According to the cryptocurrency price analysis, all the major coins have been involved in a sharp drop in prices currently. In accordance with the latest news, MasterCard wants to patent their credit cards on Blockchain technology. The US regulators were involved in opening a price manipulation probe after Exchanges and CME dispute. Apple has new rules for the apps which are associated with cryptocurrencies. Finally, the bank of Italy announced that it had no plans for central banks to launch Cryptocurrencies.
Let’s find out the current prices from the price analysis.
Bitcoin has in the previous week been finding a hard time rallying. Therefore, in the entire week, the cryptocurrency has been trading within the $7,500 and the $7,700 price range. However, from June 10, a downside initiated which has placed the cryptocurrency below the $7,000 price level. This is a sharp drop in price considering that it is currently trading at the $6,750 level. However, this sharp dropping Bitcoin could be due to various reasons and the state of the market.
Since Bitcoin has taken a bearish trend, dropping significantly below the $6,600 price level might attract losses. Additionally, an upside might be initiated to the $6,900 and the $7,200 price level soon.
Support level: $6,600
Resistance level: $6,900
Ethereum has also been involved in trading just within the same range in the previous week. This means that it was involved in just short downsides and upsides which kept the price level within the $580 and the $600 price range. However, on 10 June, a downside was initiated which has placed Ethereum just below the 520 price level. According to the price analysis currently, Ethereum is trading at the $513 level.
Since the cryptocurrency has already taken the bearish trend, dropping significantly below the $510 price level might attract losses for the investors. On the other hand, a bullish trend might initiate which might push the prices upwards towards the $530 and the $550 levels.
Support level: $520
Resistance level: $530
Bitcoin cash BCH
Bitcoin cash has been in the previous week trading just within the same price range. Short downsides and upsides have dominated the cryptocurrency. However, the price has remained just significantly above the $1,100 level during the previous week. However, on 10 June, a downside initiated which has currently placed Bitcoin cash just below the $950 price level all the way to the $912 level. We are however anticipating for an upside to take place soon after it hits the lowest level.
Bitcoin cash has taken a bearish sign from yesterday which might push the prices lower. Therefore, dropping significantly below the $900 price level might attract huge losses for the investors. On the other hand, a rally in prices is expected to the $960 and the $1,000 price level.
Support level: $900
Resistance level: $960
Ripple has also been faced with the same trend of trading just within the same price range during the previous week. This is the $0.65 and the $0.70 price range. Slight downsides and upsides have been witnessed just within this price range in the entire week. However, yesterday 10 June, a downside initiated which has caused a sharp drop in prices. Currently, Bitcoin cash is trading at the $0.56 level which is a significant drop in prices.
A continuous drop in prices below the $0.55 price level might attract losses for the investors. On the other hand, Ripple might be involved in an upside to the $0.60 price level which might push the cryptocurrency to the $0.62 levels.
Support level: $0.55
Resistance level: $0.60
According to the price analysis, all the major coins were trading in a specific price range during the previous week. However, all digital cons dropped in prices from yesterday. We, therefore, anticipate for the best/rally during this week as suggested in the price analysis.