Autor Cointelegraph By Rakesh Upadhyay

Bitcoin’s (BTC) tight correlation with the legacy markets continues to be a drag, especially as the United States equity markets remain in a firm bear trend. The Dow Jones Industrial Average is on track for its eighth consecutive negative week and the S&P 500 is close to plunging into the bear market territory.Celsius (CEL) CEO Alex Mashinsky believes that the short sellers on Wall Street are looking for any weakness in crypto companies to “short and destroy.” Mashinsky blamed “the Sharks of Wall Street” for bringing down Terra (LUNA) and trying to destabilize Tether (USDT) and Maker (MKR) and “many other companies,” including Celsius.Daily cryptocurrency market performance. Source: Coin360Bear markets, though painful in the short term, tend to be good buying opportunities for long-term investors. However, it’s important to remember thatwhen the next bull phase starts, not all coins will return to their former glory. Every bull market generally has a new set of leaders; hence, traders should try to identify the cryptocurrencies that are leading the market rather than buying the laggards. Nic Carter put it nicely when he said that everything will not make a comeback and “some things die permanently.”Could Bitcoin and altcoins break below their recent lows or will bulls defend the supports successfully? Let’s study the charts of the top-10 cryptocurrencies to find out.BTC/USDTBitcoin rebounded off the strong support at $28,630 on May 19 but the bulls could not push the price above the downtrend line. This suggests that bears have not yet given up and they continue to sell on rallies.BTC/USDT daily chart. Source: TradingViewThe bears will try to pull the price below $28,630. If they manage to do that, the BTC/USDT pair could drop to the May 20 intraday low at $26,700. This is an important support for the bulls to defend because if they fail to do that, the pair could resume its downtrend. The next support on the downside is $25,000 and then $21,800.Contrary to this assumption, if the price rebounds off $28,630 and rises above the downtrend line, it will suggest strong accumulation at lower levels. The buyers will then try to push the price to the 20-day exponential moving average (EMA) ($32,332). If bulls clear this hurdle, the pair could rise toward the 61.8% Fibonacci retracement level at $34,823.ETH/USDTThe bears pulled Ether (ETH) below the immediate support at $1,940 on May 18 and 19 but they could not capitalize on this move. The bulls bought the dip but could not push the price to the overhead resistance at $2,159. ETH/USDT daily chart. Source: TradingViewStrong selling at higher levels has pulled the price to the uptrend line on May 20. If the ETH/USDT pair breaks below the uptrend line, the decline could extend to the crucial support at $1,700. The bears will have to sink the pair below this level to suggest the start of the next leg of the downtrend.Contrary to this assumption, if the price turns up from the current level or $1,700, it will suggest buying on dips. The pair will then make one more attempt to clear the overhead hurdle at $2,159. If they manage to do that, it will suggest that the pair may have bottomed out. BNB/USDTBNB has been consolidating near the overhead resistance at $320 for the past few days. A tight consolidation near a stiff resistance indicates that bulls are not dumping their positions as they expect the recovery to continue.BNB/USDT daily chart. Source: TradingViewIf bulls thrust the price above the overhead resistance zone between $320 and the 20-day EMA ($326), it will suggest that the BNB/USDT pair may have bottomed out. The pair could then start its northward journey toward the 50-day simple moving average (SMA) ($381).Conversely, if the price turns down from the overhead resistance and breaks below $285, it will suggest that the bulls have given up and may be closing their positions. That could pull the pair to $265 and thereafter to the critical support at $211.XRP/USDTRipple (XRP) bounced off the $0.40 to $0.38 support zone on May 19 but the bulls could not clear the overhead resistance at $0.45. This suggests that while bulls are buying on dips, the bears have maintained their selling pressure near overhead resistance levels.XRP/USDT daily chart. Source: TradingViewIf the price continues lower and breaks below $0.38, the XRP/USDT pair could drop to $0.33. This is an important level to keep an eye on because a break below it could resume the downtrend. The pair could then drop to $0.24.Contrary to this assumption, if the price rebounds off the support zone once