Exchange Inflows Ramp Up As Crypto Investors Clamor To Exit Market
With the crypto market’s decline, there have been a number of things that have changed drastically in the space. Mostly, investors have been rushing to get out of the market before the crash takes more of their funds. What this has led to has been a significant increase in the number of cryptocurrencies that are flowing to exchanges. Most notably have been Bitcoin and Ethereum, whose daily exchange inflows have touched billions of dollars.
Billions In Crypto To Exchanges
The data for the last 24 hours shows that the amount of funds that are being transferred into centralized exchanges is up over the last week. Instead of the sub-$1 billion figures that have usually been recorded, the volume has ramped up significantly.
Glassnode reports that more than $3 billion in Bitcoin had moved into exchanges over the last 24 hours. In total, there was $3.2 billion worth of BTC recorded to have flowed into exchanges, with $3.3 billion flowing out, leading to a negative net flow of -$103.5 million.
Related Reading | More Than 253,000 Traders Liquidated As Crypto Bloodbath Continues
The same was the case with Ethereum which had also seen $2.1 billion flowing in while $1.5 billion had flowed out. The positive net flow of $532.4 million for Ethereum is in line with the outflow trend that had been recorded for the digital asset over the last couple of months.
Interestingly, although high, the numbers for the last 24 hours are almost 50% below what was recorded on Sunday. This is understandable given that the majority of the market crash had happened in the late hours of Sunday, thus causing investors to want to move their funds.
To put this in perspective, Sunday had seen $6.5 billion worth of bitcoin flow into centralized exchanges, while Ethereum’s numbers had clocked as high as $3.7 billion in the same time period.
🚨 Weekly On-Chain Exchange Flow 🚨#Bitcoin$BTC ➡️ $6.5B in ⬅️ $6.5B out 📉 Net flow: -$9.9M#Ethereum$ETH ➡️ $3.7B in ⬅️ $3.5B out 📈 Net flow: +$181.6M#Tether (ERC20) $USDT ➡️ $3.5B in ⬅️ $3.2B out 📈 Net flow: +$339.4M
Tether is the largest of the stablecoins and possesses the largest range of crypto trading pairs that are present in the market. Its inflow and outflow trend has often helped to know if crypto investors were looking to purchase coins or were in fact dumping their coins.
Related Reading | Bitcoin Drops To 18-Months Lows, Has The Market Seen The Worst Of It?
The Tether inflows and outflows for the last two days show that instead of trying to accumulate, investors are heading for the safety provided by these stablecoins. On Sunday, USDT inflows were slightly above outflows, which does not spell good news for the crypto market. This trend has now continued as the last 24 hours have now seen inflows matching outflows.
What this indicates is that investors are not buying up bitcoin or Ethereum. Rather, they are converting their cryptocurrencies into stablecoins to escape the extreme volatility of the current market.
Featured image from Forbes India, chart from TradingView.com
Crypto exchange Coinbase slashes staff by 18% amid bear market
Coinbase CEO Brian Armstrong officially announced on Tuesday that he made a “difficult decision” to reduce the size of the Coinbase team by about 18% due to a starting economic recession.
“We appear to be entering a recession after a 10+ year economic boom. A recession could lead to another crypto winter, and could last for an extended period,” Armstrong wrote. He added that the trading revenue significantly declined during past crypto winters, noting that Coinbase has survived through four major crypto winters since its foundation in 2012.
Armstrong emphasized that the firm has been growing “too quickly,” with Coinbase’s headcount reaching 1,250 employees as of early 2021. According to the CEO, the team has grown four times in the past 18 months and their employee costs are “too high to effectively manage this uncertain market.”
According to the announcement, all departing employees will receive support in finding a new role, including a minimum of 14 weeks of severance as well as an additional two weeks for every year of employment beyond one year. Additional support includes four months of health insurance in the United States and four months of mental health support globally.
Coinbase’s massive layoff announcement came shortly after Armstrong took to Twitter on Friday to criticize its employees for issuing a public petition to remove some senior Coinbase executives in a vote of no confidence. The petition specifically called for the removal of chief operating officer Emilie Choi, chief product officer Surojit Chatterjee as well as chief people officer LJ Brock.
