BTC, ETH, BNB, XRP, ADA, SOL, DOGE, DOT, LEO, SHIB

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BTC, ETH, BNB, XRP, ADA, SOL, DOGE, DOT, LEO, SHIB
Blockonomics


Bitcoin fell 56.2% in the second quarter of 2022, according to data from crypto analytics platform Coinglass. This made it Bitcoin’s worst quarter since the third quarter of 2011, when BTC prices fell 67%. Most of the losses occurred in June, when bitcoin plunged 37%, its worst monthly drop since September 2011.

It’s not all gloom and doom for cryptocurrency investors. On June 29, JPMorgan strategist Nikolaos Panigirtzoglou said that the “net leverage ratio indicator” suggests that the deleveraging of cryptocurrencies may have come to an end. The eagerness of crypto firms with stronger balance sheets to bail out troubled crypto firms is also a positive sign.

Daily cryptocurrency market performance. Source: Coin360

Another positive view on Bitcoin from Deutsche Bank analysts. In a recent report, strategists said the S&P 500 could regain lost ground and bounce back to January levels. This could benefit Bitcoin as it is closely correlated with the S&P 500.

Can the downtrend resume or will lower levels attract buyers? Let’s study the chart of the top 10 cryptocurrencies to find out.

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Bitcoin/USDT

Bitcoin fell below immediate support at $19,637 on June 30, but the long tail on the candlestick indicated strong buying at lower levels. The bulls attempted to capitalize on the momentum from July 1 to push the price towards the overhead resistance at $22,000, but the long wick on the candlestick indicates that the bears are active at higher levels.

BTC/USDT daily chart. Source: TradingView

If the price sustains below $19,637, the odds of a retest of the key support at $17,622 will increase. The downward sloping moving averages and the Relative Strength Index in the oversold zone suggest that the bears are in control.

A break and close below $17,622 could signal a resumption of the downtrend. The next level of support lies at $15,000.

This negative view could be invalidated in the short-term if the price rises above the 20-day exponential moving average (EMA) ($21,907). Such a move could clear the way for a possible rally to the 50-day simple moving average (SMA) ($26,361).

ETH/USDT

Ethereum (ETH) fell below immediate support at $1,050 on June 30, but the bulls bought the dip. Buyers attempted to extend the recovery on July 1, but the long wick on the candlestick suggested that the bears were selling on a small rally.

ETH/USDT daily chart. Source: TradingView

The bears will try to drag the price below the psychological level of $1,000. If they are successful, the selling momentum could intensify and the ETH/USDT pair could drop to the important support at $881. If this level gives way, the pair may resume its downtrend. The next level of support lies at $681.

Contrary to this assumption, if the price bounces off current levels or $1,000, the bulls will try to push the pair above the 20-day EMA. If they are able to succeed, it would suggest that the bears may be spinning out of control. Bullish momentum could pick up on a break above $1,280.

BNB/USDT

BNB dipped below strong support at $211 on June 30, but from the long tail of the day’s candlestick, lower levels attracted strong buying.

BNB/USDT daily chart. Source: TradingView

Buyers attempted to extend the recovery on July 1, but the long wick on the candlestick suggests that the bears are aggressively defending the 20-day EMA ($234). The downward sloping 20-day EMA and the RSI in the negative territory suggest favor for the sellers.

If the price sustains below $211, BNB/USDT could retest the key support at $183. If this support breaks, the downtrend may resume. The next level of support lies at $150.

This negative view could be invalidated in the short term if the price rises and breaks above the 20-day EMA. This could clear the way for a possible rally to the 50-day SMA ($271).

Ripple/USDT

Ripple (XRP) attempted to bounce back on June 30, but the bulls were unable to push the price above the overhead resistance at $0.35. This shows that bears are unwilling to give up their edge.

XRP/USDT daily chart. Source: TradingView

The XRP/USDT pair is likely to fall to a strong support at $0.28, where the bulls are likely to mount a strong defense. If the price bounces off $0.28, it will indicate that the bulls are continuing to buy at lower levels. Then, the bulls will make another attempt to push the price above the 50-day SMA ($0.37).

Conversely, if the bears sink the price below $0.28, the next decline could begin. The pair could then drop to $0.23.

ADA/USDT

Cardano (ADA) bounced off $0.44 on June 30, but the bulls were unable to clear the 20-day EMA ($0.49) on July 1. This shows that the bears continue to defend the moving averages vigorously.

