Značka: ripple

Price analysis 7/1: BTC, ETH, BNB, XRP, ADA, SOL, DOGE, DOT, LEO, SHIB

Bitcoin dropped 56.2% in the second quarter of 2022, according to crypto analytics platform Coinglass. That makes it Bitcoin’s worst quarter since the third quarter of 2011 when BTC price fell by 67%. A large part of the damage was done in the month of June when Bitcoin plunged 37%, the worst monthly drawdown since September 2011.It is not all gloom and doom for crypto investors. On June 29, JPMorgan strategist Nikolaos Panigirtzoglou said that the “Net Leverage metric” suggests that crypto’s deleveraging may be on its last legs. The eagerness of crypto companies with stronger balance sheets to bail out crypto firms in distress is also a positive sign.Daily cryptocurrency market performance. Source: Coin360Another positive view on Bitcoin came from Deutsche Bank analysts. In a recent report, the strategists said that the S&P 500 could recover lost ground and rally to the levels seen in January. This could benefit Bitcoin due to its close correlation with the S&P 500.Could the downtrend resume or will lower levels attract buyers? Let’s study the charts of the top-10 cryptocurrencies to find out.BTC/USDTBitcoin plummeted below the immediate support at $19,637 on June 30 but the long tail on the candlestick indicates strong buying at lower levels. The bulls tried to build upon the momentum on July 1 and push the price toward the overhead resistance at $22,000 but the long wick on the candlestick shows that bears are active at higher levels.BTC/USDT daily chart. Source: TradingViewIf the price sustains below $19,637, the likelihood of a retest of the critical support at $17,622 increases. The downsloping moving averages and the relative strength index in the oversold zone indicate that bears are in control.A break and close below $17,622 could signal the resumption of the downtrend. The next support is at $15,000.This negative view could invalidate in the short term if the price rises above the 20-day exponential moving average (EMA) ($21,907). Such a move could clear the path for a possible rally to the 50-day simple moving average (S($26,361).ETH/USDTEther (ETH) dipped below the immediate support of $1,050 on June 30 but the bulls purchased the dip. The buyers tried to extend the recovery on July 1 but the long wick on the candlestick shows that bears are selling on minor rallies.ETH/USDT daily chart. Source: TradingViewThe bears will try to pull the price below the psychological level of $1,000. If they succeed, the selling could pick up momentum and the ETH/USDT pair could drop to the important support at $881. If this level gives way, the pair could resume the downtrend. The next support is at $681.Contrary to this assumption, if the price rebounds off the current level or $1,000, the bulls will attempt to push the pair above the 20-day EMA. If they can pull it off, it will suggest that bears may be losing their grip. The bullish momentum could pick up on a break above $1,280.BNB/USDTBNB dipped below the strong support at $211 on June 30 but the lower levels attracted strong buying as seen from the long tail on the day’s candlestick.BNB/USDT daily chart. Source: TradingViewThe buyers tried to extend the recovery on July 1 but the long wick on the candlestick shows that bears are defending the 20-day EMA ($234) aggressively. The downsloping 20-day EMA and the RSI in the negative territory indicate advantage to sellers.If the price sustains below $211, the BNB/USDT pair could retest the crucial support at $183. If this support cracks, the downtrend could resume. The next support is at $150.This negative view could invalidate in the short term if the price turns up and breaks above the 20-day EMA. That could clear the path for a possible rally to the 50-day SMA ($271).XRP/USDTRipple (XRP) attempted a recovery on June 30 but the bulls could not push the price above the overhead resistance at $0.35. This suggests that bears are not willing to let go of their advantage.XRP/USDT daily chart. Source: TradingViewThe XRP/USDT pair could drop to the strong support at $0.28 where the bulls are likely to mount a strong defense. If the price rebounds off $0.28, it will suggest that bulls continue to buy at lower levels. The bulls will then make one more attempt to push the price above the 50-day SMA ($0.37).Conversely, if bears sink the price below $0.28, the next leg of the downtrend could begin. The pair could then decline to $0.23.ADA/USDT Cardano (ADA) bounced off $0.44 on June 30 but the bulls could not clear the 20-day EMA ($0.49) on July 1. This suggests that bears continue to defend the moving averages with vigor.ADA/USDT daily chart. Source: TradingViewThe downsloping 20-day EMA and the RSI in the negative zone indicate that the path of least resistance is to the downside. If the price slips below $0.44, the ADA/USDT pair could drop to the critical support of $0.40. The bulls are expected to defend this level with all their might because if the support cracks, the pair could resume its downtrend. The next support is at $0.33.Alternatively, if the price rebounds off $0.44 or $0.40, the buyers will again try to clear the overhead resistance at the moving averages. If they succeed, the pair could start a relief rally toward $0.70.SOL/USDTSolana (SOL) dipped below the immediate support at $33 on June 30 but the long tail on the candlestick shows strong buying at lower levels. The buyers tried to push the price above the 20-day EMA ($36) on July 1 but the bears did not relent. SOL/USDT daily chart. Source: TradingViewThe sellers will try to gain the upper hand by pulling the price below $30. If they manage to do that, the SOL/USDT pair could drop to $27 and later to the crucial support at $25.86. A break and close below this level could signal the resumption of the downtrend.Another possibility is that the price rebounds off $30. That will indicate accumulation at lower levels. The bulls will then try to clear the overhead hurdle at the moving averages and push the price to $50.DOGE/USDTDogecoin (DOGE) is witnessing a tough battle between the bulls and the bears near the 20-day EMA ($0.07). The RSI is just below the midpoint and the 20-day EMA has flattened out, indicating a minor advantage to sellers.DOGE/USDT daily chart. Source: TradingViewIf the price slips below $0.06, it will suggest that bears are back in the driver’s seat. The sellers will then attempt to sink the DOGE/USDT pair below the important support at $0.05 and resume the downtrend. The next support is at $0.04.On the contrary, if the price rises from the current level, the buyers will again attempt to clear the overhead hurdle at the 50-day SMA ($0.08). If they succeed, it will suggest that the bears may be losing their grip. The pair could then rally to the strong overhead resistance at $0.10.Related: What bear market? This token is quietly making new highs, up 300% against Bitcoin in 2022DOT/USDTPolkadot (DOT) broke and closed below the strong support at $7.30 on June 29. The buyers tried to push the price back above the level on June 30 but failed. This suggests that bears are selling on every minor rally.DOT/USDT daily chart. Source: TradingViewThe 20-day EMA ($7.74) has started to turn down and the RSI is in the negative territory, indicating that bears are in command. If the price breaks below $6.36, the DOT/USDT pair could start the next leg of the downtrend. The next support is at $5.Contrary to this assumption, if the price rebounds off the current level, the bulls will again attempt to clear the overhead resistance at the 20-day EMA. If they succeed, the pair could rally to the 50-day SMA ($8.89).LEO/USDUNUS SED LEO (LEO) turned down on June 30 but the bulls did not allow the price to slip back into the descending channel. This indicates that buyers are trying to flip the resistance line into support. LEO/USD daily chart. Source: TradingViewThe breakout from the channel indicates the start of a new up-move. The buyers pushed the price to $6.50 on July 1 but the long wick on the candlestick shows that bears are selling on rallies. If bulls sustain the price above $6, the LEO/USD pair may again rise to $6.50. If this level is cleared, the rally could extend to the pattern target of $6.90.To invalidate this bullish view, the bears will have to pull the price below the 20-day EMA ($5.63). If that happens, the pair may drop to the 50-day SMA ($5.27).SHIB/USDTShiba Inu (SHIB) closed below $0.000010 on June 28 but the bears could sustain the lower levels. The bulls bought the dip but are struggling to push the price above the 50-day SMA ($0.000010) SHIB/USDT daily chart. Source: TradingViewBoth moving averages have flattened out and the RSI is just below the midpoint. This suggests a status of equilibrium between the buyers and sellers. If the price breaks below $0.000009, it will suggest an advantage to bears. The SHIB/USDT pair could then decline to the crucial support of $0.000007. Alternatively, if bulls drive the price above the 50-day SMA, the pair could rise to $0.000012. This level may again act as a resistance but if crossed, the rally may reach $0.000014.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.