According to the petition’s authors, Coinbase’s executive team has been making decisions that were “not in the best interests of the company, its employees, and its shareholders.” The petitioners argued that those decisions led to results like the failure of the Coinbase NFT platform, toxic workplace culture and an apathetic attitude exhibited by senior management and others.
Major United States-based cryptocurrency exchange Coinbase is cutting its headcount amid Bitcoin hitting its two-year lows around $21,000.
16/ If you’re unhappy about something, work as part of the team to raise it along with proposed solutions (it’s easy to be a critic, harder to be a part of the solution). If you can’t do that and you’re going to leak/rant externally then quit. Thanks!
— Brian Armstrong – barmstrong.eth (@brian_armstrong) June 10, 2022
Coinbase previously announced in May that it would slow down hiring and reassess its headcount to ensure it continues operating as planned.
In announcing a new massive layoff, Coinbase joins the growing list of firms that had to cut their staff amid the ongoing bear market, including Winklevoss brothers-founded Gemini, crypto-friendly trading platform Robinhood and the BlockFi trading platform, which said it was laying off 20% of its staff on Monday.
Crypto.com CEO Kris Marszalek also took to Twitter on Saturday to announce that the Singapore-based exchange would lay off 260 workers, or 5% of its workforce.
Related: FTX will not freeze hiring amid layoffs at other crypto firms, CEO states
Despite some crypto companies increasingly reducing the size of their teams, others continue hunting for new talent. Binance, one of the world’s largest crypto exchanges, is still hiring, having more than 2,000 roles open for engineers, product, marketing and business developers.
“The crypto space is still in its early stages, and bull markets tend to care more about price while bear markets have more value-conscious teams that continue to build the industry. We see this as a great time to bring on top talent,” Binance CEO Changpeng Zhao said.
Bitcoin Hashrate Briefly Slips Below 200 EH/S During Market Rout, Less Than 100K Blocks Left Until the Halving – Mining Bitcoin News
After reaching an all-time high on June 8, Bitcoin’s hashrate dropped during the recent bitcoin price drop on June 12-13 to a low of 182 exahash per second (EH/s). While bitcoin’s USD value remains under the $23K zone, Bitcoin’s hashrate has managed to climb back above the 200 EH/s region.
Hashrate Drops to 182 EH/s and Bounces Back Above 200 EH/s, Over 741 Million Bitcoin Transactions Confirmed
Close to a week ago, Bitcoin’s hashrate tapped an all-time high at 292.02 EH/s at block height 739,928 and since then, it has dropped down to just above the 200 EH/s zone. Currently, the hashrate is coasting along at 232.63 EH/s on Tuesday, June 14, 2022.
For a brief moment during the crypto market carnage on June 12-13, the network’s computational power slipped down to 182 EH/s from 231 EH/s. The network saw a 21% loss in hashrate during that period of time but quickly rebounded.
At current speeds, the network’s mining difficulty is expected to increase by 0.67% to 30.49 trillion. There’s still a whole week left until the difficulty adjustment algorithm (DAA) changes, which means current estimates could shift. The DAA change is expected to happen on or around June 22, 2022, or 1,050 block rewards to go until the shift.
Furthermore, there’s now less than 100K block rewards left to be found until the next halving or approximately 99,214 blocks at the time of writing. The block subsidy will change after those blocks are mined from 6.25 bitcoins per block to 3.125 bitcoins per block post halving.
Currently, Foundry USA is the top bitcoin mining pool today with 22.52% of the global hashrate after it found 93 of the 413 blocks discovered during the last three days. Poolin is the second-largest mining pool with 13.80% of the global hashrate.
12 known mining pools are currently mining BTC while 0.73% of the global hashrate or 1.62 EH/s is operated by stealth miners. Unknown miners have found three blocks out of the 413 over the last three days.
Over the last 30 days, miners confirmed 7,692,044 BTC transactions and BTC has seen 741,438,457 confirmed transactions over the course of its lifetime. There’s currently 15,679 reachable nodes and 8,290 Tor nodes.
