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

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BTC, ETH, BNB, XRP, ADA, SOL, DOGE, DOT, SHIB, AVAX
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The current bear market in Bitcoin (BTC) is one of the worst, according to a report by on-chain analytics firm Glassnode. This is the first time in history that the Mayer Multiple has broken below the low of the previous cycle. Bitcoin’s dip below $20,000 on June 18 also marked investors’ biggest one-day loss of $4.23 billion. Taking into account the above factors and a few other events, Glassnode believes that Bitcoin’s capitulation may have already begun.

Bitcoin whales appear to have started buying, a sign that a bottom may be near, and on June 25, analytics resource “Trading Game” highlighted a sharp spike in demand from whales holding 1,000 to 10,000 BTC.

Daily cryptocurrency market performance. Source: Coin360

Another sign that traders are buying came from Glassnode’s comment that on June 26, the 30-day average change in exchange supply plunged by 153,849 BTC, the largest in history.

Can the bulls continue to buy the dips and form higher lows? Let’s study the chart of the top 10 cryptocurrencies to find out.

Betfury

Bitcoin/USDT

Bitcoin pulled back from $22,000 on June 26, signaling that market sentiment remained negative, with traders selling in a small rally. The bears will try to pull the price towards the psychological $20,000 level.

BTC/USDT daily chart. Source: TradingView

If the price bounces off $20,000, it will indicate that the bulls are accumulating on dips. This could keep the pair between $20,000 and $22,000 for a few days.

The first sign of strength will be a breakout and close above the 20-day exponential moving average (EMA) ($22,890). This could open the door for a possible rally to the 50% Fibonacci retracement level at $24,693.

This level could act as resistance again, but if the bulls overcome the hurdle, the BTC/USDT pair could rally towards the 50-day simple moving average (SMA) ($27,150). The bulls will have to push the price above this level to signal that the pair may have bottomed.

ETH/USDT

Ether (ETH) reached the 20-day EMA ($1,300) on June 26, but the bulls were unable to push the price above resistance. This shows that bears are not willing to give up their advantages easily.

ETH/USDT daily chart. Source: TradingView

If the price turns down from current levels, the bears will try to pull the ETH/USDT pair towards $1,050. This is an important level to watch, as a break below it could indicate that bears are in control.

Conversely, if the price rises from current levels or from $1,050, the bulls will try to push the pair above the 20-day EMA. If they manage to do so, the pair could rally towards the $1,700 breakdown level. A breakout and close above this resistance could signal the start of a new uptrend.

BNB/USDT

Since June 24, BNB has been holding on to the 20-day EMA ($241). This shows that the bears are defending the level, but the bulls have not given up as they expect a move higher.

BNB/USDT daily chart. Source: TradingView

If buyers push the price above the 20-day EMA, the BNB/USDT pair could rally towards the 50-day EMA ($277). This level could act as a hard barrier again, but if broken, the pair could try to rally towards $350.

Conversely, if the price turns down from current levels, the pair could drop to $211. This is an important level to watch, as a rebound will indicate that the bulls are attempting to form higher lows. But if this level breaks, the pair could retest the important support at $183.

Ripple/USDT

Ripple (XRP) broke out and closed above overhead resistance at $0.35 on June 24, but the bulls were unable to clear the 50-day SMA ($0.38) mark. This shows that the bears are aggressively defending this level.

XRP/USDT daily chart. Source: TradingView

A small positive is that the bulls are not allowing the price to retreat below the 20-day EMA ($0.35). This suggests buying on dips. If the price bounces off the current levels, the bulls will make another attempt to push the price above the 50-day SMA.

If they can succeed, it would suggest that the downtrend may be weakening. The XRP/USDT pair could rise to $0.45.

Another possibility is for the bears to pull the price back below $0.35. If this happens, the pair could fall to $0.32 and then $0.28.

ADA/USDT

Buyers pushed Cardano (ADA) above the 20-day EMA ($0.50) on June 26, but the long wick on the candlestick suggests that bears are aggressively selling at higher levels.

