Price analysis 5/2: BTC, ETH, BNB, SOL, XRP, LUNA, ADA, DOGE, AVAX, DOT

2 years ago

The U.S. equity markets opened connected a tentative enactment connected May 2 but a insignificant affirmative is that the crypto markets led by Bitcoin (BTC) are holding supra their contiguous enactment levels. The price enactment implicit the adjacent fewer days volition beryllium dictated by the result of the Federal Open Markets Committee (FOMC) connected May 4.

If the Fed springs a antagonistic surprise, the markets could respond with a knee-jerk absorption to the downside. On the different hand, if the argumentation meets marketplace expectations, the equity and the crypto markets could effort a recovery.

If past were to repetition itself, Bitcoin could witnesser a ample determination successful the period of May. According to information from on-chain analytics level Coinglass, Bitcoin roseate much than 50% successful May connected 2 occasions successful the past 9 years, erstwhile successful 2019 and different successful 2017.

In comparison, the worst autumn was successful 2021 erstwhile Bitcoin plunged by much than 35%. Considering the accrued volatility since 2017, traders should beryllium acceptable for a imaginable roller-coaster ride.

Could Bitcoin and altcoins prolong the recovery? Let’s survey the charts of the top-10 cryptocurrencies to find out.

BTC/USDT

Bitcoin bounced disconnected the enactment enactment of the ascending transmission connected May 1, indicating that the bulls are buying the dips to this level. The buyers volition present effort to propulsion the terms supra the 20-day exponential moving mean ($39,824).

If they negociate to bash that, it volition suggest that the bears whitethorn beryllium losing their grip. The affirmative divergence connected the comparative spot scale (RSI) besides suggests that the bearish momentum whitethorn beryllium reducing.

Above the 20-day EMA, the BTC/USDT brace could rally to the 50-day elemental moving mean ($41,970). A interruption and adjacent supra this level could wide the way for a rally to the 200-day SMA ($47,154).

Conversely, if the terms erstwhile again turns down from the 20-day EMA, it volition suggest that bears proceed to merchantability connected each insignificant rally. That could heighten the prospects of a interruption beneath the channel.

If that happens, the selling momentum could summation and the brace could plummet to $34,300 and aboriginal to $32,917.

ETH/USDT

Ether (ETH) started a betterment connected May 1 but the bears are successful nary temper to fto spell of their advantage. The agelong wick connected today’s candlestick suggests that bears proceed to merchantability adjacent the 20-day EMA ($2,939).

The bears volition present effort to descend the terms to the uptrend line. This is an important level to support an oculus connected due to the fact that a interruption and adjacent beneath it could wide the way for a imaginable diminution to the adjacent enactment astatine $2,450.

Conversely, if the terms turns up from the existent level oregon rebounds disconnected the uptrend line, it volition suggest that the bulls are trying to support the ascending triangle signifier intact. A interruption and adjacent supra the 50-day SMA ($3,059) could unfastened the doors for a imaginable up-move to the 200-day SMA ($3,451).

BNB/USDT

Binance Coin (BNB) turned down from the 50-day SMA ($411) connected April 29 and broke beneath the enactment astatine $391 connected April 30. The buyers attempted to propulsion the terms backmost supra $391 connected May 1 but are facing selling astatine higher levels.

If the terms turns down from the existent level oregon the 20-day EMA ($401), it volition suggest that the sentiment remains antagonistic and traders are selling adjacent overhead absorption levels. That could wide the way for a imaginable driblet to the beardown enactment astatine $350.

This antagonistic presumption could invalidate successful the abbreviated word if the bulls propulsion and prolong the terms supra the 50-day SMA. If they bash that, the BNB/USDT brace could rally to $431 and aboriginal effort an up-move to the 200-day SMA ($469).

SOL/USDT

Solana (SOL) broke beneath the enactment enactment of the ascending transmission connected April 29, invalidating the pattern. The selling continued connected April 30 and the terms dipped to $82.

The buyers attempted to propulsion the terms backmost into the transmission connected May 1 but the agelong wick connected the day’s candlestick suggests that bears sold astatine higher levels.

If the terms fails to ascent backmost into the channel, the SOL/USDT brace could diminution to the beardown enactment astatine $75. This is an important level for the bulls to support due to the fact that the nonaccomplishment to bash truthful whitethorn resume the downtrend.

On the upside, a interruption and adjacent supra the 50-day SMA ($103) volition suggest that the bears whitethorn beryllium losing their grip.

XRP/USDT

Ripple (XRP) plummeted beneath the $0.62 enactment connected April 29 and the bears extended the diminution to $0.56 connected April 30. The terms rebounded connected May 1 indicating buying astatine little levels.

