Technical Analysis
BTC/USDT
BlackRock’s Bitcoin ETF IBIT is among the top five largest ETFs in the US with over $9 billion in fund inflows since the beginning of 2024, strongly demonstrating institutional investor interest in digital assets. Crypto adoption is also gaining momentum on the New York front. The new digital asset committee, created under the leadership of Mayor Eric Adams, is evaluating steps to use blockchain in public services as well as developing policies to encourage crypto investments. For the market, we are in a very quiet day, with no news flow and the Bitcoin ATH experiment has not yet found a driving force for its realization. US stock markets will be followed later in the day, and it is worth noting that futures are negative.
When we look at the technical outlook, it is seen that BTC’s recent rally is insufficient for the ATH trial for the moment. The oscillators that have reached the saturation point in the technical structure put pressure on the BTC price, raising the possibility of a correction. It is noteworthy that the golden cross structure and fundamental developments mentioned in the previous analysis are effective in the price rally. While we are waiting for a catalyst that can create a driving force in the market for a new ATH attempt, as tomorrow is Bitcoin Pizza Day, a short-term bullish movement based on market sentiment may not be a surprise despite the sell signal of technical oscillators. The Wave trend oscillator is generating a sell signal, while Williams Trailing Stops are also supporting selling pressure on the price. On the other hand, momentum indicators seem to remain strong. The negative trend on the futures side may have a negative impact on the stock market opening and this may create additional selling pressure on the price. In this context, the 105,000 level is critical as a support. Maintaining this level may be an important indicator for the price to recover. In case of increased selling pressure, there may be a retreat to the previously consolidated horizontal band range. On the other hand, despite technical indicators, strong closes in the 106,000-107,000 band may cause an increase in risk appetite and initiate a new upward movement.
Supports 106,000 – 105,000 – 104,000
Resistances 107,000 – 109,400 – 110,000
ETH/USDT
ETH experienced a slight pullback during the day, falling as low as $2,533 and is currently trying to stabilize in this region. The fact that this price level also coincides with the lower limits of the kumo cloud on the Ichimoku indicator indicates a critical technical support point. The return of the price back into the cloud shows that it has not yet produced a clear bearish signal in terms of the overall structure. In particular, the price, which is very close to the Tenkan-sen level, gives the impression that the short-term trend is still intact.
A closer look at the technical indicators shows that the Chaikin Money Flow (CMF) indicator remains in positive territory, although it has declined slightly along with the price. This suggests that the flow of liquidity to the market has not been completely cut off and that there is some resistance on the buy side. The fact that CMF remains in positive territory supports that the current retracement of the price does not lead to a structural deterioration and that the uptrend could potentially continue. When the Relative Strength Index (RSI) indicator is also included in the analysis, it is noteworthy that this indicator is positioned above the Based Moving Average line. The fact that the RSI is holding at this level indicates that the price retracement is a correction and that the market momentum has not been completely lost. This type of correction is often observed, especially during uptrends, and can be considered as part of healthy price action.
Within the framework of the general evaluation, it is possible to see upward movements in the ETH price, especially towards the evening hours, unless there is a closing below the $2,533 level. The current positive outlook in technical indicators supports this expectation. However, daily closes below $2,533 could weaken market momentum and cause the current pullback to evolve into a deeper correction.
Supports 2,533 – 2,254 – 2,029
Resistances 2,799 – 3,062- 3,246
XRP/USDT
After testing the resistance at $2.39, XRP fell as expected and retreated to $2.33. Technical indicators still give weak signals for the price, which is currently trying to hold in this region.
The Chaikin Money Flow (CMF) indicator fell all the way to the zero line, indicating a significant outflow of money from the market. This suggests that buyers are weakening and selling pressure is increasing. Looking at the Ichimoku indicator, the price remained below both Tenkan and Kijun levels and also dipped below the kumo cloud, clearly supporting that the technical outlook has turned negative.
According to this picture, if the previously emphasized resistance of $2.39 cannot be overcome, it is possible that the retreat will continue and the price may fall to $2.21. On the other hand, if closures above $ 2.39 come, this could disrupt the negative picture and enable the bullish scenario to re-engage. For this reason, price movements, especially at the level of $2.39, will continue to be decisive in terms of short-term direction.
Supports 2.2154 – 2.0841 – 2.0402
Resistances 2.3928 – 2.4765 – 2.5900
SOL/USDT
SOL price followed a sideways trend during the day. The asset remained within the downtrend that started on May 13. Having tested the 50 EMA (Blue Line) as support, the price is set to retest the trend ceiling and strong resistance at $171.82. If it breaks here, the $181.75 level can be followed. On the 4-hour chart, the 50 EMA (Blue Line) continued to remain above the 200 EMA (Black Line). This suggests that the uptrend may continue in the medium term. Also, the fact that the price is above both moving averages suggests that the market is currently bullish. Chaikin Money Flow (CMF-20) is in positive territory; in addition, an increase in daily inflows may move CMF to the middle of the positive zone. Relative Strength Index (RSI-14) is in positive territory and has remained above the uptrend that started on May 17. This indicates an increase in buying pressure. The $181.75 level stands out as a strong resistance point in case of an uptrend on the back of macroeconomic data or positive news on the Solana ecosystem. If this level is broken upwards, the rise can be expected to continue. If there are pullbacks due to contrary developments or profit realizations, the $163.80 level can be tested again . In case of a decline to these support levels, the increase in buying momentum may offer a potential bullish opportunity.
Supports 163.80 – 150.67 – 144.35
Resistances 171.82 – 181.75 – 189.54
DOGE/USDT
DOGE price followed a sideways trend during the day. The asset tested the ceiling of the descending triangle pattern that started on May 11 during the day but failed to break it and retreated. If it breaks here, the resistance level of $0.25025 can be followed. On the 4-hour chart, the 50 EMA (Blue Line) continued to be above the 200 EMA (Black Line). The fact that the price is above both moving averages suggests that the asset is willing to go up in the short term. The Chaikin Money Flow (CMF-20) indicator is at a neutral level. In addition, a decline in inflows could move CMF into negative territory. Relative Strength Index (RSI-14) continued to be in positive territory. This indicates that selling pressure has subsided. The $0.25025 level stands out as a strong resistance zone in case of a possible rise in line with political developments, macroeconomic data or positive news flow in the DOGE ecosystem. In the opposite case or possible negative news flow, the $0.21154 level may be triggered. In case of a decline to these levels, the increase in momentum may start a new bullish wave.
Supports 0.22632 – 0.22632- 0.19909
Resistances 0.25025 – 0.28164 – 0.30545
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