June 7th Crypto Market Update: Ethereum, Ripple, Binance Coin, Shiba Inu, and Polkadot Price Analysis

June 7th Crypto Market Update: Ethereum, Ripple, Binance Coin, Shiba Inu, and Polkadot Price Analysis

Ethereum (ETH)

For the past two weeks, ETH has been hovering around $3,800. However, this consolidation under the key resistance at $4,000 might end with explosive volatility.

The current bias on this price action is bullish and may be just a pause before Ethereum resumes its uptrend. This will be confirmed as soon as the $4,000 level turns into a key support. So far, buyers always came when this cryptocurrency dropped under $3,800 which is acting as a support.

Looking ahead, market participants are getting impatient as they anticipate the next major move for Ethereum. If Bitcoin breaks above its current all-time high at $74K, then Ethereum will likely follow it and make new highs as well.

Ripple (XRP)

This cryptocurrency has been struggling to find its direction since the crash in April. The price has been flat and is just under the key resistance at 54 cents. To date, sellers have rejected all attempts to break above it, and the price is almost in the same place as last week.

This prolonged flat trend has made the price action quite unattractive and led to a decreasing volume since April. However, the momentum indicators are signaling that this sideways move may be approaching its end with the daily RSI about to go above 50 points.

Looking ahead, XRP really needs to break the key resistance if it wants to bring back buyers.

Binance Coin (BNB)

In sharp contrast to the previous altcoins, Binance Coin moved above $700 this week. This is a new all-time high for BNB after closing the past seven days with a 18% price increase.

Considering the dynamics across most of the altcoin space, this cryptocurrency is a rare gem that managed to defy most of the market. With such a spectacular performance, BNB joins a very exclusive club of coins that made a new ATH.

Looking ahead, the path is now open for Binance Coin to aim for a four-digit price or $1,000, which will likely be the next major resistance if this rally continues.

Shiba Inu (SHIB)

SHIB’s volatility continues to hinder the expectations for new highs, and the price closed the week with a 3% loss. Buyers are trying to move Shiba Inu above $0.000025, but they struggle to achieve a decisive breakout.

Even if buyers dominate in terms of aggregate volume, sellers continue to make their presence known and always appear when the price tries to escape higher.

Looking ahead, SHIB could be in a preparatory phase before a major move. A strong impulse above $0.000025 is required for a breakout to be successful.

Polkadot (DOT)

DOT’s price action is similar to SHIB and XRP. So far, it has failed to break the key resistance at $7.6 and closed the week with a modest 1.8% price increase.

Until the key resistance falls, it is unlikely for DOT to gather much attention. The volume is flat, and sellers appear to dominate at decisive moments.

Looking ahead, Polkadot appears ready to move higher, but the current volume does not have enough strength for such a breakout. Therefore, more sideways price action could follow before a major move.