BTC and altcoins are on the verge of falling below critical support levels, and June 10’s higher-than-expected CPI report isn’t helping.
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The United States equities markets tumbled on June 10 after the Consumer Price Index (CPI) report showed inflation soaring 8.6% from a year ago, the highest increase since 1981. The latest figures show that talks of inflation having peaked were premature and according to Bloomberg, investors are pricing in the key interest rate of 3% by the end of the year.
Continuing its tight correlation with the SP 500, Bitcoin (BTC) dipped below $30,000 on June 10. Analysts are still divided about the near-term price action but Fundstrat co-founder Tom Lee said in an interview with CNBC that Bitcoin may have already bottomed. However, Lee seems to have toned down his expectations as he said that Bitcoin could “remain flat for the year, possibly up.”
Among the constant flow of negative news, there was a ray of hope from news that Bloomberg expanded coverage of cryptocurrency data on its Bloomberg Terminal to 50 crypto assets. Bloomberg cryptocurrency product manager Alex Wenham, gave positive vibes as he said that institutional interest in digital assets continues to grow.
Now that Bitcoin is trading near swing lows again, is a capitulation-level crisis a threat? Let’s study the charts of the top-10 cryptocurrencies to find out.
The bulls tried to push the price above the 20-day exponential moving average (EMA) ($30,365) on June 9 but the bears did not relent. The selling continued on June 10 and the bears have pulled the price below the trendline of the ascending triangle.
The 20-day EMA has started to turn down gradually and the relative strength index (RSI) is in the negative territory, indicating advantage to sellers.
If the price sustains below the trendline, it will invalidate the bullish setup. That could pull the BTC/USDT pair down to $28,630, which may act as strong support but if this level cracks, the decline could extend to $26,700.
Alternatively, if the price rebounds off $28,630 and rises above the 20-day EMA, the up-move could reach $32,659.
Strong selling on June 10 has pulled Ether (ETH) below the critical support at $1,700. If the price sustains below this support, the pair could resume its downtrend.
The ETH/USDT pair could first decline to $1,500 and if this level also gives way, the next stop could be the vital support at $1,300. The bulls are expected to defend this level with all their might.
Contrary to this assumption, if bears fail to sustain the price below $1,700, it will suggest accumulation at lower levels. The first sign of strength will be a break and close above the 20-day EMA. That could open the doors for a possible rally to $2,159.
The indicators are giving a mixed signal because the downsloping moving averages favor the sellers but the positive divergence on the RSI suggests that a relief rally may be around the corner.
BNB has been trading below the support line of the symmetrical triangle for the past three days but the bears have not been able to build upon the breakdown. This suggests that selling dries up at lower levels.
The buyers will try to push the price back into the triangle. If that happens, the aggressive bears who may have gone short on the break below the support line may get trapped. That could result in a short-covering, which could push the price above the resistance line of the triangle. Such a move will suggest that the bears may be losing their grip.
Contrary to this assumption, if the price continues lower from the current level and plummets below $273, it will increase the possibility of a break below the critical support of $260. The pair could then start a decline toward the vital support of $211.
The bulls pushed Cardano (ADA) above the 50-day simple moving average (SMA) ($0.64) on June 8 and 9 but could not sustain the higher levels. That may have tempted short-term traders to book profits.
The bears are attempting to sustain the price below the 20-day EMA ($0.58). If they manage to do that, the ADA/USDT pair could plummet to the next support at $0.53. If this level also gives way, the decline could extend to $0.44.
Alternatively, if the price rebounds off the current level, it will suggest that the sentiment has turned positive and the bulls are buying on dips. The bulls will then make one more attempt to clear the overhead hurdle at the 50-day SMA. If they succeed, the pair could rally to the breakdown level of $0.74, which may again act as a resistance.
Ripple (XRP) had been trading close to the downtrend line for the past two days. The failure to push the price above the overhead resistance may have attracted profit-booking from the short-term traders.
The XRP/USDT pair has dipped to the strong support of $0.38 where the buyers may attempt to stall the decline. If the price rebounds off the support and rises above the downtrend line, the pair could rally to $0.46.
On the contrary, if bears sink and sustain the price below $0.38, it will complete a bearish descending triangle pattern. That could intensify the selling and pull the price down to $0.33. A break below this support could signal the resumption of the downtrend.
Solana (SOL) is trading between the 20-day EMA ($44) and $37 for the past few days. The buyers tried to push the price above the 20-day EMA on June 9 but the bears held their ground.
The positive divergence on the RSI indicates a minor advantage to buyers while the downsloping moving averages suggest that bears have the upper hand. This uncertainty is unlikely to continue for long. If bears sink the price below $35, the SOL/USDT pair may resume the downtrend The next stop on the downside could be $30.
Contrary to this assumption, if bulls propel the price above the 20-day EMA, the pair could rally to $50 and then to the overhead resistance at $60.
The bulls struggled to sustain Dogecoin (DOGE) above $0.08 on June 8 and 9. This may have attracted further selling and the support collapsed on June 10.
The bears will try to build upon their advantage and attempt to sink the price to the vital support of $0.07. A break and close below this level could signal the start of the next leg of the downtrend.
This negative view could invalidate in the short term if the price turns up and breaks above the 20-day EMA ($0.08). That could attract buying from the aggressive bulls, which could push the DOGE/USDT pair to $0.10.
Related: Ethereum eyes fresh yearly lows vs. Bitcoin as bulls snub successful 'Merge' rehearsal
The bulls tried to push Polkadot (DOT) back into the symmetrical triangle on June 9 but the bears defended the level aggressively. This suggests that the bears have flipped the support line into resistance.
The bears will attempt to sink the price below the immediate support of $8.56. If they succeed, the DOT/USDT pair could drop to the critical level at $7.30. The bears will have to pull the price below this support to indicate the resumption of the downtrend.
This bearish view could invalidate if the price rebounds off $8.56 and rises above the resistance line. If that happens, the pair could attract buyers who may then attempt to push the price to $11 and later to $12.50.
Avalanche (AVAX) formed a Doji candlestick pattern for the past two days indicating indecision among the bulls and the bears. This uncertainty resolved to the downside on June 10 and bears are trying to pull the price to the strong support at $21.
The price is stuck between the 20-day EMA ($27) and $21. This tight-range trading is likely to resolve with a range expansion in the next few days. Although the positive divergence on the RSI indicates a minor advantage to buyers, the downsloping moving averages suggest that bears have the upper hand.
If the range expands to the downside and the price drops below $21, it will suggest the resumption of the downtrend. The AVAX/USDT pair could then decline to $18. Alternatively, if the price explodes above the 20-day EMA, it may clear the path for a possible rally to $33 and then $37.
Shiba Inu (SHIB) has been trading close to the strong support at $0.000010 since June 7. Although bulls have defended the support, they have failed to achieve a strong rebound.
This increases the possibility of a break below the strong support at $0.000010. If that happens, the SHIB/USDT pair will complete a bearish descending triangle pattern. The pair could then decline to the May 12 intraday low of $0.000009. If this support also cracks, the next stop could be $0.000006.
To invalidate this bearish view, the buyers will have to push the price above the downtrend line. That could clear the path for a possible rally to $0.000014.
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.
Market data is provided by HitBTC exchange.
The United States equities markets extended their decline to start the week on June 13. The SP 500 hit a new year-to-date low and dipped into bear market territory, falling more than 20% from its all-time high made on Jan. 4.
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 $21. The bulls will have to push the price above the 20-day EMA to indicate that the bears may be losing their grip.
The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph. Every investment and trading move involves risk. You should conduct your own research when making a decision.
Market data is provided by HitBTC exchange.
\n\n\n\n\n\n\n\n\n\n\n\n\n",audio:"https://s3.cointelegraph.com/audio/87994.6562f167-52d2-49ff-9776-5b2bc059a203.mp3",facebookShares:f,twitterShares:f,linkedinShares:f,redditShares:f,views:3965,shares:jP,tags:[{id:z,slug:bc,title:F,url:aQ},{id:ac,slug:bd,title:M,url:bW},{id:N,slug:bX,title:bY,url:bZ},{id:be,slug:ao,title:b_,url:aR},{id:b$,slug:bf,title:G,url:aS},{id:ca,slug:cb,title:cc,url:cd},{id:ce,slug:cf,title:O,url:cg},{id:ch,slug:ci,title:bg,url:cj},{id:ck,slug:cl,title:cm,url:cn},{id:co,slug:bh,title:P,url:cp},{id:cq,slug:bi,title:Q,url:cr},{id:"9349",slug:xE,title:"Unus Sed Leo",url:"/tags/unus-sed-leo"},{id:cs,slug:bj,title:R,url:ct},{id:cu,slug:cv,title:cw,url:cx},{id:cy,slug:bk,title:S,url:cz},{id:cA,slug:bl,title:T,url:cB}],topics:[],relatedPosts:[],trackingPixelUrl:"https://zoa.cointelegraph.com/pixel?postId=87994regionId=1",showShares:b,showStats:b,isNoIndex:a},{id:jy,isDeleted:a,isDisclaimerHidden:f,isSponsored:a,isPressRelease:a,isExplained:a,slug:"price-analysis-6-8-btc-eth-bnb-ada-xrp-sol-doge-dot-avax-shib",url:xl,absoluteUrl:"https://cointelegraph.com/news/price-analysis-6-8-btc-eth-bnb-ada-xrp-sol-doge-dot-avax-shib",title:oH,youtubeVideoIdCover:d,cover:xn,datePublished:xF,dateHuman:xG,humanDateTime:"2022-06-08 18:44",dateISOFull:"2022-06-08T17:44:06+01:00",publishedDateTimeObject:{year:L,month:A,day:ht,hour:oN,minute:lY,second:A,millisecond:e},categorySlug:aN,categoryUrl:aA,categoryName:aB,authorName:aO,authorUrl:aP,authorAvatar:bV,previewText:xm,twitterLeadText:"Bitcoin price continues to sell-off at resistance, but the tightening price range suggests that BTC and altcoins could be preparing for a strong directional move. ",badgeSlug:g,badgeName:X,fullText:"Bitcoin (BTC) continues to trade in a range with the local tops and bottoms coinciding with increased whale activity in the region, according to on-chain analytics resource Whalemap.
The range-bound action in Bitcoin has kept the analysts guessing and a few expect the consolidation to continue for some more time, while others anticipate another leg lower.
A June 6 Glassnode report said that the aggregated realized losses from long-term holders reflected more than 0.006% of the market capitalization on May 29. This is in comparison to the peak of 0.015% of the market capitalization reached during the 2018 to 2019 bear market.
Along with the quantum of losses, investors may also have to be prepared for a longer duration of subdued prices. The duration of the current loss for long-term investors is only one month old, while the previous losses remained roughly for a year.
