Price analysis 5/19: BTC, ETH, BNB, XRP, ADA, DOGE, MATIC, SOL, DOT, LTC

2 years ago

The United States banal marketplace recovered sharply connected May 17 and May 18 connected hopes that the indebtedness ceiling statement could beryllium reached, but the marketplace gave backmost immoderate of it gains connected May 19 connected reports of a temporary halt successful the talks.

The U.S. dollar scale (DXY), which had been rising for the past 3 days turned down connected May 19 aft Federal Reserve Chair Jerome Powell hinted astatine an extremity to the complaint hikes. While speaking astatine a league successful Washington, D.C., Powell said that stresses successful the banking strategy whitethorn restrict the request to rise rates arsenic precocious arsenic they “would person different to execute our goals.”

Although Bitcoin’s (BTC) short-term representation is uncertain, analysts stay bullish astir the agelong term. Blockstream CEO and co-founder Adam Back precocious said that “hyperbitcoinization” could soon come. That would boost the demand for Bitcoin, sending its terms soaring. Back made a lawsuit that the fig of “wholesalers” has been steadily rising and if the inclination continues, it could hap that 10 cardinal radical effort to bargain 1 Bitcoin implicit a fewer years, and that “would propulsion the terms retired of reach.”

Do the charts awesome a imaginable betterment successful Bitcoin and the altcoins successful the adjacent term? Let’s survey the charts of the top-10 cryptocurrencies to find out.

Bitcoin terms analysis

The bulls again tried to thrust the terms into the symmetrical triangle signifier connected May 17 but the bears fiercely guarded the level and pulled Bitcoin little connected May 18.

The BTC/USDT brace volition proceed to witnesser a pugnacious tussle betwixt the bulls and the bears successful the country betwixt the enactment enactment and $25,250.

The downsloping 20-day exponential moving mean ($27,590) and the comparative spot scale (RSI) successful the antagonistic territory bespeak that bears person a flimsy edge. However, the nonaccomplishment of the bears to prolong the terms beneath $26,500 shows that the selling unit reduces astatine little levels.

If buyers pierce the overhead resistance, the brace could commencement a rally to the 50-day elemental moving mean ($28,412) and thereafter to the absorption line. A interruption supra the triangle volition crook the tables successful favour of the bulls.

Ether terms analysis

The bulls person been trying to thrust Ether (ETH) supra the 20-day EMA ($1,840) for the past fewer days but the bears person not allowed that to happen.

The agelong process connected the May 16 to May 18 candlestick shows that the bulls proceed to bargain the intraday dips. This enhances the prospects of a interruption supra the 20-day EMA. If this obstacle is cleared, the ETH/USDT brace could emergence to the absorption enactment of the falling wedge pattern.

This is the cardinal level to support an oculus connected due to the fact that a interruption and adjacent supra it volition bespeak the commencement of a caller up-move. On the downside, the bears volition person to tug the terms beneath the enactment enactment to commencement a downward determination to $1,600.

BNB terms analysis

BNB (BNB) continues to commercialized wrong a descending transmission pattern. The terms turned down from the 20-day EMA ($315) connected May 18, indicating that the sentiment remains bearish.

The archetypal motion of spot volition beryllium a interruption and adjacent supra the 20-day EMA. That could wide the way for a apt rally to the absorption line. The bears are again expected to support this level with vigor. If the terms turns down sharply from the absorption line, it volition suggest that the BNB/USDT brace whitethorn stay wrong the transmission for a portion longer.

The bears are apt to person different plans. They volition effort to descend the terms beneath the enactment enactment of the transmission and situation the important enactment astatine $280.

XRP terms analysis

After struggling adjacent the 20-day EMA ($0.45) connected May 17, buyers cleared the obstruction connected May 18. This suggests that XRP (XRP) is witnessing a comeback by the bulls.

The flattening 20-day EMA and the RSI successful the affirmative territory bespeak that the selling unit is reducing. There is simply a stiff absorption portion betwixt the downtrend enactment and the 50-day SMA ($0.48) but it is apt to beryllium crossed. If that happens, the XRP/USDT brace could commencement its northward march toward $0.54.

On the contrary, if the terms turns down from the existent level, it volition suggest that the bears proceed to merchantability connected alleviation rallies. That could support the brace stuck betwixt the 50-day SMA and $0.40 for immoderate time.

Cardano terms analysis

The bulls tried to prolong Cardano (ADA) supra the 20-day EMA ($0.37) connected May 17 and 18 but the bears did not relent.

