Some gains made by the US equities markets last week have been reversed. This has pushed Bitcoin back to $20,000. This indicates that investors are hesitant to purchase risky assets at higher prices.
During a conversation with the Bankless Podcast hosts on June 23, Mark Cuban stated that the crypto bear markets could end when the price drops so low that investors buy or an app with utility launches that attracts users.
Everyday cryptocurrency market performance. Source: Coin360
Many analysts believe that Bitcoin will continue to fall and eventually reach a bottom between $10,000 and $12,000. John Bollinger, creator of Bollinger Bands, stated that Bitcoin’s monthly charts indicate that Bitcoin has “a logical place for it to drop.”
Could bears continue to sell cryptocurrency prices and keep them lower? Let’s look at the charts for the top 10 cryptocurrencies to see if they can.
Bitcoin has fallen from $22,000 June 26 to $19,637 now. This indicates that the bears are still in control and every rally is being bought into.
Daily chart of BTC/USDT Source: TradingView
The BTC/USDT pair may drop to $17,622 if the price falls below $19,637. This is a crucial level to monitor as a break or close below it could trigger the next downtrend. The pair could fall to $15,000.
However, a rebound of $19,637 will indicate a higher level of demand. The buyers will attempt to push the price higher than the 20-day exponentially moving average ($22.393). The pair could rally to $26,735, if they succeed.
The Ether (ETH), which was down from the 20-day EMA ($1,268) June 26, suggests that sentiment is still negative and traders are selling rallies.
Daily chart of ETH/USDT Source: TradingView
The bears have control of the market thanks to the downward-sloping moving averages, and the RSI in negative territory. The sellers will try to lower the price below $1,050 as their immediate support. The ETH/USDT pair may plunge to $881 intraday if they succeed.
Breaking below this support could indicate the resumption or continuation of the downtrend. The $681 support is the next support.
Contrary to popular belief, a rebound from $1,050 will indicate a demand at lower levels. Buyers will attempt to push the price higher than the 20-day EMA, and then begin the journey towards $1,500 and eventually $1,700.
Binance Coin (BNB), which was traded at $211, did not rise above the 20-day EMA ($238) in the period June 24 through June 28. Profit-booking has led to the price reaching $211, which is strong support.
Daily chart BNB/USDT TradingView
The 20-day EMA is showing signs of slowing down and the RSI has slipped into negative territory. This indicates that bears hold the upper hand. The BNB/USDT exchange rate could fall to $183 if the price falls below $211. The pair could revert to its downtrend and plunge towards $150 if this support is broken.
If the price bounces off $211, it will indicate that bulls are trying to make a lower low. A strong bounce could raise the chances of a break above $250. The pair could rally to the SMA for 50 days ($273).
Ripple (XRP), which fell below the breakout level at $0.35 on June 28, suggests that bears are continuing to sell aggressively higher levels.
Daily chart of XRP/USDT Source: TradingView
The 20-day EMA ($0.35) remains flattish, but the RSI is below 40. This suggests that bears may have a slight advantage. The sellers will try to push the price below $0.28. This level is important to watch because it could give way and the XRP/USDT pairs could begin the next leg downtrend.
Contrarily, if the price rises from $0.28 it will indicate that bulls are buying lower levels. This could mean that the price of the pair will remain between $0.28 to the 50-day SMA ($0.38) in a few days.
In the last few days, the bulls tried to push Cardano (ADA), above the 20-day EMA ($0.50). This indicates that the bears are aggressively defending the level.
Daily chart ADA/USDT Source: TradingView
The strong support zone of $0.44 to $0.40 could be a weakening point for the price. This will indicate that bulls are buying dips if the price bounces off of this support zone with strength. Buyers will attempt to push the price higher than the moving averages. The ADA/USDT pair may be able to make a move towards $0.70 if they succeed.
If bears lower the pair below the support area, this positive view may be invalidated in the short-term. The pair could signal the resumption or continuation of the downtrend if that happens. Support is located at $0.33.