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Price analysis 6/29: BTC, ETH, BNB, XRP, ADA, SOL, DOGE, DOT, SHIB, LEO

The United States equities markets have given back some of the gains made last week and that has pulled Bitcoin to the psychological support at $20,000. This suggests that investors are nervous to buy risky assets at higher levels.Meanwhile, while speaking to the hosts of the Bankless podcast on June 23, Mark Cuban said that the crypto bear market could end after the price gets so cheap that investors go and start buying or an application with utility is launched that attracts users.Daily cryptocurrency market performance. Source: Coin360Several analysts expect Bitcoin to continue falling and eventually bottom out between $10,000 and $12,000. However, John Bollinger, the creator of the popular Bollinger Bands trading indicator, said that the monthly charts suggest that Bitcoin’s price has reached “a logical place to put in a bottom.”Could bears maintain the selling pressure and pull cryptocurrency prices lower? Let’s study the charts of the top 10 cryptocurrencies to find out.BTC/USDTBitcoin turned down from $22,000 on June 26 and has gradually slipped to the immediate support at $19,637. This suggests that the bears remain in command and every rally is being sold into.BTC/USDT daily chart. Source: TradingViewIf the price breaks below $19,637, the BTC/USDT pair could be at risk of dropping to the crucial support at $17,622. This is an important level to watch out for because a break and close below it could start the next leg of the downtrend. The pair could then decline to $15,000.On the other hand, if the price rebounds off $19,637, it will suggest demand at lower levels. The buyers will then try to push the price above the 20-day exponential moving average (EMA) ($22,393). If they succeed, the pair could rally to the 50-day simple moving average (SMA) ($26,735).ETH/USDTEther (ETH) turned down from the 20-day EMA ($1,268) on June 26, suggesting that the sentiment remains negative and traders are selling on rallies.ETH/USDT daily chart. Source: TradingViewThe downsloping moving averages and the RSI in the negative zone indicate that bears are in control. The sellers will attempt to pull the price below the immediate support at $1,050. If they succeed, the ETH/USDT pair could plunge to the June 18 intraday low of $881. A break below this support could signal the resumption of the downtrend. The next support on the downside is at $681.Contrary to this assumption, if the price rebounds off $1,050, it will suggest demand at lower levels. The buyers will then make another attempt to push the price above the 20-day EMA and start the journey toward $1,500 and later $1,700.BNB/USDTThe buyers failed to push and sustain BNB above the 20-day EMA ($238) between June 24 to 28. This resulted in profit-booking, which has pulled the price to the strong support of $211.BNB/USDT daily chart. Source: TradingViewThe 20-day EMA has started to turn down once again and the RSI has dipped into the negative territory. This suggests that bears have the upper hand. If the price slides below $211, the BNB/USDT pair could drop to the critical support of $183. If this support collapses, the pair could resume its downtrend and plummet toward $150.Conversely, if the price rebounds off $211, it will suggest that bulls are attempting to form a higher low. A strong bounce could increase the prospects of a break above $250. The pair could then rally to the 50-day SMA ($273).XRP/USDTRipple (XRP) slipped below the breakout level of $0.35 on June 28, which suggests that bears continue to sell aggressively at higher levels.XRP/USDT daily chart. Source: TradingViewThe 20-day EMA ($0.35) is flattish but the RSI has dropped below 40, suggesting that the bears have a slight edge. The sellers will attempt to pull the price to the vital support at $0.28. This is an important level to keep an eye on because if it gives way, the XRP/USDT pair could start the next leg of the downtrend.On the contrary, if the price turns up from the current level or $0.28, it will suggest that bulls are buying at lower levels. That could keep the pair range-bound between $0.28 and the 50-day SMA ($0.38) for a few days. ADA/USDT The bears thwarted repeated attempts by the bulls to push Cardano (ADA) above the 20-day EMA ($0.50) in the past few days. This suggests that the bears are defending the level aggressively.ADA/USDT daily chart. Source: TradingViewThe price could drop to the strong support zone at $0.44 to $0.40. If the price rebounds off this zone with strength, it will suggest that bulls are accumulating on dips. The buyers will then again try to propel the price above the moving averages. If they can pull it off, the ADA/USDT pair could start an up-move toward $0.70.This positive view could invalidate in the short term if bears sink the pair below the support zone. If that happens, the pair could indicate the resumption of the downtrend. The next support is at $0.33.SOL/USDTThe tight range trading in Solana (SOL) resolved to the downside with a break below the 20-day EMA ($37). The bears are attempting to pull the price below the immediate support at $33.SOL/USDT daily chart. Source: TradingViewIf they succeed, the SOL/USDT pair could decline to $27 and then retest the June 14 intraday low of $25.86. Contrary to this assumption, if the price rebounds off $33, it will suggest that the bulls are attempting to form a higher low. The buyers will then try to clear the overhead hurdle at $43. If that happens, the pair could signal a potential change in trend. The pair may then rise to $60 where the bears may again mount a strong defense.DOGE/USDTDogecoin (DOGE) turned down from the 50-day SMA ($0.08) on June 27 and broke below the 20-day EMA ($0.07) on June 28. This suggests that bears have not given up and they continue to sell on rallies.DOGE/USDT daily chart. Source: TradingViewThe bears will try to sink the price to $0.06. If this level cracks, the next stop could be a retest of the critical level at $0.05. Alternatively, if the price turns up from the current level or the support at $0.06 and rises back above the 20-day EMA, it will suggest that bulls are attempting to form a higher low. The bullish momentum could pick up on a break above $0.08. The DOGE/USDT pair could then attempt a rally to the psychological level of $0.10.Related: Double bubble? Terra’s defunct ‘unstablecoin’ suddenly climbs 800% in one weekDOT/USDTRepeated failures to push and sustain the price above the 20-day EMA ($7.93) may have tempted short-term traders to book profits in Polkadot (DOT). The price turned down from the 20-day EMA and slipped to $7.30 on June 28.DOT/USDT daily chart. Source: TradingViewBoth the bulls and the bears are battling it out for supremacy near the $7.30 level. If the bears come out on top, the DOT/USDT pair could drop to the crucial level of $6.36. The bulls are expected to defend this level aggressively because a break below it could signal the resumption of the downtrend. Conversely, if the price rebounds off the current level, the buyers will again try to achieve a close above the 20-day EMA. If they manage to do that, the pair could rise to the 50-day SMA ($8.97). SHIB/USDTShiba Inu (SHIB) slipped back below the 50-day SMA ($0.000011) on June 28, suggesting that the bears are active at higher levels. Although the price dipped below $0.000010, the bears have not been able to build upon this advantage. SHIB/USDT daily chart. Source: TradingViewThis suggests that selling dries up at lower levels. The bulls will again try to push the price above the 50-day SMA and challenge the resistance at $0.000012. A break and close above this level could open the doors for a possible rally to $0.000014. The 20-day EMA ($0.000010) has flattened out and the RSI is just below the midpoint, indicating a balance between supply and demand. If the price slips below $0.000009, the advantage could tilt in favor of the sellers. The pair may then drop to $0.000007.LEO/USDUNUS SED LEO (LEO) broke and closed above the resistance line of the descending channel on June 25 but the bulls could not push the price above $6. That may have attracted profit-booking from short-term traders, which pulled the price back into the channel on June 27. LEO/USD daily chart. Source: TradingViewThe 20-day EMA ($5.57) is sloping up and the RSI is in the positive territory, suggesting that bulls have the upper hand. The buyers are again attempting to clear the overhead hurdle at $6. If they succeed, the LEO/USD pair could rally to $6.50 and then to the pattern target at $6.90. Contrary to this assumption, if the price once again turns down from $6, it will suggest that bears are defending this level with vigor. The sellers will then attempt to sink the price below the 20-day EMA and challenge the 50-day SMA ($5.24).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.

