhausted following the massive rallies on Monday and Tuesday.

Cryptocurrencies that saw massive increases earlier this week are seein trend reversals. SEI  surged by almost 50% during the first two days of the seven-day period, hitting a high of $0.31 on the second day. It is currently on the decline, having dropped to a low of $0.24 a few hours ago.

The assets in the top 10 are some of the affected by the unfolding trend. Let’s examine them.

BTC/USD

The apex coin prints a doji on the 1-day chart as it struggles to continue its uptrend. It is worth noting that it attained a milestone on Wednesday, breaking above $108k for the first time in more than a week. 

BTC experienced slight selling pressure after reaching the previous day’s high, resulting in a small decline. It trades at its opening price as the bulls attempt to recover and cause further increases.

The 1-day chart indicates that the apex coin is trading at one of its strongest supports. The previous price movement shows that the coin rebounded off the highlighted mark several times in May. The level may continue to hold and retain its importance due to notable demand concentration.

The bulls must continue to defend $107k as a slip below it may guarantee a drop to $104k. Nonetheless, the Bollinger bands indicate the buyer is still in control as BTC trades above its middle band. 

The relative strength index tells the same story, trending at 57 at the time of writing. The metric continues its uptrend amid the latest price performance. It prints more positive signals on the 4-hour chart, showing that the apex coin is experiencing significant buying pressure.

ETH/USD

Ethereum was on the verge of flipping bollinger’s middle band at $2,519. However, it faced notable selling pressure that led to the asset retracing. It trades at $2,456 after briefly breaking above $2,500.

Onchain data remains positive amid the latest shift in trajectory. ETH continues to experience an increase in exchange outflow, resulting in a slight decline in reserves. The derivatives market is heating up with activity as traders remain active.

Nonetheless, previous price movements suggest that the largest altcoin trades close to the price level with significant demand concentration. The $2,450 was a tough support as ETH rebounded off it more than once in the last month.

Since losing $2,500, investors must defend the highlighted mark as failure may see the coin retrace to $2,380. The Fibonacci retracement levels suggest that the asset may decline to the 50% Fibonacci level, which is around the same price mark.

However, indicators on the 2-hour chart paint a greener picture, with RSI continuing upward.

XRP/USD

Like BNB, XRP is struggling to surge as it sees its biggest decline this week. It peaked at $2.23 on Wednesday and retraced, closing with slight losses.

The altcoin is yet to recover from the previous day’s downtrend as it dipped lower on Thursday. It retraced from $2.21 to a low of $2.09. Down by over 3%, the asset may end the day with such losses.

RSI is on the downtrend in  response to the latest price decline. XRP lost bollinger’s SMA a few hours ago and is edging closer to the lower band. It is worth noting that the cryptocurrency, which is currently trading at $2.10, may hint at further declines. Previous price movement favors trading above $2.15 as the mark holds notable demand concentration.

Nonetheless, the 4-hour chart reveals that the asset tested bollinger’s lower band a few hours ago, and it is yet to rebound. The relative strength index on this scale shows no recent massive change in buying or selling volume.

BNB/USD

BNB prints it first red candle of the week. The 1-day chart shows that the asset experienced little volatility over the last two days, peaking at $652 on Wednesday. It retraced and ended the session with no significant price change.

Binance coin sees a similar trend at the time of writing. However, its red indicates growing selling pressure. Nonetheless, it trades above a critical level. The $640 support remains crucial as the asset rebounded off the mark on several occasions. It risks dipping to $625 if it loses this mark.

BNB trades below bollinger’s middle band, which many may consider bearish. The relative strength index is declining as selling volume increases.

The same readings are present on the 4-hour chart. RSI is declining, and BNB may lose its bollinger’s SMA if the decline persists.

SOL/USD

Solana is in the second day of downtrends. It started with a slight correction on Wednesday following a failed attempt at $150.

The decline is worsening as the altcoin continues to slip lower. It failed to flip the highlighted mark and retraced, breaking the $140 support.

The relative strength index is at 41, declining 5 points from the previous day’s reading.

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