Autor Cointelegraph By Rakesh Upadhyay

The United States equity markets and the cryptocurrency space are witnessing a relief rally this week. Supporting the rise in risky assets is the U.S. dollar index (DXY), which retreated from its multi-year high. Generally, cryptocurrencies move inverse to the price of the U.S. dollar, but this week’s bounce does not necessarily mean that bulls’ grip over the market has come to an end.Citing on-chain data, CryptoQuant senior analyst Julio Moreno, said that Bitcoin (BTC) miners may have already capitulated. Historical data suggests that miner capitulation usually precedes market bottoms. Daily cryptocurrency market performance. Source: Coin360Another on-chain metric that indicates that Bitcoin’s price may have reached an attractive level is the Mayer Multiple. The metric is calculated by dividing the price of Bitcoin by the 200-day moving average value. It points to whether Bitcoin is overbought, undervalued or fairly priced. On June 22, the indicator’s reading was 0.5 and according to crypto entrepreneur Kyle Chasse, Bitcoin’s price has dipped below this reading only on 3% of all trading days.Several on-chain indicators are suggesting that Bitcoin may be close to a bottom. Let’s study the charts of the top-10 cryptocurrencies to find out what the technicals suggest!BTC/USDTBitcoin is attempting a recovery in a downtrend but the bulls are struggling to push the price to the 38.2% Fibonacci retracement level of $23,024. This suggests that demand dries up at higher levels. BTC/USDT daily chart. Source: TradingViewThe first hurdle for the bulls is likely to be $21,723 and then the 20-day exponential moving average (EMA ($23,529). During strong downtrends, bears sell on rallies to this level. Hence, it becomes an important level to keep an eye on. If the price turns down sharply from the 20-day EMA, it will suggest that the bears are in command. The sellers will then make another attempt to sink the BTC/USDT pair to the crucial level at $17,622. Conversely, if buyers propel the price above the 20-day EMA, it will suggest that the bears may be losing their grip. That could open the doors for a possible rally to the 50-day simple moving average (SMA) ($27,995).ETH/USDTEther (ETH) had been trading between $1,200 and $1,050 since June 20. This tight range trading resolved to the upside on June 24 as bulls attempt to push the price to the 20-day EMA ($1,332). ETH/USDT daily chart. Source: TradingViewThis level is likely to attract strong resistance from the bears. If the price turns down sharply from the 20-day EMA, it will suggest that the sentiment remains negative and traders are selling on rallies. The bears will then try to pull the price to $1,050. A break and close below this support could retest the vital support at $881.Alternatively, if bulls drive the price above the 20-day EMA, the likelihood of a rally to the breakdown level of $1,700 increases.BNB/USDTThe bears tried to pull BNB below $211 on June 22 but the bulls held their ground. This started a relief rally that hareached the 20-day EMA ($243).BNB/USDT daily chart. Source: TradingViewIf bulls push the price above the 20-day EMA, it will increase the possibility that the break below $211 may have been a bear trap. The BNB/USDT pair could then rally to the 50-day SMA ($284) where the bears may again mount a strong resistance.Another possibility is that the price turns down sharply from the 20-day EMA. If that happens, the bears will try to pull the pair below $211 and challenge the June 18 intraday low of $183. A break below this support could indicate the start of a downtrend to $150.XRP/USDTThe tight range trading in Ripple (XRP) resolved to the upside with a break above the 20-day EMA ($0.35) on June 24. This suggests that the bears may be losing their grip.XRP/USDT daily chart. Source: TradingViewThe buyers tried to propel the price above the 50-day SMA ($0.40) on June 24 but the long wick on the day’s candlestick suggests that bears continue to defend the level aggressively. If the price turns down and breaks below the 20-day EMA, the XRP/USDT pair could drop to $0.35.Contrary to this assumption, if the price turns up and breaks above the 50-day SMA, it will suggest the start of a new up-move. The pair could first rally to $0.46 and then make a dash toward $0.56.ADA/USDT Cardano (ADA) has been oscillating between the 20-day EMA ($0.50) and the strong support of $0.44 for the past few days but this tight range trading is unlikely to continue for long.ADA/USDT daily chart. Source: TradingViewThe RSI has been gradually climbing