The Due south&P 500 plunged 5.89% on June 11, its fourth-worst fall this twelvemonth. This brought back memories of the abrupt sell-off seen in March when investors dumped nigh nugget classes as the coronavirus pandemic took hold.

Although gilded managed to close in the greenish on June 11, Bitcoin (BTC) plunged 6.16%. This suggests that investors sought the safety of gold over BTC, the top-ranked cryptocurrency on CoinMarketCap.

The Arrangement for Economical Co-performance and Development said in a written report that governments should prepare for a possible second wave of coronavirus cases. The OECD heavily emphasized the continuance of ultra-accommodative budgetary policies and higher public debt until inflation and economical activity picks up and unemployment levels fall.

Daily cryptocurrency market performance

Daily cryptocurrency marketplace functioning. Source: Coin360

During the current crisis, the U.S. debt has crossed the $26 trillion mark. As the central banks balance sheets continue to balloon, several institutional investors may consider investing in higher risk assets similar Bitcoin to hedge their portfolio against hereafter currency crises.

If the second wave of coronavirus is as bad every bit medical experts predict, the short-term panic selling in cryptocurrencies cannot be ruled out but lower levels are likely to witness strong ownership past long-term investors.

BTC/USD

Bitcoin (BTC) broke above the resistance line of the symmetrical triangle and reached the five-figure mark on June 10. However, $10,000 over again proved a potent hurdle to cross as the cost turned downwardly sharply on June 11.

BTC/USD daily chart

BTC/USD daily chart. Source: Tradingview

This suggests that the bears are aggressively defending the overhead resistance zone between $10,000 and $ten,500.

The bulls held the 50-day simple moving boilerplate ($9,177) on June eleven and managed to go along the BTC/USD pair within the triangle. However, buyers are struggling to push button the toll above the xx-day exponential moving average ($9,529).

If the pair turns down from the twenty-24-hour interval EMA and breaks below $ix,078.96, a turn down to $viii,130.58 is possible. If this level cracks then the pair could kickoff a new downtrend.

On the other mitt, if the bulls tin can calibration the price above the xx-twenty-four hours EMA, another endeavor to climb the $10,000–$10,500 zone is likely. If successful, the pair is probable to pick up momentum and start the next leg of the sustained uptrend.

ETH/USD

Ether (ETH) broke above the $247.827 resistance on June 10 and 11 but failed to sustain it. This attracted profit booking that dragged the price back below the support line of the ascending channel on June 11.

ETH/USD daily chart

ETH/USD daily chart. Source: Tradingview

The bulls again purchased the drop to the uptrend line, which makes this an important support to watch closely.

Currently, the bulls are attempting to push the 2nd-ranked cryptocurrency on CoinMarketCap back into the ascending channel. If successful, a rally to $253.556 is possible.

Conversely, if the ETH/USD pair plunges beneath the uptrend line it volition signal a possible change in trend.

XRP/USD

The precipitous drop in XRP was arrested at the support line of the symmetrical triangle on June ten. This is a positive sign as it shows that the bulls are defending this support aggressively. They will now attempt to push the toll back to the downtrend line of the triangle.

XRP/USD daily chart

XRP/USD daily nautical chart. Source: Tradingview

A breakout of the downtrend line will exist a positive sign and it could offer a buying opportunity to the traders.

To a higher place the triangle, the tertiary-ranked cryptocurrency on CoinMarketCap tin rally to $0.235688 and then to the pattern target at $0.2707.

However, if the XRP/USD pair fails to sustain the rebound, the bears will try to sink the cost beneath the triangle. If successful, a driblet to $0.sixteen and so to $0.fourteen is likely.

BCH/USD

Bitcoin Cash (BCH) broke to a higher place $255.46 on June 10 but could not calibration above the $260 level. This resulted in turn a profit booking by short-term traders and the price plunged back below the moving averages.

BCH/USD daily chart

BCH/USD daily chart. Source: Tradingview

The bulls are currently attempting to push the 5th-ranked cryptocurrency on CoinMarketCap back above the moving averages. If successful, a rally to $255.46 is possible. The BCH/USD pair is likely to testify force in a higher place $260 and pick up momentum above $280.47.

Conversely, if the pair turns down from the moving averages, the bears volition try to sink it to the adjacent support at $217.55. If this back up holds, the pair might remain stuck betwixt $217.55–$255.46. If the $217.55 level cracks the pair can drib to $200.

