The price of Dogecoin (DOGE) is in a downward correction, but has resumed selling pressure. The cryptocurrency is declining to regain the previous low at $0.06. The recent decline is a rejection of the 21-day line SMA.
The price of Polkadot (DOT) is in a downward correction as the altcoin consolidates above $8.00 support. Currently, the current support has been holding since May 12. On June 7, the altcoin resumed trading between $8.90 and $9.40.
Ethereum (ETH) is in a downward correction and fluctuating in a tight range below the moving averages. On May 30, bulls tried to break out above the 21-day line SMA but were rejected. The largest altcoin has declined and is forced to trade between $1,703 and $1,875.
The price of Ripple (XRP) is in a downward correction, but the altcoin is trading below the moving averages. The uptrend of XRP has been restricted below the moving averages. Moreover, the presence of doji candlesticks has caused the price movement to be insignificant.
Cryptocurrencies are taking an upward correction as altcoins break out above the 21-day line SMA. Since May 31, cryptocurrencies have failed to break above the 50-day line SMA, hence the current fluctuations. This week, cryptocurrencies will develop a trend if the moving average lines are broken.
The price of Cardano (ADA) has made impressive moves as the altcoin breaks out above the 21-day line SMA and retests the 50-day line SMA. Buyers are on the verge of breaking above the 50-day indicator.