The price analysis brings out the bearish trend in all the major coins. According to the recent news, Ethereum classic price improved by close to 25% shortly after Coinbase made an announcement of the listing. Bitcoin has been involved in a continuous downward trend. The EU in conjunction with another organization has been seeking the public questions in regard to Blockchain which will be collected and answered in a session. Finally, Canada has new regulations for the cryptocurrencies operating in the country.
Therefore, let’s find out the cryptocurrency prices from the price analysis.
Bitcoin acquired a downside trend on 10 June which saw it drop sharply. During the previous price analysis, we had expected an upside to resume but this has not been the case. Bitcoin has been involved in a further drop from the $7,604 to the $6,586 level. This is a substantive drop in prices.
In case this trend continues, investors might be involved in more losses for the next few days if Bitcoin drops beyond the $6,400 price level. On the other hand, when it reaches the lowest level and purchasing is triggered, a rally to the $6,800 and the $7,000 levels is possible.
Support level: $6,400
Resistance level: $6,800
From 10 June, Ethereum has been involved in both downsides and upsides. After hitting the $512 price level on 11 June, an upside resumed which placed it at the $535 price level before dropping and improving again. In the last few hours, Ethereum was trading below the $500 price level but has since resumed and now trades at $501.
Since an upside trend has resumed in Ethereum, an upside is possible and this might place it to the $520 and the $550 resistance levels. On the other hand, a drop below the $490 price level might attract losses.
Support level: $490
Resistance level: $520
Bitcoin Cash BCH
Bitcoin cash has taken the same trend as Bitcoin where a significant drop in prices has been witnessed from 10 June. This cryptocurrency dropped from the $1,110 price level to the $876 price level currently and this has been a loss to the investors.
In case this bearish trend continues, the $860 price level is possible which might lead to more losses. On the other hand, if Bitcoin cash reaches the lowest level, we expect a rally towards the $900 price level.
Support level: $860
Resistance level: $900
Ripple took a bearish trend from June 10. This has seen the cryptocurrency drop significantly from the $0.66 price level and currently trades at the $0.56. Therefore, many ripple customers have experienced losses in the last two days. However, this trend might change to a bullish trend soon.
Dropping significantly below the $0.55 price level might attract more losses for the investors and also the exchange companies. On the other hand, we expect Ripple to resume the upside trend soon to the $0.60 levels.
Support level: $0.55
Resistance level: $0.60
As analyzed in the price analysis, all the major digital coins have been involved in a sharp downside below the support levels. This has been due to the negative market news. However, we expect this trend to end as suggested in the price analysis.