Bullish Bitcoin price chart may result in breakouts for ADA, QNT, RNDR, and RPL.

The US stock markets experienced strong rallies on June 2, following the debt ceiling deal and the release of May nonfarm payrolls data. The S&P 500 rose 1.8% during the week, while the Nasdaq was up 2%, marking the sixth successive week of gains for the Nasdaq. In addition to this, the expectation of a pause in the Federal Reserve’s next meeting may have contributed to the rally. However, this did not translate to similar performance in Bitcoin and other cryptocurrencies, with few major cryptocurrencies trying to start a recovery.

The article then provides an analysis of Bitcoin and Cardano prices. For Bitcoin, it has been trading close to the 20-day exponential moving average and the relative strength index indicates a balance between supply and demand. If the bulls drive the price above the resistance line, the price may march towards $31,000. On the other hand, a downside breakout below $25,250 may intensify selling and tug the price towards $20,000.

For Cardano, the bulls have repeatedly found support at the uptrend line, but have failed to push the price above the 50-day simple moving average. A breakout from this tight range trading is expected, with a push and sustained price above the 50-day SMA clearing the path for a possible rally to $0.42 and $0.44. Alternatively, a dip below the uptrend line may suggest the start of a deeper correction, with the price plunging to the strong support at $0.30.

If the price drops suddenly from the current level and breaks below the 50-SMA, it suggests that bears have taken control in the near term. The pair may then drop to $0.36 and later to $0.35.

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Quant price analysis

After staying below the downtrend line for several days, Quant ( QNT ) turned around and started a recovery on May 26. The bulls continued their purchase and pushed the price above the moving averages on May 29, indicating a potential trend change.

The moving averages have completed a bullish crossover and the RSI is in the positive territory, indicating that the path of least resistance is to the upside. There is a barrier at $120 but if bulls overcome it, the QNT/USDT pair could rise to $128 and subsequently to $135.

However, if the price drops sharply from $120, the bears will try to pull the price to the 20-day EMA ($110). This is the key level to keep an eye on because a break below it will indicate that bears are back in control.

The four-hour chart shows that the price is stuck inside a trading range between $114.50 and $120. The 20-EMA is flat but the RSI is in the positive territory, indicating that the momentum remains bullish. If bulls clear the hurdle at $120, the pair is likely to start the next leg of the up-move.

On the other hand, if the price drops below $114.50, it will suggest that bears have a slight edge. The pair may then drop to $110 and later to $102. The deeper the fall, the longer the time needed for the recovery to resume.

Related: Cryptocurrency markets’ low volatility: A curse or an opportunity?

Render Token price analysis

While most major cryptocurrencies are struggling to start a recovery in a downtrend, Render Token (RNDR) has started a new upward move.

The RNDR/USDT pair dipped to the 20-day EMA ($2.48) on May 31 but the bulls successfully defended the level. This shows a positive sentiment where traders are buying the dips to strong support levels. The pair could retest the 52-week high of $2.95. If this resistance is overcome, the pair may soar to $3.75.

The first sign of weakness will be a break and close below the 20-day EMA. Such a move will indicate aggressive profit-booking by the short-term bulls. That may open the doors for a possible drop to the 50-day SMA ($2.20).

The moving averages have completed a bullish crossover and the RSI is in positive territory, indicating that bulls have the upper hand. Buyers will try to push the price above the overhead resistance zone between $2.90 and $2.95. If they succeed, the pair may start a new uptrend.

However, if the price drops from the current level or the overhead resistance and breaks below the moving averages, it will suggest that the bears are making a comeback. A break and close below $2.42 will indicate the start of a downward move towards $2.25.

Rocket Pool price analysis

Rocket Pool (RPL) has been trading inside an ascending channel pattern for the past several days. A positive sign in the short term is that the bulls have kept the price above the moving averages. This indicates a change in sentiment from selling on rallies to buying on dips.

The RPL/USDT pair has been trading in a narrow range over the past few days, indicating a potential expansion of the range in the near future. If the price breaks and stays above $50.50, it could signal the beginning of an upward trend towards the resistance line of the channel. However, the bears are expected to strongly defend this level.

This positive outlook may change if the price drops from the current level and falls below the moving averages. In that case, the pair could drop to the support line of the channel.

The four-hour chart shows that the bulls have been maintaining the price above the moving averages, but they have struggled to surpass the resistance level at $50.37. This indicates that the bears are selling on minor rallies.

If the price drops and falls below the 50-SMA, it will suggest that the bulls have given up and the pair may drop to the support line near $46.

On the other hand, if buyers manage to push and keep the price above $50.50, the bullish momentum may increase and the pair could rise to $53.50.