Published 2 hours ago
The first two weeks of June triggered a massive sell-off in the crypto market and brought a heavy discount in several major cryptocurrencies. Amid this downfall, the crypto coins plunged to their respective monthly support offering a great opportunity to buy the dip. In this article we have listed out some of the well-established altcoins interested traders can accumulate.
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XRP (XRP) Price Analysis: Pullback Opportunity
Source: Tradingview
With the recent correction phase, the XRP price plunged to the monthly low of $0.4558 and retested a long-coming support trendline. This trendline has been carrying a significant recovery over the past 100 days and offers occasional dip opportunities to buyers.
As of now, the XRP price is trading at $0.48 with an intraday loss of 2.7%. With sustained selling the price could revisit the aforementioned support trendline. This retest would likely recuperate the bullish momentum and trigger a bullish reversal.
The potential recovery could push the XRP price back to a multi-month barrier of $0.55.
Polygon(MATIC) Price Analysis: Coiling Before Explosive Move?
Source: Tradingview
The falling MATIC price has turned sideways after hitting the $0.52 support. Amid the growing uncertainty in the crypto market, the consolidation phase continues in a narrow price spread.
By the press time, the Polygon coin trades at $0.6 and witnesses demand pressure from the $0.52 support. If the bullish momentum persists, the buyers trigger a bullish reversal and challenge the falling trendline.
A bullish breakout from the resistance trendline will be the key signal for trend reversal and surge the price back to the $1 mark.
Cardano(ADA) Price Analysis: At Crucial Support
Source: Tradingview
For over a week, the ADA price has been moving nearly sideways trying to obtain suitable support at $0.24. The long-lower price rejection tails showcased in the daily candles reflect the rising buying pressure and active accumulation from traders.
If the bullish momentum rises, a potential reversal from this support could surge the price back to the $0.3 psychological barrier. However, to obtain an established recovery rally, the buyers to breach pierced the overhead trendline.
This anticipated breakout will offer buyers a solid launch pad to surge the ADA price above $0.35.
The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
