A sharp drop in cryptocurrencies has brought the total market value of cryptocurrencies below $ 900 billion. According to CoinGoLive, 72 of the top 100 symbols have fallen by more than 90% from their all-time highs. In comparison, the top 10 currencies have performed better this autumn, falling by an average of 79% from their all-time highs.
Bitcoin (BTC) has fallen by more than 70% since its historic high, but bulls are having a hard time stopping the decline. Jurrien Timmer, head of Fidelity’s International Economics Division, pointed out that Bitcoin could be “cheaper than it looks” in terms of price-to-net ratio, which is similar to the price-to-earnings ratio used in the stock market to measure. shares.
Billionaire Mark Cuban said in an interview with Fortune that projects without a valid business outlook will disappear as bear markets have a cleansing effect on the market. However, he added that innovation in the cryptocurrency sector is likely to continue during a downturn in the market.
Could Bitcoin and major altcoins maintain the desired level of support? Let’s look at the charts of the top 10 cryptocurrencies to find out.
BTC / USDT
The bulls are trying to keep Bitcoin above psychological support at $ 20,000 but they face strong resistance at $ 23,362. This indicates that the bears have not given up and that they continue to sell at the rally.
The longer the time spent is close to $ 20,000, the greater the chance of a break below that. If bears drop below $ 20,000, the BTC / USDT pair could witness a panic sale. That could bring the price up to $ 17,500 and then to $ 16,000.
The only hope for buyers is that the relative strength index (RSI) has plunged to a deep sell-off level. This suggests that a relief meeting is possible in the short term. If a bull runs the price above $ 23,362, the pair could rise to the 20-day exponential average (EMA) ($ 26,574).
ETH / USDT
Ether (ETH) is a dense bear. The bulls bought the dip for $ 1,014 on June 15, seen from the long tail of the candlestick of the day. However, the recovery was short-lived as the bears reduced their price back below $ 1,100 on June 16.
If bears drop below $ 1,000, selling pressure could accelerate and the ETH / USDT pair could drop to $ 900. Although the declining average indicates an advantage for bears, a deep sell-off level on the RSI indicates that relief may be around the corner.
The bulls have to push and maintain prices above $ 1,268 to start a sustained recovery. Above this level, the pair could rise to a 20-day EMA ($ 1,547) where the bears could once again find strong resistance.
BNB / USDT
BNB has been strengthening near critical support of $ 211 since June 13. The bulls started recovering on June 15, but it went out to $ 237 on June 16.
If the price drops below the $ 211 to $ 198 support range, the BNB / USDT pair could begin the next step of the downturn. The pair could then drop to $ 186 and later fall towards strong support at $ 150.
On the other hand, if the price drops again from the $ 211 support, buyers will try to force the pair over $ 237. If successful, the pair could gather for a 20-day EMA ($ 265). This is an important point to beware of because the break and closure above it indicates that the pair may have reached the bottom.
ADA / USDT
Cardano (ADA) jumped from $ 0.44 on June 14 and enjoyed the push of the price in the 20-day EMA ($ 0.54) on June 15. The bears defended this point aggressively and the price dropped on 16 June.
The price is fixed between 20 days EMA and $ 0.44, but this narrow trade is unlikely to continue for long. If buyers push the price above the 20-day EMA, the ADA / USDT pair could rise to the 50-day simple moving average (SMA) ($ 0.59). A break above this level could open the door for a possible rise in the airspace between $ 0.69 and $ 0.74.
Otherwise, if the price drops and drops below $ 0.44, it will indicate that the Bears are back in the game. A break and closing below $ 0.40 could start the next step of the write-down.
XRP / USDT
Ripple (XRP) jumped from $ 0.29 on June 14 and reached $ 0.35 on June 15, which proved to be stiff resistance. Buyers are again trying to push the price above $ 0.35.
