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June 28 price analysis: BTC, ETH, BNB, ADA, DOGE.

The price of Bitcoin (BTC) remains volatile and throughout this week it is selling off on every relief rally. This is a classic bear market reaction and may not end anytime soon. However, the current price action should not worry investors because the longer it goes in a floor formation, the stronger the base for the next leg of the move higher.

In a recent note to investors, JPMorgan said that Bitcoin's fair value may remain between USD 23,000 and USD 35,000 over the medium term. The bank noted that outflows from crypto Bitcoin funds since the May 19 crash show a lack of demand from institutional investors. Another reason that may be limiting the Bitcoin price is the massive unlocking of Grayscale's Bitcoin Trust at the end of the six-month lock-up period.

None of the events of the past few days have changed Bitcoin's long-term view. Jason Urban, co-head of trading at Galaxy Digital, said Bitcoin could "see something north of USD 70,000 by the end of the year."

While not a game changer, Purpose's Bitcoin ETF has seen an average inflow of 86.15 Bitcoin between May 15 and June 24, according to Glassnode data. This has boosted the ETF's assets under management to 21,114 BTC. This shows that savvy investors are moving slowly rather than trying to get to the bottom.

BTC/USDT
Bitcoin's rebound from the USD 31,000 to USD 28,000 support zone has slowed from the 20-day exponential moving average (USD 35,788) today. The descending moving averages and relative strength index (RSI) in the negative territory indicate an advantage for the bearish.

Sellers will now make one more attempt to sink the price below the support zone. If they succeed, the BTC/USDT pair could start the next stage of the downward movement and plummet to USD 20,000.

However, the bulls will not give up easily. They are likely to defend the support zone aggressively. If the price bounces off this zone once again, the bulls will try to push the price above the 20-day EMA.

ETH/USDT
Ether's (ETH) bounce from USD 1,728.74 support faded at USD 2,045 on June 23. This suggests a lack of buyers at higher levels. Both moving averages are down and the RSI is near the oversold zone, indicating a path of least resistance to the downside.

If the price goes down and breaks below the support of USD 1,728.74, the ETH/USDT pair could start the next stage of the downtrend. The pair could then fall to USD 1,536.92 and then to USD 1,293.18. The deeper the fall, the longer it will take for the bulls to start the next stage of the uptrend.

Contrary to this assumption, if price bounces back to USD 1,728.74, it will suggest that the bulls are aggressively defending this level. A break and close above the 20-day EMA (USD 2,248) will be the first indication that a bottom formation may have begun.

BNB/USDT
Binance Coin's (BNB) bounce off USD 211.70 support faces strong resistance at the 20-day EMA (USD 332). This suggests that sentiment remains negative and traders are selling into rallies.

The bearish will now make one more attempt to sink the price below the USD 211.70 support. If they manage to do that, the BNB/USDT pair could start the next stage of the downtrend. The next downside support is USD 200 and then USD 126.75.

Alternatively, if the price bounces off the USD 211.70 support, it will suggest a strong accumulation by the bulls at this level. If buyers push the price above the 20-day EMA, the pair could rise to USD 433. A break and close above this resistance will be the first sign that the downtrend could be over.

ADA/USDT
Cardano (ADA) rallied from USD 1 support on June 22, but the bulls seem to have hit a wall at the 20-day EMA (USD 1.42). This suggests that the bearish have not yet thrown in the towel and are trying to hold the upper hand.

Sellers will try to push the price down to $1. This is an important support to watch because it has not been broken at the close since February 23. Therefore, a break below USD 1 may result in a long liquidation.

ADA/USDT could fall to USD 0.68 and if the selling intensifies, the decline could even extend to USD 0.40.

However, the bulls will have other plans. They will again try to defend the support at USD 1. If they succeed, the pair may break out of the 20-day EMA and move up to the 50-day simple moving average (USD 1.61).

DOGE/USDT
Dogecoin (DOGE) rallied from USD 0.15 support on June 22 and reached the 20-day EMA (USD 0.28) today. After the strong relief rally of the last three days, bearish traders are likely to aggressively defend the area between the 20-day EMA and the neckline.

If the price moves down from the upper resistance zone, bearish traders will try to drag the price to USD 0.15. A break and close below this level will suggest that traders sold their positions during the current rally. The DOGE/USDT pair could fall to USD 0.10.

On the other hand, if the bulls defend the next dip to USD 0.21 support, it will signal strength. A break and close above the neckline will be the first sign that the pair's correction may be over and a floor formation may begin.