The rate of the crypto key currency Bitcoin (BTC) can recover more easily after a short setback to 34,800 US dollars (USD) and rise to currently 36,600 USD. The vast majority of the top 100 altcoins also benefit from this stabilization.
The overall market is currently in a quieter trading phase. As mentioned in the previous week’s analysis, many investors are still involved in alternative cryptocurrencies and are using Bitcoin’s sustained sideways phase to increasingly invest in promising Altcoins. Once again, more than 20 top 100 Altcoins gain, some significantly, and show price increases beyond 20 percent. For the time being, investors are waiting for a directional decision on Bitcoin.
Best price development among the top 10 altcoins:
Binance Coin (BNB)
Price analysis based on the value pair BNB / USD on Binance
The Binance Coin BNB can continue to rally this week and climb back towards USD 400 in the past few trading days. The BNB price only bounced south in the red resistance area between EMA50 (orange) and EMA20 (red), but is only trading slightly below these sliding resistance lines. If the BNB price manages to break its high of the day at USD 407, the previous week’s high of USD 432 will once again be in the focus of investors.
Bullishe Variante (BNB)
The BNB rate is trading on Monday morning June 7th at USD 397 just below the EMA20 (red). If the BNB rate can quickly regain the USD 407 per day’s closing rate, a subsequent increase up to the EMA50 (orange) at USD 432 is to be expected. If this area is also overcome and the 50th Fibonacci retracement at USD 445 is broken upwards, a directional decision will be made at USD 480 or at the latest at USD 501. Here you can find the 61 Fibonacci retracement, which is often a relevant return target after a strong sell-off. If the bulls manage to sustainably overcome USD 501, BNB will target the supertrend at USD 525. Only when the BNB price also leaves this resistance level behind will the next price target be activated in the form of the 78 Fibonacci retracement at USD 579.
If the BNB rate breaks through this resist, an increase into the orange resistance zone in the range between USD 608 and USD 624 should be planned. If this area can also be overcome dynamically in the coming weeks, focus on the all-time high at USD 692. In the medium term, BNB should resume its upward movement and target the next important price target at USD 807. Here there is a cross resistance from 127 Fibonacci extension of the current upward movement. If this resistance level is reached in the months ahead, and the USD 860 is also broken sustainably, an increase in the overarching target range between USD 945 and USD 970 is also conceivable in the second half of the year. At USD 970 there is the 161 Fibonacci extension of the current trading movement and the 661 Fibonacci extension of the higher-level trading movement. In the future, the BNB rate could break the psychological mark of USD 1,000 for the first time in a rebounding overall market and start the 200 Fibonacci extension at USD 1,148.
Bearishe Variante (BNB)
If, on the other hand, there is another correction in the overall market and the BNB rate slips back towards USD 335 at the daily closing rate and breaks this first relevant support, the previous week’s low of USD 291 comes back into focus. The EMA200 (blue) is currently also running at this chart mark. The bull camp will try to defend this support accordingly. If the bears manage to undercut this support, and even the USD 281 does not give a hold, a consolidation up to USD 254 is likely. Here you can find the MA200 (green) paired with closing prices from the last few weeks. If the consolidation subsequently expands to around USD 224, a retest of the low at USD 211 is also conceivable.
If this support is also abandoned, the lower edge of the yellow support area at USD 197 should be planned as the target. Here you can find the lows from February 2021. Should the overall market correct more clearly, a relapse to the next bearish price target between USD 200 and USD 186 could no longer be ruled out. At this support mark at the latest, the bulls will do everything possible to initiate a countermovement in order not to let BNB plunge into a bear market. Should Bitcoin actually break back below USD 30,000, the price target should be USD 165. The green support zone between USD 148 and USD 124 is currently conceivable as the maximum bearish price target. As long as the BNB rate can hold it above the low of USD 211, such a rate of weakness is not to be expected.
The RSI as well as the MACD indicator both trend north on a daily basis. While the MACD has already activated a buy signal, the RSI is still in its neutral zone between 45 and 55. The MACD now shows a sell signal in the weekly chart. This means that the possibility of an expansion of the correction is still not ruled out.
Worst price development among the top 10 altcoins:
Internet Computer (ICP)
Price analysis based on the value pair ICP / USD on Binanthis
The newcomer to the top 10 altcoins, the Internet Computer ICP, continues to be weak. The ICP price fails to break the resistance cluster of EMA20 (red) and EMA50 (orange) in the 4-hour chart in the last few weeks of trading. Only when this sliding resistance is overcome in the long term does the chart light up in favor of the bulls.
