Technical Analysis for June 3: SPX, DXY, BTC, ETH, XRP, BNB, SOL, DOGE, ADA, HYPE

Bitcoin (BTC) has been unable to hold above the resistance zone around the previous all-time high of $107,000, reflecting that demand in the high price zone is showing signs of weakening. According to the latest data from analytics firm Santiment, the activity of whales – investors who own large amounts of BTC – has increased significantly as the price approaches the $112,000 mark. This is often a signal that profit-taking pressure is increasing, especially when this behavior takes place near market peaks.

The AlphaBTC analyst stated on platform X that Bitcoin may have entered a deeper correction phase, expected to last until the second week of June.

Sharing the same view, analyst Titan of Crypto warns of the possibility of BTC adjusting to the level of $97,000. If this level is breached, the next support zone could be around $90,000.

Although the short-term outlook is overshadowed by many uncertainties, long-term investors seem to maintain their confidence. Michael Saylor – the head of the organization holding the largest amount of Bitcoin in the world – recently confirmed that he purchased an additional 705 BTC at an average price of $106,495 between May 26 and May 30.

Not only Saylor, but the Japanese investment company Metaplanet also announced on X that they had purchased 1,008 BTC at an average price of $108,400, indicating strong participation from large institutions amid market corrections.

So, what are the important technical support levels that investors need to watch for Bitcoin and the top altcoins? Let's analyze the charts of the 10 largest cryptocurrencies to find the answer.

Technical Analysis of SPX

The S&P 500 (SPX) has dropped close to the 20-day exponential moving average (EMA) at $5,817 on May 30, but the long wick indicates that buying pressure has emerged in the low price zone.

Daily SPX Chart | Source: TradingViewThe bulls will try to continue the upward trend by pushing the price above the $5,970 mark. If successful, the index could continue to rise and move towards the historical peak zone of $6,147. However, the bears are forecasted to fiercely defend the resistance zone from $6,000 to $6,147.

The 20 EMA line is an important support level to watch in the short term. If the price breaks and closes below this level, it will indicate profit-taking action from short-term investors. The index may drop to the $5,700 zone, and then to the 50-day simple moving average (SMA) at $5,609.

Technical Analysis of DXY

The US Dollar Index (DXY) above the 20-day EMA (99,82) on May 29, but the bulls were unable to sustain the higher price.

DXY Daily Chart | Source: TradingViewThe moving averages are sloping down along with the Relative Strength Index (RSI) being in the negative zone indicating that the bears are still in control of the market. If the price closes below $99, the next level could likely be 97.92. The bulls will try to prevent the decline at this level, as failure to do so could see the index plummet to $95.67.

On the contrary, the bulls need to push the price above and maintain it above the 50-day SMA to show strength. At that point, the index could recover to the zone of 102.

Technical Analysis of BTC

Bitcoin is trading around the 20-day EMA ($105.232), indicating a hesitation between the bulls and the bears.

BTC/USDT Daily Chart | Source: TradingViewThe bears will attempt to strengthen their position by pulling the price below the nearest support level at $103,000. If successful, the BTC/USDT pair could drop significantly to the important psychological level of $100,000. The bulls are expected to defend fiercely at this support zone, as a break below could lead to a continued decline towards $93,000.

On the contrary, if the price exceeds and closes above $106,000, the pair may head towards the resistance zone above from $109,588 to $111,980. If it breaks through this zone, BTC is likely to strongly bounce up to the zone of $130,000.

Technical Analysis of ETH

The bears are trying to pull the price of Ether below the 20-day EMA ($2.502), but the bulls have held this level.

ETH/USDT daily chart | Source: TradingViewIf the price strongly rises from the current zone and surpasses the resistance at $2.738, it indicates that the uptrend has resumed. The ETH/USDT pair may bounce up to $3,000. Although there is resistance at $2.850, this level is likely to be surpassed.

On the contrary, if the price breaks and closes below the 20-day EMA, the advantage will shift to the bears. The pair may drop to the strong support zone of $2.323. A bounce from $2.323 may encounter resistance at the 20-day EMA.

