Autor Cointelegraph By Rakesh Upadhyay

The sharp fall in cryptocurrencies has pulled the total crypto market capitalization below $900 billion. According to CoinGoLive, 72 out of the top 100 tokens have declined in excess of 90% from their all-time highs. In comparison, the top-10 coins have outperformed during the fall, dropping an average of 79% from their all-time high. Bitcoin (BTC) is down more than 70% from its all-time high but the bulls are struggling to arrest the decline. Jurrien Timmer, director of global macro of Fidelity, highlighted that Bitcoin could be “cheaper than it looks” considering the metric of price-to-network ratio, which is similar to the price-to-earnings ratio used in the equities market to value a stock.Daily cryptocurrency market performance. Source: Coin360Billionaire investor Mark Cuban said in an interview with Fortune that projects without valid business prospects will vanish as bear markets have a cleansing effect on the market. However, he added that innovation in the crypto sector is likely to continue during the market downturn. Could Bitcoin and major altcoins hold their respective support levels? Let’s study the charts of the top-10 cryptocurrencies to find out.BTC/USDTThe bulls are attempting to keep Bitcoin above the psychological support of $20,000 but they are facing strong resistance at $23,362. This suggests that the bears have not given up and that they continue to sell on rallies.BTC/USDT daily chart. Source: TradingViewThe longer the time spent near $20,000, the greater the possibility of a break below it. If bears sink the price below $20,000, the BTC/USDT pair could witness panic selling. That could pull the price to $17,500 and then to $16,000. The one ray of hope for the buyers is that the relative strength index (RSI) has dipped into deeply oversold levels. This suggests that a relief rally is possible in the short term. If bulls drive the price above $23,362, the pair could rally to the 20-day exponential moving average (EMA) ($26,574). ETH/USDTEther (ETH) is in a firm bear grip. The bulls bought the dip to $1,014 on June 15, as seen from the long tail on the day’s candlestick. However, the recovery was short-lived as the bears pulled the price back below $1,100 on June 16.ETH/USDT daily chart. Source: TradingViewIf bears sink the price below $1,000, the selling pressure could accelerate and the ETH/USDT pair could plummet to $900. Although the downsloping moving averages indicate advantage to bears, the deeply oversold level on the RSI suggests that a relief rally may be around the corner.The bulls will have to push and sustain the price above $1,268 to start a sustained recovery. Above this level, the pair could rise to the 20-day EMA ($1,547) where the bears may again mount a strong resistance.BNB/USDTBNB is consolidating near the crucial support of $211 since June 13. The bulls started a recovery on June 15 but that fizzled out at $237 on June 16. BNB/USDT daily chart. Source: TradingViewIf the price slips below the $211 to $198 support zone, the BNB/USDT pair could start the next leg of the downtrend. The pair could then slide to $186 and later plummet toward the strong support at $150.On the other hand, if the price rebounds off the $211 support, the buyers will try to propel the pair above $237. If they succeed, the pair could rally to the 20-day EMA ($265). This is an important level to watch out for because a break and close above it will suggest that the pair may have bottomed out.ADA/USDT Cardano (ADA) bounced off $0.44 on June 14 and bulls pushed the price to the 20-day EMA ($0.54) on June 15. The bears defended this level aggressively and the price turned down on June 16.ADA/USDT daily chart. Source: TradingViewThe price is stuck between the 20-day EMA and $0.44 but this tight range trading is unlikely to continue for long. If buyers propel the price above the 20-day EMA, the ADA/USDT pair could rally to the 50-day simple moving average (SMA) ($0.59). A break above this level could open the doors for a potential rally to the overhead zone between $0.69 and $0.74.Alternatively, if the price turns down and plummets below $0.44, it will suggest that bears are back in the game. A break and close below $0.40 could start the next leg of the downward move.XRP/USDTRipple (XRP) bounced off $0.29 on June 14 and reached $0.35 on June 15, which turned out to be stiff resistance. The buyers are again attempting to push the price