Bullishe Variante (ICP)
The ICP price is still unable to move upwards from its low of USD 91 in the long term. Although the ICP rate stabilized above USD 100, it cannot dynamically overcome the EMA20 (red). If the bulls manage to buy the ICP rate in the direction of the orange resistance area, the interim high at USD 136 will be in focus. If the overall market shows its bullish side in the coming trading days, an increase to the 78th Fibonacci retracement should initially be planned. If the ICP rate can then dynamically overcome USD 141, the area around USD 160 moves into focus. If the 61 Fibonacci retracement is also broken, price targets at USD 174 and USD 188 are activated.
In particular, the bulls need to break through the 38 Fibonacci extension at USD 188. If this chart mark is also broken upwards, a march through to USD 204 is initially conceivable. The 23rd Fibonacci retracement of the current trend movement runs here. If the bulls manage to overcome this price mark, a subsequent rise of up to USD 232 cannot be ruled out. Should the bulls manage to break through this important resistance as well, the overarching price target will activate at USD 335. Only when the market as a whole resumes its upward trend are higher price targets conceivable in the medium term. In particular, the range between USD 424 and USD 466 should be mentioned here.
Bearish Variant (ICP)
If the ICP price fails to recapture the EMA20 (red) and EMA50 (orange) resistance cluster, it is likely to fall back below USD 100. The correction should then allow the ICP rate to correct to the low at USD 91. If this support level is consistently undershot, price targets of USD 85 and USD 72 move into the focus of investors. The 127 and 138 Fibonacci extensions run here. A persistent weakness in the price of Bitcoin could also result in significantly lower prices at ICP in the coming weeks. The ICP could even correct a maximum of up to the 161 Fibonacci extension at 45 USD. Such an expansion of the correction is only to be expected at a Bitcoin exchange rate of well below USD 30,000. Investors should therefore turn their attention to the USD 91 low. If this support is permanently abandoned, the ICP rate can be expected to fall further.
The RSI as well as the MACD indicator are trendless sideways in the 4-hour chart. Due to the short history of the chart, however, the informative value of the indicators must still be assessed with caution.
Top 10 stability
A look at the top 10 altcoins shows a friendly picture this week. The crypto key currency Bitcoin (BTC) gained a good two percentage points in value compared to the week. The vast majority of the top 10 altcoins also benefit from this bullish tendency. Eight of the ten top coins can book a price increase for themselves. The list of weekly winners is headed by the Binance Coin (BNB) with a 24 percent surcharge. It is followed by Dogecoin (DOGE) with 23 percent and Polkadot (DOT) with 22 percent. The number two of the largest cryptocurrency, Ethereum (ETH), is also convincing with an increase of almost 18 percentage points.
As in the previous week, the list of underperformers is topped by the newcomer among the top 10 Altcoins, the Internet computer (ICP), with a price discount of 5 percentage points. Bitcoin Cash (BCH) is also losing value with a one percent decline in value. Looking at the ranking of the ten largest cryptocurrencies, there are two changes in the ranking. BNB pulls past Cardano (ADA) again and jumps to third place. In addition, the DeFi project Uniswap (UNI) benefits from the ongoing underperformance of ICP and rises to eighth place.
Winner and Loser of the Week
The majority of the top 100 altcoins are using the sustained sideways phase of the crypto key currency Bitcoin this week as well and the majority can record price gains. During this trading week, more than 75 percent of the top 100 Altcoins saw a price premium. As in the previous week, 25 percent of the largest alternative cryptocurrencies show an increase in value of more than 20 percentage points. The weekly winner Theta Fuel (TFUEL) gains 54 percent. It is followed by Solana (SOL) with 52 percent, the Curve DAO Token (CRV) with 49 percent price increase and Theta Network (THETA) with 45 percent price increase. Kusama (KSM) and Filecoin (FIL) are also bullish, each increasing in value by more than 34 percent. The list of underperformers is headed by two outperformers from the previous weeks. In the case of Polygon (MATIC) and Helium (HNT) with a 10 percent price decline, investors are taking profits this week.
Disclaimer: The price estimates presented on this page do not constitute buy or sell recommendations. They are only an assessment of the analyst.
The chart images were created using TradingView created.
USD / EUR exchange rate at the time of going to press: 0.83 euros.