ADA/USDT daily chart. Source: TradingView

A small positive is that the bulls have not given up their positions and are once again trying to clear the hurdle above the moving averages. If they are successful, the ADA/USDT pair could rise to $0.70 and the bears could again mount a strong defense.

If the price declines sharply from this level, it would suggest that the pair may remain range-bound between $0.40 and $0.70 for some time.

This positive view could be negated in the near term if the price turns down from current levels and breaks below $0.44. This could pull the pair to $0.40.

Sol/USDT

Solana (SOL) has been stuck between the moving averages since June 24. This suggests that the bears are selling on a rally to the 50-day SMA ($43) and the bulls are buying on a dip to the 20-day SMA ($38).

SOL/USDT daily chart. Source: TradingView

The moving averages are nearing a bullish crossover and the Relative Strength Index (RSI) is nearing the midpoint, suggesting that the bulls are trying to make a comeback. If buyers push the price above the 50-day SMA, the SOL/USDT pair could rise to $60.

This level could act as a rigid resistance again, but if the bulls clear this hurdle, the momentum could pick up. Conversely, if the price turns down and breaks below the 20-day EMA, it will show that the bears have overwhelmed the bulls. The pair could then drop to $33.

Dogecoin/USDT

Dogecoin (DOGE) broke out and closed above the 20-day EMA ($0.07) on June 25. Buyers extended the recovery and pushed the price above the 50-day SMA ($0.08) on June 26, but the long wick on the candlestick suggests that the bears are vigorously defending this level.

DOGE/USDT daily chart. Source: TradingView

Buyers are again trying to push the price above the 50-day SMA. If they manage to do so, the DOT/USDT pair could rally to $0.09 and then to the psychological level of $0.10. This level could act as resistance again, but if the bulls overcome this hurdle, the momentum could pick up.

Alternatively, if the price fails to sustain above the 50-day SMA, it will indicate that the bears are continuing to sell on rallies. The bears will then try to pull the price back below the 20-day EMA.

Related: Dogecoin Price Could Rise 20% in July With This Bullish Reversal Pattern

Points/USDT

The bears have been aggressively defending the 20-day EMA ($8.11) of Polkadot (DOT) since June 24, but a positive sign is that the bulls have not given up much ground. A tight consolidation near resistance usually resolves upside issues.

DOT/USDT daily chart. Source: TradingView

If buyers push the price above the 20-day EMA, the DOT/USDT pair could rise to the 50-day SMA ($9.13). This level could be a barrier again, but there is a high probability of a break above it. If this happens, the pair could rally to $10.75.

Contrary to this assumption, if the price turns down from the 20-day EMA, it will indicate that bears are active at higher levels. Sellers will then attempt to pull the pair below $7.30 and challenge the key support at $6.36.

SHIB/USDT

Shiba 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 attempted to pull the price back below the 50-day SMA.

SHIB/USDT daily chart. Source: TradingView

The 20-day EMA ($0.000010) has started to gradually increase and the RSI is in the positive territory. This suggests that buyers have a slight advantage. If the price bounces off the current levels or the 20-day EMA, the bulls will make another attempt to resume the advance.

If the price rises above $0.000012, the SHIB/USDT pair could rally towards the overhead resistance at $0.000014. This positive view could be negated in the short-term if the price turns down and breaks below the 20-day EMA.

AVAX/USDT

Avalanche (AVAX) has been in a tight range between the 20-day EMA ($20) and overhead resistance at $21.35 since June 25. This shows indecision between the bulls and the bears.

AVAX/USDT daily chart. Source: TradingView

The 20-day EMA is flattening out and the RSI is just below the midpoint, which suggests a balance between buyers and sellers. If the bulls push the price above $21.35, the AVAX/USDT pair could rally towards the 50-day EMA ($25). This level could be a minor hurdle, but if breached, the pair could rise to $30.

This positive view could be invalidated in the short-term if the price turns down from current levels or the 50-day SMA and falls below the 20-day SMA. This could open the door for a possible drop to $16.

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.

Paxful

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