The cryptocurrency market has been in a strong bear phase in recent months, but JPMorgan Chase analysts expect this to change and they have forecast a significant increase from current levels. Analysts cited the rising share of all stablecoins in the overall cryptocurrency market for their bullish outlook.
Unmoved by the current fall, retailers have been adding Bitcoin (BTC) to their portfolios. The number of wallets containing one Bitcoin increased by 13,091 to a record high of 865,254. Similarly, the number of households with about 0.1 Bitcoin has also witnessed a sharp increase in the last 10 days, according to information from Glassnode.
Bitcoin’s sharp recovery from the fall of June 18 shows strong buying at lower levels, and according to Whalemap, this has led to the formation of a new “whale level” that could act as short-term support.
Could the recovery in Bitcoin and major altcoins continue in the near future? Let’s look at the charts of the top 10 cryptocurrencies to find out.
BTC / USDT
Bitcoin fell below $ 20,000 on June 18 but recovered just as much on June 19, indicating aggressive purchases at lower levels. Keeping bulls above $ 20,000 could improve attitudes and attract more buyers.
The BTC / USDT pair could first rise to a 38.2% Fibonacci retracement level of $ 23,024 and then to a 20-day exponential average (EM ($ 24,890). The bears are likely to defend this area with all their might.
If the price drops from this area, sellers will make another attempt to pull the pair down below $ 20,000. A break and closing below $ 17,622 could start the next part of the downturn.
Otherwise, if buyers push the price over the 20-day EMA, it will indicate a possible evolutionary change. The pair could then reach a 50-day simple moving average (SMA) ($ 29,386) where the bears could come up with a strong defense.
ETH / USDT
Ether (ETH) crashed below a psychological level of $ 1,000 on June 18, indicating that the downturn remained intact. A minor positive is that the bulls bought the dip seen from the long trunk of the candlestick of the day.
Buyers maintained momentum on June 19, pushing 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 is another important resistance that needs to be avoided.
If the price drops from the current level or the 20-day EMA, it will indicate that the bears are active at higher levels. Sellers will then try to pull the pair up to the June 18 minimum per day, $ 881. Fractures and closures below this level may indicate a resumption of declining trends.
BNB / USDT
BNB broke and closed under strong support at $ 211 on June 18, but the Bears could not build on this advantage. This suggests that lower levels continue to attract buyers.
The bulls pushed the price back above the $ 211 breakdown on June 19. If buyers maintain this level, it will indicate that the June 18 breakdown could have been a bear trap.
If bears rush to cover their position, it could cause a short squeeze and push the BNB / USDT pair toward a 20-day EMA ($ 251). If a bull overcomes this hurdle, the pair could rise to 50 days SMA ($ 297).
Contrary to this assumption, if the price drops from the current level and falls below $ 211, it will indicate that the bears are selling on minor rallies. The Bears will then try to sink the pair below $ 183 and continue to decline.
ADA / USDT
The bulls successfully returned the $ 0.44 to $ 0.40 range on June 18th. It began recovery in Cardano (ADA), which has reached a 20-day EMA ($ 0.52).
If bulls run the price above moving averages, the ADA / USDT pair could rise to the air resistance range between $ 0.70 and $ 0.74. The bears are likely to defend this area with full force.
If the price drops from that, the pair could stay between $ 0.40 and $ 0.74 for a few days. The next trend could be after bulls push the price above $ 0.74 or bears pull the pair down below $ 0.40.
XRP / USDT
Ripple (XRP) fell below $ 0.29 on June 18, but the Bears could not take advantage. This indicates that sales are drying up at lower levels.
The bulls could try to push the price to the air resistance zone between the 20-day EMA ($ 0.35) and the breakdown level of $ 0.38. The bears are likely to defend this area aggressively, but if bulls escape through a bulldozer, the XRP / USDT pair could rise to $ 0.46.
This positive view could be invalidated if the price drops from the current level or the cost area. The Bears will then make another attempt to sink and keep the price below $ 0.29.
SOL / USDT
Solana (SOL) is still in decline but the bulls are trying to start recovery. The price has reached the 20-day EMA ($ 36), which is an important point to keep an eye on.
A positive difference in the relative strength index (RSI) indicates that bearish momentum may be weakening. If buyers push the price above the 20-day EMA, the SOL / USDT pair could rise to 50-day SMA ($ 49). This level could again act as a resistance but if the bull clears this obstacle the next stop could be $ 60.
On the contrary, if prices fall from the current level, it will indicate that bears will continue to spend 20 days defending the EMA. Bears have to pull the pair down below $ 25 to signal the start of the next trending segment.
DOGE / USDT
The Bears downgraded Dogecoin (DOGE) to $ 0.05 psychological support on June 18, but were unable to maintain lower scores. This indicates that bulls are buying into the dips.
Buyers will try to push the price to a 20 day EMA ($ 0.07) which could act as a rigid barrier. If prices fall from this level, it will indicate that bears will continue to dominate. Sellers will then make one more attempt to sink and keep the price below $ 0.05. If successful, the DOGE / USDT pair could drop to $ 0.04.
On the other hand, the break and closure of the 20-day EMA will be the first indication that the bulls are returning. The pair could then rise to a 50-day SMA ($ 0.09), which in turn could act as a rigid resistance.
Connected: An Ethereum analyst warns of “pure counterfeiting” despite 30% ETH price shock
DOT / USDT
The Bears tried to sink Polkadot (DOT) under the support of $ 6.36 on June 18, but the bulls held their ground. Strong buy at lower levels pushed the price back above the $ 7.30 breakdown on June 19.
The bulls will try to push the price over the 20-day EMA ($ 8.33). If they succeed, it will indicate the beginning of a lasting recovery. The DOT / USDT pair could then rise to 50 days SMA ($ 10.06) and later to a cost resistance of $ 12.44. A positive difference in the RSI also points to a possible upturn.
Contrary to this assumption, if the price drops from the 20-day EMA, the bears will again try to sink the pair below $ 6.36 and continue to fall. Next upside support is $ 4.23.
LEO / USD
UNUS SED LEO (LEO) dipped below the guideline on the declining channel on June 18, but the long tail of the candlestick of the day indicates aggressive purchases at lower levels.
The bulls maintained their momentum and pushed the price above the moving averages on 20 June. If the LEO / USD pair maintains a moving average, the next stop could be the channel’s resistance line. Buyers must push the price above this level to indicate the start of a new update.
Contrary to this assumption, if the price drops from the resistance line, it will indicate that the bears are defending the step aggressively. It could keep the couple trapped inside the circuit for a few more days.
AVAX / USDT
Avalanche (AVAX) dropped below $ 14.50 on June 18, but the Bears could not sustain lower levels. The bulls are trying to bounce back on June 20, which could reach a 20-day EMA ($ 20).
If the price drops from the 20-day EMA, it will indicate that the bears continue to control and they are selling on rallies. The Bears will then make one more attempt to lower the price below $ 13.71 and continue to decline. Next upside support is $ 13.
On the other hand, if a bull puts the price above 20 days EMA, it will indicate that the bears may be losing control. The AVAX / USDT pair could then try to save for 50 days SMA ($ 30) where bears could be a challenge again.
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