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Price analysis 6/27: BTC, ETH, BNB, XRP, ADA, SOL, DOGE, DOT, SHIB, AVAX

Bitcoin’s (BTC) current bear market is one of the worst, according to a report by on-chain analytics firm Glassnode. This was the first time in history that the Mayer Multiple slipped below the previous cycle’s low. Bitcoin’s fall below $20,000 on June 18 also marked the biggest loss ever booked by investors in a single day at $4.23 billion. Considering the above factors and a few other events, Glassnode believes that the capitulation in Bitcoin may have started.Bitcoin whales seem to have started their purchasing, suggesting that the bottom may be close and on June 25, analytics resource “Game of Trades” highlighted that demand from whales holding 1,000 to 10,000 Bitcoin witnessed a sharp spike in demand.Daily cryptocurrency market performance. Source: Coin360Another sign that traders are purchasing comes from Glassnode comments suggesting that the 30-day average change in the supply kept on exchanges plummeted by 153,849 Bitcoin on June 26, the largest ever in history.Could bulls continue their purchases on dips and form a higher low? Let’s study the charts of the top-10 cryptocurrencies to find out.BTC/USDTBitcoin turned down from $22,000 on June 26, indicating that the sentiment remains negative and traders are selling on minor rallies. The bears will try to pull the price to the psychological level of $20,000.BTC/USDT daily chart. Source: TradingViewIf the price rebounds off $20,000, it will suggest that bulls are accumulating on dips. That could keep the pair range-bound between $20,000 and $22,000 for a few days. The first sign of strength will be a break and close above the 20-day exponential moving average (EMA) ($22,890). That could open the doors for a possible rally to the 50% Fibonacci retracement level at $24,693.This level could again act as a resistance, but if bulls overcome the barrier, the BTC/USDT pair could rally to the 50-day simple moving average (SMA)($27,150). The bulls will have to push the price above this level to indicate that the pair may have bottomed out.ETH/USDTEther (ETH) reached the 20-day EMA ($1,300) on June 26 but the bulls could not push the price above the resistance. This suggests that the bears are not willing to surrender their advantage easily.ETH/USDT daily chart. Source: TradingViewIf the price turns down from the current level, the bears will try to pull the ETH/USDT pair to $1,050. This is an important level to watch out for because a break below it could suggest that bears are in control.Conversely, if the price turns up from the current level or rises from $1,050, the bulls will try to propel the pair above the 20-day EMA. If they manage to do that, the pair could rally to the breakdown level of $1,700. A break and close above this resistance could indicate the start of a new uptrend.BNB/USDTBNB has been clinging to the 20-day EMA ($241) since June 24. This suggests that the bears are defending the level but the bulls have not yet given up as they anticipate a move higher.BNB/USDT daily chart. Source: TradingViewIf buyers thrust the price above the 20-day EMA, the BNB/USDT pair could rally to the 50-day SMA ($277). This level may again act as a stiff hurdle but if crossed, the pair could attempt a rally toward $350.Conversely, if the price turns down from the current level, the pair could drop to $211. This is an important level to keep an eye on because a rebound off it will suggest that bulls are attempting to form a higher low. But if the level cracks, the pair could retest the vital support at $183.XRP/USDTRipple (XRP) broke and closed above the overhead resistance at $0.35 on June 24 but the bulls could not clear the barrier at the 50-day SMA ($0.38). This suggests that the bears are defending the level aggressively.XRP/USDT daily chart. Source: TradingViewA minor positive is that the bulls have not allowed the price to dip back below the 20-day EMA ($0.35). This suggests buying on dips. If the price rebounds off the current level, the bulls will again attempt to push the price above the 50-day SMA. If they can pull it off, it will suggest that the downtrend could be weakening. The XRP/USDT pair could then rise to $0.45.Another possibility is that bears pull the price back below $0.35. If that happens, the pair could slide to $0.32 and then to $0.28.ADA/USDT The buyers pushed Cardano (ADA) above the 20-day EMA ($0.50) on June 26 but the long wick on the candlestick shows that bears aggressively sold at higher levels.ADA/USDT daily chart. Source: TradingViewA minor positive is that the bulls have not given up ground and are again attempting to clear the overhead hurdle at the moving averages. If they succeed, the ADA/USDT pair could rise toward $0.70 where the bears may again put up a strong defense. If the price turns down sharply from this level, it will suggest that the pair may remain range-bound between $0.40 and $0.70 for some more time. This positive view could be negated in the short term if the price turns down from the current level and breaks below $0.44. That could pull the pair to $0.40.SOL/USDTSolana (SOL) has been stuck between the moving averages since June 24. This suggests that bears are selling on rallies to the 50-day SMA ($43) and bulls are buying on dips to the 20-day EMA ($38).SOL/USDT daily chart. Source: TradingViewThe moving averages are close to a bullish crossover and the relative strength index (RSI) is near the midpoint, suggesting that bulls are attempting a comeback. If buyers propel the price above the 50-day SMA, the SOL/USDT pair could rise to $60. This level may again act as a stiff resistance but if bulls clear this hurdle, the momentum could pick up. On the contrary, if the price turns down and plunges below the 20-day EMA, it will suggest that bears have overpowered the bulls. The pair could then slide to $33.DOGE/USDTDogecoin (DOGE) broke and closed above the 20-day EMA ($0.07) on June 25. The buyers extended the recovery on June 26 and pushed the price to the 50-day SMA ($0.08) but the long wick on the candlestick suggests that bears are defending the level with vigor.DOGE/USDT daily chart. Source: TradingViewThe buyers are again trying to push the price above the 50-day SMA. If they manage to do that, the DOT/USDT pair could rally to $0.09 and then to the psychological level at $0.10. This level could again act as a resistance but if bulls overcome this barrier, the momentum is likely to pick up.Alternately, if the price fails to sustain above the 50-day SMA, it will suggest that bears continue to sell on rallies. The bears will then try to pull the price back below the 20-day EMA.Related: Dogecoin price could rally 20% in July with this bullish reversal patternDOT/USDTThe bears have been aggressively defending the 20-day EMA ($8.11) in Polkadot (DOT) since June 24 but a positive sign is that bulls have not given up much ground. A tight consolidation near a resistance usually resolves to the upside. DOT/USDT daily chart. Source: TradingViewIf buyers drive the price above the 20-day EMA, the DOT/USDT pair could rise to the 50-day SMA ($9.13). This level may again act as a hurdle but the likelihood of a break above it is high. If that happens, the pair could rally to $10.75.Contrary to this assumption, if the price turns down from the 20-day EMA, it will suggest that bears are active at higher levels. The sellers will then try to pull the pair below $7.30 and challenge the crucial support at $6.36.SHIB/USDTShiba Inu (SHIB) broke above the 50-day SMA ($0.000011) on June 25 but the bulls could not continue the recovery. The bears sold near $0.000012 on June 26 and are trying to pull the price back below the 50-day SMA.SHIB/USDT daily chart. Source: TradingViewThe 20-day EMA ($0.000010) has started to turn up gradually and the RSI is in the positive territory. This suggests that buyers have a slight edge. If the price rebounds off the current level or the 20-day EMA, the bulls will again attempt to resume the up-move.If the price rises above $0.000012, the SHIB/USDT pair could rally to the overhead resistance at $0.000014. This positive view could be negated in the short term if the price turns down and plummets below the 20-day EMA.AVAX/USDTAvalanche (AVAX) has been stuck in a tight range between the 20-day EMA ($20) and the overhead resistance at $21.35 since June 25. This suggests indecision among the bulls and the bears.AVAX/USDT daily chart. Source: TradingViewThe 20-day EMA has flattened out and the RSI is just below the midpoint, which suggests an equilibrium between buyers and sellers. If bulls push the price above $21.35, the AVAX/USDT pair could rally to the 50-day SMA ($25). This level may act as a minor hurdle but if crossed, the pair may rise to $30.This positive view could invalidate in the short term if the price turns down from the current level or the 50-day SMA and plummets below the 20-day EMA. That could open the doors for a possible decline to $16.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.

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Price analysis 6/24: BTC, ETH, BNB, XRP, ADA, SOL, DOGE, DOT, SHIB, LEO

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.