ADA/USDT daily chart. Source: TradingView

The downward sloping 20-day EMA and RSI in negative territory suggest that the path of least resistance is to the downside. If the price breaks below $0.44, the ADA/USDT pair could drop to the key support level of $0.40.

The bulls are expected to do their best to defend this level as the pair could resume its downtrend if the support breaks. The next level of support lies at $0.33.

Alternatively, if the price bounces off $0.44 or $0.40, buyers will make another attempt to clear the overhead resistance of the moving averages. If they are successful, the pair may start a rally towards $0.70.

Sol/USDT

Solana (SOL) fell below immediate support at $33 on June 30, but the long tail on the candlestick shows strong buying at lower levels. Buyers attempted to push the price above the 20-day EMA ($36) on July 1, but the bears did not let up.

SOL/USDT daily chart. Source: TradingView

Sellers will try to gain the upper hand by pulling the price below $30. If they manage to do so, the SOL/USDT pair could fall to $27 and then to the key support at $25.86. A break and close below this level could signal a resumption of the downtrend.

Another possibility is that the price bounces off $30. This would indicate accumulation at lower levels. The bulls will then attempt to clear the overhead hurdle of the moving averages and push the price above $50.

Dogecoin/USDT

Dogecoin (DOGE) is witnessing an uphill battle between bulls and bears near the 20-day EMA ($0.07). The RSI is just below the midpoint and the 20-day EMA has flattened out, suggesting little advantage for sellers.

DOGE/USDT daily chart. Source: TradingView

If the price falls below $0.06, it will indicate that the bears are back in the driver’s seat. Sellers will then attempt to sink the DOGE/USDT pair below the important support level of $0.05 and resume the downtrend. The next level of support lies at $0.04.

Conversely, if the price rises from current levels, buyers will make another attempt to clear the hurdle above the 50-day SMA ($0.08). If they are successful, it will show that the bears may be spinning out of control. The pair could then rally towards strong overhead resistance at $0.10.

Related: What Bear Market? The coin is quietly hitting new highs, up 300% against Bitcoin in 2022

Points/USDT

Polkadot (DOT) broke and closed below strong support at $7.30 on June 29. Buyers attempted to push prices back above June 30 levels, but failed. This shows that the bears are selling on every small rally.

DOT/USDT daily chart. Source: TradingView

The 20-day EMA ($7.74) has started to decline and the RSI is in negative territory, suggesting that bears are in control. If the price breaks below $6.36, the DOT/USDT pair could start the next downtrend. The next level of support lies at $5.00.

Contrary to this assumption, if the price bounces off the current levels, the bulls will make another attempt to clear the overhead resistance of the 20-day EMA. If successful, the pair could rally to the 50-day SMA ($8.89).

LEO/USD

UNUS SED LEO (LEO) rejected on June 30, but the bulls did not allow the price to slide back into the descending channel. This shows that buyers are trying to turn the resistance line into support.

LEO/USD daily chart. Source: TradingView

A breakout from the channel indicates the start of a new uptrend. Buyers pushed the price to $6.50 on July 1, but the long wick on the candlestick suggests that the bears are selling on rallies. If the bulls sustain the price above $6.00, the LEO/USD pair could rise to $6.50 again. If this level is cleared, the rally could extend to the pattern target of $6.90.

To invalidate this bullish view, the bears must sink the price below the 20-day EMA ($5.63). If this happens, the pair could drop to the 50-day SMA ($5.27).

SHIB/USDT

Shiba Inu (SHIB) closed below $0.000010 on June 28, but the bears are likely to maintain lower levels.Bulls are buying the dip but are struggling to push the price above the 50-day SMA ($0.000010)

SHIB/USDT daily chart. Source: TradingView

Both moving averages are flattening out and the RSI is just below the midpoint. This indicates a state of equilibrium between buyers and sellers. If the price breaks below $0.000009, it will indicate that the bears have the advantage. Then, the SHIB/USDT pair could drop to the key support level of $0.000007.

Alternatively, if the bulls push the price above the 50-day SMA, the pair could rise to $0.000012. This level could act as resistance again, but if broken, the rally could reach $0.000014.

The views and opinions expressed here are those of the author and do not necessarily reflect the views of Cointelegraph. Every investment and trading action involves risk. You should do your own research when making a decision.

Market data is provided by the HitBTC exchange.

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