Technical Analysis of XRP

XRP continues to trade within the zone of $2 to $2.65, showing a balance between supply and demand.

! XRP/USDT Daily Chart | Source: TradingViewA recovery attempt from the current zone or from the $2 level is likely to meet selling pressure at the 20 EMA ($2.27). If the price turns sharply down from the 20-day EMA, the bears may look to drag the XRP/USDT pair below $2. If that happens, the price could collapse towards $1.61.

On the contrary, if the price surpasses and closes above the EMA 20 line, it will pave the way for a rise to $2.65. If this level is breached, the currency pair will complete an inverse head and shoulders pattern, with a price target of up to $3.69.

Technical Analysis of BNB

BNB has bounced back from the support level of $644 but is currently facing resistance at the EMA 20 line ($659), indicating that the bears are selling as the price rises.

BNB/USDT Daily Chart | Source: TradingViewThe 20 EMA line is gradually flattening, and the RSI indicator is near the average, indicating that the market may move sideways in the short term. The BNB/USDT pair could fluctuate within the zone of $634 to $693 for a few more days.

A breakout above $693 or a drop below $634 will signal the start of a new trend. If the price surpasses the resistance at $693, the currency pair could break out strongly to $732 and then to $761. Conversely, if the price drops below the SMA 50 ($630), the next downside target will be $580.

Technical Analysis of SOL

The Solana bull group is trying to defend the support level of $153 but has not been able to push the price above the 50-day simple moving average at $157.

! Daily SOL/USDT Chart | Source: TradingViewThe 20-day (EMA)-day exponential moving average at $165 has started to turn bearish, along with the RSI below the 50 level, indicating that the advantage is tilting in favor of the bears. If the $153 support is broken, the SOL/USDT pair could plunge to the $140 zone.

Conversely, if the price bounces from the level of $153, the bulls will once again attempt to push the price above the 50-day SMA line. If successful, this currency pair may rise to the 20-day EMA line, indicating the potential to continue the accumulation phase within the range of $185 to $153 for some more time.

Technical Analysis of DOGE

Dogecoin (DOGE) has been trading below the 50-day SMA ($0.19) since May 30, reflecting that selling pressure is still being maintained.

! DOGE/USDT Daily Chart | Source: TradingViewThere is a small support level at $0.18, but if this level is broken, the DOGE/USDT pair could plummet towards the $0.16-$0.14 support zone. If the price bounces off this support zone, the pair could continue to fluctuate in the range of $0.14 to $0.26 for some more time. However, the price action in this area is likely to be random and highly volatile.

The next trend is likely to form if the price rises above $0.26 or breaks down below $0.14. If it surpasses the $0.26 level, the pair could surge to $0.35. Conversely, if it drops below $0.14, DOGE could plummet to $0.10.

Technical Analysis of ADA

Cardano (ADA) fell below the 50-day SMA ($0.71) on May 30, indicating that the bears are dominating.

Daily ADA/USDT chart | Source: TradingViewThe bulls are trying to defend the $0.64 level, but the inability to initiate a clear recovery increases the risk of breaking support. If this happens, the ADA/USDT pair could slide back to the strong support zone at $0.60.

Technical recovery waves are expected to face selling pressure at the 20-day EMA ($0.72). Buyers will need to push the price above and maintain it above the neckline of the pattern to confirm a positive reversal signal. At that point, the currency pair may aim for the $0.86 mark, and further towards $1.01.

HYPE Technical Analysis

Hyperliquid (HYPE) has bounced from the 20-day EMA ($31,17) on June 1st, but the bulls are struggling to maintain the upward momentum.

HYPE/USDT daily chart | Source: TradingViewBuyers need to push the price above the $35.73 level to confirm strength. If successful, the upward trend could extend to targets of $40 and then $42.25. Bears may look to stop the rally at $42.25, but if bulls continue to dominate, the HYPE/USDT pair could break out to $50.

On the contrary, if the price reverses and breaks through the 20-day EMA, it will indicate that every small recovery is being sold off. At that point, the trading pair may slide to the $28.50 level, where buying pressure is expected to emerge.

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