From the price analysis, all the four major coins have had a rough time during the previous week. According to last week’s news, ripple wants to make an investment of $2 million in the Blockchain Research Initiative in the funding of the Blockchain based projects. Walmart now has a new Blockchain patent. Italian authorities were involved in seizing Bitcoin from the Bit Grail Wallets.
Let’s look at the current cryptocurrency prices from the price analysis.
Bitcoin has been in the previous week facing a downside which saw the prices reach the low of $6,289 price level. The cryptocurrency was almost near the years low but an upside resumed. However, much improvement has not been witnessed since Bitcoin rallied to the $6,701 price level and has currently been trading slightly above the $6,450 price level. Currently, it is at the $6,478 level. It seems to be stabilizing and the next move could be a rally in prices.
In case Bitcoin gains the bullish trend, the prices are likely to be pushed to the $6,600 and the $7,000 resistance levels. On the other hand, dropping significantly below the $6,300 price level might attract losses for investors.
Support level: $6,300
Resistance level: $6,600
Ethereum had in the previous week been involved in a downside trend which saw it reach the lowest levels during this month. The cryptocurrency attained the $459 price level which is a sharp fall in prices from the $530 levels. On June 14 however, an upside resumed which placed Ethereum at the $522 high before being involved in a series of downsides and upsides. Currently, Ethereum is trading slightly below the $500 price level which is the $497 level.
Since we are not sure of the next move and the market news which may emerge, In case Ethereum gains the bullish trend, the $520 and the $550 price levels are possible this week which might even push them to $600. On the other hand, dropping below the $460 price level might attract losses.
Support level: $460
Resistance level: $520
Bitcoin Cash BCH
During the previous week, Bitcoin cash attained a bearish trend which saw it drop sharply from the $955 price level to the $826 low during the week. However, on June 4, it was involved in a slight rally in prices to the $893 levels. Currently, Bitcoin cash has been involved in slight downsides and upsides which has kept it above the $838 price level. Currently, Bitcoin ash trades at the $840 level.
In the case that Bitcoin cash is involved in an upside, we expect the $860 and the $890 price levels which might push the prices further to the $900 levels. On the other hand, dropping below the $830 price levels might attract losses for the investors.
Support level: $830
Resistance level: $860
Ripple has been, in the previous week, facing a downside. This was witnessed when the cryptocurrency dropped from the $0.60 price level to the $0.51 price level. This was a huge drop for Ripple. However, a slight upside resumed which pushed the prices back to the $0.56 level before being subjected to another drop in prices. Currently, the price has dropped to the $0.522 level.
In case of Ripple is involved in a rally in prices, we expect the $0.55 price level which might further lead to a rally to the $0.58 level. On the other hand, dropping below the $0.50 price level might attract losses.
Support level: $0.50
Resistance level: $0.55
According to the price analysis, all the major coins were involved in a downside during the previous week. Currently, the coins are not doing well in the market due to various market conditions. Therefore, we expect an upside during this week as predicted in the price analysis.