again, the buyers will try to push the pair to $0.50. A break and close above this level will be the first indication that the pair may be bottoming out. The next stop on the upside could be the 50-day SMA ($0.64).ADA/USDT The bulls are attempting to defend the $0.50 support in Cardano (ADA) but the bears are in no mood to let go of their advantage and they continue to sell on every minor rally.ADA/USDT daily chart. Source: TradingViewIf the price slips and sustains below $0.50, the ADA/USDT pair could retest the critical support at $0.40. This is an important level for the bulls to defend because a break below it could signal the resumption of the downtrend. The pair could then drop to $0.33 and thereafter to $0.28.Contrary to this assumption, if the price turns up from the current level, the buyers will attempt to push the pair above the 20-day EMA ($0.63). If they manage to do that, it will suggest that the selling pressure could be reducing. The pair could then rise to the breakdown level at $0.74.SOL/USDTSolana (SOL) is in a strong downtrend. Attempts by the bulls to start a recovery on May 19 failed as bears continue to sell at higher levels. The bears pulled the price back below the psychological level at $50 on May 20.SOL/USDT daily chart. Source: TradingViewIf the price continues lower, the SOL/USDT pair could drop to $43. This level may act as a strong support but if bears pull the price below it, the next stop could be $37. If this level also cracks, the decline could extend to $32.On the contrary, if the price turns up sharply from the current level or the support, it will suggest accumulation by the bulls. The buyers will then attempt to push the pair to the 20-day EMA ($64). A break and close above this level could open the doors for a possible rally to $75.DOGE/USDTDogecoin (DOGE) bounced off the immediate support at $0.08 on May 18 but the recovery continues to face selling at higher levels. This suggests that the sentiment remains negative and traders are selling on every minor rise.DOGE/USDT daily chart. Source: TradingViewIf the price continues lower and breaks below $0.08, the bears will fancy their chances and try to pull the DOGE/USDT pair below the May 12 intraday low at $0.06. If they manage to do that, the next leg of the downtrend could begin and the pair may drop to $0.04.This negative view could invalidate in the short term if the price turns up from the current level or the support beneath and rises above the psychological resistance at $10. Such a move could open the doors for a recovery to the 50-day SMA ($0.12).Related: Ethereum preparing a ‘bear trap’ ahead of the Merge — ETH price to $4K next?DOT/USDTPolkadot (DOT) slipped below $10.37 on May 18 but the bulls purchased this dip and tried to push the price back above the level on May 19. However, the bears stood their ground and are attempting to flip $10.37 into resistance.DOT/USDT daily chart. Source: TradingViewIf the price slips below $9.22, the DOT/USDT pair could retest the support zone between $8 and $7.30. The bears will have to sink and sustain the price below this zone to indicate the resumption of the downtrend. The next support on the downside is $5.Conversely, if the price rebounds off the support levels, the bulls will attempt to push the price to the 20-day EMA ($12). This level may act as a strong resistance but if bulls overcome this barrier, it will suggest that the sellers may be losing their grip. The pair could then attempt a rally to the 50-day SMA ($16).AVAX/USDTAvalanche (AVAX) is in a downtrend. The price action of the past few days has formed a pennant, which usually acts as a continuation pattern. AVAX/USDT daily chart. Source: TradingViewIf the price breaks below the support line of the pennant, the AVAX/USDT pair could retest the critical support at $23.51. A break and close below this level could signal the resumption of the downtrend. The pair could drop to $20 and thereafter to $18.Alternatively, if the price rises from the current level, the buyers will try to push the pair above the pennant. If they manage to do that, the pair could pick up momentum and rise to the 20-day EMA ($42.35). The bulls will have to clear this barrier to challenge the breakdown level at $51.SHIB/USDTShiba Inu (SHIB) has been stuck between $0.000010 and $0.000014 for the past few days, indicating indecision among the bulls and the bears. This indicates that bulls are attempting to form a bottom but the bears are not allowing the rebound to sustain.SHIB/USDT daily chart. Source: TradingViewIf the price rises above $0.000014, it will suggest that bulls have absorbed the supply. That could clear the path for a possible rally to $0.000017 where the bears may again pose a strong challenge. The bulls will have to clear this resistance to indicate a potential trend change.Contrary to this assumption, if the price slips below $0.000010, the pair could drop to the May 12 intraday low at $0.000009. If this support cracks, the decline could extend to $0.000007 and then to $0.000005.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.