above $0.35.XRP/USDT daily chart. Source: TradingViewIf they manage to do that, the XRP/USDT pair could rally to the breakdown level of $0.38. This is an important level to keep an eye on because a break and close above it could clear the path for a possible rally to the 50-day SMA ($0.44). The positive divergence on the RSI indicates that the bears may be losing their grip.Contrary to this assumption, if the price turns down from the current level and slips below $0.29, it will suggest the resumption of the downtrend. The next support on the downside is $0.24.SOL/USDTSolana (SOL) attempted a recovery on June 15, which hit a barrier at the breakdown level of $35. The price turned down on June 16 but the bulls are attempting to defend the level at $30.SOL/USDT daily chart. Source: TradingViewThe buyers will make one more attempt to push the price above the overhead zone between $35 and the 20-day EMA ($37). If they succeed, the SOL/USDT pair could rally to the 50-day SMA ($52).Conversely, if the price turns down from the overhead zone, it will suggest that bears continue to sell at resistance levels. The bears will then try to sink the pair below $26 and resume the downtrend. The next support on the downside is $22 and then $20.DOGE/USDTDogecoin (DOGE) is consolidating in a downtrend. The buyers defended the psychological level at $0.05 and attempted a relief rally on June 15 but they could not sustain the higher levels. This suggests that bears continue to sell on ralliesDOGE/USDT daily chart. Source: TradingViewThe buyers are attempting to arrest the decline near $0.06 on June 17. If they succeed, the DOGE/USDT pair could resume its recovery. A break above the June 15 intraday high could clear the path for a possible rally to the 20-day EMA ($0.07). If bulls overcome this barrier, the DOGE/USDT pair could rally to the 50-day SMA ($0.09).Contrary to this assumption, if the price turns down and breaks below the critical support at $0.05, it will suggest the start of the next leg of the downtrend. The pair could then decline to $0.04.Related: Bitcoin whale support lines up as trader says $14K ‘most bearish’ BTC price targetDOT/USDTPolkadot (DOT) rallied sharply on June 15 and reached the 20-day EMA ($8.62) but the bulls could not overcome this resistance. This indicates that bears are active at higher levels.DOT/USDT daily chart. Source: TradingViewThe price turned down sharply on June 16 and has dropped near the critical support zone between $7.30 and $6.36. The buyers are expected to defend this zone aggressively because a failure to do so could resume the downtrend toward $4.23.If the price rebounds off the support zone, it will suggest accumulation at lower levels. The buyers will then make one more attempt to push the price above the 20-day EMA. If they manage to do that, the DOT/USDT pair could rally to the 50-day SMA ($10.54).LEO/USDUNUS SED LEO (LEO) continues to trade inside the descending channel. The bears pulled the price below the moving averages on June 15 but failed to extend the decline to the support line.LEO/USD daily chart. Source: TradingViewThe buyers are attempting to push the price back toward the moving averages. If the price turns down from this resistance, it could increase the prospects of a retest of the support line of the channel. A break and close below this level could intensify selling.Conversely, if buyers push the price above the moving averages, the LEO/USD pair could rise to the resistance line. This is an important level for the bears to defend because a break and close above it could suggest the start of a new up-move to $6.25.AVAX/USDTAvalanche (AVAX) is consolidating in a downtrend and the bulls are attempting to defend the support at $14.50. The buyers tried to push the price toward the breakdown level of $21.35 on June 16 but the higher levels continue to attract selling. AVAX/USDT daily chart. Source: TradingViewIf the price turns down and breaks below $14.50, it could signal the start of the next leg of the downtrend. The AVAX/USDT pair could then decline to $13.On the contrary, if bulls successfully defend the $14.50 support, the pair could make another attempt to rise to $21.35. This is an important level to watch out for because the bears will try to flip it into resistance and pull the pair down to $14.50.The buyers will have to push and sustain the price above the 20-day EMA ($21.94) 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.

