Bitcoin dropped 56.2% within the second quarter of 2022, in line with crypto analytics platform Coinglass. That makes it Bitcoinâs worst quarter because the third quarter of 2011 when BTC worth fell by 67%. A big a part of the harm was executed within the month of June when Bitcoin plunged 37%, the worst month-to-month drawdown since September 2011.
It isn’t all gloom and doom for crypto traders. On June 29, JPMorgan strategist Nikolaos Panigirtzoglou stated that the âNet Leverage metricâ means that cryptoâs deleveraging could also be on its final legs. The eagerness of crypto corporations with stronger steadiness sheets to bail out crypto corporations in misery can also be a constructive signal.
Another constructive view on Bitcoin got here from Deutsche Bank analysts. In a latest report, the strategists stated that the S&P 500 may get well misplaced floor and rally to the degrees seen in January. This may gain advantage Bitcoin on account of its shut correlation with the S&P 500.
Could the downtrend resume or will decrease ranges appeal to consumers? Letâs examine the charts of the top-10 cryptocurrencies to search out out.
BTC/USDT
Bitcoin plummeted beneath the rapid assist at $19,637 on June 30 however the lengthy tail on the candlestick signifies robust shopping for at decrease ranges. The bulls tried to construct upon the momentum on July 1 and push the worth towards the overhead resistance at $22,000 however the lengthy wick on the candlestick exhibits that bears are lively at increased ranges.
If the worth sustains beneath $19,637, the chance of a retest of the important assist at $17,622 will increase. The downsloping shifting averages and the relative energy index within the oversold zone point out that bears are in management.
A break and shut beneath $17,622 may sign the resumption of the downtrend. The subsequent assist is at $15,000.
This unfavourable view may invalidate within the quick time period if the worth rises above the 20-day exponential shifting common (EMA) ($21,907). Such a transfer may clear the trail for a potential rally to the 50-day easy shifting common (SMA) ($26,361).
ETH/USDT
Ether (ETH) dipped beneath the rapid assist of $1,050 on June 30 however the bulls bought the dip. The consumers tried to increase the restoration on July 1 however the lengthy wick on the candlestick exhibits that bears are promoting on minor rallies.
The bears will attempt to pull the worth beneath the psychological degree of $1,000. If they succeed, the promoting may choose up momentum and the ETH/USDT pair may drop to the essential assist at $881. If this degree provides approach, the pair may resume the downtrend. The subsequent assist is at $681.
Contrary to this assumption, if the worth rebounds off the present degree or $1,000, the bulls will try to push the pair above the 20-day EMA. If they’ll pull it off, it can recommend that bears could also be dropping their grip. The bullish momentum may choose up on a break above $1,280.
BNB/USDT
BNBÂ dipped beneath the robust assist at $211 on June 30 however the decrease ranges attracted robust shopping for as seen from the lengthy tail on the dayâs candlestick.
The consumers tried to increase the restoration on July 1 however the lengthy wick on the candlestick exhibits that bears are defending the 20-day EMA ($234) aggressively. The downsloping 20-day EMA and the RSI within the unfavourable territory point out benefit to sellers.
If the worth sustains beneath $211, the BNB/USDT pair may retest the essential assist at $183. If this assist cracks, the downtrend may resume. The subsequent assist is at $150.
This unfavourable view may invalidate within the quick time period if the worth turns up and breaks above the 20-day EMA. That may clear the trail for a potential rally to the 50-day SMA ($271).
XRP/USDT
Ripple (XRP) tried a restoration on June 30 however the bulls couldn’t push the worth above the overhead resistance at $0.35. This means that bears are usually not prepared to let go of their benefit.
The XRP/USDT pair may drop to the robust assist at $0.28 the place the bulls are prone to mount a powerful protection. If the worth rebounds off $0.28, it can recommend that bulls proceed to purchase at decrease ranges. The bulls will then make yet one more try to push the worth above the 50-day SMA ($0.37).
Conversely, if bears sink the worth beneath $0.28, the following leg of the downtrend may start. The pair may then decline to $0.23.
ADA/USDT
Cardano (ADA) bounced off $0.44 on June 30 however the bulls couldn’t clear the 20-day EMA ($0.49) on July 1. This means that bears proceed to defend the shifting averages with vigor.