Solana’s tight trading range (SOL), was resolved by a break below its 20-day EMA ($37). The bears want to push the price below $33 as their immediate support.
Daily chart of SOL/USDT Source: TradingView
If they succeed, the SOL/USDT pairing could fall to $27 before retesting the intraday low of $25.86 on June 14.
Contrary to the assumption, if the price bounces off $33, it will indicate that the bulls are trying to make a lower low. The overhead hurdle of $43 will be cleared by the buyers. The pair could indicate a possible change in trend if it crosses the $43 overhead hurdle. The pair could then rise to $60, where bears might again mount a strong defense.
Dogecoin (DOGE), which was below the 50-day SMA ($0.08) June 27, and below the 20 day EMA ($0.07) June 28, declined. This shows that bears are not giving up on their rallies and continue to sell.
Daily chart of DOGE/USDT Source: TradingView
The bears will attempt to bring the price down to $0.06. The bears will try to lower the price to $0.06. If that fails, then the next stop is a retest at $0.05.
If the price rises above $0.06, the support level, and then goes back above the 20 day EMA, it could indicate that bulls are trying to make a lower low. A break above $0.08 could lead to bullish momentum. The DOGE/USDT currency pair could attempt to rally to $0.10.
Similar: Double bubble? In just one week, Terra’s now defunct “unstablecoin” suddenly climbed 800%
Failures repeatedly to push the price higher than the 20-day EMA ($7.93), may have tempted traders to book profits at Polkadot. On June 28, the price fell to $7.30 from the 20-day EMA.
Daily chart of DOT/USDT Source: TradingView
Near the $7.30 mark, both the bears and bulls are fighting for supremacy. The DOT/USDT pair could fall to $6.36 if the bears win. This level is expected to be defended by the bulls as a signal of the resumption or downtrend.
If the price recovers from its current level, buyers will attempt to close above the 20 day EMA. The pair could reach the 50-day SMA ($8.97) if they succeed.
Shiba Inu’s (SHIB), fell below the 50-day SMA ($0.000011) June 28, indicating that bears are active at higher levels. The bears were unable to capitalize on this advantage, even though the price fell below $0.000010.
Daily chart of SHIB/USDT TradingView
This means that selling tends to dry up at lower levels. The bulls will attempt to push the price higher than the 50-day SMA, and test resistance at $0.000012. If the price breaks and closes above this level, it could lead to a rally to $0.000014.
The 20-day EMA ($0.000010) is flattened and the RSI just below the middlepoint. This indicates a balance between supply/demand. The sellers could gain a slight advantage if the price falls below $0.000009. The price of the pair could drop to $0.000007.
UNUS SED LEO, (LEO), broke above the resistance line in the descending channel on June 25, but the bulls couldn’t push the price higher than $6. This may have attracted short-term traders to profit-book, which pulled the price back inside the channel on June 27.
Daily chart LEO/USD TradingView
The 20-day EMA ($5.57) has been trending upward and the RSI is in positive territory, suggesting that bulls are on top. Buyers are trying to overcome the $6 overhead hurdle. The LEO/USD pair may rally to $6.50 if they succeed and then reach the pattern target of $6.90.
Contrary to the assumption, if prices fall below $6 again, it will indicate that bears are vigorously defending this level. The sellers will attempt to lower the price below the 20 day EMA and challenge 50-day SMA ($5.24).
Risk is inherent in every investment or trading move. Before making any investment or trading move, you should do your research.
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Eileen Wilson –Technology and Energy
My Name is Eileen Wilson with more than 5 years of experience in the Stock market industry, I am energetic about Technology news, started my career as an author then, later climbing my way up towards success into senior positions. I can consider myself as the backbone behind the success and growth of topmagazinewire.com with a dream to expand the reach out of the industry on a global scale. I am also a contributor and an editor of the Technology and Energy category. I experienced a critical analysis of companies and extracted the most noteworthy information for our vibrant investor network.