Could the lackluster trading action in Bitcoin and other major altcoins continue? Let’s study the charts of the top-10 cryptocurrencies to find out.
Bitcoin plunged below the 20-day exponential moving average (EMA) ($30,565) on June 7 but a positive sign is that the bulls aggressively purchased the dip to the trendline of the ascending triangle pattern. This resulted in a strong recovery as seen from the long tail on the day’s candlestick. The ascending triangle pattern remains intact favoring the buyers.
However, a minor negative is that the bulls could not build upon the momentum on June 8. This gave an opportunity to the bears who have again pulled the price back below the 20-day EMA. This suggests that bears continue to sell in the zone between the 20-day EMA and $32,659.
If bears sink the price below the trendline, the BTC/USDT pair could drop to $28,630 where buying may emerge. If that happens, it will suggest that the pair may remain range-bound between $32,659 and $28,630 for a few more days.
The next directional move is likely to begin on a break above $32,659 or below $28,630. Until then, volatile range-bound action is likely to continue.
Ether (ETH) turned down from the 20-day EMA ($1,908) on June 6, indicating that bears are not willing to cede ground to the bulls. The sellers then tried to sink the price below the critical support of $1,700 on June 7 but the long tail on the candlestick shows aggressive buying by the bulls near the support.
The price is currently coiling between the downsloping 20-day EMA and $1,700. This is likely to result in a range expansion that could set the stage for the next directional move.
If buyers drive the price above the 20-day EMA, the ETH/USDT pair could rally to $2,159. The bears may again mount a strong defense at this level. If the price turns down from it, the pair may spend some time inside the $2,159 to $1,700 range.
A break above $2,159 will be the first sign that the pair may have bottomed out while a break below $1,700 could signal the resumption of the downtrend.
BNB turned down from the resistance line of the symmetrical triangle pattern on June 6 and plunged below the support line. This suggests that the bears continue to sell aggressively at higher levels.
The bears pulled the price below the immediate support at $286 on June 7 but the long wick on the day’s candlestick shows strong buying at lower levels. The bulls are attempting to push the price back above the support line on June 8.
If they manage to do that, the BNB/USDT pair could try to rise above the resistance line and trap the aggressive bears. Conversely, if the price turns down from the current level, it will suggest that the bears have flipped the support line into resistance. That could increase the possibility of a drop to $265.
The long wick on Cardano’s (ADA) June 6 and 7 candlestick shows that bears are selling the rallies to the 50-day simple moving average (SMA) ($0.65). Although bears tried to pull the price below the 20-day EMA ($0.58) on June 7, the bulls held their ground.
The buyers are again attempting to push the price above the 50-day SMA. If they succeed, the ADA/USDT pair could rally to the breakdown level of $0.74. This is an important level for the bears to defend because a break and close above it could suggest a potential change in trend. The pair could then rally toward the psychological level of $1.
Contrary to this assumption, if the price turns down from the 50-day SMA or $0.74, the bears will attempt to pull the pair below the 20-day EMA and gain the upper hand.
Ripple (XRP) formed an outside-day candlestick pattern on June 7, with the price rebounding off the strong support at $0.38 and closing near the overhead resistance at the downtrend line.
However, buyers could not build upon this move and push the price above the downtrend line on June 8. This suggests that bears continue to sell near resistance levels. The bears will again attempt to sink the price below $0.38.
If they succeed, the XRP/USDT pair will complete a descending triangle pattern. That could result in a decline to the May 12 intraday low of $0.33. If this support cracks, the next stop could be the pattern target of $0.30.
This negative view could be invalidated in the short term if bulls propel the price above the 20-day EMA. The pair could then rally to $0.46.
Solana’s (SOL) attempt to start a recovery met with stiff resistance at the 20-day EMA ($45), which suggests that the trend remains negative and traders are selling on rallies.
The bears will try to pull the price below the crucial support zone between $37 and $35. If they manage to do that, the SOL/USDT pair could resume its downtrend. The pair could then decline to $30.
On the contrary, if the price rebounds off the support zone, it will suggest that bulls are accumulating at lower levels. A break above the 20-day EMA will be the first sign that the selling pressure may be reducing. The pair could then rise to $50 and later to $60.
Dogecoin (DOGE) once again turned down from the 20-day EMA ($0.08) on June 6, indicating that bears are selling on rallies. A minor positive is that the bulls purchased the dip on June 7, indicating buying at lower levels.
The DOGE/USDT pair has been stuck in a tight range between the 20-day EMA and $0.07, indicating uncertainty among the bulls and the bears. Usually, tight ranges resolve with an expansion but it is difficult to predict the direction of the breakout.
If the price rises above the 20-day EMA, buyers who may be waiting on the sidelines could enter and push the pair toward the psychological level of $0.10. On the contrary, if the price slips below $0.07, the pair may resume the downtrend.
Related: Ethereum 'double Doji' pattern hints at a 50% ETH price rally by September
Polkadot (DOT) attempted to rise above the 20-day EMA ($10) on June 6 but the long wick on the day’s candlestick shows strong selling by the bears.
The DOT/USDT pair dipped below the support line on June 7, indicating that the symmetrical triangle resolved in favor of the sellers. The pair could next drop to the strong support at $8.50 where the buyers will try to stall the decline.
This negative view could invalidate in the short term if the price turns up from the current level and rises above the resistance line of the triangle. Such a move will suggest that the break below the support line may have been a bear trap. The pair could then rise to the 50-day SMA ($12.35).
The buyers tried to push Avalanche (AVAX) above the 20-day EMA ($28) on June 6 but the long wick on the day’s candlestick shows that the bears are defending the level aggressively.
The price is getting squeezed between the 20-day EMA and the strong support at $21 but this tight range trading is unlikely to continue for long.
If bulls drive the AVAX/USDT pair above the 20-day EMA, it will suggest the start of a recovery that may reach $37. The positive divergence on the relative strength index (RSI) also supports a relief rally in the near term.
Alternatively, if the range expands to the downside and the price plummets below $21, the pair could resume its downtrend and drop to $18.
The bears tried to sink Shiba Inu (SHIB) below the strong support of $0.000010 on June 7 but the bulls successfully defended the level as seen from the long tail on the day’s candlestick.
The longer the price trades below the 20-day EMA ($0.000012), the greater the possibility of a break below $0.000010. If that happens, the SHIB/USDT pair could drop to $0.000009 where the bulls may attempt to stall the decline.
To invalidate the bearish view, the bulls will have to push and sustain the price above the 20-day EMA. If they manage to do that, the pair could rally to $0.000014 where the bears are likely to mount a strong defense.
The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph. Every investment and trading move involves risk. You should conduct your own research when making a decision.
Market data is provided by HitBTC exchange.
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n",audio:"https://s3.cointelegraph.com/audio/87734.3a1032bd-5b64-4490-8602-aaa21aa3a0cb.mp3",facebookShares:f,twitterShares:f,linkedinShares:f,redditShares:f,views:12634,shares:xH,tags:[{id:z,slug:bc,title:F,url:aQ},{id:ac,slug:bd,title:M,url:bW},{id:N,slug:bX,title:bY,url:bZ},{id:be,slug:ao,title:b_,url:aR},{id:b$,slug:bf,title:G,url:aS},{id:ca,slug:cb,title:cc,url:cd},{id:ce,slug:cf,title:O,url:cg},{id:ch,slug:ci,title:bg,url:cj},{id:ck,slug:cl,title:cm,url:cn},{id:co,slug:bh,title:P,url:cp},{id:hk,slug:hl,title:X,url:hm},{id:cq,slug:bi,title:Q,url:cr},{id:cs,slug:bj,title:R,url:ct},{id:cu,slug:cv,title:cw,url:cx},{id:cy,slug:bk,title:S,url:cz},{id:cA,slug:bl,title:T,url:cB},{id:hn,slug:ho,title:Y,url:hp}],topics:[],relatedPosts:[],trackingPixelUrl:"https://zoa.cointelegraph.com/pixel?postId=87734regionId=1",showShares:b,showStats:b,isNoIndex:a},{id:jz,isDeleted:a,isDisclaimerHidden:f,isSponsored:a,isPressRelease:a,isExplained:a,slug:"price-analysis-6-6-btc-eth-bnb-xrp-ada-sol-doge-dot-avax-shib",url:xo,absoluteUrl:"https://cointelegraph.com/news/price-analysis-6-6-btc-eth-bnb-xrp-ada-sol-doge-dot-avax-shib",title:oI,youtubeVideoIdCover:d,cover:xq,datePublished:"2022-06-06",dateHuman:"Jun 06, 2022",humanDateTime:"2022-06-06 19:38",dateISOFull:"2022-06-06T18:38:46+01:00",publishedDateTimeObject:{year:L,month:A,day:A,hour:hj,minute:oA,second:xI,millisecond:e},categorySlug:aN,categoryUrl:aA,categoryName:aB,authorName:aO,authorUrl:aP,authorAvatar:bV,previewText:xp,twitterLeadText:"A daily close above $32,700 would signal a possible early trend change for Bitcoin and altcoins, but current trade volumes signal that it’s an unlikely outcome. ",badgeSlug:g,badgeName:X,fullText:"After nine successive weeks of red weekly candles, Bitcoin (BTC) printed a green weekly candle on June 5. Leading into this week, buyers kept up their momentum with a strong weekly open that boosted BTC price to $31,800.
Going forward, traders might keep a close eye on the Consumer Price Index (CPI) data for May, which is due on June 10. Depending on the figures, this could keep the volatility elevated as investors digest the report and speculate on the next possible move of the United States Federal Reserve.
Analysts are divided about the next directional move for Bitcoin. While some believe a bottom has been made, others anticipate another leg down. For analyst Bob Loukas, the price action in the summer could remain uninteresting and he expects the new cycle to begin late in the year.
Could bulls sustain higher levels or will bears sell aggressively and pull the price down? Let’s study the charts of the top-10 cryptocurrencies to find out.
After two small range days on June 4 and 5, the range expanded on June 6 and Bitcoin soared above the 20-day exponential moving average (E($30,510). The bulls are attempting to push the price to the overhead resistance at $32,659.
The price action of the past few days has formed an ascending triangle pattern, which will complete on a break and close above $32,659. If that happens, the BTC/USDT pair could start a new up-move. The pattern target of the breakout from the triangle is $38,618.
The 20-day EMA has flattened out and the relative strength index (RSI) is near the midpoint, suggesting that the selling pressure is reducing.
This positive view could invalidate if the price turns down sharply and plunges below the trendline of the triangle. The pair could then drop to the strong support at $28,630 where the bulls may try to arrest the decline. A break and close below this support could tilt the advantage in favor of the bears.
Ether (ETH) bounced off $1,737 on June 3, indicating that bulls are attempting to defend the crucial support of $1,700. The buyers are attempting to push the price above the overhead resistance at the 20-day EMA ($1,930) on June 6.