Miners and non-mining nodes that are securing the BTC blockchain have to store 467.6 GB of data at the time of writing. At the time of writing, there’s been 19,067,210.93 BTC minted into circulation and there’s 1,932,574.98 that remains left to be discovered by miners.
What do you think about the current state of the Bitcoin network’s hashrate and mining pools? Let us know what you think about this subject in the comments section below.
Jamie Redman is the News Lead at Bitcoin.com News and a financial tech journalist living in Florida. Redman has been an active member of the cryptocurrency community since 2011. He has a passion for Bitcoin, open-source code, and decentralized applications. Since September 2015, Redman has written more than 5,000 articles for Bitcoin.com News about the disruptive protocols emerging today.
Image Credits: Shutterstock, Pixabay, Wiki Commons
OpenSea announces new security features to protect users from NFT scams
One of the most popular crypto startups, OpenSea, has recently come under fire for stolen and plagiarized nonfungible tokens (NFTs).
In light of the growing number of NFT scams, OpenSea has announced the launch of a new feature that will automatically hide suspicious NFT transfers from view on their marketplace. This will help to protect users from being scammed and ensure that only legitimate transactions are visible.
According to a blog post on Monday, the new feature will automatically conceal suspicious NFT transfers to address key concerns around trust and safety on OpenSea.
OpenSea has recently been focusing on enhancing trust and safety on the platform. The NFT marketplace will make substantial investments in a variety of important areas for trust and safety, including theft prevention, IP infringement, scaling review and moderation, and reducing critical response times in high-touch settings, as per a recent blog by the project’s co-founder and CEO Derin Finzer.
Furthermore, OpenSea has established a special moderation team to handle review and moderation. For copyright concerns and other fraud vectors going forward, it will use “critical auto-detection” technologies. According to Finzer, removing these types of items from the platform will improve its overall performance. It will also prevent unsolicited advertisements and fraudulent items that may be found on open blockchains from being seen on OpenSea.
Like receiving an unwanted email, it’s possible to receive NFT transfers from people you don’t know.
Recently, we’ve seen scammers use these transfers to entice people to click links to malicious 3rd party sites.
On Teusday, the OpenSea CEO tweeted that it’s possible to get NFT transfers from individuals you don’t know, just as with receiving an unwanted email, adding that:
“Recently, we’ve seen scammers use these transfers to entice people to click links to malicious 3rd party sites. Our latest Trust & Safety release helps prevent this new scam.”
The latest OpenSea safety measures arrive as demand for NFTs is cooling down, and the cryptocurrency market is in a downward spiral. The flourishing economy is no longer being overlooked by U.S. law enforcement, as evidenced by the arrest of Nathaniel Chastain, a former product manager at OpenSea who was charged with wire fraud and money-laundering offenses.
Related: Targeted phishing scam nets $438K in crypto and NFTs from hacked Beeple account
In 2021, when the NFT boom got underway, business at OpenSea increased dramatically. However, frequent hacks and fraud have left many investors dissatisfied with the platform’s efforts to compensate victims and combat theft.
Crypto trading exchange BitCoke rolls out $300M USD ecosystem fund » CryptoNinjas
Bitcoke, a derivatives-focused cryptocurrency exchange, recently announced the official launch of BitCoke Ventures, its affiliated investment arm with a starting amount of $300 million to foster exchange outreach.
With notable backers, the fund will focus on investing in startup projects in blockchain infrastructure, wallets, GameFi, NFTs, and other web3 areas critical to the business and ecosystem of BitCoke Exchange. On top of financing, BitCoke Ventures will also assist in a full range of services including marketing resources, tokenomics, Launchpad, and market maker.
“As BitCoke continues to adapt to the paradigm shift in crypto trading, this institutional investment will accelerate the development of the exchange and the promotion of BitCoke native token, as well as help us explore the merging between CEX and DEX exchanges.” – Pietro Riccio, CEO of BitCoke Exchange
BitCoke is building an encrypted derivatives exchange for professional traders and institutions, with the performance features of no downtime, high-speed matching, and low transaction costs.
As one of the biggest highlights BitCoke claims is that it’s the first cryptocurrency DEX to offer Quanto swaps. Users can choose any one of BTC/ETH/USDT as the margin, that is, the settlement currency, to trade and settle all contracts with leverage on the platform.
