Price Analysis 6/29: BSV, LTC, BNB, EOS, XTZ, ADA

BSV/USD

The bulls are facing stiff resistance at the downtrend line. If Bitcoin SV (BSV) turns down from the current levels, a drop to $170 is possible. If the bulls defend this level aggressively, the consolidation is likely to extend for a few more days.

However, if the bears sink the 6th-ranked cryptocurrency on CoinMarketCap below $170, a new downtrend is likely. The first support on the downside is $145 and then $120. Therefore, traders can protect their long positions with a stop below $170.

On the other hand, if the bulls can scale the price above the downtrend line, a rally to $227 is possible. A break above this level will signal the start of a new uptrend. However, if the price turns down from this resistance, the range-bound action is likely to continue for a few more days.

LTC/USD

Litecoin (LTC) has reached the downtrend line. If the bulls can propel the price above this resistance, a rally to $50.7864 is possible. A break above this resistance will invalidate the developing H&S pattern.

Therefore, traders can look for buying opportunities on a breakout and close (UTC time) above $50.7864.

Conversely, if the 7th-ranked cryptocurrency on CoinMarketCap turns down from the downtrend line, it can drop to $41.7 and then to $39.

If the LTC/USD pair bounces off the supports, the range-bound is likely to continue. The trend will turn in favor of the bears on a break below $39.

BNB/USD

The bulls have carried Binance Coin (BNB) to the downtrend line but are struggling to scale the price above it. This suggests that bears are defending this level aggressively.

However, if the bulls can keep the 8th-ranked crypto-asset on CoinMarketCap above the moving averages, it will increase the possibility of a break above the downtrend line. Above this level, a rally to $18.1377 is likely.

The BNB/USD pair is likely to pick up momentum above $18.1377, which can offer a buying opportunity to the traders.

Conversely, if the pair slips below the moving averages, a drop to $14.95 and then to $13.65 is possible.

EOS/USD

EOS continues to be in a range with both the bulls and bears playing it safe. Although the bulls have managed to push the price above the moving averages, the breakout lacks momentum.

Both moving averages are flat and the RSI is just above the midpoint, which suggests a balance between supply and demand.

If the 9th-ranked cryptocurrency on CoinMarketCap sustains above the moving averages, a rally to $2.8319 is possible. On the other hand, if the price drops below the moving averages, a decline to $2.3314 is likely.

The next trending move is likely to start on a breakout above $2.8319 or on a breakdown below $2.3314. Therefore, until then, traders can remain on the sidelines.

XTZ/USD

Although the bulls have managed to drive Tezos (XTZ) above the downtrend line on May 28, the breakout lacks momentum. This suggests hesitation by the bulls at higher levels. The failure to sustain the price above the downtrend line is likely to attract selling.

If the bears sink the 10th-ranked cryptocurrency on CoinMarketCap back below the downtrend line, a drop to the 20-day EMA ($2.70) is likely. This is an important support to watch out for because if this breaks, a drop to $2.5795 is possible.

Therefore, traders can keep a stop-loss of $2.57 on the long positions initiated as suggested in the previous analysis.

However, if the XTZ/USD pair bounces off the downtrend line, it will indicate strength. Such a move can result in a rally to $3.07 and then $3.27.

ADA/USD

Cardano (ADA) surged on May 28 and broke above the overhead resistance of $0.0619885. Traders who bought after the suggestion in the previous analysis are likely to be sitting on profits. They can either book complete profits at the current levels or book profits on a major portion and trail the rest with a tight stop-loss.

After the sharp rally on May 28, a few days of consolidation or a minor correction is possible. If the bears sink the 11th-ranked cryptocurrency on CoinMarketCap below $0.0619885, the pullback is likely to deepen further to $0.05928.

Conversely, if the bulls defend the immediate support at $0.0619885, the ADA/USD pair is likely to attempt a rally to $0.0722722. The bullish view will be negated if the pair dips back to $0.055. However, the possibility of such a drop looks dim.