If they succeed, the ETH/USDT pair could pick up momentum and rally to $2,016. Above this level, the pair could reach the stiff overhead resistance at $2,159. The bears are likely to defend this level aggressively. If the price turns down from this resistance, the pair could consolidate between $2,159 and $1,700 for a few more days.
The long wick on the June 6 candlestick suggests that bears continue to defend the 20-day EMA. This indicates that the sentiment remains negative and traders are selling on rallies. The bears will now try to pull the pair below $1,700 and resume the downtrend.
BNB has formed a symmetrical triangle pattern, indicating indecision among the bulls and the bears. The bulls are attempting to push the price above the resistance line but the bears are not willing to cede ground.
If the price turns down from the overhead resistance, the bears will again try to pull the BNB/USDT pair below the support line. If they manage to do that, the pair could decline to $265 where buying may emerge.
Alternatively, if bulls push and sustain the price above the resistance line, it will suggest that the sellers are losing their grip. The pair could then rally to the breakdown level of $350. This is an important level to keep an eye on because a break and close above it could signal that the downtrend may be over.
Ripple (XRP) has been trading inside a bearish descending triangle pattern. The bulls are attempting to push the price above the downtrend line but the bears are posing a strong challenge as seen from the long wick on the day’s candlestick.
If bulls propel the price above the downtrend line, it will negate the bearish pattern. That could cause a short squeeze, pushing the XRP/USDT pair to $0.46 and later to the psychological level at $0.50.
Conversely, if the price turns down from the downtrend line, the pair could drop to the $0.38 support. If bears pull the price below $0.38, the descending triangle pattern will complete. The pair could then decline to the important support at $0.33. A break and close below this support could resume the downtrend.
Cardano (ADA) had been sustaining above the 20-day EMA ($0.56) for the past few days suggesting accumulation by the bulls. Buying picked up on June 6 and the bulls are trying to push the price above the 50-day SMA ($0.66).
If they succeed, the ADA/USDT pair could rally to the breakdown level of $0.74. This level may again act as a major hurdle but if the bulls overcome it, the recovery could pick up momentum. The pair could then rally to $0.90.
The 20-day EMA has flattened out and the RSI is just above the midpoint, suggesting a slight edge to buyers.
This bullish view could invalidate in the short term if the price turns down and breaks below the 20-day EMA. If that happens, the pair could gradually slide toward the strong support at $0.44.
Solana (SOL) plunged below the critical support of $37 on June 4 but a minor positive is that the bulls purchased at lower levels. This may have caught the aggressive bears off-guard, which resulted in a strong recovery as seen from the long tail on the day’s candlestick.
The RSI has formed a positive divergence, indicating that the bearish momentum may be reducing. The bulls are attempting to push the price above the 20-day EMA ($46). If they succeed, the SOL/USDT pair could rally to $55 and thereafter to $60.
On the contrary, if the price turns down from the 20-day EMA, it will suggest that the trend remains negative and bears are selling on rallies. The bears will then make one more attempt to resume the downtrend by pulling the pair below $35.
Dogecoin (DOGE) is stuck between the 20-day EMA ($0.08) and $0.08 for the past few days but this tight range trading is unlikely to continue for long.
If buyers push the price above the 20-day EMA, the DOGE/USDT pair could rally toward the psychological resistance at $0.10. This level may again act as a hurdle but if bulls overcome it, the pair could rally to $0.12.
Contrary to this assumption, if the price turns down from the 20-day EMA, it will suggest that bears continue to sell on minor rallies. If bears sink the price below $0.08, the pair could drop to $0.07. A break and close below this support will suggest the resumption of the downtrend.
Related: Is Cardano ready for a go at $1? June's hard fork FOMO lifts ADA price to weekly highs
Polkadot (DOT) has formed a symmetrical triangle, which usually acts as a continuation pattern. The buyers are attempting to push the price above the 20-day EMA ($10) and challenge the resistance line of the triangle.
A break and close above the triangle will be the first indication of a potential trend change. The DOT/USDT pair could rise to $12 and then attempt a rally to the breakdown level of $14. The bears are likely to defend this level aggressively.
Alternatively, if the price turns down from the overhead resistance and breaks below the triangle, it will suggest that bears are in control. The pair could then decline to $8 and later retest the May 12 intraday low of $7.30.
Avalanche (AVAX) bounced off $22.14 on June 4, indicating that bulls are defending the $21.35 support with vigor. The buyers have pushed the price above the downtrend line and are attempting to clear the overhead hurdle at the 20-day EMA ($28).
If they manage to do that, the AVAX/USDT pair could pick up momentum and start its northward journey toward $33 and then $37. Such a move will suggest that the bulls are back in the game.
Contrary to this assumption, if the price turns down from the 20-day EMA, it will suggest that bears remain active at higher levels. The pair could then slide toward $21.35. A break and close below this support could start the next leg of the downtrend.
The buyers have successfully defended the $0.000010 support for the past several days but they have not been able to push Shiba Inu (SHIB) above the 20-day EMA ($0.000012). This suggests that buying dries up at higher levels.
The tight range trading between $0.000010 and the 20-day EMA is unlikely to continue for long. If bears sink the price below $0.000010, the SHIB/USDT pair could retest the May 12 intraday low at $0.000009. A break and close below this level could signal the resumption of the downtrend.
Alternatively, if buyers propel the price above the 20-day EMA, the pair could rally to the overhead resistance at $0.000014. The bears are expected to mount a strong defense at this level.
The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph. Every investment and trading move involves risk. You should conduct your own research when making a decision.
Market data is provided by HitBTC exchange.
\n\n\n\n\n\n\n\n\n\n\n\n\n\n",audio:"https://s3.cointelegraph.com/audio/87606.d001a743-0d18-4511-8e96-af76a7c71e4b.mp3",facebookShares:f,twitterShares:f,linkedinShares:f,redditShares:f,views:10258,shares:xJ,tags:[{id:z,slug:bc,title:F,url:aQ},{id:ac,slug:bd,title:M,url:bW},{id:N,slug:bX,title:bY,url:bZ},{id:be,slug:ao,title:b_,url:aR},{id:b$,slug:bf,title:G,url:aS},{id:ca,slug:cb,title:cc,url:cd},{id:ce,slug:cf,title:O,url:cg},{id:ch,slug:ci,title:bg,url:cj},{id:ck,slug:cl,title:cm,url:cn},{id:co,slug:bh,title:P,url:cp},{id:hk,slug:hl,title:X,url:hm},{id:cq,slug:bi,title:Q,url:cr},{id:cs,slug:bj,title:R,url:ct},{id:cu,slug:cv,title:cw,url:cx},{id:cy,slug:bk,title:S,url:cz},{id:cA,slug:bl,title:T,url:cB},{id:hn,slug:ho,title:Y,url:hp}],topics:[],relatedPosts:[],trackingPixelUrl:"https://zoa.cointelegraph.com/pixel?postId=87606regionId=1",showShares:b,showStats:b,isNoIndex:a},{id:jA,isDeleted:a,isDisclaimerHidden:f,isSponsored:a,isPressRelease:a,isExplained:a,slug:"price-analysis-6-1-btc-eth-bnb-xrp-ada-sol-doge-dot-avax-shib",url:xr,absoluteUrl:"https://cointelegraph.com/news/price-analysis-6-1-btc-eth-bnb-xrp-ada-sol-doge-dot-avax-shib",title:oJ,youtubeVideoIdCover:d,cover:xt,datePublished:"2022-06-01",dateHuman:"Jun 01, 2022",humanDateTime:"2022-06-01 19:44",dateISOFull:"2022-06-01T18:44:08+01:00",publishedDateTimeObject:{year:L,month:A,day:r,hour:hj,minute:lY,second:ht,millisecond:e},categorySlug:aN,categoryUrl:aA,categoryName:aB,authorName:aO,authorUrl:aP,authorAvatar:bV,previewText:xs,twitterLeadText:"Overhead resistance at a key moving average stopped Bitcoin and altcoins from progressing higher. Is the current pullback simply a lower support retest or the start of the next leg down?",badgeSlug:g,badgeName:X,fullText:"Bitcoin (BTC) has made a tentative start to the month of June, suggesting that bears have not gone into hibernation just yet. Although Bitcoin is trading nearly 55% off its all-time high of $69,000, whales and institutions remain cautious and have not jumped into the market with gusto, according to BlockTrends analyst Caue Oliveira.
According to CryptoQuant contributor Venturefounder, if Bitcoin repeats the historical patterns seen after the previous halving cycles, then a bottom may be formed between $14,000 and $21,000 in the next six months. Thereafter, Bitcoin may chop around the $28,000 to $40,000 range for a large part of the next year and be around $40,000 during the halving.
Crypto's bear market has not stopped Goldman Sachs from exploring the possibility of integrating its derivatives products into FTX.US derivatives offerings. This suggests that the investment bank expects derivatives demand to pick up in the future.
Has Bitcoin started a bottoming formation? Is the short-term downtrend in altcoins over? Let’s study the charts of the top-10 cryptocurrencies to find out.
Bitcoin reached the overhead resistance at $32,659 on May 31 but the bulls could not clear this hurdle. The Doji candlestick pattern on May 31 indicates uncertainty among the buyers and sellers.
This uncertainty resolved in favor of the bears on June 1 and they pulled the price below the 20-day exponential moving average (EMA) ($30,741). If the price sustains below the 20-day EMA, the next stop could be $28,630. The buyers are expected to defend this level with all their might.
If the price rebounds off $28,600, the BTC/USDT pair could again attempt a rally to $32,659. If that happens, the pair may consolidate between these two levels for a few days.
The next trending move could begin if the price breaks above or below the range. If the price soars above $32,659, the rally could reach the 50-day simple moving average (SMA) ($34,629). The downtrend could resume on a break below the $28,630 to $26,700 support zone.
The bears stalled Ether’s (ETH) relief rally at the 20-day EMA ($2,009) on May 31, indicating that they are not allowing the bulls to get a foothold.
The bears will try to pull the price to the vital support at $1,700. This is an important level for the bulls to defend because if it cracks, the ETH/USDT pair could witness panic selling. The pair could then resume its downtrend and plummet to $1,300.
Alternatively, if the price rebounds off $1,700, it will suggest that the bulls are buying proactively at these levels. The bulls will then again try to push the price above the 20-day EMA and challenge the stiff resistance at $2,159.
BNB rose above the immediate resistance of $320 on May 30 but the bulls have not been able to build upon this move. This indicates that bears are posing a strong challenge at $325.
The sellers have pulled the price to the uptrend line. This is an important level to keep an eye on in the near term. If the price rebounds off this level, it will suggest that bulls are accumulating on dips. That could enhance the prospects of a break above $325.