On May 17 United States Federal Reserve Chairman Jerome Powell told the Wall Street Journal that the 50-basis-point rate hikes would continue until inflation is under control. Powell’s emphasis on a hawkish policy suggests that monetary conditions are likely to remain tight in 2022, which could limit the upside in risky assets.On-chain market intelligence firm Glassnode said that historically, Bitcoin (BTC) has bottomed out when the price breaks below the realized price. However, baring the 2019 to 2020 bear market, during previous bear cycles, Bitcoin’s price stayed below the realized price for anywhere between 114 to 299 days. This suggests that if macro situations are not favorable, a quick recovery is unlikely.Daily cryptocurrency market performance. Source: Coin360While the current decline in US equity markets and Bitcoin has similarities with the crash in March 2020, the recovery may not follow the same trajectory because market conditions are different. In 2020, the Fed supported the markets with unprecedented stimulus, but in 2022 the focus will remain on reducing inflation and monetary tightening.Could Bitcoin and altcoins resume their downtrend or will lower levels attract buying? Let’s study the charts of the top-10 cryptocurrencies to find out.BTC/USDTBitcoin’s recovery failed to rise above the 38.2% Fibonacci retracement level at $31,721 suggesting that the trend remains negative and traders are selling on minor rallies.BTC/USDT daily chart. Source: TradingViewThe BTC/USDT pair could drop to the immediate support at $28,630. If the price rebounds off this level, the pair could consolidate between $28,630 and $31,721 for some time. A break and close above the 20-day exponential moving average ($32,979) will be the first sign of a potential change in trend. The pair could then rally to the 61.8% retracement level at $34,823.On the other hand, if the price slips below $28,630, the bears will try to cement their position by pulling the pair below $26,700. If that happens, the negative momentum could pick up and the pair may slide to $25,000 and thereafter to $21,800.ETH/USDTEther’s (ETH) failure to rise above the overhead resistance at $2,159 may have tempted short-term traders to book profits. That pulled the price below $1,940 but the bulls are attempting to defend the level.ETH/USDT daily chart. Source: TradingViewIf the price rebounds off $1,940 with strength, the ETH/USDT pair could again rise to $2,159. The bulls will have to push and sustain the price above $2,159 to clear the path for a rally to the 20-day EMA ($2,353). A break and close above this resistance will suggest that the markets have rejected the lower levels.Conversely, if bears sustain the price below $1,940, the pair could decline to the crucial support at $1,700. This is an important level to keep an eye on because a break below it could result in panic selling. The pair could then slump to $1,500 and later to $1,300.BNB/USDTThe bulls have not been able to push Binance Coin (BNB) above the overhead resistance at $320. This suggests that bears have not given up and they continue to sell at higher levels.BNB/USDT daily chart. Source: TradingViewIf the price slips below $290, the BNB/USDT pair could drop to $265. This level is likely to act as a strong support but if bears pull the price below it, the next stop could be the critical level at $211. The bears will have to break this level to signal the start of the next leg of the downtrend.Alternatively, if the price rebounds off $265, it will suggest that bulls are attempting to form a bottom. That could keep the pair stuck between $320 and $265 for a few days. A break and close above $320 could suggest that the pair may have bottomed out.XRP/USDTRipple’s (XRP) recovery failed to sustain above $0.45 indicating a lack of demand at higher levels. The bears will now attempt to pull the price below the immediate support zone at $0.40 to $0.38.XRP/USDT daily chart. Source: TradingViewIf they do that the XRP/USDT pair could drop to $0.33. This is an important level to keep an eye on because a break and close below it could signal the resumption