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XRP price rally stalls near key level that last time triggered a 65% crash

XRP’s ongoing upside retracement risks exhaustion as its price tests a resistance level with a history of triggering a 65% price crash.XRP price rebounds 30% XRP’s price gained nearly 30%, rising to $0.36 on June 24, four days after rebounding from $0.28, its lowest level since January 2021. The token’s retracement rally could extend to $0.41 next, according to its “cup-and-handle” pattern shown in the chart below.XRP/USD four-hour price chart featuring “cup and handle” pattern. Source: TradingViewInterestingly, the indicator’s profit target is the same as XRP’s 50-day exponential moving average (50-day EMA; the red wave).XRP/USD daily price chart featuring 50-day EMA upside target. Source: TradingViewMajor resistance hurdleThe cup-and-handle bullish reversal setup tends to meet its profit target at a 61% success rate, according to veteran analyst Thomas Bulkowski. But it appears XRP’s case falls in the 39% failure spectrum because of a conflicting technical signal presented by its 200-4H exponential moving average (EMA). XRP’s 200-4H EMA (the blue wave in the chart below) has previously served as a strong distribution signal. Notably, in April 2022, the token attempted to break above the said wave resistance multiple times, only to face rejections on each try; it fell 65% to $0.28 later.XRP/USD four-hour price chart featuring 200-4H EMA resistance. Source: TradingViewThe ongoing cup-and-handle breakout has stalled midway after XRP retested the 200-4H EMA as resistance on June 23. Now, the token awaits further bias confirmation while risking a price decline similar to what transpired after April.XRP’s overbought relative strength index (RSI), now above 70, also raises the possibility of an interim price correction.XRP LTF breakdown underwayThe downside scenario on XRP’s shorter-timeframe chart comes in line with giant bearish setups on its longer-timeframe chart. As Cointelegraph covered earlier, XRP has entered a breakdown stage after exiting its “descending triangle” structure in early May. As a rule of technical analysis, its triangle breakdown should have it fall by as much as the structure’s maximum height, which puts its downside target near $1.86.XRP/USD weekly price chart featuring ‘descending triangle’ setup. Source: TradingViewIn other words, another 50% price drop for XRP could happen by the end of July this year. 50,000,000 #XRP (16,249,045 USD) transferred from Ripple to unknown wallethttps://t.co/FalGAzxNxg— Whale Alert (@whale_alert) June 23, 2022Macro risks led by the Federal Reserve’s hawkish policy further strengthen XRP’s bearish bias. The XRP/USD pair has typically traded lower in tandem with riskier assets in 2022, with a correlation coefficient with the Nasdaq Composite sitting at 0.90 as of June 24.XRP/USD weekly correlation with Nasdaq. Source: TradingViewA score of 1 means that the two assets moves in perfect sync.Related: Almost $100M exits US crypto funds in anticipation of hawkish monetary policyConversely, anticipations that Ripple would win the lawsuit filed by the U.S. Securities and Exchange Commission (SEC) for “allegedly” selling unregistered securities could negate the bearish setups. I’ve stated for over a year that many @Ripple and #XRP supporters underestimate the negative impact the SEC lawsuit has had. B/c Ripple has done well outside the U.S. and is hiring, etc., people say otherwise. But XRP must be deemed a non-security in the US to fulfill its promise https://t.co/oBmiTQOWfJ— John E Deaton (203K Followers Beware Imposters) (@JohnEDeaton1) June 22, 2022

That being said, XRP could rebound toward $0.91 by the end of this year if the ongoing retracement continues any further. Interestingly, the token has bounced after testing long-term ascending trendline support, as shown below.XRP/USD weekly price chart. Source: TradingViewThe bounce has also followed XRP’s weekly relative strength index (RSI) decline below 30 — an oversold threshold, which signals a potential buying opportunity. The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph.com. Every investment and trading move involves risk, you should conduct your own research when making a decision.

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Ripple CEO criticizes SEC for 'contradictions' on crypto regulations

Brad Garlinghouse, the chief executive officer of Ripple Labs, has claimed the United States Securities and Exchange Commission, or SEC, has inconsistently imposed regulations on crypto firms in the country. Speaking to Wired editor-in-chief at the Collision conference in Toronto on Thursday, Garlinghouse pointed to Ripple’s current legal battle with the SEC, in which the federal regulator has alleged the company’s executives conducted an “unregistered, ongoing digital asset securities offering” with XRP token sales. Garlinghouse referenced the SEC’s approval of Coinbase’s public offering in April 2021 despite the fact the crypto exchange listed XRP at the time.“The SEC now seems to take the position when they sued us that ‘XRP is a security and always has been’, but they approved Coinbase going public even though Coinbase is not a registered broker-dealer,” said the Ripple CEO. “There’s some contradictions here of the SEC almost not, within its organization, knowing left hand, right hand.” Garlinghouse added:“The SEC, instead of doing the hard work to define a new set of clear rules, a new set of clear regulations […] they instead decide we’re going to do regulation through enforcement, which is not efficient and really I think has stifled innovation in the United States.”Garlinghouse, Ripple co-founder Chris Larsen, and chief technology officer David Schwartz have all leveled complaints against U.S. regulators prior to and following the SEC filing its lawsuit against the firm in December 2020. Larsen suggested in October 2020 that Ripple might consider leaving the U.S. behind given many authorities’ policy of “regulation through enforcement” — the firm is currently headquartered in San Francisco, but also has offices in Dubai and Wyoming. Related: Ripple counsel slams SEC for trying to bulldoze and bankrupt crypto“I don’t think [crypto is] the Wild West at all,” said Garlinghouse, in response to SEC chair Gary Gensler’s characterization of the space. “I think crypto certainly is a volatile asset class […] All asset classes have a certain volatility — I don’t think it’s a regulator’s job to determine how that volatility should be accessed by consumers, by businesses.” “I don’t think it’s the wild west at all.” Ripple CEO @bgarlinghouse thinks the SEC isn’t painting crypto in the right light. pic.twitter.com/iO30gVafTn— Cointelegraph (@Cointelegraph) June 23, 2022The court case between Ripple and SEC is still ongoing, with many expecting the results to set a precedent for the regulatory treatment of cryptocurrencies in the United States.

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Price analysis 6/22: BTC, ETH, BNB, ADA, XRP, SOL, DOGE, DOT, LEO, SHIB

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.

