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The previous 24 hours had been favourable in terms of recovery, but no currency had an instantaneous price increase. Because of the buzz around El Salvador’s adoption of bitcoin as legal cash, the price of bitcoin increased by 9.5 percent. However, most cryptocurrencies were unable to join that bandwagon, with the exception of Dogecoin, Polkadot, and Binance Coin.
Dogecoin [DOGE] :-
DOGE’s price has risen in the previous 24 hours. The coin was trading in the red at $0.335 at press time, up by 6.4 percent. Until June 4, the currency was on a bull run, challenging the resistance level ( $0.42 ). Nonetheless, the falls on June 4 and June 7 moved DOGE closer to the support level ( $0.285). The coin’s Simple Moving Averages (SMA) lines – 50 SMA (orange) and 100 SMA (red) – both responded bearishly. This resulted in a prolonged period of waiting for the coin to recover from declines.
According to the Squeeze Momentum Indicator, squeeze release (white dots) was still operational at the time of publication, which explains the coin’s delayed recovery. However, bearish pressure appeared to be easing at the time of writing. On Balance Volume has been showing strong purchasing momentum in the market, progressively dipping towards the 98 billion threshold at the time of publication.
All signs suggest to a sideways movement inside the previously identified support and resistance levels.
Polkadot [ DOT ] :-
DOT entrenched itself among areas with strong support and opposition. The current market volatility prevented the currency from breaking through $30.2 and sliding below $18.78. The Relative Strength Index (RSI) made a significant rebound from the oversold zone, as buying pressure pushed the signal higher. The indicator had a tiny dip over the neutral line at the time of writing.
Although the Bollinger Bands were still diverging, their parallel movement did not signal volatility. However, because the candlesticks have climbed above the base (red line), future movement might be favourable. Awesome Oscillator also showed positive momentum accumulating over the previous 24 hours.
These indicators point to a price increase. Regardless, the currency will maintain its resistance and support levels.
Binance Coin [ BNB ] :-
Binance Coin fared well at the start of the month, reaching close to the $435 barrier mark. That came to a halt on June 4 and 7, and the currency fell. BNB is recovering, though slowly. At the time of publication, the price indication was trading in the red at $364. At the time of writing, the Relative Strength Index (RSI) was just below the neutral line.
The MACD indicator line crossed above the red signal line, indicating a bullish crossing. The existence of a white dotted line under the candlesticks indicated a rising uptrend, according to the Parabolic SAR. However, it is too soon to proclaim a bullish price movement in the near future.
The active resistance and support levels are rather strong, and the price might swing either way at the time. It is critical to keep an eye on BNB’s movements.