of the downtrend. The XRP/UDST pair could then plunge to the next support at $0.24.On the other hand, if the price rises from $0.38 or $0.33, the bulls will again try to push the pair above $0.45. If they succeed, the pair could rise to the stiff overhead resistance zone at $0.50 to $0.55. The bulls will have to clear this hurdle to suggest that the downtrend may be over.ADA/USDT Cardano (ADA) has been stuck in a tight range between $0.61 and $0.51 for the past few days. This suggests a tough battle between the bulls and the bears.ADA/USDT daily chart. Source: TradingViewIf the price slips below $0.51, the ADA/USDT pair could slide to the support zone between $0.46 and $0.40. The bulls may mount a strong defense in this zone. If the price rebounds off this zone, the buyers will again try to push the pair above the 20-day EMA. If they succeed, the pair could rise to $0.74. Conversely, if the price breaks below $0.40, the selling could pick up momentum and the pair may extend its decline to $0.33 and then to $0.28. SOL/USDTSolana (SOL) is facing strong resistance near the 38.2% Fibonacci retracement level at $59 suggesting that the sentiment remains negative and bears are selling on minor rallies.SOL/USDT daily chart. Source: TradingViewIf the price breaks below the psychological level at $50, the pair could slip to $43 and thereafter to $37. The bulls are likely to defend this level with all their might because if the support gives way, the downtrend could resume. The next stop on the downside may be $32.Alternatively, if the price turns up from the current level and rises above $59, the SOL/USDT pair could rally to the overhead resistance zone between the 20-day EMA ($67) and $75. A break and close above this zone could suggest that the downtrend may be over. DOGE/USDTDogecoin (DOGE) continues to trade below the breakdown level of $0.10. This suggests a lack of urgency to buy at higher levels. Generally, sharp declines are followed by a consolidation as bulls and bears battle it out for supremacy.DOGE/USDT daily chart. Source: TradingViewThe failure of the bulls to push the price above $0.10 may attract another round of selling by the bears who will attempt to resume the downtrend. If the price dips below $0.08, the DOGE/USDT pair could drop to $0.06. If this support cracks, the decline could extend to the next support at $0.04.On the contrary, if the price rebounds off $0.08, the pair may rise to $0.10 and remain stuck inside this range for a few days. The bulls will have to push and sustain the price above the 20-day EMA ($0.10) to suggest that the downward momentum may be weakening.Related: Aave price risks a 25% plunge as a classic bearish reversal pattern emergesDOT/USDTThe bulls defended the $10.37 support on May 17 but the shallow rebound suggested a lack of demand at higher levels. The bears resumed their selling today and pulled the price below $10.37. Polkadot (DOT) could now drop to $8.DOT/USDT daily chart. Source: TradingViewThe buyers are expected to aggressively defend the zone between $8 and $7.30. If the price rebounds off this zone, the DOT/USDT pair could again attempt a relief rally. The recovery could pick up momentum on a break above the 20-day EMA ($12.53). Alternatively, if bears sink the price below $7.30, the selling could accelerate and the pair may signal the resumption of the downtrend. The pair could then plummet toward psychological support at $5.AVAX/USDTThe buyers could not push Avalanche (AVAX) above the immediate resistance at $38. This suggests that demand dries up at higher levels.AVAX/USDT daily chart. Source: TradingViewThe bears will now fancy their chances and attempt to pull the price below the critical support at $29. If they succeed, the AVAX/USDT pair could retest the May 12 intraday low at $23.51. A break and close below this level could open the doors for a further decline to $20 and later to $18.Contrary to this assumption, if the price rebounds off $29, the bulls will again try to push the pair above $38. If that happens, the relief rally could reach the 20-day EMA ($45). The bears may again pose a strong challenge at this level.SHIB/USDTShiba Inu (SHIB) has been consolidating inside the tight range between $0.000011 and $0.000014 for the past four days. Usually, such tight ranges resolve in a strong trending move.SHIB/USDT daily chart. Source: TradingViewIf the price breaks below $0.000011, the bears will try to pull the SHIB/USDT pair to $0.000009. This is an important level for the bulls to defend because a break below it could signal the resumption of the downtrend. The pair could then decline to $0.000007 and later to $0.000005.Contrary to this assumption, if the price turns up and breaks above the 38.2% Fibonacci retracement level at $0.000014, the bulls will attempt to push the pair to the breakdown level at $0.000017. 