BSV/USD

Bitcoin SV (BSV) once more failed to break above $200 on June 10. This attracted selling that resulted in a sharp fall on June 11. The bulls are currently attempting to defend the strong back up at $170.

BSV/USD daily chart

BSV/USD daily chart. Source: Tradingview

If successful, the sixth-ranked cryptocurrency on CoinMarketCap is probable to extend its stay inside the $170–$227 range. In a big range, the rebound off the support can offer a buying opportunity to the traders but if the BSV/USD pair breaks below the $170 support, a drop to $146.20 is possible.

LTC/USD

Litecoin (LTC) broke below the moving averages and dropped towards the first support at $41.72 on June 11. The bulls purchased this dip and are currently attempting to push the price back above the moving averages.

LTC/USD daily chart

LTC/USD daily chart. Source: Tradingview

If successful, the 7th-ranked cryptocurrency on CoinMarketCap will try to move up to $51. A breakout of this level will indicate the start of a possible uptrend. In a higher place this level, a rally to $64 is likely.

Conversely, if the LTC/USD pair turns downward from $51, a few more than days of consolidation can exist expected. Both moving averages are apartment and the relative forcefulness index is just below the 50 level which points to a range-bound action for a few days.

The trend will turn in favor of the bears if the pair turns down from the electric current levels and plunges below the critical support at $39.

BNB/USD

The moving average support finally gave way on June xi and Binance Coin (BNB) dropped to $15.93. The bulls purchased the dip and are currently attempting to push the cost back above the moving averages.

BNB/USD daily chart

BNB/USD daily chart. Source: Tradingview

If successful, the 8th-ranked crypto-asset on CoinMarketCap will again try to rise above the overhead resistance of $xviii.1377. In doing and then, the momentum is likely to pick up and a rally to $21.l and $24 is possible.

Conversely, if the BNB/USD pair turns down from the moving averages and slips below $15.72 a drop to $13.65 is likely.

EOS/USD

After failing to cross above the overhead resistance of $2.8319, EOS succumbed to selling force per unit area on June 11. This shows that the aggressive bulls who were expecting a breakout of $two.8319 dumped their positions.

EOS/USD daily chartEOS/USD daily chart. Source: Tradingview

The $2.3314 level has acted equally a strong support from early April and the bulls purchased the dip to $2.4250 on June 11.

This increases the possibility of a range-jump activeness between $two.3314–$2.8319 for the next few days.

The ninth-ranked cryptocurrency on CoinMarketCap is likely to bear witness strength on a breakout and close (UTC time) above $2.8319. Conversely, a break beneath $2.3314 will tilt the advantage in favor of the bears.

ADA/USD

Cardano (ADA) is currently attempting to resume the uptrend after bouncing off the twenty-day EMA ($0.075) as suggested in the previous analysis. The 38.2% Fibonacci retracement level of the almost contempo leg of the up move is likewise close to the 20-day EMA and working as a strong support.

ADA/USD daily chart

ADA/USD daily chart. Source: Tradingview

The first target objective on the upside is a retest of $0.0901373. If the tenth-ranked cryptocurrency on CoinMarketCap turns downward from this level a few days of range-bound activity is likely.

If the bulls can propel the price above $0.0901373 the ADA/USD pair might rally to the $0.1–$0.10652 resistance zone.

The pair will bespeak weakness if information technology turns downwards from the current levels and breaks below the twenty-day EMA.

XTZ/USD

Tezos (XTZ) plunged beneath both moving averages on June 11 but the bulls aggressively purchased the dip to the support line of the descending aqueduct. This is a positive sign as it shows that the bulls are still buying the dips.

XTZ/USD daily chart

XTZ/USD daily chart. Source: Tradingview

However, the recovery is facing resistance at the moving averages. If the 11th-ranked cryptocurrency on CoinMarketCap turns down from the electric current levels, the bears volition make another attempt to interruption below the channel.

If successful, a driblet to the critical support at $2.24 is possible. A intermission below this level could start a new downtrend.

The first sign of strength would be a breakout of the resistance line of the channel. Higher up this level, a rally to $3.1384 and and then to $3.threescore is likely.

The views and opinions expressed here are solely those of the author and practise not necessarily reflect the views of Cointelegraph. Every investment and trading motility involves risk. You should conduct your own inquiry when making a decision.

Marketplace data is provided by HitBTC substitution.