In addition to using USDT for trading and settlement like many exchanges, users can also open any contract with BTC or ETH to earn more BTC or ETH on BitCoke, hence the name “Mixed Contract”.
In addition to the three major product features of hybrid contracts, professional charts, and fund systems, BitCoke also attaches great importance to the transaction process and experience. It has a fast matching engine, excellent liquidity, and cold wallets to isolate assets to ensure asset security and fair matching.
THETA was trading higher on Tuesday, as prices rebounded, moving away from multi-year lows in the process. HNT also rallied, climbing by as much as 20% earlier in today’s session.
Theta Network (THETA)
THETA was one of the most notable movers during today’s session, as prices gained by nearly 20% earlier in the day.
Following a low of $0.9688 to start the week, THETA/USD rose to an intraday peak of $1.22 on Tuesday.
Today’s surge saw THETA move away from yesterday’s bottom, which is the lowest level prices have been since December 2020.
As of writing, prices are now back above $1.00, and are trading slightly above a key support point of $1.14.
Should this floor begin to stabilize, we could see bulls slowly re-enter the market, and gradually look to regain price momentum.
For this to happen, the 14-day RSI must remain above its own support point at the 40 level, and move to break past resistance of 42 thereafter.
HNT was another big mover on Tuesday, as prices rebounded, ending a streak of four straight daily declines.
Helium hit an intraday high of $10.21 earlier in today’s session, which comes less than a day after trading at a low of $7.45.
Despite these declines, prices rose by as much as 23% today, moving past resistance of $9.80 in the process.
However, following the earlier breakout, momentum in HNT has slightly eased, with prices once again trading below $10.
This is likely a result of the Relative Strength Index finding a support point of its own at 50, with previous bulls using this as an ideal exit point.
Overall, the bullish momentum still remains, and should we see a breakout above this ceiling, the traders will likely look to target the $12 level.
Is HNT going to hit $12 before the end of the week? Let us know your thoughts in the comments.
Eliman brings a eclectic point of view to market analysis, having worked as a brokerage director, retail trading educator, and market commentator in Crypto, Stocks and FX.
Image Credits: Shutterstock, Pixabay, Wiki Commons
Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.
A message from Coinbase CEO and Cofounder, Brian Armstrong | by Coinbase | Jun, 2022
By Brian Armstrong, CEO and Cofounder
Earlier today, I shared the following note with all Coinbase employees.
Today I am making the difficult decision to reduce the size of our team by about 18%, to ensure we stay healthy during this economic downturn. I want to walk you through why I am making this decision below, but first I want to start by taking accountability for how we got here. I am the CEO, and the buck stops with me.
Over the past month, I’ve had many conversations with our Exec team and our Board to discuss recent market events as well as the state of our business. Several realities have become clear to me in these discussions:
Economic conditions are changing rapidly: We appear to be entering a recession after a 10+ year economic boom. A recession could lead to another crypto winter, and could last for an extended period. In past crypto winters, trading revenue (our largest revenue source) has declined significantly. While it’s hard to predict the economy or the markets, we always plan for the worst so we can operate the business through any environment.
Managing our costs is critical in down markets: Coinbase has survived through four major crypto winters, and we’ve created long term success by carefully managing our spending through every down period. Down markets are challenging to navigate and require a different mindset.
We grew too quickly: At the beginning of 2021, we had 1,250 employees. At the time, we were in the early innings of the bull run and adoption of crypto products was exploding. There were new use cases enabled by crypto getting traction practically every week. We saw the opportunities but we needed to massively scale our team to be positioned to compete in a broad array of bets. It’s challenging to grow at just the right pace given the scale of our growth (~200% y/y since the beginning of 2021). While we tried our best to get this just right, in this case it is now clear to me that we over-hired.
The need to manage expenses: As we operate in this highly uncertain period in the world, we want to ensure we can successfully navigate a prolonged downturn. Our team has grown very quickly (>4x in the past 18 months) and our employee costs are too high to effectively manage this uncertain market. The actions we are taking today will allow us to more confidently manage through this period even if it is severely prolonged.
