Bitcoin and select altcoins could start a relief rally, but strong resistance overhead and traders' concerns about the strength of the stock market could stall a strong crypto market recovery.
) remains in an up move. The bears tried to start a correction but could not pull the price to the 20-day EMA on June 7, indicating that the bulls are holding strong.The rising 20-day EMA and the RSI in the positive territory indicate that the bulls are in command. Buyers will try to thrust the price above the overhead zone between $0.56 and $0.58. If they succeed, the XRP/USDT pair may start a new uptrend. The pair may first climb to $0.60 and then to $0.80.
If bears want to start a pullback, they will have to tug the price below the 20-day EMA. That may attract profit-booking from short-term traders, and the pair could fall to the 50-day SMA and later to $0.42.The bulls tried to start a relief rally on June 8, but the long wick on the day’s candlestick shows that bears continue to sell Cardano at higher levels.
The first overhead resistance to watch out for is the 20-day EMA . A break and close above this resistance will indicate that the selling pressure may be reducing. Alternatively, if the price continues lower and plummets below $0.30, it will clear the path for a potential decline to $0.24.
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