Price analysis 5/16: BTC, ETH, BNB, XRP, ADA, SOL, DOGE, DOT, AVAX, SHIB

2 years ago

The selling successful Bitcoin (BTC) is showing nary motion of abating and Bitcoin has fallen for 7 consecutive weeks for the archetypal clip ever. This indicates that the momentum remains powerfully successful favour of the bears.

While the short-term sentiment remains bearish, organization traders look to beryllium taking a longer-term attack connected cryptocurrencies. Goldman Sachs and Barclays joined several different organization investors successful a $70 cardinal Series A backing circular by organization trading level Elwood Technologies.

After the mayhem and volatility of the past week, crypto prices whitethorn effort a alleviation rally successful the adjacent fewer days. It is improbable to beryllium a V-shaped betterment due to the fact that the macro conditions are not supportive. During periods of precocious volatility and uncertainty, it mightiness beryllium a omniscient determination to chopped down connected the trading presumption size to support hazard nether check.

What are the captious enactment and absorption levels that whitethorn bespeak a imaginable alteration successful inclination erstwhile breached? Let’s survey the charts of the top-10 cryptocurrencies to find out.

BTC/USDT

Bitcoin turned down from $3,460, suggesting that bears are selling connected insignificant rallies. The bears volition present effort to descend the terms beneath the important enactment astatine $28,805 but the bulls are apt to person different plans.

If terms rebounds disconnected $28,805, the bulls volition again effort to propulsion the BTC/USDT brace to the 20-day exponential moving mean ($33,646). This is an important level to support an oculus connected due to the fact that a interruption and adjacent supra it could bespeak that bulls are attempting a comeback. The brace could past emergence to the 50-day elemental moving mean ($39,300).

Contrary to this assumption, if the terms slips beneath $28,805, the brace could driblet to $26,700. If this enactment cracks, the brace could resume its downtrend and the terms whitethorn plummet to $25,000 and aboriginal to $21,800.

ETH/USDT

Ether (ETH) is facing stiff absorption astatine the breakdown level astatine $2,159 which suggests that bears proceed to merchantability connected rallies. The bears volition present effort to propulsion the terms beneath the contiguous enactment astatine $1,940.

If they succeed, the ETH/USDT brace could driblet to the captious enactment astatine $1,700. This is an important level for the bulls to support due to the fact that if they neglect to bash that, the downtrend could resume and the brace whitethorn driblet to $1,500.

Contrary to this assumption, if the terms turns up from $1,700, the brace could emergence to $2,159 and stay range-bound betwixt these 2 levels.

The archetypal motion of spot volition beryllium a interruption and adjacent supra $2,159. That could wide the way for a rally to the 20-day EMA ($2,421). The bulls volition person to flooded this obstruction to bespeak that the downtrend whitethorn beryllium over.

BNB/USDT

Binance Coin’s (BNB) beardown betterment reached adjacent the breakdown level astatine $320 connected May 13 and May 15 but the bulls could not wide this overhead barrier. This suggests that bears are attempting to flip the level into resistance.

The BNB/USDT brace could present driblet to $265 which is apt to enactment arsenic support. If the terms rebounds disconnected this level, the buyers volition again effort to thrust the brace supra $320. If they succeed, the brace could rally to $350 and thereafter to the 50-day SMA ($391).

Alternatively, if the terms slips beneath $265, the brace could driblet toward the beardown enactment astatine $211. The bulls are expected to support this level with vigor. A beardown bounce disconnected this enactment could support the brace range-bound betwixt $211 and $320 for the adjacent fewer days.

XRP/USDT

The agelong wick connected Ripple’s (XRP) May 13 candlestick suggests that bears are trying to airs a beardown situation adjacent the breakdown level astatine $0.50. The nonaccomplishment to emergence supra this overhead absorption could person tempted short-term traders to publication profits.

If the terms continues little and breaks beneath $0.38, the XRP/USDT brace could driblet to $0.33. The bulls are expected to support this level aggressively but if the enactment cracks, the bearish momentum could prime up and the brace whitethorn plummet to $0.24.

Contrary to this assumption, if the terms turns up from the existent level oregon the enactment astatine $0.38, the bulls volition effort to propulsion the brace supra the $0.50 to $0.55 overhead zone. If they succeed, it volition suggest that the markets person rejected the little levels. That could wide the way for a imaginable rally to the 50-day SMA ($0.67).

ADA/USDT

Cardano’s (ADA) alleviation rally is facing selling adjacent $0.61 suggesting that bears are not consenting to fto spell of their advantage. The bears volition effort to propulsion the terms beneath $0.46 and retest the May 12 intraday debased astatine $0.40.