Contrary to this assumption, if bears sink the price below the uptrend line, the BNB/USDT pair could drop to the strong support zone between $286 and $265. A break below $265 could send the pair tumbling to the vital support at $211.
Ripple (XRP) rose above the downtrend line on May 30 but the bulls could not clear the overhead hurdle at the 20-day EMA ($0.43). This suggests that bears are not willing to surrender their advantage.
The bears will try to sink the price below the downtrend line. If that happens, the XRP/USDT pair could decline to $0.38. The buyers are likely to defend this level and a bounce off it will point to a possible consolidation in the near term.
On the contrary, if the price rebounds off the downtrend line, it will suggest that bulls are attempting to flip this level to support. If that happens, the possibility of a break above the 20-day EMA increases. The pair could then rally to the psychological resistance at $0.50.
Cardano (ADA) broke above the 20-day EMA ($0.56) on May 30 and followed it up with another sharp up-move on May 31. This pushed the price to the 50-day SMA ($0.70) but the long wick on the day’s candlestick suggests that bears are selling near this level.
The bears will try to pull the price back below the 20-day EMA and trap the aggressive bulls. If that happens, the ADA/USDT pair could drop to $0.44 where buying may emerge.
That could suggest a consolidation inside the large range between $0.44 and $0.74. The flattening 20-day EMA and the relative strength index (RSI) just below the midpoint also indicate a range-bound action in the near term.
The bulls may gain the upper hand if the price rebounds off the 20-day EMA and breaks above $0.74. Such a move will suggest that the downtrend may be over.
Solana’s (SOL) relief rally is facing stiff resistance from the bears near the psychological level at $50. This suggests that bears have not yet given up and they continue to sell on rallies.
The bears will try to pull the price to the strong support at $40. The bulls are expected to buy the dips to this level. If the price rebounds off this support, the buyers will again try to push the SOL/USDT pair above the 20-day EMA ($51). If they succeed, the pair could rally to $60 and thereafter attempt an up-move to the breakdown level of $75.
On the other hand, if bears sink the price below $40, the pair could drop to the May 12 intraday low of $37. The pair could resume its downtrend if bears pull the price below this crucial support.
Dogecoin’s (DOGE) price has been trading near the 20-day EMA ($0.09) for the past two days but the bulls have failed to achieve a breakout. This suggests that bears are defending the 20-day EMA with vigor.
The bears will try to sink the price to the strong support at $0.07. This level has held on two previous occasions; hence, the bulls will again try to defend it. If the price rebounds off this support, the DOGE/USDT pair may remain stuck inside a range between $0.10 and $0.07 for some time.
If bulls drive the price above $0.10, it will suggest that the downtrend could be weakening. The pair could then rally to $0.12. Conversely, the downtrend could resume on a break below $0.07.
Related: Axie Infinity V-shape recovery fizzles as AXS price drops 20% from three-week high
Polkadot (DOT) is facing resistance at the 20-day EMA ($10.55) but the bulls have not allowed the price to sustain below $10. This suggests strong demand at lower levels.
If bulls push and sustain the price above the 20-day EMA, the DOT/USDT pair could rally to $12. This level may act as a minor hurdle but if crossed, the recovery could reach the strong overhead resistance at $14.
Contrary to this assumption, if the price turns down and sustains below $10, the decline could extend to the strong support at $8. A strong bounce off this support will suggest that the pair may remain range-bound between $8 and $12 for some time.
Avalanche (AVAX) turned down from the downtrend line on May 31, suggesting that bears continue to defend the level with vigor. The bears will now try to pull the price below the strong support zone of $23.51 to $21.35.
If they succeed, the AVAX/USDT pair will complete a descending triangle pattern, indicating the start of the next leg of the downtrend. The pair could then decline to $20.
Although the downsloping 20-day EMA ($31.33) favors the bears, the positive divergence on the RSI suggests that the bearish momentum may be weakening. If the price turns up from the current level and breaks above the 20-day EMA, buying could resume. The bulls will then try to propel the pair to $38.
Shiba Inu’s (SHIB) recovery is facing stiff resistance at the 20-day EMA ($0.000012), suggesting that the sentiment remains negative and bears are selling on rallies.
The bears will try to pull the price to the strong support at $0.000010. This level is likely to attract aggressive buying by the bulls. If the price rebounds off $0.000010, the SHIB/USDT pair could rally toward the 20-day EMA.
If buyers push the price above the 20-day EMA, the pair could rise to $0.000014 and later to the breakdown level of $0.000017. On the downside, the bears will have to sink the price below $0.000009 to signal the resumption of the downtrend.
The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph. Every investment and trading move involves risk. You should conduct your own research when making a decision.
Market data is provided by HitBTC exchange.
\n\n\n\n\n\n\n\n\n\n\n\n",audio:"https://s3.cointelegraph.com/audio/87395.bd444acd-4bc5-4d93-8985-5df85df1ba8b.mp3",facebookShares:f,twitterShares:f,linkedinShares:f,redditShares:f,views:16132,shares:lZ,tags:[{id:z,slug:bc,title:F,url:aQ},{id:ac,slug:bd,title:M,url:bW},{id:N,slug:bX,title:bY,url:bZ},{id:be,slug:ao,title:b_,url:aR},{id:b$,slug:bf,title:G,url:aS},{id:ca,slug:cb,title:cc,url:cd},{id:ce,slug:cf,title:O,url:cg},{id:ch,slug:ci,title:bg,url:cj},{id:ck,slug:cl,title:cm,url:cn},{id:co,slug:bh,title:P,url:cp},{id:hk,slug:hl,title:X,url:hm},{id:cq,slug:bi,title:Q,url:cr},{id:cs,slug:bj,title:R,url:ct},{id:cu,slug:cv,title:cw,url:cx},{id:cy,slug:bk,title:S,url:cz},{id:cA,slug:bl,title:T,url:cB},{id:hn,slug:ho,title:Y,url:hp}],topics:[],relatedPosts:[],trackingPixelUrl:"https://zoa.cointelegraph.com/pixel?postId=87395regionId=1",showShares:b,showStats:b,isNoIndex:a},{id:jB,isDeleted:a,isDisclaimerHidden:f,isSponsored:a,isPressRelease:a,isExplained:a,slug:"price-analysis-5-30-btc-eth-bnb-xrp-ada-sol-doge-dot-avax-shib",url:xu,absoluteUrl:"https://cointelegraph.com/news/price-analysis-5-30-btc-eth-bnb-xrp-ada-sol-doge-dot-avax-shib",title:oK,youtubeVideoIdCover:d,cover:xv,datePublished:"2022-05-30",dateHuman:"May 30, 2022",humanDateTime:"2022-05-30 20:30",dateISOFull:"2022-05-30T19:30:00+01:00",publishedDateTimeObject:{year:L,month:Z,day:jP,hour:oO,minute:jP,second:e,millisecond:e},categorySlug:aN,categoryUrl:aA,categoryName:aB,authorName:aO,authorUrl:aP,authorAvatar:bV,previewText:"The elusive relief rally that BTC and ETH traders expected has arrived, but will the market sustain enough bullish momentum to catalyze a trend change? ",twitterLeadText:"Market bottom or just a relief rally? Bitcoin and Etheruem posted attractive gains on May 30, but is there enough bullish momentum to provoke a trend change? ",badgeSlug:g,badgeName:X,fullText:"After creating the dubious record of nine successive red weekly closes, Bitcoin (BTC) is attempting to make amends by starting a price recovery to end the losing streak. Analysts have repeatedly said that investors should not fear a bear market because it is one of the best times to invest in fundamentally strong projects in preparation for the next bull phase.
CryptoQuant CEO Ki Young Ju highlighted that unspent transaction outputs (UTXOs) that are older than six months reflect 62% of the realized cap, which is similar to the level seen during the March 2020 crash. Hence, Ki said that Bitcoin may be close to forming a cyclic bottom.
In the current bearish environment, it is difficult to fathom a Bitcoin rally to $250,000 but billionaire investor Tim Draper is still bullish. While speaking on a YouTube show on May 24, Draper said that if more retailers start accepting Bitcoin, participation from women will increase as they will buy things with Bitcoin. According to Draper, this could boost Bitcoin’s price above his target objective of $250,000.
With several analysts calling for a bottom in Bitcoin, is it a good time to buy? Could the crypto markets start a recovery in the short term? Let’s study the charts of the top-10 cryptocurrencies to find out.
Bitcoin broke above the downtrend line on May 30 and the bulls are attempting to sustain the price above the 20-day exponential moving average (EMA) ($30,562). If they succeed, it will be the first indication that the bears may be losing their grip.
If the price sustains above the 20-day EMA, the BTC/USDT pair could rise to $32,659 and later to the 50-day simple moving average (SMA) ($34,954). The 20-day EMA is flattening out and the relative strength index (RSI) has risen above 46, suggesting that bulls are attempting a comeback.
Conversely, if the price turns down from the 20-day EMA, it will suggest that the sentiment remains negative and traders are selling on rallies. The bears will then make another attempt to pull the pair below $28,630 and challenge the May 12 intraday low at $26,700. A break below this support could signal the resumption of the downtrend.
Ether (ETH) bounced off the vital support at $1,700 on May 28 and is marching toward the 20-day EMA ($2,026). This suggests that bulls are attempting to start a sustained recovery.
The RSI is showing a bullish divergence suggesting that the selling pressure may be reducing. The buyers will try to push the price above the 20-day EMA and challenge the breakdown level at $2,159. If bulls fail to clear this hurdle, the BNB/USDT pair may turn down and consolidate between $1,700 and $2,159.
If bulls thrust the price above $2,159, it will suggest that $1,700 may be the bottom in the short term. The pair could then rally to the 50-day SMA ($2,504). This bullish view could be invalidated if the price turns down and plummets below $1,700.
BNB took support near the immediate support at $286 on May 27, suggesting that traders are buying the dips. The bulls will now again attempt to push the price above the overhead resistance at $320.
If they succeed, the BNB/USDT pair could rally to $350. The longer the price sustains above $320, the greater the possibility that the bottom has been made on May 12. If bulls overcome the barrier at $350, the rally could reach $400.
On the other hand, if the price turns down from the current level or $350, it will suggest that bears are selling on rallies. That could again pull the price to the immediate support at $286. If this support cracks, the pair could decline to $260.
Although Ripple (XRP) dipped below $0.38 on May 26, the bears could not maintain the selling pressure. This started a recovery on May 28, which has reached the downtrend line.
The bears have repeatedly mounted a strong defense at the downtrend line; hence, this is an important resistance to keep an eye on. If the price reverses direction from the downtrend line, the bears will try to pull the XRP/USDT pair below $0.37 and challenge the crucial support at $0.33.