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Price analysis 6/20: BTC, ETH, BNB, ADA, XRP, SOL, DOGE, DOT, LEO, AVAX

The crypto markets have been in a strong bear phase for the past several months but JPMorgan Chase analysts expect that to change and they projected significant upside from the current levels. The analysts cited the rising share of all stablecoins in the total crypto market for their bullish outlook.Unperturbed by the current fall, retail traders have been adding Bitcoin (BTC) to their portfolios. The number of wallet addresses holding one Bitcoin surged by 13,091 to a record high of 865,254. Similarly, the number of addresses holding about 0.1 Bitcoin has also witnessed a sharp rise in the past 10 days, according to data from Glassnode. Daily cryptocurrency market performance. Source: Coin360Bitcoin’s sharp recovery from the June 18 fall shows strong buying at lower levels and according to Whalemap, this has led to the formation of a new “whale level” which may act as a short-term support. Could the recovery in Bitcoin and major altcoins continue in the near term? Let’s study the charts of the top-10 cryptocurrencies to find out.BTC/USDTBitcoin plunged below $20,000 on June 18 but made an equally sharp recovery on June 19, indicating aggressive buying at lower levels. If bulls sustain the price above $20,000, it could improve sentiment and attract more buyers.BTC/USDT daily chart. Source: TradingViewThe BTC/USDT pair could first rise to the 38.2% Fibonacci retracement level of $23,024 and then to the 20-day exponential moving average ($24,890). The bears are likely to defend this zone with all their might.If the price turns down from this zone, the sellers will make another attempt to pull the pair below $20,000. A break and close below $17,622 could start the next leg of the downtrend.Alternatively, if buyers push the price above the 20-day EMA, it will signal a potential change in trend. The pair could then rally to the 50-day simple moving average ($29,386) where the bears may mount a strong defense.ETH/USDTEther (ETH) plummeted below the psychological level of $1,000 on June 18 which suggests that the downtrend remains intact. A minor positive is that the bulls purchased the dip as seen from the long tail on the day’s candlestick.ETH/USDT daily chart. Source: TradingViewThe buyers sustained the momentum on June 19 and pushed the price back above $1,000. The ETH/USDT pair could rise to $1,250 and later to the 20-day EMA ($1,429). This remains the critical resistance to watch out for.If the price turns down from the current level or the 20-day EMA, it will suggest that the bears are active at higher levels. The sellers will then try to pull the pair to the June 18 intraday low of $881. A break and close below this level could signal the resumption of the downtrend.BNB/USDTBinance Coin (BNB) broke and closed below the strong support at $211 on June 18 but the bears could not build upon this advantage. This suggests that lower levels continue to attract buyers.BNB/USDT daily chart. Source: TradingViewThe bulls pushed the price back above the breakdown level of $211 on June 19. If buyers sustain this level, it will suggest that the breakdown on June 18 may have been a bear trap. If bears rush to cover their positions, it could cause a short squeeze and push the BNB/USDT pair toward the 20-day EMA ($251). If bulls overcome this barrier, the pair could rise to the 50-day SMA ($297).Contrary to this assumption, if the price turns down from the current level and breaks below $211, it will suggest that bears are selling on minor rallies. The bears will then try to sink the pair below $183 and resume the downtrend.ADA/USDT The bulls once again successfully defended the $0.44 to $0.40 zone on June 18. That started a recovery in Cardano (ADA) which has reached the 20-day EMA ($0.52).ADA/USDT daily chart. Source: TradingViewIf bulls drive the price above the moving averages, the ADA/USDT pair could rise to the overhead resistance zone between $0.70 and $0.74. The bears are likely to defend this zone with all their might. If the price turns down from it, the pair could remain stuck in a wide range between $0.40 and $0.74 for a few days. The next trending move could begin after bulls push the price above $0.74 or bears pull the pair below $0.40. XRP/USDTRipple (XRP) slipped below $0.29 on June 18 but the bears could not capitalize on the advantage. This suggests that selling dries up at lower levels. XRP/USDT daily chart. Source: TradingViewThe bulls may attempt to push the price to the overhead resistance zone between the 20-day EMA ($0.35) and the breakdown level of $0.38. The bears are likely to defend this zone aggressively but if bulls bulldoze their way through, the XRP/USDT pair could rally to the overhead resistance at $0.46.This positive view could invalidate if the price turns down from the current level or the overhead zone. The bears will then make another attempt to sink and sustain the price below $0.29.SOL/USDTSolana (SOL) remains in a downtrend but the bulls are attempting to start a recovery. The price has reached the 20-day EMA ($36) which is an important level to keep an eye on.SOL/USDT daily chart. Source: TradingViewThe positive divergence on the relative strength index (RSI) indicates that the bearish momentum may be weakening. If buyers propel the price above the 20-day EMA, the SOL/USDT pair could rally to the 50-day SMA ($49). This level may again act as a resistance but if bulls clear this hurdle, the next stop could be $60.On the contrary, if the price turns down from the current level, it will suggest that bears continue to defend the 20-day EMA with vigor. The bears will have to pull the pair below $25 to signal the start of the next leg of the downtrend.DOGE/USDTThe bears pulled Dogecoin (DOGE) below the psychological support at $0.05 on June 18 but they could not sustain the lower levels. This suggests that bulls are buying on dips.DOGE/USDT daily chart. Source: TradingViewBuyers will try to push the price to the 20-day EMA ($0.07) which could act as a stiff barrier. If the price turns down from this level, it will suggest that bears remain in command. The sellers will then make one more attempt to sink and sustain the price below $0.05. If they succeed, the DOGE/USDT pair could drop to $0.04.Conversely, a break and close above the 20-day EMA will be the first indication that the bulls are on a comeback. The pair could then rise to the 50-day SMA ($0.09) which may again act as a stiff resistance.Related: Ethereum analyst warns of ‘clean fakeout’ despite 30% ETH price reboundDOT/USDTThe bears tried to sink Polkadot (DOT) below the support at $6.36 on June 18 but the bulls held their ground. Strong buying at lower levels pushed the price back above the breakdown level of $7.30 on June 19.DOT/USDT daily chart. Source: TradingViewThe bulls will attempt to push the price above the 20-day EMA ($8.33). If they succeed, it will suggest the start of a sustained recovery. The DOT/USDT pair could then rise to the 50-day SMA ($10.06) and later to the overhead resistance at $12.44. The positive divergence on the RSI is also pointing toward a possible relief rally.Contrary to this assumption, if the price turns down from the 20-day EMA, the bears will again try to sink the pair below $6.36 and resume the downtrend. The next support on the downside is $4.23.LEO/USDUNUS SED LEO (LEO) dipped below the support line of the descending channel on June 18 but the long tail on the day’s candlestick suggests aggressive buying at lower levels. LEO/USD daily chart. Source: TradingViewThe bulls sustained their momentum and pushed the price above the moving averages on June 20. If the LEO/USD pair maintains above the moving averages, the next stop could be the resistance line of the channel. The buyers will have to push the price above this level to indicate the start of a new up-move.Contrary to this assumption, if the price turns down from the resistance line, it will suggest that bears are defending the level aggressively. That could keep the pair stuck inside the channel for a few more days.AVAX/USDTAvalanche (AVAX) slipped below the support at $14.50 on June 18 but the bears could not sustain the lower levels. The bulls are attempting a rebound on June 20 which could reach the 20-day EMA ($20).AVAX/USDT daily chart. Source: TradingViewIf the price turns down from the 20-day EMA, it will suggest that bears remain in control and they are selling on rallies. The bears will then make one more attempt to sink the price below $13.71 and resume the downtrend. The next support on the downside is $13.Conversely, if bulls thrust the price above the 20-day EMA, it will suggest that the bears may be losing their grip. The AVAX/USDT pair could then attempt a rally to the 50-day SMA ($30) where the bears may again pose a challenge.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.