higher, suggesting that the bearish momentum could be weakening. That enhances the prospects of a break above the moving averages. If that happens, the ADA/USDT pair could climb toward $0.70.Contrary to this assumption, if the price turns down from the 20-day EMA, it will suggest that bears are defending the level aggressively. The sellers will then try to pull the pair below the strong support zone of $0.44 to $0.40 and resume the downtrend.SOL/USDTSolana (SOL) turned down from the 20-day EMA ($36) on June 22 but the bears could not sustain the lower levels. The bulls purchased the dip and pushed the price back above the 20-day EMA on June 23.SOL/USDT daily chart. Source: TradingViewIf bulls sustain the price above the 20-day EMA, the SOL/USDT pair could rise to the 50-day SMA ($45). The flattish 20-day EMA and the RSI near the midpoint suggest that the bears may be losing their grip. A break and close above the 50-day SMA will indicate that the downtrend could be over.Contrary to this assumption, if the price fails to sustain above the 20-day EMA, it will suggest that bears are active at higher levels. If sellers pull the price below $33, the pair could slide to $27.DOGE/USDTDogecoin (DOGE) has been trading near the 20-day EMA ($0.06) since June 21. This suggests that the bulls are not closing their positions as they anticipate a break above the 20-day EMA. DOGE/USDT daily chart. Source: TradingViewThe RSI has been gradually rising toward the midpoint and the 20-day EMA is flattening out, which suggests that the bulls are attempting a comeback.If bulls thrust the price above the 20-day EMA, the DOGE/USDT pair could rally to the 50-day SMA ($0.08) where the bears may again pose a strong challenge. The bulls will have to clear this hurdle to open the doors for a possible up-move to $0.10.Alternatively, if the price turns down from the 20-day EMA, the bears will try to pull the pair below $0.06 and challenge the psychological support at $0.05.Related: Bitcoin gives ‘encouraging signs’ — Watch these BTC price levels nextDOT/USDTPolkadot (DOT) bounced off the $7.30 support on June 23, indicating that bulls are attempting to form a higher low. The price has reached the 20-day EMA ($8.15), which is an important barrier for the bulls to overcome.DOT/USDT daily chart. Source: TradingViewThe RSI has risen above 45 and the 20-day EMA is flattening out. This suggests that the bearish momentum could be weakening. If bulls push the price above the moving averages, the DOT/USDT pair could attempt a rally to the overhead resistance at $12.44. This level may again act as a strong resistance and if the price turns down from it, the pair could remain stuck between $12.44 and $7.30 for a few days. The bears will have to sink the price below the $7.30 to $6.36 support zone to indicate the start of the next leg of the downtrend.SHIB/USDTThe bears tried to pull the price below the 20-day EMA ($0.000009) on June 22 but the bulls held their ground. Shiba Inu (SHIB) rebounded off the 20-day EMA on June 23 but the buyers could not push the price above the 50-day SMA ($0.000011).SHIB/USDT daily chart. Source: TradingViewThe 20-day EMA has flattened out and the RSI is just above the midpoint, indicating equilibrium between buyers and sellers. This balance could tilt in favor of the bulls if they propel the price above the 50-day SMA. The SHIB/USDT pair could then rally to the overhead resistance at $0.000014.Conversely, if the price turns down and plummets below the 20-day EMA, it will suggest that bears have gained the upper hand. The pair could then slide to $0.000008.LEO/USDUNUS SED LEO (LEO) repeatedly rose above the resistance line of the descending channel between June 22 and 24 but the bulls could not sustain the higher levels.LEO/USD daily chart. Source: TradingViewThis suggests that the bears are aggressively defending the resistance line of the channel. The failure to sustain the price above the channel may tempt short-term traders to book profits.That could pull the price to the 20-day EMA ($5.39). If the price rebounds off this support, the bulls will again attempt to push the LEO/USD pair above the channel. If they succeed, the next stop could be $6.50 and then $6.80.On the contrary, if the price turns down and breaks below the 20-day EMA, it will suggest that the pair may remain stuck inside the channel for a few more days.The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph. Every investment and trading move involves risk. You should conduct your own research when making a decision.Market data is provided by HitBTC exchange.