On the contrary, if buyers drive and sustain the price above the 20-day EMA ($0.43), it will suggest that the sellers may be losing their grip. The pair could then rally to the psychological level at $0.50.
Cardano (ADA) broke below the minor support at $0.46 on May 27 but the bears could not build upon the advantage. The bulls purchased this dip and started a recovery on May 28.
The relief rally picked up momentum on May 30 and the bulls are attempting to push the price above the 20-day EMA ($0.54). If they succeed, it will suggest that the ADA/USDT pair is attempting to form a bottom. The pair could then rise to $0.61 and later attempt a rally to the breakdown level of $0.74.
This positive view could be negated if the price turns down from the 20-day EMA. If that happens, the bears will again try to sink the pair below $0.40 and start the next leg of the downward move.
Solana (SOL) recovered from $40 on May 28, indicating that lower levels continue to attract buying by the bulls. The buyers will now try to push the price to the 20-day EMA ($53).
If bulls propel the price above the 20-day EMA, it will suggest that the downtrend could be weakening. The SOL/USDT pair may then rise to $60 and thereafter rally to the 50% Fibonacci retracement level of $66.
On the contrary, if the price turns down from the current level or the 20-day EMA, it will suggest that bears continue to sell on rallies. That could increase the possibility of a retest of $37.37. A break below this support may start the next leg of the downtrend.
Dogecoin (DOGE) plunged below $0.08 on May 26 but made a strong comeback on May 27. This suggests aggressive buying at lower levels but the bears are not ready to give up their advantage as they continue to defend the 20-day EMA ($0.09) with vigor.
The bulls will again try to push the price above the 20-day EMA. If they do that, the DOGE/USDT pair could rise to the psychological level at $0.10. This level may again act as a resistance but if bulls overcome this hurdle, the pair could rally to $0.12.
Alternatively, if the price turns down from the 20-day EMA or $0.10, it will suggest that bears are active at higher levels. That could pull the pair down to $0.08 and later to the May 12 intraday low of $0.06.
Related: Bitcoin ‘ready’ for $32.8K after consolidation as BTC price gains 6.3%
Polkadot (DOT) formed a Doji candlestick pattern on May 27, suggesting indecision among the bulls and the bears. This uncertainty resolved to the upside and bulls pushed the price to the overhead resistance at $10.37.
If buyers propel the price above the overhead resistance, it could open the doors for a possible rally to $12. If bulls clear this hurdle, the next stop could be $14. A break and close above this resistance could indicate that the DOT/USDT pair may have bottomed out.
This positive view could invalidate if the price turns down sharply from the current level and breaks below $8.56. That could result in a decline to the May 12 intraday low of $7.30. The bears will have to sink the price below this level to indicate the resumption of the downtrend.
Avalanche (AVAX) dipped below the strong support at $23.51 on May 26 but the bears could not capitalize on this advantage. The bulls bought the dip on May 27 and started a recovery on May 28.
The bulls will attempt to push the price to the 20-day EMA ($32.42), which is an important level to keep an eye on. If the price turns down from this resistance, the bears will try to retest the May 27 intraday low at $21.35. If this support cracks, the AVAX/USDT pair could slide to the psychological level at $20.
The RSI is showing a positive divergence, indicating that the selling pressure could be reducing. If bulls push the price above the 20-day EMA, the pair could rally to $38 and later attempt an up-move to $46.
The bulls successfully defended the support at $0.000010 on May 27, which resulted in a rebound on May 28. Shiba Inu (SHIB) continued its recovery and has reached the 20-day EMA ($0.000012), which is likely to act as a strong resistance.
If the price turns down from the 20-day EMA, the bears will again attempt to sink the SHIB/USDT pair below $0.000010. If that happens, the pair could retest the critical support at $0.000009.
Alternatively, if bulls push the price above the 20-day EMA, it will suggest that the downtrend may be weakening. The pair could then attempt a rally to $0.000014 and later to the breakdown level at $0.000017. The bulls will have to clear this overhead hurdle to signal a potential change in trend.
The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph. Every investment and trading move involves risk. You should conduct your own research when making a decision.
Market data is provided by HitBTC exchange.
\n\n\n\n\n\n\n\n\n\n\n\n",audio:"https://s3.cointelegraph.com/audio/87242.2eefe02c-aa01-4d8c-89f4-a9436390c0b0.mp3",facebookShares:f,twitterShares:f,linkedinShares:f,redditShares:f,views:14162,shares:xK,tags:[{id:z,slug:bc,title:F,url:aQ},{id:ac,slug:bd,title:M,url:bW},{id:N,slug:bX,title:bY,url:bZ},{id:be,slug:ao,title:b_,url:aR},{id:b$,slug:bf,title:G,url:aS},{id:ca,slug:cb,title:cc,url:cd},{id:ce,slug:cf,title:O,url:cg},{id:ch,slug:ci,title:bg,url:cj},{id:ck,slug:cl,title:cm,url:cn},{id:co,slug:bh,title:P,url:cp},{id:hk,slug:hl,title:X,url:hm},{id:cq,slug:bi,title:Q,url:cr},{id:cs,slug:bj,title:R,url:ct},{id:cu,slug:cv,title:cw,url:cx},{id:cy,slug:bk,title:S,url:cz},{id:cA,slug:bl,title:T,url:cB},{id:hn,slug:ho,title:Y,url:hp}],topics:[],relatedPosts:[],trackingPixelUrl:"https://zoa.cointelegraph.com/pixel?postId=87242regionId=1",showShares:b,showStats:b,isNoIndex:a},{id:hr,isDeleted:a,isDisclaimerHidden:f,isSponsored:a,isPressRelease:a,isExplained:a,slug:"price-analysis-5-27-btc-eth-bnb-xrp-ada-sol-doge-dot-avax-shib",url:oD,absoluteUrl:xe,title:mW,youtubeVideoIdCover:d,cover:oE,datePublished:"2022-05-27",dateHuman:"May 27, 2022",humanDateTime:"2022-05-27 18:06",dateISOFull:"2022-05-27T17:06:09+01:00",publishedDateTimeObject:{year:L,month:Z,day:mY,hour:oN,minute:A,second:hu,millisecond:e},categorySlug:aN,categoryUrl:aA,categoryName:aB,authorName:aO,authorUrl:aP,authorAvatar:bV,previewText:xw,twitterLeadText:"Stocks are recovering their recent losses, but the same cannot be said for Bitcoin and altcoins. Technical analysis and the breakdown of a bearish chart pattern paint a grim picture for crypto.",badgeSlug:g,badgeName:X,fullText:"Equities markets in the United States rallied sharply on May 25 and 26 but Bitcoin (BTC) and altcoins have not followed a similar trajectory. This suggests that traders are not confident that the crypto markets have bottomed out yet.
On-chain analytics firm Glassnode said that the number of Bitcoin whales has been reducing and on May 27, the metric fell to the lowest level since July 2020.
On May 24, Miller Value Partners founder and chief investment officer Bill Miller backed Bitcoin investing and called it an “insurance policy against financial catastrophe.”
In a note to its clients on May 25, JPMorgan said that Bitcoin’s fall looks like capitulation and they anticipate Bitcoin and the crypto markets to rally. The bank’s analysts believe Bitcoin’s fair value is $38,000, which is about 30% higher than the current level.
Could Bitcoin follow the U.S. equities markets higher or will it decouple and continue to languish at lower levels? Let’s study the charts of the top-10 cryptocurrencies to find out.
Bitcoin plunged below the strong support of $28,630 on May 26 but the bulls could not sustain the lower levels. The long tail on the day’s candlestick shows that the bulls aggressively purchased the dip.
The bulls are again trying to defend the support at $28,630, which is an important level to keep an eye on. If the price rises from the current level and breaks above the 20-day exponential moving average (EMA) ($30,868), it will suggest that the BTC/USDT pair may have bottomed out. The pair could then rally to the 50-day simple moving average (SMA) ($35,721).
Conversely, if the price turns down from the current level or the overhead resistance, it will suggest a lack of demand at higher levels. That may increase the possibility of a break below $28,630. If that happens, the pair could retest the crucial level at $26,700. A break and close below this level could intensify selling and the pair may plummet toward $20,000.
Ether (ETH) dipped and closed below the uptrend line on May 25, suggesting that bears were attempting to re-establish their supremacy. The selling picked up momentum on May 26 and the price plunged below the May 12 intraday low at $1,800.
The bears are trying to defend the crucial support at $1,700 but the rebound lacks momentum. This suggests that bulls are not aggressively buying at the support. That could embolden the bears who may attempt to sink and sustain the price below $1,700. If they succeed, the ETH/USDT pair could plummet to $1,300.
Conversely, if bulls successfully defend the support at $1,700, the pair could start an up-move toward $2,159. That could keep the pair range-bound between $2,159 and $1,700 for some more days.
The long wick on BNB's May 25 candlestick shows that bears are selling on rallies nearing the critical overhead resistance at $350. The selling continued on May 26 and the price broke below the 20-day EMA ($320).
There is a minor support at $286 where the bulls will attempt to arrest the decline. If they succeed, it will suggest that the sentiment has changed from selling on rallies to buying on dips. The bulls will then again strive to push the price to $350.
Alternatively, if the price breaks below $286, it will suggest that the aggressive bulls, who may have been trapped after buying the break above $320, may be exiting their positions. That could sink the BNB/USDT pair to $260.
Ripple (XRP) broke below the immediate support at $0.38 on May 26 but the long tail on the day’s candlestick suggests strong buying at lower levels. The buyers will try to push the price toward the downtrend line.
If the price turns down from the downtrend line, the bears will again attempt to sink the XRP/USDT pair below $0.38. If that happens, the pair could drop to the May 12 intraday low at $0.33 where the bulls are likely to mount a strong defense. The bears will have to pull the price below this support to indicate the resumption of the downtrend.
On the other hand, if bulls push the price above the downtrend line, the pair could rally to the 20-day EMA ($0.44). This level may again act as a stiff resistance but if bulls overcome this barrier the recovery could reach the psychological level at $0.50.
Cardano’s (ADA) tight-range trading between $0.49 and $0.56 resolved to the downside on May 26. The bulls are attempting to defend the minor support at $0.46 but if they fail, the drop could extend to $0.40.
The downsloping moving averages and the RSI near the oversold territory suggest that bears are in command. If bears sink and sustain the price below $0.40, the selling could pick up momentum and the ADA/USDT pair may plummet to $0.33.
Conversely, if the price rebounds from the current level or the support, it will suggest strong buying at lower levels. The bulls will then try to drive the price above the 20-day EMA ($0.56). If they succeed, the pair could rally to $0.61 and later to $0.74.
Solana (SOL) broke below the immediate support at $47 on May 26 suggesting that traders who may have bought at lower levels are closing their positions. This opens the doors for a possible drop to the crucial support at $37.37.
