Published June 10, 2023
In recent weeks, the cryptocurrency market has experienced significant selling pressure following the U.S. Securities and Exchange Commission’s (SEC) legal actions against major crypto exchanges Binance and Coinbase (COIN). As a result, a majority of major cryptocurrencies extended their correction phase, offering a better value for entering a long trade. Here’s a list of top crypto coins that sustain their overall bullish outlook.
Also Read: Crypto Market Crash: Here’s Why Bitcoin, Ethereum, Altcoins Are Falling Sharply
Amid the increasing selling pressure in the crypto market, the XRP price witnessed a minor correction to $0.486 support. Despite the two major sell-offs this month, on June 5th and June 10th, the coin price managed to hold above the $0.486 mark indicating the buyers are defending the newly reclaimed level.
If the coin price continues to sustain above this level, the buyers are likely to come back and push the price higher to rechallenge the $0.55. The aforementioned resistance is a multi-month resistance that limited bullish growth for over a year.
Thus, interested traders can look for entry opportunities as the XRP price is at important support, however, the coin holders will obtain a better confirmation of a rally after a decisive breakout from $0.55.
Over a two-week period, the Tron price experienced a notable correction of 22.4%, declining from its peak of $0.085 to today’s low of $0.0644. However, this pullback is under the 50% Fibonacci retracement level indicating the overall bullish trend is intact.
In addition, the TRX price found support at an ascending trendline carrying the current uptrend. The lower price rejection attached to the daily candle, indicates the buyers are accumulating this altcoin at dips.
If the buyers manage to sustain above the trendline, the uptrend continuation could lead to the Tron price above $0.0858.
With an intraday loss of 11.18, the Polkadot coin price plunged back to the December 22’ low of $4.228. However, the daily candle showed long-tail rejection at the long-coming support, indicating the buyers continue to accumulate at this level.
Previously this support triggered the January 2022 rally which peaked nearly 86% higher to hit $7.9
While the market sentiment remains bearish, the DOT price is likely to hover above this support before giving a bullish reversal. A potential reversal from this level could assist buyers to rechallenge the overhead trendline located near $6.
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