If the terms breaks beneath $0.40, the selling could intensify further and the ADA/USDT brace whitethorn plunge to $0.33 and aboriginal to $0.28.

Conversely, if the terms turns up from the existent level oregon the enactment astatine $0.46, it volition suggest that bulls are attempting to enactment successful a bottom. The buyers volition person to propulsion and prolong the terms supra the 20-day EMA ($0.68) to awesome that the correction whitethorn beryllium over. The brace could past emergence to $0.74 and aboriginal to the 50-day SMA ($0.89).

SOL/USDT

Solana’s (SOL) bounce from $37 is facing stiff absorption astatine the 38.2% Fibonacci retracement level astatine $59. This suggests that bears proceed to merchantability connected insignificant rallies.

The bears volition present effort to propulsion the terms beneath the contiguous enactment astatine $44. If they succeed, the SOL/USDT brace could retest the important level astatine $37. A interruption and adjacent beneath this enactment could descend the brace to $32.

Conversely, if the terms turns up from the existent level oregon the enactment astatine $44, it volition suggest that bulls are buying connected dips. The bulls volition past effort to wide the overhead hurdle astatine $59 and propulsion the brace to the 20-day EMA ($70). This level is apt to enactment arsenic a stiff resistance.

DOGE/USDT

Dogecoin’s (DOGE) betterment could not emergence supra the breakdown level astatine $0.10, suggesting that the bears are trying to flip the level into resistance. If sellers win successful their endeavor, the likelihood of a retest of $0.06 increases.

This is an important level for the bulls to support due to the fact that a interruption and adjacent beneath it could awesome the resumption of the downtrend. The DOGE/USDT brace could past driblet to $0.04 wherever the bulls whitethorn again effort to apprehension the decline.

Alternatively, if the terms turns up from the existent level, the bulls volition effort to wide the overhead hurdle astatine $0.10 and the 20-day EMA ($0.11). If they bash that, the brace could rally to the 50-day SMA ($0.13).

DOT/USDT

Polkadot (DOT) climbed backmost supra the breakdown level of $10.37 connected May 13 but the betterment stalled adjacent $12. This suggests that the sentiment remains antagonistic and traders are selling connected rallies.

If bears descend the terms beneath $10.37, the DOT/USDT brace could drift little toward the insignificant enactment astatine $8. If this level cracks, the anticipation of a interruption beneath $7.30 increases. The brace could past resume its downtrend and plummet toward the adjacent beardown enactment astatine $5.

Alternatively, if the terms rebounds disconnected $10.37 oregon $8, the bulls volition effort to propulsion the brace supra the 20-day EMA ($13). If they negociate to bash that, it volition suggest that the short-term inclination whitethorn person turned successful favour of the buyers. The brace could past effort a rally to $16.

AVAX/USDT

Avalanche’s (AVAX) betterment is facing stiff absorption astatine $38. The shallow rebound pursuing a crisp diminution suggests a deficiency of assertive buying by the bulls. This could embolden the bears who whitethorn effort to physique upon their advantage.

If bears propulsion the terms beneath $29, the selling could prime up momentum and the AVAX/USDT brace could driblet to the captious level astatine $23. This is an important level for the bulls to support due to the fact that a interruption and adjacent beneath it could effect successful a diminution to $20 and thereafter to $18.

Contrary to this assumption, if the terms turns up from the existent level oregon $29, it volition suggest that bulls are buying astatine little levels. That could summation the anticipation of a alleviation rally to the 20-day EMA ($48) wherever the bears whitethorn again equine a beardown defense.

SHIB/USDT

Shiba Inu’s (SHIB) rebound deed a partition astatine the 38.2% Fibonacci retracement level astatine $0.000014 connected May 13 and 14, indicating that bears bash not privation to fto spell of their advantage.

The bears volition erstwhile again effort to descend the terms beneath the intelligence level astatine $0.000010 and situation the intraday debased of $0.000009 made connected May 12. A interruption and adjacent beneath this level could awesome the resumption of the downtrend. The SHIB/USDT brace could past diminution to $0.000007 which is apt to enactment arsenic a beardown support.

Contrary to this assumption, if the terms rebounds disconnected $0.000010, the bulls volition effort to propulsion the brace to the breakdown level astatine $0.000017. The buyers volition person to wide this hurdle to suggest that the bears whitethorn beryllium losing their grip.

The views and opinions expressed present are solely those of the writer and bash not needfully bespeak the views of Cointelegraph. Every concern and trading determination involves risk. You should behaviour your ain probe erstwhile making a decision.

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