Bitcoin (bitcoin) Rebounded sharply after falling to near realisation price $24,000 on May 12 shows that some bulls are against the herd and buying the dip. According to the on-chain analytics platform CryptoQuant, Exchange balances fall May 11 and May 12 surpassed 24,335 BTC, indicating that the bulls may have begun to hunt for the bottom.
However, macro investor Raoul Pal is not confident that a bottom has been reached. In an exclusive interview with Cointelegraph, Pal said, if there is a capitulation phase in the stock market, the crypto market could also plummet before a bottom is formed. He expects the current bear market phase to end when the Fed stops raising interest rates.
Bear markets are known for sharp rallies that are used to reduce long positions or initiate short positions. Prices eventually fell and made new lows. The bottom can only be confirmed after the fact. Therefore, during a bear market, investors may consider accumulating their holdings in stages rather than going all-in.
Right now, investors are wondering what significant overhead levels might act as headwinds. Let’s study the chart of the top 10 cryptocurrencies to find out.
Bitcoin/USDT
Bitcoin rebounded from $26,700 on May 12 and formed a doji candlestick pattern. This suggests that selling pressure may be diminishing. The recovery accelerated on May 13, with bulls pushing prices above the psychological $30,000 level.

The relief rally could face resistance near $33,000 and again at the 20-day exponential moving average ($34,903). If the price turns down from the overhead resistance, the bears will make another attempt to sink the BTC/USDT pair below $26,700 and resume the downtrend.
If they manage to do so, the sell-off could accelerate and the pair could drop to $25,000 and then $21,800.
Contrary to this assumption, if the bulls prevent the next drop above $28,805, it would suggest accumulation on dips. This could strengthen prospects for a breakout of the 20-day SMA. If this happens, the pair could rally towards the 50-day simple moving average ($40,210).
ETH/USDT
Ether (Ethereum) fell below the $2,159 support level on May 11, and then fell below the psychological $2,000 level on May 12. The bulls bought on the dip to $1,800 and started the rally.

Buyers will now try to push the price above the $2,159 breakdown level. If successful, the ETH/USDT pair could pick up momentum and rally to the 20-day EMA ($2,554). This is an important level to watch, as a breakout and close above it would indicate that the decline may be over.
Contrary to this assumption, if the price turns down from the current level or the 20-day EMA, it will indicate that market sentiment remains negative and traders are selling near the overhead resistance. The bears will then make another attempt to sink the pair below $1,700.
BNB/USDT
Binance Coin (BNB) fell sharply on May 12, but the long tail of the candlestick on the day indicated that the bulls were aggressively defending the key support at $211. This started a relief rally that has reached the $350-$320 resistance zone.

If the bulls push the price above $350, it will signal that the decline may be over. The recovery thereafter could reach $413. Such a move could suggest that the BNB/USDT pair may remain stuck in a wider range between $211 and $692.
Contrary to this assumption, if the price turns down from the overhead resistance zone, it will indicate that bears are active at higher levels. The price may then gradually decline towards the key support at $211. The bears will have to sink the price below this level to start a new downtrend that could reach $175 and later $150.
Ripple/USDT
ripple (Ripple) plummeted to $0.33 on May 12 when buying emerged. The bulls are attempting a recovery, which is likely to face stiff resistance at $0.50 at the psychological level.

If the price turns down from $0.50, the bears will make another attempt to pull the XRP/USDT pair to $0.33. This is an important level for the bulls to defend, as a break below it could lead to a drop to $0.24.
Conversely, if buyers push the price above $0.50, the pair could rally to the 20-day EMA ($0.56). A breakout and close above this level will signal that the bulls are back in the game. The pair could then rise to the 50-day SMA ($0.70).
ADA/USDT
Cardano (ADA) plunged to $0.40 on May 12, pulling the RSI into deep oversold territory. Buyers bought on this dip and tried to start a rebound.

The ADA/USDT pair could rise to the $0.74 breakdown level, which is an important level to watch. If the price turns back from this resistance, it shows that the bears have not given up and they are selling on the rally. The pair could then retest the strong support at $0.40.
Contrary to this assumption, if the bulls push the price above $0.74, it would suggest that the bears may be losing control. The pair could then rally towards the psychological level of $1, where the bears are expected to mount a strong defense again.
Sol/USDT
Solana (Sol) has been in a strong downtrend for the past few days. The price fell to $37 on May 12, pulling the RSI into oversold territory. This kicked off the May 13 relief rally.

The bulls are likely to encounter selling in the area between the 38.2% Fibonacci retracement level of $59 and the 50% retracement level of $66. If the price turns down from this area, the bears will try to resume the downtrend by pulling the pair below $37. If they are successful, the SOL/USDT pair could drop to $32.
Contrary to this assumption, if the price breaks $66, the recovery could extend to the $75 breakdown level. This hurdle must be overcome by the bulls to signal that the downtrend may be coming to an end.
Dogecoin/USDT
Dogecoin (Governor) plummeted to $0.06 on May 12, but a small positive was that bulls bought the dip. This started a relief rally that reached near the $0.10 breakdown level.

The long wick on the May 13 candlestick suggests that the bears are aggressively defending the $10 level. If the price turns down from this resistance, the bears will try to resume the downtrend by pulling the DOGE/USDT pair below $0.06. If they manage to do so, the next stop could be $0.04.
Alternatively, if the bulls push the price above $0.10, the pair could rise to the 20-day EMA ($0.12). This is an important level to watch, as a breakout and close above it could signal the start of a strong recovery.
related: 3 Reasons Cardano Could Fall Further Despite ADA Price Rally 58%
Points/USDT
dot (point) has been in a downtrend for the past few days. As seen by the long tail of the day’s candlestick, buyers stepped in to stop the decline near the strong support level of $7 on May 12.

Buyers will now try to sustain the price above the $10.37 breakdown level. If successful, the DOT/USDT pair could rise to the 20-day EMA ($13.68). This level is likely to attract strong selling from the bears. If the subsequent decline stops at $10.37, it would suggest that the downtrend may be fading.
Conversely, if the price turns sharply lower from current levels or the 20-day EMA, it will increase the odds of a retest of $7. Below this level, the decline could extend to $5.
AVAX/USDT
avalanche(AVAX) fell below key support at $32 on May 11, and the bears attempted to resume losses on May 12. However, the long tail of the daily candlestick indicates strong buying at lower levels.

The bulls pushed the price above the $32 breakdown level, the first sign of strength. If the AVAX/USDT pair sustains above $32, the bulls will try to push the price above the overhead resistance at $51. The bears are likely to defend this level vigorously.
Alternatively, if the price turns back from the 38.2% Fibonacci retracement level of $41.09, it would suggest that sentiment remains negative and the bears are selling on rallies. Then, the pair could retest the strong support at $32 and then at $23 again.
SHIB / USDT
Shiba Inu (SHIB) fell below the psychological level of $0.000010 on May 12, but the long tail of the day’s candlestick suggests buying at lower levels. This led to a recovery on May 13.

The SHIB/USDT pair could rise to the $0.000017 breakdown level, which could attract strong selling from the bears. If the price falls, the bears will make another attempt to sink and sustain the pair below $0.000010.
Conversely, if the bulls push the price above $0.000017 and the 20-day EMA ($0.000018), it will indicate that the market has rejected lower levels. The pair could then rally to the 50-day SMA ($0.000023).
The views and opinions expressed here are those of the author and do not necessarily reflect the views of Cointelegraph. Every investment and trading action involves risk. You should do your own research when making a decision.
Market data provided by bitcoin exchange.