Bitcoin breakouts of the main support this week! Will Altcoins follow?

Author by: Rizqie Atsir Fadhlullah, Business Development of Tokenomy

Entering the fourth week in June, most crypto assets are still moving sideways. This is the fifth week that the crypto market is moving sideways after falling sharply in mid-May. Currently, we observe that the market is preparing to exit the sideways pattern.

  • Bitcoin will breakout of its main support this week

Starting this week, Bitcoin is seen approaching the $ 30,000 support area. There is a possibility that Bitcoin will bounce back from the price point and move sideways again in the $ 30,000 – $ 42,000 range. However, a breakout is predicted to happen soon considering that now we have entered the fifth week of the market moving sideways. The $ 30,000 support is an area that has a good opportunity to be broken because the current Bitcoin price trend is bearish. When the market is bearish, support is typically easier to break compared to the resistance point. If the $ 30,000 support is broken, the next target price will be $ 19,000. However, if Bitcoin strengthens and breaks out of the $ 42,000 resistance area, the next target price will be the $ 47,000 resistance area.

  • Ripple is eyeing the $ 0.20 area

Ripple has the potential to drop lower towards the $0.20 support. In the analysis above, it is clear that Ripple is under very strong bearish pressure and is currently testing the major support area. Under the current bear market conditions, even a strong support can be broken, and the slightest resistance is able to reverse the price. In this case, Ripple’s major support area which is in the range of $ 0.69 – $ 0.64 has a great potential to be broken and if broken, Ripple will continue its main movement towards $ 0.20. On the other hand, for Ripple to turn bullish, it will have to overcome the $ 1.24 resistance which is Ripple’s biggest challenge at the moment.

  • Dogecoin heads towards the $ 0.07 support

Doge has the potential to fall to $ 0.07 if it manages to break out from the nearest support zone. Doge has seen very low volumes of transactions in recent weeks. In the analysis above, we can clearly see the bearish trend which is also Doge’s dynamic resistance. In the last few weeks, Doge has continued to move below the trendline. Between June 8-10, Doge managed to break out of its secondary trend, which propelled Doge to move down to hit near the support price of $0.21. If the support is successfully broken, the next target price will be $ 0.07.

  • Binance Coin is moving towards its major support

BNB is still stuck at its minor support, but can easily break out to move towards the major support which is in the range of $ 210 – $ 194. In the analysis above we can see a pennant pattern formed on BNB’s secondary reaction. The pattern has been successfully broken and the next movement of BNB will aim for the support price at $ 210 or it could even go higher to $ 143. On the other hand, BNB needs to overcome the $ 450 resistance area in order to turn bullish.

  • Cardano moves towards its key target price of $1.0

Cardano is moving towards the main target price at the $ 1.0 – $ 0.95 support range. Last week, Cardano was predicted to make a retracement to the minor resistance before continuing its bearish movement. However, it turns out that the retracement only occurred at $ 1.6 and currently Cardano has slid back towards the $ 1.0 support. The $ 1.0 – $ 0.95 area is a fairly strong support area. Therefore, when entering this area, the price is projected to bounce back up to move towards the $ 1.80 – $ 1.85 resistance.

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