Foreign media analysis suggests that the cryptocurrency market continued its decline in early June, with Bitcoin falling back to its previous key support level, and XRP, SHIBOR, and DOGE also continuing to consolidate near their lows. The article argues that the common characteristic of these major cryptocurrencies is insufficient rebound strength, with short-term trading still dominated by selling pressure.
Bitcoin falls back to key range
The article states that Bitcoin recently failed to hold its 50-day and 100-day moving averages and has fallen back to around $71,000 to $72,000. The upward trend line that had continued from the April lows has also been breached, significantly weakening the short-term recovery.
From a technical perspective, the $76,000 to $80,000 range has become a major resistance zone. The Relative Strength Index (RSI) has fallen to near oversold territory, but the article argues that such signals do not necessarily indicate an immediate price reversal. If the $70,000 to $72,000 support level is breached, the correction could deepen further.
XRP and DOGE remain under selling pressure.
XRP is currently testing long-term support around $1.30. The article points out that the coin has consistently hit lower highs over the past few months, and the 50-day, 100-day, and 200-day moving averages continue to suppress price action, indicating a continued weak overall trend.
The situation is similar for DOGE. The article states that its upward trend line since February has been broken, and the price remains below multiple medium- and long-term moving averages. The current $0.10 level is considered a key support level; if it fails to hold, the price may continue to decline to lower levels.
SHIB monitors changes in exchange reserves
The SHIB has recently broken out of the rising wedge pattern that formed since March, disrupting what was previously a potentially continuing bullish structure. The article states that the SHIB is currently attempting to stabilize around $0.0000054, but remains below its 50-day, 100-day, and 200-day moving averages.
The article also mentions that SHIB reserves on exchanges have risen back above 80 trillion, increasing circulating supply and weakening previous expectations of supply tightening. Although the Relative Strength Index (RSI) is approaching oversold territory, similar signals have often led to brief rebounds during the current downtrend.
Overall, the article argues that several assets are near key support levels, but the market has yet to show signs sufficient to reverse its short-term weakness. Whether Bitcoin can stabilize within its current range will continue to influence the broader direction of the crypto market.