The bulls person not fixed up overmuch crushed from the 20-day EMA, which is an encouraging sign. This shows that each insignificant dip is being purchased. The bulls volition again effort to motorboat the terms supra the 20-day EMA. If they tin propulsion it off, the ADA/USDT brace whitethorn archetypal ascent to the 50-day SMA ($0.39) and thereafter effort a determination to $0.44.

Time is moving retired for the bears. If they privation to prehend control, they volition person to rapidly yank the terms beneath the uptrend line. That volition unfastened the doors for a imaginable autumn to $0.30.

Dogecoin terms analysis

The bulls tried to propel Dogecoin (DOGE) supra the 20-day EMA ($0.07) connected May 17 but the bears held their ground.

The bulls whitethorn again effort to wide the overhead hurdle and if they negociate to bash that, the DOGE/USDT brace could rally to the 50-day SMA ($0.08). This level is apt to enactment arsenic a obstruction but if crossed, it volition suggest that the brace continues to plaything wrong the ample scope betwixt $0.07 and $0.11.

Contrary to this assumption, if the terms turns down from the existent level and plummets beneath $0.07, it volition bespeak that the bears person overpowered the bulls. The brace could past slump to $0.06.

Polygon terms analysis

Buyers drove Polygon (MATIC) supra the absorption of the constrictive scope of $0.82 to $0.88 connected May 17. Although the bears pulled the terms backmost into the scope connected May 18, a insignificant affirmative is that the bulls purchased the intraday dips arsenic seen from the agelong process connected the day’s candlestick.

The portion betwixt the 20-day EMA ($0.91) and $0.94 is apt to witnesser beardown selling by the bears. If bulls flooded this obstacle, the MATIC/USDT brace is apt to prime up momentum and scope the downtrend line.

Alternatively, if the terms fails to emergence supra the 20-day EMA, it volition bespeak that the sentiment remains antagonistic and the bears are selling connected each insignificant alleviation rally. Sellers volition past again effort to descend the brace beneath $0.82.

Solana terms analysis

Solana (SOL) turned down sharply from the downtrend enactment connected May 18, indicating that the bears are fiercely defending the level.

The bears volition effort to summation their vantage further by sinking the terms beneath the beardown enactment astatine $19.85. If they succeed, the SOL/USDT brace whitethorn archetypal tumble to $18.70 and thereafter to $16.

Contrarily, if the terms rebounds disconnected the existent level and climbs supra the 50-day SMA ($21.81), it volition bespeak that the bulls are progressive astatine little levels. The brace whitethorn past effort a rally to $24 and subsequently to $27.12.

Polkadot terms analysis

Polkadot (DOT) has been struggling to commencement a recovery, indicating that request dries up astatine higher levels.

Many times, a choky consolidation adjacent a beardown enactment tends to interruption to the downside. In this case, a interruption and adjacent beneath $5.15 volition implicit a descending triangle signifier and unfastened the doors for a imaginable diminution to $4.22.

If bears privation to forestall this fall, they volition person to rapidly thrust the terms supra the 20-day EMA ($5.51). If they bash that, the DOT/USDT brace could emergence to the 50-day SMA ($5.97) and thereafter rally to the downtrend line. Buyers volition person to flooded this absorption to bespeak that the correction whitethorn beryllium over.

Litecoin terms analysis

Litecoin (LTC) turned down from the overhead absorption of $96 connected May 18 but a affirmative motion is that the bulls did not let the terms to gaffe beneath the 50-day SMA ($89). This shows that the bulls are trying to flip this level into support.

The 20-day EMA ($87) has started to crook up and the RSI is adjacent 59, indicating that the bulls person the precocious hand. Buyers volition adjacent marque different effort to wide the overhead hurdle astatine $96 and propel the LTC/USDT brace to $106.

This affirmative presumption volition invalidate successful the adjacent word if the terms turns down and breaks beneath the moving averages. Such a determination volition bespeak that the brace whitethorn oscillate betwixt $75 and $96 for immoderate much time.

This nonfiction does not incorporate concern proposal oregon recommendations. Every concern and trading determination involves risk, and readers should behaviour their ain probe erstwhile making a decision.

This nonfiction is for wide accusation purposes and is not intended to beryllium and should not beryllium taken arsenic ineligible oregon concern advice. The views, thoughts, and opinions expressed present are the author’s unsocial and bash not needfully bespeak oregon correspond the views and opinions of Cointelegraph.

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