The United States equities markets extended their decline to start the week on June 13. The S&P 500 hit a new year-to-date low and dipped into bear market territory, falling more than 20% from its all-time high made on Jan. 4. The cryptocurrency markets are tracking the equities markets lower and the selling pressure further intensified due to the rumored liquidity crisis of major lending platform Celsius and traders possibly selling positions to meet margin calls. This pulled the total crypto market capitalization below $1 trillion.Daily cryptocurrency market performance. Source: Coin360The sharp declines have led some analysts to project extremely bearish targets. While anything is possible in the markets and it is difficult to call a bottom, capitulations usually tend to start a bottoming formation. Traders may get their buy list ready and consider accumulating in phases after the price stops falling.What are the important levels that may arrest the decline in Bitcoin (BTC) and major altcoins? Let’s study the charts of the top-10 cryptocurrencies to find out.BTC/USDTBitcoin broke below the immediate support at $28,630 on June 11. This accelerated selling and the bears pulled the price below the critical support at $26,700 on June 12. This indicated the resumption of the downtrend.BTC/USDT daily chart. Source: TradingViewThe bears maintained their selling pressure on June 13 and sent the BTC/USDT pair tumbling to an intraday low of $22,600. The sharp fall of the past few days has pulled the relative strength index (RSI) into the oversold zone. This suggests that a relief rally or consolidation is likely in the next few days.Any recovery is likely to face selling in the zone between $26,700 and $28,630. If bears flip this zone into resistance, it will suggest that sentiment remains negative. Traders could then make one more attempt to resume the downtrend. A break below $22,600 could sink the pair to the psychological level at $20,000.The bulls will have to push and sustain the price above $28,630 to suggest that the bears may be losing their grip.ETH/USDTEther (ETH) plummeted below the vital support of $1,700 on June 10, indicating that bears are in control. This signaled the start of the next leg of the downtrend.ETH/USDT daily chart. Source: TradingViewThe selling picked up momentum on June 11 and bears have pulled the price below the strong support at $1,300. This suggests that traders are gripped with fear and are dumping their positions.The aggressive selling of the past three days has pulled the RSI below 22. Historically, the ETH/USDT pair starts a relief rally when the RSI falls close to 21. This suggests that the pair could attempt a rally to the breakdown level of $1,700.Alternatively, if bears sustain their selling pressure, the pair could drop to psychological support at $1,000.BNB/USDTThe failure of the bulls to push BNB back into the triangle may have attracted strong selling by the bears on June 11. The selling picked up momentum and the price has dropped near the strong support at $211. BNB/USDT daily chart. Source: TradingViewIf the price rebounds off $211, it will suggest accumulation at lower levels. The buyers will then make an attempt to push the price above the 20-day exponential moving average ($289). If they succeed, it will indicate that the BNB/USDT pair may remain range-bound between $211 and $350 for a few days.Conversely, if bears sink the price below $211, it will signal the start of the next leg of the downtrend. The psychological level of $200 may offer a minor support but if the level gives way, the next support could be at $186.ADA/USDT Cardano (ADA) broke below the 20-day EMA ($0.56) on June 10 and attempts by the bulls to push the price back above the level on June 11 met with strong selling at higher levels.ADA/USDT daily chart. Source: TradingViewThe bears have pulled the price to the strong support zone between $0.44 and $0.40. This zone is likely to attract strong buying by the bulls because a break below it could signal the resumption of the downtrend. The ADA/USDT pair could then start its southward journey toward the next major support at $0.30.Alternatively, if the price rises from the current level, the bulls will attempt to push the pair above the 50-day simple moving average (SMA($0.61). If that happens, the pair may consolidate between $0.74 and $0.40 for a few days.XRP/USDTRipple (XRP) broke and closed below the support at $0.38 on June 11. This completed a bearish descending triangle pattern, signaling that sellers have the upper