If the price rebounds off $37.37, the buyers will attempt to push the price to the 20-day EMA ($55). This is an important level for the bears to defend because a break and close above it will suggest that the SOL/USDT pair may have bottomed out. The pair could then attempt a rally to the overhead resistance at $75.
Alternatively, if bears sink the price below $37.37, it will suggest the resumption of the downtrend. The pair could then extend its decline to the next support at $32.
Dogecoin’s (DOGE) tight-range trading resolved to the downside on May 26 and bears pulled the price below $0.08. This suggests that supply exceeds demand.
If bears sustain the price below $0.08, the DOGE/USDT pair could drop to the vital support at $0.06. As this level had acted as a strong support on May 12, the bulls may again try to defend it. If the level holds, the pair could climb toward the 20-day EMA ($0.09).
Another possibility is that if bulls push the price back above $0.08, it will suggest demand at lower levels. The buyers will then try to propel the price toward the 20-day EMA. A break and close above this resistance will suggest that the bears may be losing their grip. The pair could then rally to the psychological level at $0.10.
Related: 3 reasons why Bitcoin is regaining its crypto market dominance
Polkadot’s (DOT) failure to climb and sustain above the breakdown level at $10.37 attracted selling by traders. The bears pulled the price below the immediate support of $9.22 on May 26 but are struggling to sustain the lower levels.
The price rebounded off the immediate support at $8.56 and the bulls are attempting to clear the overhead hurdle at the 20-day EMA ($10.88). If they manage to do that, it will suggest that the downtrend may be weakening.
Contrary to this assumption, if the price once again turns down from the overhead resistance, the bears will try to pull the DOT/USDT pair below $8.56. If they do that, the next stop could be $7.30.
The bulls are likely to defend this level aggressively but if they fail in their endeavor, the pair could start the next leg of the downtrend.
Avalanche (AVAX) continued lower and plunged below the important support of $23.51 on May 26. This indicates the resumption of the downtrend.
Although the downsloping moving averages favor the bears, the RSI in the oversold territory suggests a relief rally or consolidation in the near term. If the price turns up and rises above $23.51, it may trap several aggressive bears, resulting in a short squeeze. That could push the AVAX/USDT pair to the 20-day EMA ($34).
Alternatively, if bears sustain the price below $23.51, the selling could pick up momentum and the pair may decline to the psychological support at $20.
Shiba Inu (SHIB) continues to be under pressure. Although bulls are defending the support at $0.000010, the rebound lacks strength. This suggests weak demand at current levels.
The bears will attempt to pull the price below $0.000010 and if they succeed, the SHIB/USDT pair could decline to the critical support at $0.000009. This is an important level to keep an eye on because a break and close below it could indicate the resumption of the downtrend. The pair could then decline toward $0.000007.
Alternatively, if the $0.000010 level holds, the pair could rise to the 20-day EMA ($0.000013). This level may again act as a resistance but if crossed, the upward move could reach $0.000017.
The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph. Every investment and trading move involves risk. You should conduct your own research when making a decision.
Market data is provided by HitBTC exchange.
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n",audio:"https://s3.cointelegraph.com/audio/87138.a0688f7e-058a-4453-b8e9-22a3af69258b.mp3",facebookShares:f,twitterShares:f,linkedinShares:f,redditShares:f,views:23640,shares:107,tags:[{id:z,slug:bc,title:F,url:aQ},{id:ac,slug:bd,title:M,url:bW},{id:N,slug:bX,title:bY,url:bZ},{id:be,slug:ao,title:b_,url:aR},{id:b$,slug:bf,title:G,url:aS},{id:ca,slug:cb,title:cc,url:cd},{id:ce,slug:cf,title:O,url:cg},{id:ch,slug:ci,title:bg,url:cj},{id:ck,slug:cl,title:cm,url:cn},{id:co,slug:bh,title:P,url:cp},{id:hk,slug:hl,title:X,url:hm},{id:cq,slug:bi,title:Q,url:cr},{id:cs,slug:bj,title:R,url:ct},{id:cu,slug:cv,title:cw,url:cx},{id:cy,slug:bk,title:S,url:cz},{id:cA,slug:bl,title:T,url:cB},{id:hn,slug:ho,title:Y,url:hp}],topics:[],relatedPosts:[],trackingPixelUrl:"https://zoa.cointelegraph.com/pixel?postId=87138regionId=1",showShares:b,showStats:b,isNoIndex:a},{id:hq,isDeleted:a,isDisclaimerHidden:f,isSponsored:a,isPressRelease:a,isExplained:a,slug:"price-analysis-5-25-btc-eth-bnb-xrp-ada-sol-doge-dot-avax-shib",url:oB,absoluteUrl:xd,title:mV,youtubeVideoIdCover:d,cover:oC,datePublished:"2022-05-25",dateHuman:"May 25, 2022",humanDateTime:"2022-05-25 20:50",dateISOFull:"2022-05-25T19:50:00+01:00",publishedDateTimeObject:{year:L,month:Z,day:hv,hour:oO,minute:_,second:e,millisecond:e},categorySlug:aN,categoryUrl:aA,categoryName:aB,authorName:aO,authorUrl:aP,authorAvatar:bV,previewText:"Bitcoin and the major altcoins remain stuck in a range as traders search for the next factor that will start a directional move.",twitterLeadText:"Bitcoin price is shifting into a tighter range as U.S. equities markets bounce, but the long-awaited relief rally might not be strong enough to break the higher timeframe downtrend.",badgeSlug:g,badgeName:X,fullText:"Bitcoin (BTC) has been struggling to sustain above $30,800 since May 16, suggesting that demand dries up at higher levels. Similarly, U.S. equity markets have not ceased to decline due to uncertainty regarding the number of rate hikes that will be needed to bring inflation under control.
As the crypto bear market deepens, analysts are becoming extra bearish on their projections for the extent of the fall. Trader and analyst Rekt Capital said that Bitcoin could be at risk of falling to $19,000 to $15,500 before a bottom is formed.
However, Arcane Research recently pointed out that buying when Bitcoin’s Fear and Greed Index reaches a score of 8 had resulted in an average median 30-day return of 28.72%. Interestingly, the index hit 8 on May 17.
Could Bitcoin slide further and pull altcoins lower or is it time for a recovery? Let’s study the charts of the top-10 cryptocurrencies to find out.
Bitcoin rose above the downtrend line on May 23 but the bulls could not sustain the higher levels. The price turned down and dipped to the strong support at $28,630 on May 24 but a minor positive is that the bulls successfully defended this level.
The bulls are again attempting to push and sustain the price above the downtrend line. If they succeed, the BTC/USDT pair could rally to the 20-day exponential moving average (EMA) ($31,286).
In downtrends, the bears tend to sell the rallies to the 20-day EMA. Hence, this level may act as a stiff resistance. The bulls will have to clear this hurdle to suggest that a bottom may be in place.
On the downside, $28,630 is the important support to keep an eye on because a break below it could result in a drop to the May 12 intraday low at $26,700.
Ether (ETH) dipped below the uptrend line on May 24 but the bulls bought at lower levels and pushed the price back above the uptrend line. This suggests that bulls are trying to defend the uptrend line with vigor.
However, the bears have not given up and they are again attempting to pull the price below the uptrend line on May 25. If bulls thwart this attempt, the ETH/USDT could rise to the overhead resistance at $2,159.
Contrary to this assumption, if the price breaks and sustains below the uptrend line, it will suggest advantage to bears. The pair could then decline to $1,903. A break and close below this support could pull the pair to the May 12 intraday low at $1,800.
BNB climbed above the 20-day EMA ($323) on May 24 but the long wick on the May 25 candlestick suggests that the bears are attempting to defend the overhead resistance at $350.
The flattish 20-day EMA and the relative strength index (RSI) near the midpoint do not give a clear advantage either to the bulls or the bears.
If bulls push the price above $350, the advantage could tilt in favor of the buyers. Such a move could clear the path for a potential rally to the 50-day simple moving average (SMA) ($368) and later to $413.
Conversely, if the price turns down and breaks below $320, it will suggest that bears are aggressively selling at higher levels. The BNB/USDT pair could then slide to $286.
The bulls are defending the immediate support at $0.38. Although Ripple (XRP) bounced off $0.39 on May 24, the bulls could not sustain the higher levels.
The bears are again attempting to sink the price below the support at $0.38 but the long tail on the candlestick suggests strong buying at lower levels. If the demand sustains at higher levels, the bulls will attempt to push the price above the downtrend line and challenge the 20-day EMA ($0.46).
On the contrary, if the price turns down from the current level or the downtrend line, the bears may again try to sink the XRP/USDT pair below $0.38. If they can pull it off, the pair could drop to the vital support at $0.33.
Cardano (ADA) has been trading in a tight range between $0.49 and $0.56 since May 19. This suggests that bulls are attempting to form a higher low but are facing stiff resistance from the bears at higher levels.
If the price rebounds off the support at $0.49, the ADA/USDT pair may remain stuck in the range for a few more days. The bulls will have to push and sustain the price above the 20-day EMA ($0.58) to indicate the start of a strong relief rally that may reach the breakdown level of $0.74.
Instead, if bears sink the price below the strong support at $0.49, the selling may intensify and the pair could slide toward the May 12 intraday low at $0.40.
Solana’s (SOL) attempt to rally on May 23 fizzled out at $54. The failure of the bulls to push the price to the 20-day EMA ($58) indicates that demand dries up at higher levels.
The bears are trying to sink the price below the immediate support at $47. If they manage to do that, the SOL/USDT pair could drop to $43 and thereafter to the critical support at $37. The downsloping moving averages and the RSI near the oversold territory indicate advantage to sellers.
Contrary to this assumption, if the price rebounds off $47, the bulls will try to propel the pair above the 20-day EMA and challenge the breakdown level at $75.
Dogecoin (DOGE) has been stuck inside a tight range between $0.08 and $0.09 for the past few days. The bulls tried to push the price above $0.09 on May 23 but failed. This may have attracted selling by the bears who are trying to sink the price below the immediate support at $0.08.
If they succeed, the DOGE/USDT pair could slide to the crucial support at $0.06. This is an important level for the bulls to defend because a break and close below it could resume the downtrend. The pair could then drop to $0.04.
On the contrary, if the price rebounds off $0.08, the pair may continue to trade inside the range for a few more days. The bulls will have to push and sustain the price above the psychological level of $0.10 to indicate that the downtrend may be weakening.
Related: Singapore venture firm launches $100M Web3 and metaverse fund
Polkadot (DOT) has been clinging to the $10.37 level for the past few days. The bulls pushed the price above $10.37 on May 23 but could not sustain the higher levels. This suggests that bears are selling on rallies to the 20-day EMA ($11.23).