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 selling in Bitcoin (BTC) is showing no sign of abating and Bitcoin has fallen for seven straight weeks for the first time ever. This indicates that the momentum remains strongly in favor of the bears. While the short-term sentiment remains bearish, institutional traders seem to be taking a longer-term approach on cryptocurrencies. Goldman Sachs and Barclays joined several other institutional investors in a $70 million Series A funding round by institutional trading platform Elwood Technologies. Daily cryptocurrency market performance. Source: Coin360After the mayhem and volatility of the last week, crypto prices may attempt a relief rally in the next few days. It is unlikely to be a V-shaped recovery because the macro conditions are not supportive. During periods of high volatility and uncertainty, it might be a wise decision to cut down on the trading position size to keep risk under check.What are the critical support and resistance levels that may indicate a potential change in trend when breached? Let’s study the charts of the top-10 cryptocurrencies to find out.BTC/USDTBitcoin turned down from $3,460, suggesting that bears are selling on minor rallies. The bears will now attempt to sink the price below the crucial support at $28,805 but the bulls are likely to have other plans.BTC/USDT daily chart. Source: TradingViewIf price rebounds off $28,805, the bulls will again try to push the BTC/USDT pair to the 20-day exponential moving average ($33,646). This is an important level to keep an eye on because a break and close above it could indicate that bulls are attempting a comeback. The pair could then rise to the 50-day simple moving average ($39,300).Contrary to this assumption, if the price slips below $28,805, the pair could drop to $26,700. If this support cracks, the pair could resume its downtrend and the price may plummet to $25,000 and later to $21,800.ETH/USDTEther (ETH) is facing stiff resistance at the breakdown level at $2,159 which suggests that bears continue to sell on rallies. The bears will now try to pull the price below the immediate support at $1,940.ETH/USDT daily chart. Source: TradingViewIf they succeed, the ETH/USDT pair could drop to the critical support at $1,700. This is an important level for the bulls to defend because if they fail to do that, the downtrend could resume and the pair may drop to $1,500.Contrary to this assumption, if the price turns up from $1,700, the pair could rise to $2,159 and remain range-bound between these two levels.The first sign of strength will be a break and close above $2,159. That could clear the path for a rally to the 20-day EMA ($2,421). The bulls will have to overcome this barrier to indicate that the downtrend may be over. BNB/USDTBinance Coin’s (BNB) strong recovery reached near the breakdown level at $320 on May 13 and May 15 but the bulls could not clear this overhead barrier. This suggests that bears are attempting to flip the level into resistance.BNB/USDT daily chart. Source: TradingViewThe BNB/USDT pair could now drop to $265 which is likely to act as support. If the price rebounds off this level, the buyers will again try to drive the pair above $320. If they succeed, the pair could rally to $350 and thereafter to the 50-day SMA ($391).Alternatively, if the price slips below $265, the pair could drop toward the strong support at $211. The bulls are expected to defend this level with vigor. A strong bounce off this support could keep the pair range-bound between $211 and $320 for the next few days.XRP/USDTThe long wick on Ripple’s (XRP) May 13 candlestick suggests that bears are trying to pose a strong challenge near the breakdown level at $0.50. The failure to rise above this overhead resistance could have tempted short-term traders to book profits.XRP/USDT daily chart. Source: TradingViewIf the price continues lower and breaks below $0.38, the XRP/USDT pair could drop to $0.33. The bulls are expected to defend this level aggressively but if the support cracks, the bearish momentum could pick up and the pair may plummet to $0.24. Contrary to this assumption, if the price turns up from the current level or the support at $0.38, the bulls will try to push the pair above the $0.50 to $0.55 overhead zone. If they succeed, it will suggest that the markets have rejected the lower