Bitcoin (BTC) continues to face a tough battle near the psychological level of $20,000 as the bulls and the bears attempt to assert their supremacy. Trading firm QCP Capital said in their latest market circular that funding rates on derivatives markets were stable and bearish conditions were fading.Another ray of hope for the Bitcoin bulls is that Bitcoin miners may be capitulating as the recent decline in the price has made some mining machines unprofitable. Data from Arcane Research shows that public Bitcoin mining companies that had only sold 30% of their mined production from January to April of this year had dumped 100% of their Bitcoin production in May. Some analysts believe that miners giving up was a bullish signal.Daily cryptocurrency market performance. Source: Coin360However, one metric suggests that Bitcoin may not have bottomed out. Historically, Bitcoin signals a bottom when less than 50% of the Bitcoin addresses remain profitable. Glassnode data as of June 20 shows that 56.2% of Bitcoin addresses are in profit, increasing concerns of another down leg.Could Bitcoin and the altcoins sustain the recovery or will bears pull the price lower? Let’s study the charts of the top-10 cryptocurrencies to find out.BTC/USDTThe bulls are attempting to start a recovery in Bitcoin but the long wick on the June 21 candlestick suggests that bears are not willing to surrender their advantage. BTC/USDT daily chart. Source: TradingViewA minor positive is that the bulls are buying the dips to $20,000 on June 22. If the price rebounds off the current level, the buyers will try to drive the BTC/USDT pair above $22,000. That could open the doors for a possible rally to the 20-day exponential moving average (EMA)($24,076). This level is likely to act as a stiff resistance but if bulls overcome this barrier, the next stop could be the 50-day simple moving average (SMA) ($28,678).This bullish view could be negated if the price turns down and breaks below $19,600. That could enhance the prospects of a retest of the June 18 intraday low of $17,622.ETH/USDTEther’s (ETH) bounce off the June 18 intraday low of $881 turned down from $1,194 on June 21, suggesting that bears have not yet given up and they continue to sell on rallies.ETH/USDT daily chart. Source: TradingViewIf bulls don’t not give up much ground from the current level, the ETH/USDT pair could again attempt a rally to the 20-day EMA ($1,368). This is an important level to keep an eye on because bears tend to defend the 20-day EMA during downtrends.If the price turns down from the 20-day EMA, the bears will again try to pull the pair to $1,000 and then $881. A break below this level could signal the resumption of the downtrend. On the other hand, if bulls push the price above the 20-day EMA, the pair could rise to $1,700. BNB/USDTBNB has been sustaining above the crucial support of $211 since June 19 but the bulls are struggling to push the price higher. The long wick on the June 21 candlestick suggests that bears continue to sell on rallies.BNB/USDT daily chart. Source: TradingViewIf bears sink the price below $211, the BNB/USDT pair could decline to $200 and then to the June 18 intraday low of $183. This is an important level to watch out for because if the price dips below it, the pair could plummet to $150.Conversely, if the price rebounds off $211 or $200, it will suggest that bulls continue to buy on dips. The bulls will then make one more attempt to clear the overhead hurdle at the 20-day EMA. If they succeed, it will suggest that the break below $211 may have been a bear trap.ADA/USDT Cardano’s (ADA) bounce from the $0.44 to $0.40 support zone fizzled out near the 20-day EMA ($0.51) on June 21. This suggests that the bears continue to defend the level aggressively.ADA/USDT daily chart. Source: TradingViewThe sellers will now attempt to sink the price below the support zone. If they manage to do that, it will suggest the start of the next leg of the downtrend. The ADA/USDT pair could then slip to $0.33 and later to $0.30.Alternatively, if the price again rebounds off the support zone, it will suggest that bulls continue to accumulate on dips. The buyers will then make one more attempt to push the pair above the moving averages and start a rally to $0.70.XRP/USDTRipple (XRP) has been range-bound between $0.28 and $0.35 for the past few days. This suggests a state of equilibrium between the bulls and the bears.XRP/USDT daily chart. Source: TradingViewThe longer the time spent inside the range, the stronger will be the breakout from it. If the price continues lower and breaks below the support of the range at $0.28, it could suggest the resumption of the downtrend. The RSI is showing a positive divergence, indicating that the bearish momentum may be weakening. If bulls push the price above $0.35, it will suggest the start of a new up-move. The XRP/USDT pair could then rise to the 50-day SMA ($0.41) and later rally to $0.45. SOL/USDTSolana’s (SOL) recovery on June 21 rose above the 20-day EMA ($36) but the long wick on the day’s candlestick shows that bears are selling at higher levels.SOL/USDT daily chart. Source: TradingViewThe price remains below the 20-day EMA on June 22 but the bulls have not given up much ground. This suggests that the buyers expect a break above the 20-day EMA. If that happens, the SOL/USDT pair could rally to the 50-day SMA ($47) where the bears may again mount a strong defense.Conversely, if the price fails to rise above the 20-day EMA, it could attract profit-booking from short-term traders. That may pull the pair to $30 and later to $27.DOGE/USDTDogecoin (DOGE) started a recovery on June 19 and reached the 20-day EMA ($0.06) on June 21. Although bulls pushed the price above the 20-day EMA, they could not sustain the higher levels.DOGE/USDT daily chart. Source: TradingViewThat may have attracted profit-booking from the short-term bulls and selling by the aggressive bears. The sellers will now attempt to sink the DOGE/USDT pair below $0.06 and challenge the vital support at $0.05.Alternatively, if the price rebounds off $0.06, it will suggest that the sentiment has changed from selling on rallies to buying on dips. That could increase the possibility of a break above the 20-day EMA. If that happens, the pair may rally to the 50-day SMA ($0.08).Related: Bitcoin price wicks below $20K as whales send 50K BTC to exchangesDOT/USDTPolkadot (DOT) turned down from th 20-day EMA ($8.20) on June 21, suggesting that bears continue to defend the level aggressively. The sellers will now try to pull the price below the immediate support at $7.30.DOT/USDT daily chart. Source: TradingViewIf they succeed, the DOT/USDT pair could drop to the crucial support at $6.36. This is an important level to keep an eye on because a break below it could start the next leg of the downtrend to $4.23.On the contrary, if the price rebounds off $7.30, it will suggest that bulls are trying to form a higher low. That could enhance the prospects of a break above the 20-day EMA. The pair could then rally to the 50-day SMA ($9.78). If this level is also crossed, the next stop could be $12.44.LEO/USDThe bulls pushed UNUS SED LEO (LEO) above the resistance line of the descending channel on June 22 but the long wick on the day’s candlestick suggests that bears are selling at higher levels.LEO/USD daily chart. Source: TradingViewThe 20-day EMA ($5.29) has started to turn up and the RSI is near the overbought territory, indicating that bulls have the upper hand. If the price sustains above the channel, it could open the doors for a possible up-move to $6.50.Conversely, if the price fails to sustain above the channel, traders may book profits and that could pull the LEO/USD pair to the 20-day EMA. Such a move will suggest that the pair may remain stuck inside the channel for a few more days.SHIB/USDTThe failure to sink Shiba Inu (SHIB) below $0.000007 may have tempted short sellers to book profits and aggressive bulls to start buying. That may have resulted in the sharp rally on June 21.SHIB/USDT daily chart. Source: TradingViewTraders pushed the price above the 20-day EMA ($0.000010) but could not clear the hurdle at the 50-day SMA ($0.000012). This suggests that bears are defending the level aggressively.The sellers are attempting to pull the price back below the 20-day EMA. If they manage to do that, it will suggest that the recent recovery may have been a bear market rally. The SHIB/USDT pair could then drop toward $0.000007.The 20-day EMA is flattening out and the RSI is near the midpoint suggesting a range-bound action in the near term. The bulls will have to push and sustain the price above the 50-day SMA to signal a potential trend change.The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph. Every investment and trading move involves risk. You should conduct your own research when making a decision.Market data is provided by HitBTC exchange.