Price analysis 6/17: BTC, ETH, BNB, ADA, XRP, SOL, DOGE, DOT, LEO, AVAX

cointelegraph.com:

The sharp fall in cryptocurrencies has pulled the total crypto market capitalization below $900 billion. According to CoinGoLive, 72 out of the top 100 tokens have declined in excess of 90% from their all-time highs. In comparison, the top-10 coins have outperformed during the fall, dropping an average of 79% from their all-time high. 

Bitcoin (BTC) is down more than 70% from its all-time high but the bulls are struggling to arrest the decline. Jurrien Timmer, director of global macro of Fidelity, highlighted that Bitcoin could be “cheaper than it looks” considering the metric of price-to-network ratio, which is similar to the price-to-earnings ratio used in the equities market to value a stock.

Billionaire investor Mark Cuban said in an interview with Fortune that projects without valid business prospects will vanish as bear markets have a cleansing effect on the market. However, he added that innovation in the crypto sector is likely to continue during the market downturn.

Could Bitcoin and major altcoins hold their respective support levels? Let’s study the charts of the top-10 cryptocurrencies to find out.

The bulls are attempting to keep Bitcoin above the psychological support of $20,000 but they are facing strong resistance at $23,362. This suggests that the bears have not given up and that they continue to sell on rallies.

The longer the time spent near $20,000, the greater the possibility of a break below it. If bears sink the price below $20,000, the BTC/USDT pair could witness panic selling. That could pull the price to $17,500 and then to $16,000.

The one ray of hope for the buyers is that the relative strength index (RSI) has dipped into deeply oversold levels. This suggests that a relief rally is possible in the