The need to increase efficiency: We have now exceeded the limit of how many new employees we can integrate while growing our productivity. For the past few months, adding new employees has made us less efficient, not more. We have seen ourselves slow down considerably due to coordination headwinds, and difficulty fully integrating new team members. We believe the targeted resourcing changes we are making today will allow our organization to become more efficient.
Both of these come back to my decision to significantly scale our team over the past two years, so this accountability rests fully with me.
Our senior leaders have worked diligently to identify the appropriate changes for each of their teams based on our clarified priorities.
In the next hour every employee will receive an email from HR informing if you are affected or unaffected by this layoff. Every affected employee will receive an invitation to have a direct conversation with your HRBP and the senior leader of your organization.
If you are affected, you will receive this notification in your personal email, because we made the decision to cut access to Coinbase systems for affected employees. I realize that removal of access will feel sudden and unexpected, and this is not the experience I wanted for you. Given the number of employees who have access to sensitive customer information, it was unfortunately the only practical choice, to ensure not even a single person made a rash decision that harmed the business or themselves.
I also wanted to make sure that all affected employees are taken care of in this transition, and that we support them in finding a new role. Employees who are departing today will receive:
Minimum of 14 weeks of severance plus an additional 2 weeks for every year of employment beyond 1 year
4 months of COBRA health insurance in the US, and 4 months of mental health support globally
Access to Talent Hub, where members of Coinbase’s team will work to connect with you with open positions at other firms (including portfolio companies from Coinbase Ventures and other top crypto VC funds)
Coinbase employees are among the most talented in the world, and I am certain that the skills you all possess will continue to be sought after by companies around the world. I realize it may take longer in this environment to find new employment, and so my hope is that this financial and non-financial assistance helps make this unexpected transition for you as seamless as possible.
To our colleagues who are departing, I want to say thank you for giving everything to this company, and that I am sorry. I hope that as we grow again we get a chance to hire you back. We would not be where we are today without your hard work and dedication to our mission. I am incredibly grateful for everything you have done to contribute to our success.
To our team that is staying, I know this will be a difficult day for you all too. You will say goodbye to your colleagues that you’ve been in the trenches with. I also expect you will all feel some level of fear, uncertainty and doubt about the future. Know that we made these hard decisions to ensure our future is bright. We’ll share more on how we rally as a team in the next few days. Right now, let us thank all our colleagues who are departing for the important contribution they’ve made to our mission.
This blog post contains forward looking statements. These forward looking statements are only predictions and may differ materially from actual results due to a variety of factors. The risks and uncertainties that could cause actual results to differ from the results predicted are more fully detailed in our filings with the Securities and Exchange Commission. Any forward looking statements contained herein are based on assumptions that we believe to be reasonable as of the date of this blog post. We undertake no obligation to update these statements as a result of new information or future events.
Bitcoin 3-day Chart Indicates March 2020 Crash Recurrence
According to Tradingview, the world’s most popular cryptocurrency, Bitcoin, hit a new low of $20,828 at the start of the week. Because of this new pricing, BTC lost 16.54% of its value in less than a day- almost $5,000 in value.
Although being the largest and most famous cryptocurrency, Bitcoin is notorious for its huge climbs and equally dramatic declines. For example, BTC skyrocketed to an all-time high of over $69,000 in November 2021, then plummeted to just under $30,000 by the start of 2022.
Related Reading | Bitcoin Long-Term Holders Realize March 2020-Like Losses As BTC Crashes
Bitcoin’s value peaked above $30,000 on June 1, 2022, but dropped below that the next day. It is currently trading below $22,000. This decrease is linked to TerraUSD, a stablecoin, breaking its $1 peg and Luna subsequently falling.
In addition, it reflects global financial uncertainty driven by increasing inflation as investors seek to sell “riskier assets” such as cryptocurrencies.
The Bitcoin 3-Day Chart Indicates March 2020 Crash
The 3-Day Bitcoin chart Indicates a recurrence of the March 2020 Crash, based on the present state of the BTC market. Bitcoin’s popularity as a safe-haven asset began to wane in March 2020. It had lost half of its value in only two days.
After opening the week above $9,000, the cryptocurrency suddenly fell below $4,000 on March 13, 2020. However, as of the end of U.S. markets, it had returned to around $5,400.