hand.XRP/USDT daily chart. Source: TradingViewThe selling picked up momentum and bears pulled the price below the crucial support at $0.33 on June 13. This indicates the start of the next leg of the downtrend. The short-term bears may book profits near the pattern target of $0.30.If they do that, the XRP/USDT pair could start a relief rally that may reach the breakdown level of $0.33 and then $0.38. Alternatively, if bears sink the price below $0.30, the pair could drop to the next strong support at $0.24.SOL/USDTSolana (SOL) had been stuck between the 20-day EMA ($40) and $35 for a few days. This uncertainty resolved to the downside on June 11 as bears pulled the price below the support.SOL/USDT daily chart. Source: TradingViewThis accelerated the selling and the bears pulled the price below the immediate support at $30. The next support on the downside is $22 and later $20.The sharp selling of the past few days has sent the RSI into the oversold territory. This suggests a relief rally or consolidation is likely in the near term. The bulls will attempt to push the price above the breakdown level of $35 and the 20-day EMA. If they succeed, it will suggest that the current breakdown may have been a bear trap.DOGE/USDTDogecoin’s (DOGE) tight range trading expanded to the downside on June 10. The bears pulled the price below the May 12 intraday low of $0.07 on June 11, indicating the resumption of the downtrend. DOGE/USDT daily chart. Source: TradingViewThe selling further picked up momentum and the bears pulled the DOGE/USDT pair to the psychological support of $0.05. This level could act as a short-term support because the deeply oversold levels on the RSI suggest a relief rally is possible.On the upside, the bears will attempt to stall the recovery at the breakdown level of $0.07. If the price turns down from this resistance, the bears will attempt to resume the downtrend and sink the pair to $0.04. The first sign of strength will be a break and close above the 20-day EMA ($0.08).Related: How to survive in a bear market? Tips for beginnersDOT/USDTThe failure of the bulls to push Polkadot (DOT) back into the symmetrical triangle attracted aggressive selling by the bears on June 10. That started a downward move that pulled the price below the critical support of $7.30.DOT/USDT daily chart. Source: TradingViewThe bulls are attempting to push the price back above the breakdown level of $7.30. If they manage to do that, it will suggest that the break below $7.30 may have been a bear trap. The DOT/USDT pair could then rise to the 20-day EMA ($9.17).Alternatively, if the price fails to rise above $7.30, it will suggest that the bears have flipped the level into resistance. That could resume the downtrend with the next stop being the psychological level of $5 and then the pattern target of $4.23.LEO/USDUNUS SED LEO (LEO) has been trading inside a descending channel for the past several weeks. The bears are posing a challenge near $5.60 but are finding it difficult to pull the price below the 20-day EMA ($5.24). LEO/USD daily chart. Source: TradingViewIf the price bounces off the current level and rises above $5.60, the LEO/USD pair could gradually move up to the resistance line of the channel. The bears are likely to defend this level aggressively. If the price turns down from the resistance line, the bears will attempt to sink the pair below the 20-day EMA. If that happens, the pair may gradually dip toward the support line. Such a move will suggest that the pair may extend its stay inside the channel for some more time.The next trending move could begin after the bulls push the price above the resistance line or bears sink the pair below the support line.AVAX/USDTAvalanche’s (AVAX) tight range trading between the 20-day EMA ($24) and the critical support of $21 resolved to the downside on June 11. This indicated the resumption of the downtrend.AVAX/USDT daily chart. Source: TradingViewThe selling picked up momentum and sliced through the support at $18 on June 12. There is a minor support at $15 but if this level breaks down, the AVAX/USDT pair could plummet to the next strong support of $13.Although the downsloping moving averages indicate advantage to sellers, the oversold levels on the RSI suggest that the selling may have been overdone in the near term. That could result in a relief rally to the breakdown level of $21. The bulls will have to push the price above the 20-day EMA to indicate that the bears may be losing their grip.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.