In keeping with crypto analytics platform Coinglass, Bitcoin fell 56.2% within the second quarter of 2022. This makes it the worst quarter for Bitcoin because the third quarter of 2011, when the BTC value fell by 67%. A lot of the harm was executed in June, when Bitcoin plunged 37%, its worst month-to-month decline since September 2011.

It is not all darkness and doom for crypto traders. On June 29, JPMorgan strategist Nikolaos Panigirtzoglou stated that the “web leverage metric” means that crypto’s deleveraging could also be on its final legs. The eagerness of crypto firms with stronger steadiness sheets to bail out struggling crypto firms can also be a optimistic signal.

Every day efficiency of the cryptocurrency market. Supply: Coin360

One other optimistic opinion on Bitcoin got here from analysts at Deutsche Financial institution. In a latest report, strategists stated the S&P 500 may regain misplaced floor and rally to January ranges. This might profit Bitcoin given its shut correlation with the S&P 500.

Might the downtrend proceed or will decrease ranges appeal to consumers? Let’s examine the charts of the highest 10 cryptocurrencies to search out out.

BTC/USDT

Bitcoin tumbled under the rapid help at $19,637 on June 30, however the lengthy tail on the candlestick suggests robust shopping for at decrease ranges. The bulls tried to construct on the July 1st momentum and push the worth in the direction of the overhead resistance at $22,000, however the lengthy wick on the candlestick exhibits that bears are energetic at higher ranges.

BTC/USDT each day chart. Supply: TradingView

If the worth stays under $19,637, the probabilities of a retest of the important help at $17,622 enhance. The downward sloping transferring averages and relative energy index within the oversold territory point out that the bears are in management.

A break and shut under $17,622 may sign the resumption of the downtrend. The subsequent help is at $15,000.

This adverse view might be invalidated within the short-term if the worth surges above the 20-day exponential transferring common (EMA) ($21,907). Such a transfer may pave the best way for a doable rally to the 50-day easy transferring common (SMA) ($26,361).

ETH/USDT

Ether (ETH) fell under the rapid help of $1,050 on Jun 30, however the bulls purchased the decline. Consumers tried to increase the rally on July 1, however the lengthy wick on the candlestick exhibits bears are promoting on smaller rallies.

ETH/USDT each day chart. Supply: TradingView

The bears will try and sink the worth under the psychological $1,000 level. If profitable, the promoting may acquire momentum and the ETH/USDT pair may drop to the important thing help at $881. If this level offers manner, the pair may resume the downtrend. The subsequent help is at $681.

Opposite to this assumption, if the worth bounces off the present level or $1,000, the bulls will try and push the pair above the 20-day EMA. If they will pull it off, it suggests the bears could also be dropping their footing. Bullish momentum may enhance on a break above $1,280.

BNB/USDT

BNB fell under the robust help at $211 on June 30, however the decrease ranges attracted heavy shopping for as indicated by the lengthy tail on the each day candle.

BNB/USDT each day chart. Supply: TradingView

Consumers tried to increase the restoration on July 1, however the lengthy wick on the candlestick exhibits the bears are aggressively defending the 20-day EMA ($234). The falling 20-day EMA and the RSI in adverse territory point out an upside for sellers.

If the worth stays under $211, the BNB/USDT pair may retest the essential $183 help. If this help breaks, the downtrend may resume. The closest help is at $150.

This adverse view is perhaps invalidated within the short-term if the worth turns higher and breaks above the 20-day EMA. That would pave the best way for a possible rally to the 50-day SMA ($271).

XRP/USDT

Ripple (XRP) tried a rally on June 30, however the bulls did not push the worth above the overhead resistance at $0.35. This means that bears aren’t prepared to surrender their benefit.

XRP/USDT each day chart. Supply: TradingView

The XRP/USDT pair may drop to the robust help at $0.28 the place the bulls are prone to mount a robust protection. If the worth recovers from $0.28, it’s going to recommend the bulls will proceed shopping for at decrease ranges. The bulls will then make one other try and push the worth above the 50-day SMA ($0.37).

Then again, if the bears sink the worth under $0.28, the following part of the downtrend may start. The pair may then drop to $0.23.

ADA/USDT

Cardano (ADA) rallied from $0.44 on June 30, however the bulls did not clear the 20-day EMA ($0.49) on July 1. This means that the bears proceed to vigorously defend the transferring averages.