If they do, the XRP / USDT pair could rise to a $ 0.38 breakdown level. This is an important point to keep in mind because breaking and closing above it could clear the way for a possible increase to the 50 day SMA ($ 0.44). A positive difference in RSI indicates that the bears may be losing control.
Contrary to this assumption, if the price falls from the current level and falls below $ 0.29, it will indicate that the declining trend will start again. The next height support is $ 0.24.
SOL / USDT
Solana (SOL) tried to recover on June 15, hitting a $ 35 breakdown. The price dropped on June 16, but the bulls are trying to defend the point at $ 30.
Buyers will make one more attempt to push the price over the cost range between $ 35 and the 20 day EMA ($ 37). If successful, the SOL / USDT pair could rise to 50 days SMA ($ 52).
On the other hand, if the price falls from the cost range, it will indicate that bears will continue to sell at the resistance level. The Bears will then try to sink the pair below $ 26 and continue to decline. The next support on the heights is $ 22 and then $ 20.
DOGE / USDT
Dogecoin (DOGE) is strengthening in a downturn. Buyers psychologically defended the $ 0.05 level and tried the June 15 charity event, but were unable to sustain higher levels. This suggests that bears will continue to sell in bulk
Buyers are trying to stop the decline near $ 0.06 on June 17. If successful, the DOGE / USDT pair could recover.
A break above the June 15 high within the day could clear the way for a possible rise to the 20-day EMA ($ 0.07). If the bulls overcome this hurdle, the DOGE / USDT pair could rise to 50 days SMA ($ 0.09).
Contrary to this assumption, if the price falls and breaks down to a significant support of $ 0.05, it will indicate the beginning of the next part of the downturn. The pair could then drop to $ 0.04.
Connected: Support for Bitcoin whales is in order as the trader says the 14K $ “bearish” BTC price target
DOT / USDT
Polkadot (DOT) rose sharply on June 15, reaching a 20-day EMA ($ 8.62), but the bulls could not overcome this resistance. This indicates that bears are active at higher levels.
The price dropped sharply on June 16 and has dropped near the key support area between $ 7.30 and $ 6.36. Buyers are expected to defend this area harshly because failure to do so could lead to a reduction of $ 4.23.
If the price falls back from the support area, it will indicate accumulation at lower levels. Buyers will then make one more attempt to push the price over the 20-day EMA. If they do, the DOT / USDT pair could rise to 50 days SMA ($ 10.54).
LEO / USD
UNUS SED LEO (LEO) continues to trade in a declining direction. The bears reduced the price below the moving average on June 15, but were unable to extend the reduction to the support line.
Buyers are trying to push the price back towards the moving average. If the price drops from this resistance, it could increase the prospect of retesting the channel’s support line. Breaks and closings below this level could increase sales.
On the other hand, if buyers push the price above moving averages, the LEO / USD pair could rise to the resistance line. This is an important point for bears to defend because the breach and closure above it could indicate the start of a new upgrade to $ 6.25.
AVAX / USDT
Avalanche (AVAX) is strengthening in a downturn and the bulls are trying to defend the support at $ 14.50. Buyers tried to push the price down to $ 21.35 on June 16, but higher levels continue to attract sales.
If the price falls and falls below $ 14.50, it could indicate the beginning of the next part of the downturn. The AVAX / USDT pair could then drop to $ 13.
On the contrary, if the bulls manage to defend the $ 14.50 support, the pair could make another attempt to raise it to $ 21.35. This is an important point to beware of because bears will try to turn it into resistance and pull the pair down to $ 14.50.
Buyers must push and maintain prices above the 20-day EMA ($ 21.94) to indicate a potential evolutionary change.
The views and opinions expressed herein are those of the authors only and do not necessarily reflect the views of Cointelegraph. Every investment and business involves risk. You should do your own research when making a decision.
Marketing data is provided by HitBTC exchange.
Mail Bonus – #Price #analysis #BTC #ETH #BNB #ADA #XRP #SOL #DOGE #DOT #LEO #AVAX