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Price analysis 6/17: BTC, ETH, BNB, ADA, XRP, SOL, DOGE, DOT, LEO, AVAX

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.

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XRP price technical breakdown boosts chances of a 40% drop by July

Ripple (XRP) price stares at potential losses in the coming weeks as it breaks out of a “descending triangle” pattern, with its bias skewed toward the downside.Major XRP breakdown underwayTo recap, XRP started forming the technical structure after reaching $1.98 in April 2021, its second-highest level to date. In doing so, the token trended lower inside a range defined by a falling resistance trendline and a horizontal support trendline.On May 16, 2022, XRP broke below the triangle’s support trendline, accompanying a decent increase in trading volumes. The move confirmed the descending triangle as a bearish reversal indicator. Meanwhile, as a rule of technical analysis, XRP now risks extending its downside move by as much as the triangle’s maximum height when measured from the breakdown point, as shown below.XRP/USD weekly price chart featuring ‘descending triangle’ breakdown setup. Source: TradingViewThis could have XRP drop to $0.18 by July 2022, down nearly 40% from June 1’s price. Crypto carnageXRP’s bearish setup appears amid a broader selloff taking place across the crypto market, with some tokens now trading more than 90% below their record highs established last year. The massive tailspin began in May after Terra (LUNA) — now known as Luna Classic (LUNC) — a $40-billion “algorithmic stablecoin” project, collapsed due to the failure of its staking system. This debacle found its match in Celsius Network, one of the largest crypto lending platforms, which unexpectedly paused crypto withdrawals in June over “extreme market conditions.”Related: Finblox withdrawal restrictions trigger concerns from the communitySince then, the crypto market has been facing one piece of bad news after another, from crypto fund giant Three Arrow Capital’s potential insolvency owing to bad debts and risky trades to crypto lender Babel Finance halting withdrawals due to liquidity issues.Babel Finance 也暂停了提现业务 pic.twitter.com/9Nk1gkEmVz— 0xEdson | web3 (@0xEdsonCrypto) June 17, 2022Macro risks also favor XRP’s downside outlook with the Federal Reserve’s 0.75% interest rate hike this June 15, ensuring lower liquidity for investors to speculate on risky assets. Nonetheless, Kevin Cage, who runs Iron Key Capital, a crypto-focused hedge fund, says XRP will “survive” the bear market.I know for a fact that no matter how hard it gets, $XRP will survive future bear markets.XRPL is 10 years old. Tried & true.Ripple expanding, new partners every week, hiring 300 more peopleThey want clarity and will fight until the end.SEC chose the wrong company to fight— Kevin Cage (@Kevin_Cage_) June 14, 2022

Meanwhile, Bleeding Crypto says that XRP could fall toward $0.17 but anticipates that the token would undergo a sharp rebound move after reaching the level. “Looks like it may be going for a full reset of this past bull run,” he wrote, hinting that XRP would reclaim $1.95–$1.98 during its next upside retracement.The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph.com. Every investment and trading move involves risk, you should conduct your own research when making a decision.

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Price analysis 6/15: BTC, ETH, BNB, ADA, XRP, SOL, DOGE, DOT, LEO, SHIB

Bitcoin (BTC) plummeted close to the crucial support of $20,000 as traders panicked and dumped their holdings, fearing an aggressive rate hike by the United States Federal Reserve on June 15. Another reason for the sell-off could be fears of possible contagion if lending platform Celsius and crypto venture capital firm Three Arrows Capital (3AC) go belly up.Data from on-chain analytics platform CryptoQuant showed 24-hour exchange inflows of 59,376 Bitcoin on June 14, the highest inflows since November 30, 2018. The Bitcoin miners also joined other investors in sending Bitcoin to the exchanges. The Bitcoin Miners to Exchange flow metric reached a seven-month high of 9,476, indicating that the miners may be anticipating a further fall in the near term.Daily cryptocurrency market performance. Source: Coin360Prominent investors are divided on whether a bottom has been made in Bitcoin or not. Galaxy Digital Holdings chairman and CEO Mike Novogratz believes that Bitcoin could hold $20,000 and Ether (ETH) may bottom out at $1,000. These levels were also referred to by Arthur Hayes, co-founder and former chief of BitMEX, who cautioned that if the levels crack, it may lead to “massive sell pressure in spot markets.”What are the important levels to watch out for on Bitcoin and major altcoins? Let’s study the charts of the top-10 cryptocurrencies to find out.BTC/USDTBitcoin remains in a firm bear grip. The bulls tried to start a recovery on June 14, as seen from the long wick on the day’s candlestick, but the bears were in no mood to relent. They sold aggressively and pulled the price to $20,111 on June 15.BTC/USDT daily chart. Source: TradingViewThe sharp selling in the past few days has pulled the relative strength index (RSI) near 21. This suggests that a rebound is possible in the short term. The BTC/USDT pair could rise to the 38.2% Fibonacci retracement level of $24,562 and then to the 50% retracement level at $25,938. The bears are expected to mount a strong defense in this zone.If the price turns down from this overhead zone, the bears will attempt to resume the downtrend by pulling the pair below $20,000. If they succeed, the pair could drop to the next support at $17,500 and later $16,000.The buyers will have to push and sustain the price above the 20-day exponential moving average (EMA)($27,748) to indicate a potential trend change.ETH/USDTEther is in a strong downtrend. The buyers tried to stall the decline on June 14 but they could not sustain the higher levels. The bears renewed their selling on June 15 but the bulls are defending the psychological level of $1,000 with all their might.ETH/USDT daily chart. Source: TradingViewThe incessant selling of the past few days has pulled the RSI into deeply oversold territory. This suggests that the selling may have been overdone in the short term. This could result in a strong bear market rally that may pick up momentum above $1,268. The ETH/USDT pair could then rally to the 20-day EMA ($1,636).Alternatively, if the price continues lower and breaks below $1,000, it will suggest the resumption of the downtrend. The pair could then drop to $900 where the bulls will again try to arrest the decline. BNB/USDTBNB is witnessing a tough battle between the bulls and the bears near the crucial level of $211. The bulls tried to start a rebound on June 14 but they could not sustain the higher levels. BNB/USDT daily chart. Source: TradingViewThe bears took advantage of this and pulled the price below $211 on June 15. Although the downsloping moving averages indicate an advantage to bears, the deeply oversold level on the RSI suggests a relief rally in the short term.If bulls sustain the price above $211, the BNB/USDT pair could attempt a rally to the 20-day EMA ($275). A break and close above this resistance could suggest that the pair may remain stuck in a large range between $211 and $350 for some more days.On the contrary, if the price turns down from the current level or the 20-day EMA, the bears will try to resume the downtrend. The next support on the downside is at $186.ADA/USDT The bears tried to pull Cardano (ADA) below the support at $0.44 on June 13 and 14 but failed to sustain the lower levels. This suggests that the bulls are defending the support zone between $0.44 and $0.40 aggressively.ADA/USDT daily chart. Source: TradingViewThe bulls will attempt to push the price above the 50-day simple moving average (SMA)($0.60). If they manage to do that, the ADA/USDT pair could rise to $0.69 and then to $0.74. The bears are likely to defend this overhead zone with vigor. Contrary to this assumption, if the price turns down from the 20-day EMA ($0.54), it will suggest that the sentiment remains negative and traders are selling on minor rallies. The bears will then make one more attempt to sink the price below the support zone. If they succeed, the pair could signal the start of the next leg of the downtrend. The next support on the downside is $0.30.XRP/USDTRipple (XRP) dropped to $0.30 on June 13, which is the pattern target of the break