ADA/USDT each day chart. Supply: TradingView

The falling 20-day EMA and the RSI within the adverse territory point out that the trail of least resistance is down. If the worth drops under $0.44, the ADA/USDT pair may drop to the important $0.40 help.

The bulls are anticipated to vigorously defend this level as if the help breaks, the pair may resume its downtrend. The subsequent help is at $0.33.

Alternatively, if the worth recovers above $0.44 or $0.40, the consumers will as soon as once more try and clear the overhead resistance on the transferring averages. If profitable, the pair may begin a restoration rally in the direction of $0.70.

SOL/USDT

Solana (SOL) fell under the rapid help at $33 on June 30, however the lengthy tail on the candlestick exhibits robust shopping for at decrease ranges. Consumers tried to sink the worth above the 20-day EMA ($36) on July 1 however the bears didn’t give manner.

SOL/USDT each day chart. Supply: TradingView

The sellers will attempt to acquire the higher hand by pushing the worth under $30. In the event that they succeed, the SOL/USDT pair may drop to $27 and later to the important thing help at $25.86. A break and shut under this level may sign the resumption of the downtrend.

One other risk is that the worth will bounce off $30. This factors to accumulation at decrease ranges. The bulls will then try and clear the overhead hurdle on the transferring averages and sink the worth to $50.

DOGE/USDT

Dogecoin (DOGE) is witnessing an uphill battle between the bulls and the bears close to the 20-day EMA ($0.07). The RSI is just under the midpoint and the 20-day EMA has flattened out, indicating a slight benefit for sellers.

DOGE/USDT each day chart. Supply: TradingView

If the worth falls under $0.06, it’s going to point out that the bears are again within the driver’s seat. The sellers will then try and sink the DOGE/USDT pair under the important thing help at $0.05 and resume the downtrend. The subsequent help is at $0.04.

Quite the opposite, if the worth will increase from the present level, consumers will attempt once more to clear the overhead hurdle on the 50-day SMA ($0.08). In the event that they succeed, it suggests the bears could lose their footing. The pair may then rally to the robust overhead resistance at $0.10.

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DOT/USDT

Polkadot (DOT) broke by and closed under the robust help at $7.30 on June twenty ninth. The consumers tried to push the worth again above the June thirtieth level however failed. This means that bears sell on each small rally.

DOT/USDT each day chart. Supply: TradingView

The 20-day EMA ($7.74) has began turning down and the RSI is floating in adverse territory, suggesting that the bears are in cost. If the worth drops under $6.36, the DOT/USDT pair may begin the following leg of the downtrend. The subsequent help is at $5.00.

Opposite to this assumption, if the worth recovers from present ranges, the bulls will make one other try and clear the overhead resistance on the 20-day EMA. If profitable, 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 permit the worth to dip again into the descending trading vary. This means consumers try to flip the resistance line into help.

LEO/USD each day chart. Supply: TradingView

The breakout of the channel signifies the start of a brand new upward motion. Consumers pushed the worth right down to $6.50 on July 1, however the lengthy wick on the candlestick exhibits bears are promoting on rallies. If the bulls maintain the worth above $6.00, the LEO/USD pair may revisit $6.50. If this level breaks, the rally may lengthen to the $6.90 sample goal.

To invalidate this bullish view, the bears must sink the worth under the 20-day EMA ($5.63). In that case, the pair may drop to the 50-day SMA ($5.27).

SHIB/USDT

Shiba Inu (SHIB) closed under $0.000010 on June 28, however the bears have been capable of maintain the decrease ranges. The bulls purchased the dip however are struggling to push the worth above the 50-day SMA ($0.000010).

SHIB/USDT each day chart. Supply: TradingView

Each the transferring averages are flat and the RSI is just under the center. This means a state of equilibrium between consumers and sellers. If the worth falls under $0.000009, it’s going to point out a bonus for bears. The SHIB/USDT pair may then drop to the essential help of $0.000007.

Alternatively, if bulls push the worth above the 50-day SMA, the pair may rally to $0.000012. This level could act as resistance once more, but when breached, the rally can attain $0.000014.

The views and opinions expressed herein are solely these of the writer and don’t essentially mirror the views of Cointelegraph. Each funding and trading motion includes danger. You must do your individual analysis when making a call.

Market knowledge is offered by the HitBTC alternate.