A thorough analysis of Bitcoin (BTC), Cardano (ADA), and Solana (SOL) as of June 20, 2023
Bitcoin
The BTC price has maintained its uptick, setting a new local high at the $27,063 mark. The significant resistance level is now at $27,400, with seller orders queued up at the $28,035 level.
The current support zone lies between $26,260 and $26,460. Subsequent ranges can be found between $25,600-$26,000 and $24,800-$25,200. If a downward trend sets in, we could be looking at a new low of around $24,000.
BTC chart on the H2 timeframe
Cardano (ADA)
ADA is still navigating the repercussions of its slump, instigated by the SEC's declaration of ADA as a security. While buyers were able to halt the descent within the $0.220-$0.237 range, the market is not yet buoyant enough to initiate an uptrend. Currently, the price sits within the support zone of $0.252-$0.256.
The next batch of sell orders hovers at the $0.263 mark, with an additional resistance zone at $0.271-$0.277. A firm break above the $0.289-$0.302 range would confirm the end of this bearish trend.
ADA chart on the H1 timeframe
Solana (SOL)
SOL's situation appears a bit more favorable than that of ADA. Currently, the price is fervently testing the resistance at $16.18. If buyers can hold their ground, the next targets for testing could be $17.37, and further up, the $18.3-$20 range. This is the very range from where the drastic drop on June 9th kicked off, so conquering this zone is essential to offset the downward trend.
Buyers are hovering around the $15.15-$15.5 and $12.94-$14.10 zones. In the event of a downward swing, a new local low could potentially be set below $12.
SOL chart on the H2 timeframe
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Disclaimer
Please note that the analysis provided above should not be considered a trading recommendation. These are solely the opinions of the Gagarin News editorial board regarding the market situation. Before opening any deals, we strongly advise conducting your own research and analysis.
Abbreviations
TF (Timeframe) — a chronological period equal to the time it takes to form one Japanese candle on the chart.
Horizontal channel (flat, sideways, range) — the movement of price between support and resistance levels, without going beyond the given range.
К — simplified designation of one thousand dollars of the asset price (for example, 23.4K - $23,400).
Gray range on the chart — a support zone.
Red range on the chart — a resistance zone.
Correlation — the tendency of prices of different cryptocurrencies to move in sync, often influenced by the dominance of one of the assets.
Initial materials
This analysis was informed by the following educational materials and articles from Gagarin News:
