BNB, TON, FIL, and INJ can go much higher if Bitcoin price flips $69K


Bitcoin (BTC) is down from its intra-week high of about $72,000, but the bulls are trying to hold the price above $69,000. Bitcoin is on target to end the week with marginal gains of just over 2%. Although Bitcoin has failed to rise above the overhead resistance, buyers have remained in place.

Farside Investors data shows roughly $1.7 billion in inflows into spot Bitcoin exchange-traded funds this week. That takes the total investments into spot Bitcoin ETFs to $15.5 billion as of June 6. The strong buying suggests traders anticipate the up move will continue.

Crypto market data daily view. Source: Coin360

However, Bitcoin fell on June 7, which pulled several altcoins lower. Trader Daan Crypto Trades said in X post that Bitcoin’s open interest dropped by $1.3 billion and Ether’s by $800 million during the fall. The decline does not seem to have unnerved investors. QCP Capital believes that Bitcoin and Ether will likely form local lows as the Federal Reserve’s future actions may benefit risk assets.

Could Bitcoin maintain above $69,000 and start a recovery? Will the altcoins follow higher? Let’s study the top 5 cryptocurrencies which look strong on the charts.

Bitcoin price analysis

Bitcoin turned down sharply from the minor resistance of $72,000 on June 7, signaling that the bears remain active at higher levels.

BTC/USDT daily chart. Source: TradingView

The pullback is finding support at the 20-day exponential moving average ($68,603), suggesting that the bulls continue to view the dips as a buying opportunity. If the price rebounds off the 20-day EMA with strength, the bulls will again try to drive the BTC/USDT pair to the overhead resistance of $73,777. A break and close above this resistance could open the doors for a potential rally to $80,000 and then to $88,000.

Related: Bitcoin volatility hovering within 6% of record low levels

Conversely, if the price breaks below the 20-day EMA, it will signal that the bulls have given up. That may pull the price to the 50-day simple moving average ($65,807).

BTC/USDT 4-hour chart. Source: TradingView

Bitcoin has been trading between $66,500 and $72,000 for some time. The failure to push the price above the overhead resistance has started a retracement, which is trying to find support near $69,000. Buyers will have to push and maintain the price above the 20-EMA to improve the prospects of a rally to $72,000.

On the downside, a close below $68,420 will tilt the short-term advantage in favor of the bears. The pair may then plummet to the strong support at $66,500.

BNB price analysis

BNB (BNB) started a correction from $722 on June 6, indicating profit-booking by short-term traders. The crucial support to observe on the downside is the 20-day EMA ($639).

BNB/USDT daily chart. Source: TradingView

If the price rebounds off the 20-day EMA with strength, it will suggest that the sentiment remains positive and traders are buying on dips. That will increase the likelihood of the resumption of the uptrend. The BNB/USDT pair may then climb to the pattern target of $775.

This positive view will be invalidated in the near term if the price continues lower and plunges below the breakout level of $635. That may trap the aggressive bulls and tug the pair to the uptrend line.

BNB/USDT 4-hour chart. Source: TradingView

The bears pulled the price below the 20-EMA but could not extend the decline to the 50-SMA. This suggests that selling dries up at lower levels. The bulls will try to push the price back above the 20-EMA. If they do that, the pair could rally to $695 and thereafter to $722.

Alternatively, if the price turns down from the 20-EMA, it will signal that the bears are trying to flip the level into resistance. The pair may then drop to the 50-SMA. This is an important support to watch out for because if it cracks, the next stop could be $635.

Toncoin price analysis

The repeated failure of the bulls to sustain Toncoin (TON) above the overhead resistance of $7.67 may have tempted short-term traders to book profits.

TON/USDT daily chart. Source: TradingView

A positive sign is that the pullback is finding support at the 20-day EMA ($6.80). If the price turns up from the current level, the bulls will again attempt to overcome the barrier at $7.67. If they can pull it off, the TON/USDT pair is likely to accelerate toward the psychological level of $10.

On the contrary, if the price turns down from the current level or the overhead resistance and breaks below the 20-day EMA, it will suggest that the bulls are rushing to the exit. That could sink the pair to $6.

TON/USDT 4-hour chart. Source: TradingView

TON/USDT slipped below the 50-SMA, but the lower levels attracted buying. The bulls will try to push the price toward the overhead resistance of $7.67. A break and close above this level could start the next leg of the uptrend.

The key level to watch on the downside is the uptrend line. If this support gives way, it will signal the start of a deeper correction. The pair is likely to find support in the $6 to $6.26 zone.

Filecoin price analysis

Filecoin (FIL) has been consolidating between $5 and $6.77 for several days, indicating that the bulls are trying to form a base.

FIL/USDT daily chart. Source: TradingView

The bulls tried to push the price above the overhead resistance on June 7, but the long wick on the candlestick shows the bears are fiercely defending the level. A positive sign in favor of the buyers is that they have arrested the pullback at the moving average. If the price turns up from the current level and breaks above $6.77, it will suggest the start of a new up move. The FIL/USDT pair could rise to $8.54 and then to $9.35.

Contrary to this assumption, if the price turns down sharply from the overhead resistance, it will suggest that the pair may spend some more time inside the range.

FIL/USDT 4-hour chart. Source: TradingView

The 4-hour chart shows that the drop from the overhead resistance of $6.77 is finding support at the 50-SMA. The upsloping 20-EMA and the RSI in the positive territory indicate advantage to buyers. There is a minor resistance at $6.50, but if this level is scaled, the pair may retest the resistance at $6.77.

The bears are likely to have other plans. They will try to yank the price below the 50-SMA. If they do that, the pair could slide to $5.60 and later to $5.48.

Injective price analysis

Injective (INJ) has formed an ascending triangle pattern, which will complete on a break and close above $29.93.

INJ/USDT daily chart. Source: TradingView

The 20-day EMA ($26.15) has started to turn up gradually, and the RSI has jumped into the positive zone, suggesting that the bulls have a slight edge. If buyers overcome the barrier at $29.93, the INJ/USDT pair will likely pick up momentum and surge to $36.50, eventually to the pattern target of $41.74.

This optimistic view will be negated in the near term if the price turns down and breaks below the support line. The pair may then slump to $18.

INJ/USDT 4-hour chart. Source: TradingView

The 4-hour chart shows that the bulls pushed the price above the overhead resistance of $29.93 but could not sustain the breakout. This shows that the bears are aggressively selling above $29.93. The price turned down and dipped below the 20-EMA but quickly rebounded off the 50-SMA.

The bulls will again try to overcome the resistance zone between $29.93 and $31. If they manage to do that, the pair is likely to start a new uptrend. The bears will gain the upper hand on a break below the 50-SMA.

This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.



Also Read More: World News | Entertainment News | Celeb News

Leave a Reply

Your email address will not be published. Required fields are marked *

You May Also Like

Equalizer DEX hacker drains funds: Users warned, investigation underway

A hacker began draining user funds on May 14 through the decentralized…

TXSE ‘upstart’ stock exchange could become a crypto-friendly challenger

The United States is fracturing politically and culturally into “red states” and…

Vietnamese tech company to build $200M AI factory with Nvidia

The Vietnamese IT company FPT and Nvidia, a global leader in semiconductor…

NFTs are like nightclubs, crypto’s a volatile religion: NFTStats, NFT Collector

Sam Gellman, aka NFT Statistics, aka punk9059, is a prominent figure in…