The downsloping 20-day EMA and the RSI within the unfavourable zone point out that the trail of least resistance is to the draw back. If the worth slips beneath $0.44, the ADA/USDT pair may drop to the important assist of $0.40.
The bulls are anticipated to defend this degree with all their may as a result of if the assist cracks, the pair may resume its downtrend. The subsequent assist is at $0.33.
Alternatively, if the worth rebounds off $0.44 or $0.40, the consumers will once more attempt to clear the overhead resistance on the shifting averages. If they succeed, the pair may begin a reduction rally towards $0.70.
SOL/USDT
Solana (SOL) dipped beneath the rapid assist at $33 on June 30 however the lengthy tail on the candlestick exhibits robust shopping for at decrease ranges. The consumers tried to push the worth above the 20-day EMA ($36) on July 1 however the bears didn’t relent.
The sellers will attempt to achieve the higher hand by pulling the worth beneath $30. If they handle to do this, the SOL/USDT pair may drop to $27 and later to the essential assist at $25.86. A break and shut beneath this degree may sign the resumption of the downtrend.
Another chance is that the worth rebounds off $30. That will point out accumulation at decrease ranges. The bulls will then attempt to clear the overhead hurdle on the shifting averages and push the worth to $50.
DOGE/USDT
Dogecoin (DOGE) is witnessing a tricky battle between the bulls and the bears close to the 20-day EMA ($0.07). The RSI is slightly below the midpoint and the 20-day EMA has flattened out, indicating a minor benefit to sellers.
If the worth slips beneath $0.06, it can recommend that bears are again within the driverâs seat. The sellers will then try to sink the DOGE/USDT pair beneath the essential assist at $0.05 and resume the downtrend. The subsequent assist is at $0.04.
On the opposite, if the worth rises from the present degree, the consumers will once more try to clear the overhead hurdle on the 50-day SMA ($0.08). If they succeed, it can recommend that the bears could also be dropping their grip. The pair may then rally to the robust overhead resistance at $0.10.
Related: What bear market? This token is quietly making new highs, up 300% towards Bitcoin in 2022
DOT/USDT
Polkadot (DOT) broke and closed beneath the robust assist at $7.30 on June 29. The consumers tried to push the worth again above the extent on June 30 however failed. This means that bears are promoting on each minor rally.
The 20-day EMA ($7.74) has began to show down and the RSI is within the unfavourable territory, indicating that bears are in command. If the worth breaks beneath $6.36, the DOT/USDT pair may begin the following leg of the downtrend. The subsequent assist is at $5.00.
Contrary to this assumption, if the worth rebounds off the present degree, the bulls will once more try to clear the overhead resistance on the 20-day EMA. If they succeed, the pair may rally to the 50-day SMA ($8.89).
LEO/USD
UNUS SED LEO (LEO) turned down on June 30 however the bulls didn’t enable the worth to slide again into the descending channel. This signifies that consumers try to flip the resistance line into assist.
The breakout from the channel signifies the beginning of a brand new up-move. The consumers pushed the worth to $6.50 on July 1 however the lengthy wick on the candlestick exhibits that bears are promoting on rallies. If bulls maintain the worth above $6.00, the LEO/USD pair might once more rise to $6.50. If this degree is cleared, the rally may prolong to the sample goal of $6.90.
To invalidate this bullish view, the bears must pull the worth beneath the 20-day EMA ($5.63). If that occurs, the pair might drop to the 50-day SMA ($5.27).
SHIB/USDT
Shiba Inu (SHIB) closed beneath $0.000010 on June 28 however the bears may maintain the decrease ranges. The bulls purchased the dip however are struggling to push the worth above the 50-day SMA ($0.000010)
Both shifting averages have flattened out and the RSI is slightly below the midpoint. This suggests a standing of equilibrium between the consumers and sellers. If the worth breaks beneath $0.000009, it can recommend a bonus to bears. The SHIB/USDT pair may then decline to the essential assist of $0.000007.
Alternatively, if bulls drive the worth above the 50-day SMA, the pair may rise to $0.000012. This degree might once more act as a resistance but when crossed, the rally might attain $0.000014.
The views and opinions expressed listed here are solely these of the writer and don’t essentially mirror the views of Cointelegraph. Every funding and buying and selling transfer entails danger. You ought to conduct your personal analysis when making a call.
Market knowledge is offered by HitBTC change.