Bitcoin is currently trading below $22,000 on the daily chart | Source: BTC/USD chart from TradingView.com
For the March 2020 crash, Joe DiPasquale, CEO of BitBull Capital, said that the global pandemic of the coronavirus caused investors to move their money into cash as a form of protection.
He further added that Bitcoin’s potential as a safe-haven asset is being questioned due to this steep decrease. But feels it is too early to look for any links between Bitcoin and other asset classes.
Reason Behind Bitcoin Plunging To New Lows
One factor contributing to bitcoin’s new lows is the halting of all withdrawals, transfers, and swaps between accounts by Celsius.
Celsius, a DeFi platform and one of the largest crypto lenders has been a significant cause of mistrust in the Bitcoin market.
Related Reading | Rich Dad, Poor Dad Author Changes His Mind About Bitcoin? BTC Crashes To $23K
The network announced they had paused withdrawals, swaps, and transfers between clients via Celsius. This announcement was made in the early hours of June 13, following Bitcoin’s slide below $24,000 and the whole crypto market losing about $250 billion in only seven days.
Due to extreme market conditions, today we are announcing that Celsius is pausing all withdrawals, Swap, and transfers between accounts. We are taking this action today to put Celsius in a better position to honor, over time, its withdrawal obligations.
Featured image from Flickr and chart from TradingView.com
The cryptocurrency markets are tracking the equities markets lower and the selling pressure further intensified due to the rumored liquidity crisis of major lending platform Celsius and traders possibly selling positions to meet margin calls. This pulled the total crypto market capitalization below $1 trillion.
The sharp declines have led some analysts to project extremely bearish targets. While anything is possible in the markets and it is difficult to call a bottom, capitulations usually tend to start a bottoming formation. Traders may get their buy list ready and consider accumulating in phases after the price stops falling.
What are the important levels that may arrest the decline in Bitcoin (BTC) and major altcoins? Let’s study the charts of the top-10 cryptocurrencies to find out.
Bitcoin broke below the immediate support at $28,630 on June 11. This accelerated selling and the bears pulled the price below the critical support at $26,700 on June 12. This indicated the resumption of the downtrend.
The bears maintained their selling pressure on June 13 and sent the BTC/USDT pair tumbling to an intraday low of $22,600. The sharp fall of the past few days has pulled the relative strength index (RSI) into the oversold zone. This suggests that a relief rally or consolidation is likely in the next few days.
Any recovery is likely to face selling in the zone between $26,700 and $28,630. If bears flip this zone into resistance, it will suggest that sentiment remains negative. Traders could then make one more attempt to resume the downtrend. A break below $22,600 could sink the pair to the psychological level at $20,000.
The bulls will have to push and sustain the price above $28,630 to suggest that the bears may be losing their grip.
Ether (ETH) plummeted below the vital support of $1,700 on June 10, indicating that bears are in control. This signaled the start of the next leg of the downtrend.
The selling picked up momentum on June 11 and bears have pulled the price below the strong support at $1,300. This suggests that traders are gripped with fear and are dumping their positions.
The aggressive selling of the past three days has pulled the RSI below 22. Historically, the ETH/USDT pair starts a relief rally when the RSI falls close to 21. This suggests that the pair could attempt a rally to the breakdown level of $1,700.
Alternatively, if bears sustain their selling pressure, the pair could drop to psychological support at $1,000.
The failure of the bulls to push BNB back into the triangle may have attracted strong selling by the bears on June 11. The selling picked up momentum and the price has dropped near the strong support at $211.
If the price rebounds off $211, it will suggest accumulation at lower levels. The buyers will then make an attempt to push the price above the 20-day exponential moving average ($289). If they succeed, it will indicate that the BNB/USDT pair may remain range-bound between $211 and $350 for a few days.
Conversely, if bears sink the price below $211, it will signal the start of the next leg of the downtrend. The psychological level of $200 may offer a minor support but if the level gives way, the next support could be at $186.
Cardano (ADA) broke below the 20-day EMA ($0.56) on June 10 and attempts by the bulls to push the price back above the level on June 11 met with strong selling at higher levels.
