Major cryptocurrencies, including Bitcoin, are experiencing resistance at higher price levels, but the market isn’t showing signs of frantic selling.

Recent volatility in the cryptocurrency realm is a result of the market’s attempt to assimilate the implications of U.S. Securities and Exchange Commission’s actions against major crypto exchanges, namely, Binance and Coinbase. Following the initial shock and recovery, market stability is anticipated as traders process the uncertain legal climate.

Insights from Glassnode show a drop of 12,600 Bitcoin in exchange balances on June 5 and 6, hinting at a measured response by traders unlike the frenzied reactions during the November FTX incident. Now, let’s delve into the price dynamics of top 10 cryptocurrencies.

Bitcoin successfully bounced back from the critical support level of $25,250 on June 6, showcasing the determination of the bulls. However, selling pressure around moving averages could pull it back. If the price descends below this critical mark, it could potentially tumble to $20,000, putting the next bullish run on hold.

Ethereum’s price slightly slipped below the resistance line of the falling wedge pattern on June 5, but the bearish momentum lost steam. Despite the bearish pressure, if the price rebounds from the resistance line of the wedge, it could signal a positive flip. The bulls would need to steer the price above $1,928 to chart a course towards $2,200.

BNB endured a significant drop on June 5, taking its price below the formidable support level of $280. Despite the attempt to recover, bearish tendencies have pushed it beneath the crucial $265 mark, suggesting a potential downturn to $220.

For XRP, the traders tended to purchase the dip to the 20-day EMA. However, strong resistance is observed between $0.56 and $0.59. Overcoming these levels could set off a new upward trend, possibly propelling the XRP/USDT pair to $0.80.

Cardano’s price breached the ascending triangle pattern’s uptrend line on June 5, undermining the bullish scenario. If the price can stay within the channel, we might see a significant recovery. If not, bears might drag the ADA/USDT pair to the formidable $0.30 support.

Dogecoin dipped below the immediate $0.07 support on June 5 but bounced back near the $0.06 mark. A breakthrough above the 20-day EMA could stimulate a rally to $0.08, while failure to do so could prompt the bears to push the price lower.

Polygon saw a slight decline below the $0.82 support on June 6, but the bulls promptly bought the dip. However, aggressive selling on June 7 might signal a downtrend continuation, possibly pushing the MATIC/USDT pair to the sturdy $0.69 support.

Solana rebounded from the robust $18.70 support on June 5 and 6, but the challenge of the 20-day EMA persists. A drop below $18.70 may lead to a $15.28 target, while a rebound could spur the bulls to aim for $27.12.

Polkadot breached the vital $5.15 support on June 5 but made a remarkable recovery the following day. A further drop might take it to $4.22, whereas overcoming the 20-day EMA could alleviate the selling pressure, possibly sparking an upward momentum.

Litecoin fell below the moving averages on June 5 and bounced back the next day but struggled to stay above the 20-day EMA. A failure to bounce off the uptrend line could push the LTC/USDT pair to $65. Conversely, a successful rebound within the triangle could initiate the next bullish phase.