Crypto Market Analysis June 3: BTC, ETH, BNB, XRP, SOL, HYPE, DOGE, ZEC, ADA, XLM Forecasts
Major cryptocurrencies including Bitcoin face significant downward pressure, while HYPE, ZEC and XLM demonstrate bullish strength.
Key points:
- Bitcoin faces the danger of dropping beneath $65,000, though bulls are anticipated to provide strong support at these reduced price levels.
- HYPE, ZEC and XLM demonstrate technical strength while most major cryptocurrencies face potential downtrend continuation.
Bitcoin (BTC) is making an effort to recover from the $65,426 price level, though buyers are finding it difficult to maintain momentum at elevated prices. The initiation of new military strikes between the US and Iran has negatively impacted market sentiment, but according to Bitrue Research Institute research lead Andri Fauzan Adziima in comments to Cointelegraph, the decline was primarily driven by "leveraged liquidations, heavy ETF outflows, and technical breakdowns than pure Iran news, but it amplifies the fear."
Market attention has now turned toward BTC's annual support level at $60,000. In a post on X, veteran trader Peter Brandt indicated that BTC has developed an expanding triangle, which he described as a common and reliable chart pattern. His projection calls for a drop toward approximately $56,000, though he noted that a rally beyond $75,000 would negate this pessimistic outlook.
The near-term momentum has shifted bearish, though bulls are not expected to surrender easily. Purchasing activity is anticipated within the $65,000 to $60,000 range, though any recovery attempts will likely encounter selling pressure. Market volatility should intensify in the coming days as buyers and sellers compete for control. For BTC to signal a short-term bottom has been established, bulls must drive prices above $77,000.
Which critical support levels should traders monitor for BTC and leading altcoins? Let's examine the technical charts of the top 10 cryptocurrencies to determine key levels.
Bitcoin price prediction
BTC experienced a sharp selloff following a breakdown below its support line on Tuesday, demonstrating aggressive selling of long positions.
Support exists at the $65,000 level, though this may prove insufficient to halt the decline. Should this level fail, the pathway opens for a descent toward the $62,500 to $60,000 support zone. Buyers are projected to vigorously protect this zone, since a daily close beneath it would indicate the downtrend has resumed. The BTC/USDT pair would then be vulnerable to falling toward $50,000.
The bears will seek to preserve their control by selling any relief bounces toward the 20-day exponential moving average ($74,064). For buyers to indicate a potential reversal, they must achieve a close above the 50-day simple moving average ($76,966).
Ether price prediction
Ether's (ETH) trading range between $1,916 and $2,465 broke down on Tuesday, demonstrating that sellers have gained control.
The ETH/USDT pair could decline toward substantial support at $1,750. The relative strength index (RSI) reaching oversold territory indicates a potential rebound from $1,750, though any rallies will likely face selling interest. A weak bounce would raise the probability of breaking beneath the $1,750 support. Should this occur, the ETH price could tumble toward $1,550.
Buyers face a challenging situation ahead. They must quickly push prices above the 20-day EMA ($2,056) and hold that level to indicate selling pressure is diminishing. The pair could then advance toward the 50-day SMA ($2,218).
BNB price prediction
BNB (BNB) dropped beneath the breakout level at $687 on Monday and continued declining to the 50-day SMA ($645) on Tuesday.
The retreat beneath $687 likely caught aggressive buyers in losing positions. The $628 level could provide temporary support, though a breakdown appears probable. If this scenario plays out, the BNB/USDT pair could plunge toward strong support at $570.
This bearish scenario will be negated in the short term if the BNB price rebounds sharply from current levels and climbs above $745. This would demonstrate substantial buying interest at reduced prices. The pair could then advance toward $790 and subsequently to $900.
XRP price prediction
XRP (XRP) fell below its critical support at $1.27 on Tuesday, showing that sellers have assumed control.
