The US equity markets continued the fall that began on June 13th. The S&P 500 hit a new year-to-date low and plunged into bear market territory, down more than 20% from its January 1 all-time high. four.

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Cryptocurrency markets are tracking the fall in equity markets, and selling pressure has been further intensified by rumors of a liquidity crisis on major lending platform Celsius and traders possibly selling positions to meet margin requirements. This reduced the total capitalization of the crypto market below $1 trillion.

Daily indicators of the cryptocurrency market. Source: Coin360
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The sharp decline has led some analysts to forecast extremely bearish targets. While anything is possible in the markets and it’s hard to call it a bottom, capitulations usually tend to start forming a bottom. Traders can prepare their shopping list and consider phasing after the price stops dropping.

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What are the important levels that can stop bitcoin (BTC) and major altcoins from falling? Let’s examine the charts of the top 10 cryptocurrencies to find out.

Bitcoin/US dollar

On June 11, Bitcoin broke below immediate support at $28,630. This accelerated the selling and the bears drove the price below the critical support at $26,700 on June 12. This indicated a resumption of the downtrend.

BTC/USDT daily chart. Source: Trading View

On June 13, the bears continued the selling pressure, causing the BTC/USDT pair to drop to an intraday low of $22,600. The sharp drop in the past few days has sent the Relative Strength Index (RSI) into oversold territory. This suggests that a rally or consolidation is likely in the next few days.

Any recovery is likely to face selling in the $26,700 to $28,630 zone. If the bears turn this zone into resistance, it will mean that the sentiment remains negative. Traders can then make another attempt to restart the downtrend. A break below $22,600 could take the pair down to the psychological $20,000 level.

The bulls will have to push and hold the price above $28,630 to suggest that the bears may lose their grip.

ETH/USDT

Ether (ETH) fell below the vital $1,700 support on June 10th, indicating that the bears are in control. This signaled the beginning of the next leg of the downtrend.

Daily ETH/USDT chart. Source: Trading View

Selling intensified on June 11 and the bears took the price below the strong support at $1,300. This suggests that traders are gripped by fear and are dumping their positions.

The aggressive selling of the last three days has taken the RSI below 22. Historically, ETH/USDT has started to recover when the RSI falls close to 21. This suggests that the pair may try to rise to the $1,700 breakout level.

Alternatively, if the bears keep selling pressure, the pair could drop to psychological support at $1,000.

BNB/USDT

The inability of the bulls to push Binance Coin (BNB) back into the triangle may have prompted strong selling from the bears on June 11th. Selling picked up momentum and the price dropped near the strong support at $211.

BNB/USDT daily chart. Source: Trading View

If the price rebounds from $211, it would mean accumulation at lower levels. Buyers will then attempt to push the price above the 20-day exponential moving average ($289). If they succeed, it would mean that the BNB/USDT pair could remain in a range between $211 and $350 for several days.

Conversely, if the bears push the price below $211, it signals the start of the next leg of the downtrend. The $200 psychological level may offer minor support, but if the level gives way, the next support could be at $186.

ADA/USDT

Cardano (ADA) broke below the 20-day EMA ($0.56) on June 10 and the bulls’ attempts to push the price back above the June 11 level resulted in strong selling at higher levels.

Daily ADA/USDT chart. Source: Trading View

The bears pulled the price up to a strong support zone between $0.44 and $0.40. This zone is likely to attract strong buying from the bulls as a break below it could signal a resumption of the downtrend. ADA/USDT could then start moving south towards the next major support at $0.30.

Alternatively, if the price rises from the current level, the bulls will try to push the pair above the 50-day SMA ($0.61). If this happens, the pair may consolidate between $0.74 and $0.40 within a few days.

XRP/USDT

Ripple (XRP) broke through to close below support at $0.38 on June 11. This completed the formation of a bearish descending triangle, signaling that the sellers had the upper hand.

Daily XRP/USDT chart. Source: Trading View

The selling picked up momentum and the bears pulled the price below the critical support at $0.33 on June 13. This indicates the beginning of the next stage of the downtrend. Short-term bears may take profits near the $0.30 pattern target.

If they do, the XRP/USDT pair could start a rally that could reach the $0.33 breakout level and then $0.38. Alternatively, if the bears take the price below $0.30, the pair could drop to the next strong support at $0.24.

SOL/USDT

Solana (SOL) has been stuck between the 20-day EMA ($40) and $35 for several days. This uncertainty was resolved to the downside on June 11, when the bears pushed the price below the support.

SOL/USDT daily chart. Source: Trading View

This accelerated the selling and the bears drove the price below the immediate support at $30. The next support on the downside is $22 and then $20.

The sharp selloffs of the past few days have sent the RSI into oversold territory. This suggests that a rally or consolidation is likely in the near future. The bulls will try to push the price above the $35 breakout level and the 20-day EMA. If they succeed, it would mean that the current crash could have been a bear trap.

DOGE/USDT

On June 10, Dogecoin (DOGE) trading in a narrow range expanded to the lower boundary. On June 11, the bears pulled the price below the May 12 intraday low of $0.07, indicating a resumption of the downtrend.

Daily DOGE/USDT chart. Source: Trading View

The selling picked up even more and the bears pulled the DOGE/USDT pair to the psychological support at $0.05. This level may act as short-term support as deep oversold levels on the RSI suggest a possible rally in relief.

On the other hand, the bears will try to stop the recovery at the $0.07 breakout. If the price deviates from this resistance, the bears will try to resume the downtrend and take the pair down to $0.04. The first sign of strength will be a break and close above the 20-day EMA ($0.08).

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POINT/USDT

The inability of the bulls to push Polkadot (DOT) back into the symmetrical triangle prompted aggressive selling from the bears on June 10th. This initiated a downside move that took the price below the critical support at $7.30.

DOT/USDT daily chart. Source: Trading View

The bulls are trying to push the price back above the $7.30 breakout level. If they manage to do so, it would mean that a break below $7.30 could be a bear trap. Then the DOT/USDT pair could rise to the 20-day EMA ($9.17).

Alternatively, if the price fails to rise above $7.30, it would mean that the bears have reversed the resistance level. This could resume the downtrend with the next stop at the $5 psychological level and then at the $4.23 pattern target.

Lev/US dollar

UNUS SED LEO (LEO) has been trading inside a descending channel for the past few weeks. The bears are challenging around $5.60 but are having a hard time getting the price below the 20-day EMA ($5.24).

LEO/USD daily chart. Source: Trading View

If the price bounces from the current level and rises above $5.60, the LEO/USD pair may gradually rise towards the channel resistance line. Bears are likely to aggressively defend this level.

If the price deviates down from the resistance line, the bears will try to push the pair below the 20-day EMA. If this happens, the pair may gradually drop to the support line. Such a movement will indicate that the couple can extend their stay inside the channel for some more time.

The next trend move may start after the bulls push the price above the resistance line or the bears push the pair below the support line.

AVAX/USDT

Avalanche (AVAX) trading in a tight range between the 20-day EMA ($24) and critical support at $21 on June 11 has resolved to the downside. This indicated a resumption of the downtrend.

AVAX/USDT daily chart. Source: Trading View

Selling gained momentum and broke through support at $18 on June 12. There is minor support at $15, but if this level is breached, AVAX/USDT could drop to the next strong support at $13.

While descending moving averages point to sellers in favor, oversold levels on the RSI suggest that selling may have been excessive in the short term. This could see aid rally to the $21 breakout level. The bulls will have to push the price above the 20-day EMA to show that the bears may lose their grip.

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

Market data provided HitBTC exchange.