The bears may try to pull the price to the immediate support at $9.22. If this support cracks, the DOT/USDT pair could drop to $8 and thereafter to $7.30. The bulls are expected to defend the zone between $8 and $7.30 aggressively.
On the upside, the buyers will have to push and sustain the price above the 20-day EMA to indicate that the sellers may be losing their grip. The pair could then rally to the breakdown level at $14 where the bears may again mount a strong defense.
Avalanche (AVAX) broke below the pennant formation on May 24 but the long tail on the day’s candlestick shows that bulls bought the dip. They tried to push the price back into the pennant but failed.
The bears are trying to build upon their advantage and pull the price below the immediate support at $26.87. If they do that, the AVAX/USDT pair could slide to the crucial support at $23.51. This is an important level for the bulls to defend because if they fail to do that, the downtrend could resume. The next support on the downside is $20.
To invalidate this bearish view in the short term, the bulls will have to push the price above the pennant and the 20-day EMA ($37.23).
Shiba Inu (SHIB) attempted to break above the immediate resistance at $0.000013 on May 23 but the long wick on the day’s candlestick shows that bears continue to sell at higher levels.
The failure of the bulls to push the price higher could attract selling by aggressive bears who will try to pull the SHIB/USDT pair below the immediate support at $0.000010. If they manage to do that, the pair could slide to the May 12 intraday low at $0.000009.
Alternatively, if the price rebounds off the support at $0.000010, it will suggest that bulls are buying on dips. That could keep the pair stuck inside the $0.000010 to $0.000014 range for a few more days.
The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph. Every investment and trading move involves risk. You should conduct your own research when making a decision.
Market data is provided by HitBTC exchange.
\n\n\n\n\n\n\n\n\n\n\n\n\n",audio:"https://s3.cointelegraph.com/audio/87013.6b3c49eb-63a4-4e95-9fe7-5686a3c0093e.mp3",facebookShares:f,twitterShares:f,linkedinShares:f,redditShares:f,views:11042,shares:oP,tags:[{id:z,slug:bc,title:F,url:aQ},{id:ac,slug:bd,title:M,url:bW},{id:N,slug:bX,title:bY,url:bZ},{id:be,slug:ao,title:b_,url:aR},{id:b$,slug:bf,title:G,url:aS},{id:ca,slug:cb,title:cc,url:cd},{id:ce,slug:cf,title:O,url:cg},{id:ch,slug:ci,title:bg,url:cj},{id:ck,slug:cl,title:cm,url:cn},{id:co,slug:bh,title:P,url:cp},{id:hk,slug:hl,title:X,url:hm},{id:cq,slug:bi,title:Q,url:cr},{id:cs,slug:bj,title:R,url:ct},{id:cu,slug:cv,title:cw,url:cx},{id:cy,slug:bk,title:S,url:cz},{id:cA,slug:bl,title:T,url:cB},{id:hn,slug:ho,title:Y,url:hp}],topics:[],relatedPosts:[],trackingPixelUrl:"https://zoa.cointelegraph.com/pixel?postId=87013regionId=1",showShares:b,showStats:b,isNoIndex:a},{id:jC,isDeleted:a,isDisclaimerHidden:f,isSponsored:a,isPressRelease:a,isExplained:a,slug:"price-analysis-5-23-btc-eth-bnb-xrp-ada-sol-doge-dot-avax-shib",url:xx,absoluteUrl:"https://cointelegraph.com/news/price-analysis-5-23-btc-eth-bnb-xrp-ada-sol-doge-dot-avax-shib",title:oL,youtubeVideoIdCover:d,cover:xz,datePublished:"2022-05-23",dateHuman:"May 23, 2022",humanDateTime:"2022-05-23 19:05",dateISOFull:"2022-05-23T18:05:48+01:00",publishedDateTimeObject:{year:L,month:Z,day:lZ,hour:hj,minute:Z,second:aC,millisecond:e},categorySlug:aN,categoryUrl:aA,categoryName:aB,authorName:aO,authorUrl:aP,authorAvatar:bV,previewText:xy,twitterLeadText:"Bitcoin and major altcoins could be getting ready for a relief rally as they track the gains seen in U.S. equities markets.",badgeSlug:g,badgeName:X,fullText:"The United States equity markets are attempting a recovery after weeks of relentless selling. Along similar lines, on-chain monitoring resource Material Indicators expects the crypto market to recover, but they anticipate Bitcoin (BTC) to spend some time in a range before “a real breakout.”
The seven-day moving average of the on-chain transaction volume tracked by Glassnode hit a nine-month low on May 23. This suggests that Bitcoin’s lackluster price action in 2022 has led to reduced participation from traders.
While signs of a short-term recovery are visible, a sustained recovery could be difficult because the macro conditions remain challenging. International Monetary Fund managing director Kristalina Georgieva wrote in a blog post that the global economy is witnessing its “biggest test since the Second World War.”
Could Bitcoin and altcoins overcome their immediate resistance levels and start a relief rally? Let’s study the charts of the top-10 cryptocurrencies to find out.
Bitcoin held the $28,630 support on May 20, indicating that bulls are buying at lower levels. The buyers have pushed the price above the downtrend line, which is the first sign of a recovery.
If buyers sustain the price above the downtrend line, the BTC/USDT pair could rally to the 20-day exponential moving average (EMA) ($31,758). The bears are likely to defend the 20-day EMA aggressively because a break and close above it could clear the path for a possible rally to the 61.8% Fibonacci retracement level at $34,823.
Alternatively, if the price turns down from the current level or the 20-day EMA, it will suggest that the sentiment remains negative and traders are selling on rallies. The bears will have to sink the price below $28,630 to clear the path for a possible retest of the crucial support at $26,700.
Ether (ETH) bounced off the uptrend line on May 21, indicating that bulls are buying the dips to this level. The buyers will now try to push the price to the overhead resistance at $2,159 where the bears may pose a strong challenge.
If the price turns down from the overhead resistance, it could drop to the uptrend line. This is an important level to keep an eye on in the short term. If the price rebounds off the uptrend line, it could enhance the prospects of a break above $2,159. If that happens, the ETH/USDT pair could attempt a rally to $2,500.
On the other hand, if the price turns down from the current level or the overhead resistance and breaks below the uptrend line, it will suggest that the pair may remain stuck between $2,159 and $1,700 for a few days.
The bulls have pushed BNB above the 20-day EMA ($324), which is the first sign that the downtrend may have ended.
If buyers sustain the price above the 20-day EMA, the BNB/USDT pair could rally to $350 and later to the 50-day simple moving average (SMA) ($374). The bears may again attempt to stall the up-move in this zone. If the price turns down from this zone but rebounds off the 20-day EMA, it will increase the possibility of a break above the 50-day SMA.
This bullish view will be invalidated in the short term if the price turns down and breaks below $320. That would indicate selling by the bears at higher levels. The pair could then gradually drop to $286.
Ripple (XRP) is attempting a recovery after the bulls successfully defended the immediate support at $0.38 on May 19. The buyers will now try to push the price to the 20-day EMA ($0.47).
The downsloping moving averages and the RSI in the negative territory indicate that bears have the upper hand. The sellers will attempt to defend the 20-day EMA with vigor. If that happens, the XRP/USDT pair could turn down from the overhead resistance and drop to the strong support at $0.38.
Conversely, if bulls push the price above the 20-day EMA, it could suggest a possible change in the short-term trend. The pair could then rise to the overhead zone between $0.50 and $0.55, which may act as a major obstacle.
On the downside, the bears will have to sink and sustain the price below $0.38 to open the doors for a possible retest of the May 12 intraday low at $0.33.
The bulls successfully defended the psychological level at $0.50 in the past few days, indicating demand at lower levels. The buyers will now try to push Cardano (ADA) above the 20-day EMA ($0.60).
If they succeed, the ADA/USDT pair could attempt a rally to the breakdown level of $0.74. The bears are likely to pose a stiff challenge at this level. If bulls arrest the subsequent decline at the 20-day EMA, it will suggest a change in sentiment from selling on rallies to buying on dips.
Contrary to this assumption, if the price turns down from the 20-day EMA, it will indicate that bears continue to sell on rallies. The bears will then try to pull the price below $0.50 and retest the crucial support at $0.40.
The bulls purchased the dip to $47 on May 20 and are attempting to push Solana (SOL) toward the 20-day EMA ($61). The bears are expected to defend this level aggressively.
If the price turns down from the 20-day EMA, the SOL/USDT pair could drop to $47 where the bulls will attempt to stall the decline. If that happens, the pair may trade between $47 and $60 for a few days.
A break and close above the 20-day EMA will be the first indication that the bulls are back in the game. The pair could then rally to the breakdown level at $75. Alternatively, if the price turns down and breaks below $47, the pair could slide to the strong support at $37.
Dogecoin (DOGE) is consolidating in a downtrend. The bulls defended the $0.08 support in the past few days and are attempting to push the price to the overhead resistance at $0.10.
If the price turns down from $0.10, it will suggest that bears are trying to flip this level into resistance. If they succeed, the DOGE/USDT pair could continue its range-bound action for a few more days.
The buyers will have to propel the price above $0.10 to suggest that the downtrend may be weakening. The pair could then rally to $0.12.
Alternatively, if the price turns down from the current level and breaks below $0.08, the pair could retest the critical support at $0.06.
Related: Monero enters 'overbought' danger zone after XMR price gains 75% in two weeks
The bulls are attempting to push and sustain Polkadot (DOT) above the overhead resistance at $10.37. If they succeed, the price could rally to the 20-day EMA ($11.57).
The buyers will have to push the price above the 20-day EMA to indicate a potential change in the short-term trend. The DOT/USDT pair could then rally to the overhead resistance zone between $14 and $16 where the bears may mount a strong defense.
Contrary to this assumption, if the price turns down from the 20-day EMA, it will suggest that the trend remains negative and traders are selling on rallies. The bears will then try to pull the pair below $9.22 and retest the crucial support at $7.30.
Avalanche (AVAX) rebounded off the support line of the pennant, indicating that bulls are defending this level aggressively. The buyers will now try to push the price above the pennant.
If they manage to do that, the AVAX/USDT pair could rally to the 20-day EMA ($39). This is an important level to watch out for because the bears are expected to defend it with vigor.
If the price turns down from the 20-day EMA but does not re-enter the pennant, it will suggest a possible change in trend. The buyers will then again attempt to clear the overhead hurdle at the 20-day EMA and push the pair toward $51.
On the contrary, if the price turns down from the current level or the 20-day EMA and breaks below the support line, it will suggest that bears are active at higher levels. The pair could then slide to $23.
Shiba Inu (SHIB) is attempting to rise above the immediate resistance at $0.000013 but the long wick on the day’s candlestick suggests that bears are attempting to stall the rally.