levels. That could clear the path for a potential rally to the 50-day SMA ($0.67).ADA/USDT Cardano’s (ADA) relief rally is facing selling near $0.61 suggesting that bears are not willing to let go of their advantage. The bears will try to pull the price below $0.46 and retest the May 12 intraday low at $0.40. ADA/USDT daily chart. Source: TradingViewIf the price breaks below $0.40, the selling could intensify further and the ADA/USDT pair may plunge to $0.33 and later to $0.28. Conversely, if the price turns up from the current level or the support at $0.46, it will suggest that bulls are attempting to put in a bottom. The buyers will have to push and sustain the price above the 20-day EMA ($0.68) to signal that the correction may be over. The pair could then rise to $0.74 and later to the 50-day SMA ($0.89).SOL/USDTSolana’s (SOL) bounce from $37 is facing stiff resistance at the 38.2% Fibonacci retracement level at $59. This suggests that bears continue to sell on minor rallies.SOL/USDT daily chart. Source: TradingViewThe bears will now try to pull the price below the immediate support at $44. If they succeed, the SOL/USDT pair could retest the crucial level at $37. A break and close below this support could sink the pair to $32.Conversely, if the price turns up from the current level or the support at $44, it will suggest that bulls are buying on dips. The bulls will then try to clear the overhead hurdle at $59 and push the pair to the 20-day EMA ($70). This level is likely to act as a stiff resistance.DOGE/USDTDogecoin’s (DOGE) recovery could not rise above the breakdown level at $0.10, suggesting that the bears are trying to flip the level into resistance. If sellers succeed in their endeavor, the likelihood of a retest of $0.06 increases.DOGE/USDT daily chart. Source: TradingViewThis is an important level for the bulls to defend because a break and close below it could signal the resumption of the downtrend. The DOGE/USDT pair could then drop to $0.04 where the bulls may again try to arrest the decline.Alternatively, if the price turns up from the current level, the bulls will attempt to clear the overhead hurdle at $0.10 and the 20-day EMA ($0.11). If they do that, the pair could rally to the 50-day SMA ($0.13).Related: Deus Finance’s dollar-pegged stablecoin DEI falls below 60 centsDOT/USDTPolkadot (DOT) climbed back above the breakdown level of $10.37 on May 13 but the recovery stalled near $12. This suggests that the sentiment remains negative and traders are selling on rallies. DOT/USDT daily chart. Source: TradingViewIf bears sink the price below $10.37, the DOT/USDT pair could drift lower toward the minor support at $8. If this level cracks, the possibility of a break below $7.30 increases. The pair could then resume its downtrend and plummet toward the next strong support at $5.Alternatively, if the price rebounds off $10.37 or $8, the bulls will attempt to push the pair above the 20-day EMA ($13). If they manage to do that, it will suggest that the short-term trend may have turned in favor of the buyers. The pair could then attempt a rally to $16.AVAX/USDTAvalanche’s (AVAX) recovery is facing stiff resistance at $38. The shallow rebound following a sharp decline suggests a lack of aggressive buying by the bulls. This could embolden the bears who may try to build upon their advantage.AVAX/USDT daily chart. Source: TradingViewIf bears pull the price below $29, the selling could pick up momentum and the AVAX/USDT pair could drop to the critical level at $23. This is an important level for the bulls to defend because a break and close below it could result in a decline to $20 and thereafter to $18.Contrary to this assumption, if the price turns up from the current level or $29, it will suggest that bulls are buying at lower levels. That could increase the possibility of a relief rally to the 20-day EMA ($48) where the bears may again mount a strong defense.SHIB/USDTShiba Inu’s (SHIB) rebound hit a wall at the 38.2% Fibonacci retracement level at $0.000014 on May 13 and 14, indicating that bears do not want to let go of their advantage.SHIB/USDT daily chart. Source: TradingViewThe bears will once again try to sink the price below the psychological level at $0.000010 and challenge the intraday low of $0.000009 made on May 12. A break and close below this level could signal the resumption of the downtrend. The SHIB/USDT pair could then decline to $0.000007 which is likely to act as a strong support.Contrary to this assumption, if the price rebounds off $0.000010, the bulls will attempt to push the pair to the breakdown level at $0.000017. The buyers will have to clear this hurdle to suggest 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.