below the descending triangle. The bears pulled the price below the support on June 14 but the bulls purchased the dip as seen from the long tail on the day’s candlestick. XRP/USDT daily chart. Source: TradingViewThe buyers are attempting to start a recovery that could reach the breakdown level of $0.38. If bears flip this level into resistance, it will suggest that the sentiment remains negative. The sellers will then try to resume the downtrend and sink the XRP/USDT pair to the next strong support at $0.24.On the contrary, if bulls drive and sustain the price above $0.38, it will suggest strong buying at lower levels. The buyers will then try to push the pair to the 50-day SMA ($0.45). The bears are likely to pose a strong challenge in the zone between $0.46 and $0.50.SOL/USDTSolana (SOL) is trying to sustain above the $26 level. The bulls tried to push the price back above the breakdown level of $35 on June 14 but the bears held their ground. This suggests that the bears are trying to flip the $35 level into resistance.SOL/USDT daily chart. Source: TradingViewIf the price turns down and breaks below $26, it will suggest the resumption of the downtrend. The SOL/USDT pair could then decline to $22 and later to the psychological level at $20.This bearish view could invalidate in the short term if buyers push and sustain the price above the 20-day EMA ($38). If that happens, the aggressive bears who may have entered short positions below $35 may rush to the exit. That could result in a short squeeze and push the pair toward the overhead resistance at $60.DOGE/USDTThe buyers are trying to sustain Dogecoin (DOGE) above the psychological level of $0.05. The deeply oversold levels on the RSI indicate that a relief rally is possible in the short term.DOGE/USDT daily chart. Source: TradingViewIf the price rebounds off the current level, the bulls will try to push the DOGE/USDT pair to the 20-day EMA ($0.07). If the price turns down from this level, the bears will again try to resume the downtrend and sink the pair to $0.04.Contrary to this assumption, if the price breaks above the 20-day EMA, the bullish momentum could pick up and the pair could rally to the 50-day SMA ($0.09). Such a move will suggest that the pair may have bottomed out in the near term.Related: NEXO price drops 40% in three days on contagion fears from ‘insolvent’ crypto fundDOT/USDTPolkadot (DOT) has been trading near the crucial support of $7.30 for the past two days. Although bears pulled the price below $7.30, they could not sustain the lower levels. This indicates strong buying on dips.DOT/USDT daily chart. Source: TradingViewIf buyers sustain the price above $7.30, the DOT/USDT pair could rise to the 20-day EMA ($8.80). This is an important level to keep an eye on because a break and close above it will suggest that the pair may consolidate between $6.36 and $12.44 for some time.Conversely, if the price turns down from the 20-day EMA, it will suggest that bears are active at higher levels. A break and close below $6.36 could signal the resumption of the downtrend. The pair could then decline to $5 and later to $4.23.LEO/USDUNUS SED LEO (LEO) dipped below the moving averages on June 13 but the long tail on the day’s candlestick shows aggressive buying at lower levels. That was followed by an inside-day candlestick pattern on June 14, indicating indecision among the buyers and sellers.LEO/USD daily chart. Source: TradingViewThe bulls tried to push the price toward the resistance line of the descending channel on June 15 but the bears had other plans. They have pulled the price back below the moving averages, increasing the possibility of a drop to the support line of the channel.If the price rebounds off the support line with strength, it will indicate that the LEO/USD pair may extend its stay inside the channel for a few more days. The next trending move could begin if bears sink the pair below the channel or bulls thrust the price above the resistance line.SHIB/USDTThe bulls are attempting to defend the $0.000007 level aggressively. Shiba Inu (SHIB) formed a Doji candlestick pattern on June 14, indicating indecision among the bulls and the bears. SHIB/USDT daily chart. Source: TradingViewIf the uncertainty resolves to the upside and bulls push the price above $0.000009, the SHIB/USDT pair could rise to the breakdown level of $0.000010. If the price turns down from this level, it will suggest that the trend remains negative and traders are selling on rallies. The bears will then attempt to resume the downtrend and sink the pair to $0.000006.Alternatively, if bulls drive the price above the downtrend line, it could open the doors for a possible rally to $0.000014. Such a move could suggest that the pair may have bottomed out.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.

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Price analysis 6/13: BTC, ETH, BNB, ADA, XRP, SOL, DOGE, DOT, LEO, AVAX

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.

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