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Unsettling Times for Altcoins Amid Regulatory Actions
The tumultuous world of altcoins took another hit at the start of the week following the United States Securities and Exchange Commission's (SEC) legal actions against Binance and Coinbase, the two most prominent cryptocurrency exchanges. The SEC's reclassification of 23 cryptocurrencies as securities - bringing the total to 67 - has further unnerved investors.
Bitcoin and Ether Show Resilience
Despite the commotion, Bitcoin and Ether have demonstrated a surprising resilience, suggesting that institutional investors are not unloading their holdings in a panic. This relative outperformance has pushed Bitcoin's dominance to a peak of 47.6% year-to-date, with Ether following at 20%.
Anticipating a Potential Breakout for Top-5 Cryptocurrencies
During such uncertain times, investors often hold back. However, cryptocurrencies that manage to hold steady during this phase typically fare well once market sentiment improves. Let's examine five cryptocurrencies that are striving to maintain above their support levels and are poised for a rebound.
The Push and Pull Around Bitcoin Prices
Bitcoin's price dipped to a significant support level of $25,250 on June 10, suggesting persistent bearish pressure. The repeated testing of a support level over a short period often leads to its weakening.
Moving averages trending downwards and a relative strength index (RSI) in negative territory suggest that the bears are currently ruling the roost. If the support zone between $25,250 and $23,896 gives way, panic selling might set in, pushing the BTC/USDT pair towards the critical $20,000 level, a level buyers will defend aggressively.
The bulls need to elevate the price swiftly above the 20-day exponential moving average ($26,721) to prevent a sharp decline. A successful rise may lead the pair towards the 50-day simple moving average ($27,464), then to the resistance line of the channel, indicating a potential uptrend.
Analyzing Ether Prices Amid Corrections
Ether has experienced a downward correction over several days. Although bears managed to drive the price below the 50% Fibonacci retracement level of $1,755 on June 10, the bulls held the fort at the strong $1,700 support level.
Analyzing XRP Amid Market Movements
On June 10, XRP experienced a downturn from the overhead resistance near $0.56 and slipped beneath the 20-day EMA ($0.50). However, buyers quickly responded to the dip to the 50-day SMA ($0.47), as indicated by the lengthy tail on the day's candlestick.
Lido DAO's Downward Trajectory
Lido DAO (LDO) has been caught in a descending channel for several days, suggesting bearish dominance. The LDO/USDT pair saw a sharp decline on June 10, but the long tail on the day's candlestick implies that the bulls are buying aggressively at the $1.57 support level.
Render Token in the Spotlight
Render Token (RNDR) underwent a significant correction on June 10, dropping beneath the uptrend line. However, the bulls are striving to elevate the price back above the breakdown level.