Bitcoin (BTC) rebounded sharply after dropping near its realized price of $24,000 on May 12, suggesting some bulls went against the herd and bought the dip. According to on-chain analytics platform CryptoQuant, the exchange balances declined by more than 24,335 Bitcoin on May 11 and 12, indicating that bulls may have started bottom fishing.However, macro investor Raoul Pal is not confident that a bottom has been made. In an exclusive interview with Cointelegraph, Pal said that if equity markets witness a capitulation phase, crypto markets are also likely to plunge before forming a bottom. He anticipates the current bear phase to end after the United States Federal Reserve stops hiking rates. Daily cryptocurrency market performance. Source: Coin360Bear markets are known for sharp relief rallies, which are used to lighten up long positions or initiate short positions. The price eventually turns down and makes a new low. Bottoms are only confirmed in hindsight. Therefore, investors may consider accumulating in phases rather than going all-in during a bear market. Right now, investors want to know what important overhead levels that may act as resistance. Let’s study the charts of the top-10 cryptocurrencies to find out.BTC/USDTBitcoin bounced off $26,700 on May 12 and formed a Doji candlestick pattern. This suggests that the selling pressure could be reducing. The recovery picked up steam on May 13 and bulls pushed the price above the psychological level at $30,000.BTC/USDT daily chart. Source: TradingViewThe relief rally may face resistance near $33,000 and again at the 20-day exponential moving average (EMA) ($34,903). If the price turns down from the overhead resistance, the bears will make another attempt to sink the BTC/USDT pair below $26,700 and resume the downtrend. If they manage to do that, the selling could accelerate and the pair may drop to $25,000 and later to $21,800. Contrary to this assumption, if bulls arrest the next decline above $28,805, it will suggest accumulation on dips. That could enhance the prospects of a break above the 20-day EMA. If that happens, the pair may rally to the 50-day simple moving average (SMA) ($40,210).ETH/USDTEther (ETH) broke below the $2,159 support on May 11 and later slipped below the psychological level at $2,000 on May 12. The bulls bought the dip to $1,800, which has started a relief rally.ETH/USDT daily chart. Source: TradingViewThe buyers will now attempt to push the price above the breakdown level at $2,159. If they succeed, the ETH/USDT pair could pick up momentum and rally to the 20-day EMA ($2,554). This is an important level to keep an eye on because a break and close above it will suggest that the decline may be over. Contrary to this assumption, if the price turns down from the current level or the 20-day EMA, it will suggest that the sentiment remains negative and traders are selling near overhead resistance levels. The bears will then again try to sink the pair below $1,700.BNB/USDTBNB fell sharply on May 12 but the long tail on the day’s candlestick shows that bulls aggressively defended the critical support at $211. This started a relief rally that has reached the $350 to $320 resistance zone.BNB/USDT daily chart. Source: TradingViewIf bulls drive the price above $350, it will suggest that the decline may be over. The recovery could thereafter reach $413. Such a move could indicate that the BNB/USDT pair may remain stuck inside a large range between $211 and $692.Contrary to this assumption, if the price turns down from the overhead resistance zone, it will suggest that bears are active at higher levels. The price could then gradually drift down to the crucial support at $211. The bears will have to sink the price below this level to start a new downtrend that may reach $175 and later $150.XRP/USDTRipple (XRP) nosedived to $0.33 on May 12 when buying emerged. The bulls are attempting a recovery that is likely to face stiff resistance at the psychological level at $0.50.XRP/USDT daily chart. Source: TradingViewIf the price turns down from $0.50, the bears will again attempt to pull the XRP/USDT pair to $0.33. This is an important level for the bulls to defend because a break below it could result in a decline to $0.24.Conversely, if buyers propel the price above $0.50, the pair could rally to the 20-day EMA ($0.56). A break and close above this level will suggest that the bulls are back in the game. The pair could then rise to the 50-day SMA ($0.70).ADA/USDT Cardano (ADA) plunged to $0.40 on May 12, which pulled the RSI into the deeply oversold territory. The buyers bought this dip and are attempting to start a relief rally.ADA/USDT daily chart. Source: TradingViewThe ADA/USDT pair could rise to the breakdown level at $0.74, which is an important level to keep an eye on. If the price turns down from this resistance, it will suggest that the bears have not yet given up and they are selling on rallies. The pair could then retest the strong support at $0.40.Contrary to this assumption, if bulls propel the price above $0.74, it will indicate that the bears may be losing their grip. The pair could then rally to the psychological level at $1 where the bears are again expected to mount a strong defense.SOL/USDTSolana (SOL) has been in a strong downtrend for the past few days. The price dipped to $37 on May 12, which pulled the RSI deep into the oversold territory. This started a relief rally on May 13.SOL/USDT daily chart. Source: TradingViewThe bulls are likely to encounter selling in the zone between the 38.2% Fibonacci retracement level at $59 and the 50% retracement level at $66. If the price turns down from this zone, the bears will attempt to resume the downtrend by pulling the pair below $37. If they can pull it off, the SOL/USDT pair could drop to $32.Contrary to this assumption, if the price breaks above $66, the recovery could extend to the breakdown level at $75. The bulls will have to overcome this barrier to signal that the downtrend may be coming to an end. DOGE/USDTDogecoin (DOGE) plummeted to $0.06 on May 12 but a minor positive is that the bulls purchased this dip. This started a relief rally which reached near the breakdown level at $0.10.DOGE/USDT daily chart. Source: TradingViewThe long wick on the May 13 candlestick indicates that the bears are defending the $10 level aggressively. If the price turns down from this resistance, the bears will attempt to resume the downtrend by pulling the DOGE/USDT pair below $0.06. If they manage to do that, the next stop could be $0.04.Alternatively, if bulls drive the price above $0.10, the pair could rise to the 20-day EMA ($0.12). This is an important level to keep an eye on because a break and close above it could suggest the start of a stronger recovery.Related: 3 reasons why Cardano can sink further despite ADA price bouncing 58%DOT/USDTPolkadot (DOT) has been in a downtrend for the past several days. The buyers stepped in to arrest the decline near the strong support at $7 on May 12 as seen from the long tail on the day’s candlestick.DOT/USDT daily chart. Source: TradingViewThe buyers will now try to sustain the price above the breakdown level at $10.37. If they succeed, the DOT/USDT pair could rise to the 20-day EMA ($13.68). This level is likely to attract strong selling by the bears. If the subsequent decline halts at $10.37, it will indicate that the downtrend may be weakening.Conversely, if the price turns down sharply from the current level or the 20-day EMA, it will increase the possibility of a retest at $7. Below this level, the decline could extend to $5.AVAX/USDTAvalanche (AVAX) broke below the crucial support at $32 on May 11 and bears tried to resume the decline on May 12. However, the long tail on the day’s candlestick suggests strong buying at lower levels.AVAX/USDT daily chart. Source: TradingViewThe bulls have pushed the price above the breakdown level at $32, which is the first sign of strength. If the AVAX/USDT pair sustains above $32, the bulls will attempt to push the price to the overhead resistance at $51. The bears are likely to defend this level with vigor.Alternatively, if the price turns down from the 38.2% Fibonacci retracement level at $41.09, it will suggest that the sentiment remains negative and bears are selling on rallies. The pair could then again retest the strong support at $32 and later $23.SHIB/USDTShiba Inu (SHIB) plunged below the psychological level at $0.000010 on May 12 but the long tail on the day’s candlestick suggests buying at lower levels. This resulted in a recovery on May 13.SHIB/USDT daily chart. Source: TradingViewThe SHIB/USDT pair could rise to the breakdown level at $0.000017, which is likely to attract strong selling by the bears. If the price turns down from it, the bears will make another attempt to sink and sustain the pair below $0.000010.Conversely, if bulls drive the price above $0.000017 and the 20-day EMA ($0.000018), it will suggest that markets have rejected the lower levels. The pair could then rally to the 50-day SMA ($0.000023).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.