The subsequent support level on the downside is located at the Feb. 6 intraday low of $1.11. Buyers are projected to aggressively defend the $1.11 level, as a daily close below would indicate the beginning of another downward leg toward $1.
During any recovery, the downtrend line represents the initial obstacle for bulls to surpass. If they can break through, the XRP/USDT pair could rally to $1.61. Sellers are anticipated to mount significant resistance at the $1.61 level, though if bulls succeed in breaking through, a fresh upward move could commence.
Solana price prediction
Solana (SOL) finished below the $76 support level on Tuesday, demonstrating that bears have gained the upper hand over bulls.
The bulls will try to drive the SOL price back above $76, though they should anticipate considerable resistance from bears. If the price retreats from $76, the following support lies at the Feb. 6 low of $67. Buyers will work to defend the $67 level, since a close beneath it could send the SOL/USDT pair down to $60.
Buyers must push and sustain the price above the moving averages to indicate that the breakdown below $76 could have been a false breakdown or bear trap.
Hyperliquid price prediction
Hyperliquid (HYPE) has maintained strength throughout the market turmoil, demonstrating that bulls anticipate the upward trend will persist.
Profit-taking occurred around $75, though the minimal pullback indicates bulls are treating price dips as opportunities to accumulate. If buyers drive the HYPE price beyond $75, the upward movement could extend toward the $85-$89 zone.
The initial support on the downside is positioned at $64, followed by the breakout level at $59.41. If the HYPE/USDT pair bounces from $59.41, it would indicate that bulls have successfully converted the level into support. Buyers would then make another attempt to continue the upward trend.
Dogecoin price prediction
Dogecoin (DOGE) has declined to the support of its $0.09 to $0.12 trading range, where buyers are anticipated to provide support.
If the DOGE price rebounds from current levels, the bears will try to stop the recovery at the 20-day EMA ($0.10). If the price declines sharply from the 20-day EMA, the probability of breaking below $0.09 increases. The DOGE/USDT pair could then fall to $0.08.
This bearish scenario will be nullified in the short term if the price climbs above the moving averages. This would indicate the pair could remain within the range for several additional days.
Zcash price prediction
Zcash (ZEC) reversed direction and finished above the 20-day EMA ($568) on Tuesday, demonstrating buying activity at reduced price levels.
The bulls must push and hold the ZEC price above $690 to demonstrate the uptrend is resuming. If they accomplish this objective, the ZEC/USDT pair could rally toward $750, where bears are projected to establish strong resistance. Nevertheless, if buyers break through this barrier, the pair could surge to $856.
Sellers will likely pursue different objectives. They will try to drag the price beneath the neckline of the emerging head-and-shoulders pattern. A close below the neckline would indicate that the pair may have reached a short-term top.
Cardano price prediction
Cardano (ADA) extended its decline, breaking beneath the $0.22 support on Tuesday, indicating the downtrend has resumed.
The RSI has entered oversold territory, raising the probability of consolidation or a relief bounce in the near term. Any recovery effort is projected to encounter selling pressure at $0.22 and subsequently at the 20-day EMA ($0.24). If the ADA price reverses from the overhead resistance, the bears will try to drive the ADA/USDT pair down toward $0.20.
Buyers will regain control with a close above the 50-day SMA ($0.25). This would indicate the market has rejected the breakdown below $0.22.
Stellar price prediction
Stellar (XLM) has been experiencing its own bullish phase, climbing from $0.14 on May 23 to $0.30 on May 30.
The strong rally triggered profit-taking by short-term traders, dragging the XLM price down toward the 50% Fibonacci retracement level at $0.22. If the price recovers from the current level, the bulls will try to drive the XLM/USDT pair above $0.27 and subsequently $0.30. If they are successful, the pair could jump to $0.35.
In contrast to this expectation, if the price falls and breaks beneath the 61.8% retracement level at $0.20, it would suggest the pair may have formed a short-term top.