The bulls are presently trying to propulsion the terms supra the breakdown level astatine $0.62. If they succeed, the betterment could scope the 20-day EMA ($0.68).

This is an important level to support an oculus connected due to the fact that if the terms turns down from this level, it volition suggest that the bears are progressive astatine higher levels. The brace whitethorn past driblet to the beardown enactment astatine $0.55. A interruption beneath this enactment could unfastened the doors for a driblet to $0.50.

Alternatively, if bulls thrust the terms supra the 20-day EMA, the brace could emergence to the 50-day SMA ($0.76). Such a determination volition suggest that the XRP/USDT brace could consolidate successful a ample scope betwixt $0.55 and $0.91 successful the adjacent future.

LUNA/USDT

Terra’s LUNA token bounced disconnected the beardown enactment astatine $75 connected May 1, indicating that the bulls are trying to support this level. However, the bears are improbable to surrender easy arsenic they volition effort to stall the betterment astatine the downtrend line.

If the terms turns down from the downtrend line, the bears volition marque different effort to propulsion the LUNA/USDT brace beneath $75. If they succeed, the brace could implicit a bearish caput and shoulders pattern.

The bulls volition effort to apprehension the diminution astatine the 200-day SMA ($70) but if this enactment cracks, the selling could prime up momentum and the brace whitethorn plummet to $50.

On the contrary, a interruption and adjacent supra the downtrend enactment could suggest that the bears whitethorn beryllium losing their grip. That could wide the way for a imaginable rally to the intelligence absorption astatine $100.

ADA/USDT

Cardano (ADA) dropped to the beardown enactment astatine $0.74 connected April 30, signaling that bears stay nether control. The terms rebounded disconnected the enactment connected May 1 but the bulls are struggling to prolong the higher levels.

This suggests that bears are selling connected each insignificant rally. The bears volition present effort to descend and prolong the terms beneath the beardown enactment astatine $0.74. If they negociate to bash that, the selling could accelerate and the ADA/USDT brace whitethorn resume its downtrend. The adjacent enactment connected the downside wherever buying whitethorn look is $0.68.

Contrary to this assumption, if the terms turns up from the existent level oregon rebounds disconnected $0.74, the bulls volition effort to propulsion the brace supra the 20-day EMA ($0.87). If that happens, the brace could effort a rally to $1.

DOGE/USDT

Dogecoin (DOGE) slipped beneath the 50-day SMA ($0.13) connected April 29 but the bears could not situation the beardown enactment astatine $0.12. This suggests that bulls proceed to bargain astatine little levels.

The buyers attempted to propulsion the terms supra the 50-day SMA connected May 1 but the bears were not consenting to relent. This suggests that the DOGE/USDT brace could oscillate betwixt the 20-day EMA ($0.13) and $0.12 for a fewer days.

If bears descend the terms beneath $0.12, the brace could driblet to the intelligence enactment astatine $0.10. The bulls are expected to support this level with vigor. Alternatively, if bulls thrust the terms supra the 20-day EMA, the anticipation of a rally to $0.17 increases.

AVAX/USDT

Avalanche (AVAX) broke beneath the beardown enactment astatine $65 connected April 29 and followed that up with different down determination connected April 30. The buyers started a betterment connected May 1 and are presently attempting to propulsion the terms backmost supra the breakdown level astatine $65.

The sellers volition effort to flip the $65 level into resistance. If they bash that, the AVAX/USDT brace could widen the diminution to the beardown enactment astatine $51.

This is an important level for the bulls to support due to the fact that a interruption and adjacent beneath it whitethorn intensify selling. The brace whitethorn past resume its downtrend and plummet to the adjacent large enactment astatine $32.

Conversely, if bulls propulsion the terms supra $65, the brace whitethorn emergence to the 20-day EMA ($70). A interruption and adjacent supra this level volition suggest that the selling unit whitethorn beryllium reducing. That could support the brace range-bound betwixt $51 and $99 for immoderate time.

DOT/USDT

Polkadot (DOT) plunged beneath the $16 enactment connected April 30 and reached the captious enactment astatine $14. A insignificant affirmative is that the terms bounced disconnected $14 connected May 1, indicating buying by the bulls.

The rebound is facing selling astatine the breakdown level of $16 arsenic the bears are trying to flip the erstwhile enactment into resistance. If the terms fails to emergence supra $16, the anticipation of a interruption beneath $14 increases. If that happens, the DOT/USDT brace could resume its diminution and plunge to the intelligence level astatine $10.

To invalidate this view, the bulls volition person to propulsion and prolong the terms supra the 20-day EMA ($17). If they negociate to bash that, the brace whitethorn emergence to $19 wherever the bears whitethorn again airs a beardown challenge.

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.

Market information is provided by HitBTC exchange.

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