Crypto Price Analysis June 07: BTC, ETH, SOL, AVAX, LRC

Key Insights:

• The price of all the cryptocurrencies combined fell by 3.63%.
• Altcoins, including Solana and Avalanche, led to the downfall.
• Even the cryptocurrencies that closed in green only rose by 5% at most.

As the crypto market continues to display sideways, the price of most of the assets in the crypto market consolidated, while for many others, a price fall was on the charts.

Even the king coin and the altcoin king did not fare well over the last 24 hours.

Bitcoin

The crash of May brought BTC down by almost 40%, and the trading price has since been struggling to break free from the clutches of bears at $30k.

The attempts to do the same over the last few days were invalidated yesterday as BTC declined by almost 4% to trade at $30,133 at the time of writing.

Although there aren’t explicit signs of a bearish momentum going forward yet since the MACD’s bullish crossover sustained itself despite the rising bearishness (red bars).

Ethereum

Ethereum, along with Bitcoin, noted a drawdown and was recorded trading at $1794 at press time.

The one distinguishing factor between Bitcoin and Ethereum’s trajectory is the fact that Ethereum, instead of moving sideways, is gradually declining.

Post the crash lows, ETH has depreciated by another 8.2%, pushing it farther away from $2000 as well as the 50 Day Simple Moving Average (SMA) and the 100 Day SMA.

Solana

SOL yesterday was one of the leading altcoins in the active market downtrend as the altcoin lost 6.63%.

Trading at $39.84, the asset slipped below $40, another crucial psychological support level that it needed to maintain, given investors have already witnessed it plummet from its $253 all-time high.

As per the Relative Strength Index (RSI), the asset is still stuck within the bearish, neutral area, and recovery from the same will take a while.

Avalanche

Following in the footsteps of Ethereum, Avalanche is also slipping down day after day since the crash of May 9. Not only did it fall below $30, but since then, the altcoin has noted a 20.47% drop in price.

Although trading at $24.65, the crypto might eventually be on the path to recovery. The bearishness on the Awesome Oscillator is receding, which indicates a trend reversal has onset, and AVAX might observe bullishness soon.

Loopring

Finally, straying away from the persisting trend, LRC has managed to make a sustained recovery over the last three weeks while the rest of the market has been experiencing a downfall.

Up from the lows of $0.39, the altcoin has risen by 33.32% to trade at $0.52 at the time of writing.

The asset might notice some counter to its rise from the active downtrend, as indicated by the presence of the white dots of Parabolic SAR above the candlesticks.

Even so, LRC has a good headstart which will be helpful in recovering further when the broader market bullish cues hit.