The bears have pulled the price to the strong support zone between $0.44 and $0.40. This zone is likely to attract strong buying by the bulls because a break below it could signal the resumption of the downtrend. The ADA/USDT pair could then start its southward journey toward the next major support at $0.30.
Alternatively, if the price rises from the current level, the bulls will attempt to push the pair above the 50-day simple moving average (SMA($0.61). If that happens, the pair may consolidate between $0.74 and $0.40 for a few days.
Ripple (XRP) broke and closed below the support at $0.38 on June 11. This completed a bearish descending triangle pattern, signaling that sellers have the upper hand.
The selling picked up momentum and bears pulled the price below the crucial support at $0.33 on June 13. This indicates the start of the next leg of the downtrend. The short-term bears may book profits near the pattern target of $0.30.
If they do that, the XRP/USDT pair could start a relief rally that may reach the breakdown level of $0.33 and then $0.38. Alternatively, if bears sink the price below $0.30, the pair could drop to the next strong support at $0.24.
Solana (SOL) had been stuck between the 20-day EMA ($40) and $35 for a few days. This uncertainty resolved to the downside on June 11 as bears pulled the price below the support.
This accelerated the selling and the bears pulled the price below the immediate support at $30. The next support on the downside is $22 and later $20.
The sharp selling of the past few days has sent the RSI into the oversold territory. This suggests a relief rally or consolidation is likely in the near term. The bulls will attempt to push the price above the breakdown level of $35 and the 20-day EMA. If they succeed, it will suggest that the current breakdown may have been a bear trap.
Dogecoin’s (DOGE) tight range trading expanded to the downside on June 10. The bears pulled the price below the May 12 intraday low of $0.07 on June 11, indicating the resumption of the downtrend.
The selling further picked up momentum and the bears pulled the DOGE/USDT pair to the psychological support of $0.05. This level could act as a short-term support because the deeply oversold levels on the RSI suggest a relief rally is possible.
On the upside, the bears will attempt to stall the recovery at the breakdown level of $0.07. If the price turns down from this resistance, the bears will attempt to resume the downtrend and sink the pair to $0.04. The first sign of strength will be a break and close above the 20-day EMA ($0.08).
Related: How to survive in a bear market? Tips for beginners
The failure of the bulls to push Polkadot (DOT) back into the symmetrical triangle attracted aggressive selling by the bears on June 10. That started a downward move that pulled the price below the critical support of $7.30.
The bulls are attempting to push the price back above the breakdown level of $7.30. If they manage to do that, it will suggest that the break below $7.30 may have been a bear trap. The DOT/USDT pair could then rise to the 20-day EMA ($9.17).
Alternatively, if the price fails to rise above $7.30, it will suggest that the bears have flipped the level into resistance. That could resume the downtrend with the next stop being the psychological level of $5 and then the pattern target of $4.23.
UNUS SED LEO (LEO) has been trading inside a descending channel for the past several weeks. The bears are posing a challenge near $5.60 but are finding it difficult to pull the price below the 20-day EMA ($5.24).
If the price bounces off the current level and rises above $5.60, the LEO/USD pair could gradually move up to the resistance line of the channel. The bears are likely to defend this level aggressively.
If the price turns down from the resistance line, the bears will attempt to sink the pair below the 20-day EMA. If that happens, the pair may gradually dip toward the support line. Such a move will suggest that the pair may extend its stay inside the channel for some more time.
The next trending move could begin after the bulls push the price above the resistance line or bears sink the pair below the support line.
Avalanche’s (AVAX) tight range trading between the 20-day EMA ($24) and the critical support of $21 resolved to the downside on June 11. This indicated the resumption of the downtrend.
The selling picked up momentum and sliced through the support at $18 on June 12. There is a minor support at $15 but if this level breaks down, the AVAX/USDT pair could plummet to the next strong support of $13.
Although the downsloping moving averages indicate advantage to sellers, the oversold levels on the RSI suggest that the selling may have been overdone in the near term. That could result in a relief rally to the breakdown level of $21. The bulls will have to push the price above the 20-day EMA to indicate that the bears may be losing their grip.
The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph. Every investment and trading move involves risk. You should conduct your own research when making a decision.