If the price turns down from the current level, the SHIB/USDT pair could spend some more time inside the range between $0.000010 and $0.000014. The next trending move could start after the price breaks above or below the range.
If buyers propel the price above the 20-day EMA ($0.000014), the pair could attempt a rally to $0.000017. This level could again act as a stiff resistance.
Alternatively, if the price turns down and breaks below $0.000010, the pair could slide to $0.000009. This is an important level to keep an eye on because if it cracks, the next stop could be $0.000005.
The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph. Every investment and trading move involves risk. You should conduct your own research when making a decision.
Market data is provided by HitBTC exchange.
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n",audio:"https://s3.cointelegraph.com/audio/86862.a01220fe-75b9-417c-9aff-9d2ba44ceaed.mp3",facebookShares:f,twitterShares:f,linkedinShares:f,redditShares:f,views:11918,shares:65,tags:[{id:z,slug:bc,title:F,url:aQ},{id:ac,slug:bd,title:M,url:bW},{id:N,slug:bX,title:bY,url:bZ},{id:be,slug:ao,title:b_,url:aR},{id:b$,slug:bf,title:G,url:aS},{id:ca,slug:cb,title:cc,url:cd},{id:ce,slug:cf,title:O,url:cg},{id:ch,slug:ci,title:bg,url:cj},{id:ck,slug:cl,title:cm,url:cn},{id:co,slug:bh,title:P,url:cp},{id:hk,slug:hl,title:X,url:hm},{id:cq,slug:bi,title:Q,url:cr},{id:cs,slug:bj,title:R,url:ct},{id:cu,slug:cv,title:cw,url:cx},{id:cy,slug:bk,title:S,url:cz},{id:cA,slug:bl,title:T,url:cB},{id:hn,slug:ho,title:Y,url:hp}],topics:[],relatedPosts:[],trackingPixelUrl:"https://zoa.cointelegraph.com/pixel?postId=86862regionId=1",showShares:b,showStats:b,isNoIndex:a},{id:jD,isDeleted:a,isDisclaimerHidden:f,isSponsored:a,isPressRelease:a,isExplained:a,slug:"price-analysis-5-20-btc-eth-bnb-xrp-ada-sol-doge-dot-avax-shib",url:xA,absoluteUrl:"https://cointelegraph.com/news/price-analysis-5-20-btc-eth-bnb-xrp-ada-sol-doge-dot-avax-shib",title:oM,youtubeVideoIdCover:d,cover:xB,datePublished:"2022-05-20",dateHuman:"May 20, 2022",humanDateTime:"2022-05-20 19:25",dateISOFull:"2022-05-20T18:25:41+01:00",publishedDateTimeObject:{year:L,month:Z,day:mZ,hour:hj,minute:hv,second:oQ,millisecond:e},categorySlug:aN,categoryUrl:aA,categoryName:aB,authorName:aO,authorUrl:aP,authorAvatar:bV,previewText:"BTC and altcoins produced the occasional relief rally, but technical analysis suggests that the prevailing trend will remain bearish for some time to come. ",twitterLeadText:"The occasional relief rally is expected, but generally the weakness in the U.S. equity markets are likely to keep Bitcoin and altcoins under pressure in the near term. ",badgeSlug:g,badgeName:X,fullText:"Bitcoin’s (BTC) tight correlation with the legacy markets continues to be a drag, especially as the United States equity markets remain in a firm bear trend. The Dow Jones Industrial Average is on track for its eighth consecutive negative week and the SP 500 is close to plunging into the bear market territory.
Celsius (CEL) CEO Alex Mashinsky believes that the short sellers on Wall Street are looking for any weakness in crypto companies to “short and destroy.” Mashinsky blamed “the Sharks of Wall Street” for bringing down Terra (LUNA) and trying to destabilize Tether (USDT) and Maker (MKR) and “many other companies,” including Celsius.
Bear markets, though painful in the short term, tend to be good buying opportunities for long-term investors. However, it's important to remember thatwhen the next bull phase starts, not all coins will return to their former glory.
Every bull market generally has a new set of leaders; hence, traders should try to identify the cryptocurrencies that are leading the market rather than buying the laggards. Nic Carter put it nicely when he said that everything will not make a comeback and “some things die permanently.”
Could Bitcoin and altcoins break below their recent lows or will bulls defend the supports successfully? Let’s study the charts of the top-10 cryptocurrencies to find out.
Bitcoin rebounded off the strong support at $28,630 on May 19 but the bulls could not push the price above the downtrend line. This suggests that bears have not yet given up and they continue to sell on rallies.
The bears will try to pull the price below $28,630. If they manage to do that, the BTC/USDT pair could drop to the May 20 intraday low at $26,700. This is an important support for the bulls to defend because if they fail to do that, the pair could resume its downtrend. The next support on the downside is $25,000 and then $21,800.
Contrary to this assumption, if the price rebounds off $28,630 and rises above the downtrend line, it will suggest strong accumulation at lower levels. The buyers will then try to push the price to the 20-day exponential moving average (EMA) ($32,332). If bulls clear this hurdle, the pair could rise toward the 61.8% Fibonacci retracement level at $34,823.
The bears pulled Ether (ETH) below the immediate support at $1,940 on May 18 and 19 but they could not capitalize on this move. The bulls bought the dip but could not push the price to the overhead resistance at $2,159.
Strong selling at higher levels has pulled the price to the uptrend line on May 20. If the ETH/USDT pair breaks below the uptrend line, the decline could extend to the crucial support at $1,700. The bears will have to sink the pair below this level to suggest the start of the next leg of the downtrend.
Contrary to this assumption, if the price turns up from the current level or $1,700, it will suggest buying on dips. The pair will then make one more attempt to clear the overhead hurdle at $2,159. If they manage to do that, it will suggest that the pair may have bottomed out.
BNB has been consolidating near the overhead resistance at $320 for the past few days. A tight consolidation near a stiff resistance indicates that bulls are not dumping their positions as they expect the recovery to continue.
If bulls thrust the price above the overhead resistance zone between $320 and the 20-day EMA ($326), it will suggest that the BNB/USDT pair may have bottomed out. The pair could then start its northward journey toward the 50-day simple moving average (SMA) ($381).
Conversely, if the price turns down from the overhead resistance and breaks below $285, it will suggest that the bulls have given up and may be closing their positions. That could pull the pair to $265 and thereafter to the critical support at $211.
Ripple (XRP) bounced off the $0.40 to $0.38 support zone on May 19 but the bulls could not clear the overhead resistance at $0.45. This suggests that while bulls are buying on dips, the bears have maintained their selling pressure near overhead resistance levels.
If the price continues lower and breaks below $0.38, the XRP/USDT pair could drop to $0.33. This is an important level to keep an eye on because a break below it could resume the downtrend. The pair could then drop to $0.24.
Contrary to this assumption, if the price rebounds off the support zone once again, the buyers will try to push the pair to $0.50. A break and close above this level will be the first indication that the pair may be bottoming out. The next stop on the upside could be the 50-day SMA ($0.64).
The bulls are attempting to defend the $0.50 support in Cardano (ADA) but the bears are in no mood to let go of their advantage and they continue to sell on every minor rally.
If the price slips and sustains below $0.50, the ADA/USDT pair could retest the critical support at $0.40. This is an important level for the bulls to defend because a break below it could signal the resumption of the downtrend. The pair could then drop to $0.33 and thereafter to $0.28.
Contrary to this assumption, if the price turns up from the current level, the buyers will attempt to push the pair above the 20-day EMA ($0.63). If they manage to do that, it will suggest that the selling pressure could be reducing. The pair could then rise to the breakdown level at $0.74.
Solana (SOL) is in a strong downtrend. Attempts by the bulls to start a recovery on May 19 failed as bears continue to sell at higher levels. The bears pulled the price back below the psychological level at $50 on May 20.
If the price continues lower, the SOL/USDT pair could drop to $43. This level may act as a strong support but if bears pull the price below it, the next stop could be $37. If this level also cracks, the decline could extend to $32.
On the contrary, if the price turns up sharply from the current level or the support, it will suggest accumulation by the bulls. The buyers will then attempt to push the pair to the 20-day EMA ($64). A break and close above this level could open the doors for a possible rally to $75.
Dogecoin (DOGE) bounced off the immediate support at $0.08 on May 18 but the recovery continues to face selling at higher levels. This suggests that the sentiment remains negative and traders are selling on every minor rise.
If the price continues lower and breaks below $0.08, the bears will fancy their chances and try to pull the DOGE/USDT pair below the May 12 intraday low at $0.06. If they manage to do that, the next leg of the downtrend could begin and the pair may drop to $0.04.
This negative view could invalidate in the short term if the price turns up from the current level or the support beneath and rises above the psychological resistance at $10. Such a move could open the doors for a recovery to the 50-day SMA ($0.12).
Related: Ethereum preparing a 'bear trap' ahead of the Merge — ETH price to $4K next?
Polkadot (DOT) slipped below $10.37 on May 18 but the bulls purchased this dip and tried to push the price back above the level on May 19. However, the bears stood their ground and are attempting to flip $10.37 into resistance.
If the price slips below $9.22, the DOT/USDT pair could retest the support zone between $8 and $7.30. The bears will have to sink and sustain the price below this zone to indicate the resumption of the downtrend. The next support on the downside is $5.
Conversely, if the price rebounds off the support levels, the bulls will attempt to push the price to the 20-day EMA ($12). This level may act as a strong resistance but if bulls overcome this barrier, it will suggest that the sellers may be losing their grip. The pair could then attempt a rally to the 50-day SMA ($16).
Avalanche (AVAX) is in a downtrend. The price action of the past few days has formed a pennant, which usually acts as a continuation pattern.
If the price breaks below the support line of the pennant, the AVAX/USDT pair could retest the critical support at $23.51. A break and close below this level could signal the resumption of the downtrend. The pair could drop to $20 and thereafter to $18.
Alternatively, if the price rises from the current level, the buyers will try to push the pair above the pennant. If they manage to do that, the pair could pick up momentum and rise to the 20-day EMA ($42.35). The bulls will have to clear this barrier to challenge the breakdown level at $51.
Shiba Inu (SHIB) has been stuck between $0.000010 and $0.000014 for the past few days, indicating indecision among the bulls and the bears. This indicates that bulls are attempting to form a bottom but the bears are not allowing the rebound to sustain.
If the price rises above $0.000014, it will suggest that bulls have absorbed the supply. That could clear the path for a possible rally to $0.000017 where the bears may again pose a strong challenge. The bulls will have to clear this resistance to indicate a potential trend change.
Contrary to this assumption, if the price slips below $0.000010, the pair could drop to the May 12 intraday low at $0.000009. If this support cracks, the decline could extend to $0.000007 and then to $0.000005.
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.
Market data is provided by HitBTC exchange.
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