Bulls and bears are fighting for control of the BTC price. Bitcoin’s boring range-bound move is likely to continue for a few more days. Can buyers maintain support levels in altcoins like Bitcoin and AVAX Coin and prevent a crash? Crypto analyst Rakesh Upadhyay examines the charts of the top 10 cryptocurrencies to find out.
BTC, ETH, BNB, SOL and XRP Coin analysis
Bitcoin (BTC) price analysis
Bitcoin’s recovery hit a wall at the 50-day simple moving average ($65,829) on May 6. This shows that the bears are fiercely defending the level. It is possible for BTC to drop to $59,600 and then to $56,500, which is the key support to watch out for. If the price falls below $56,500, the next stop is likely to be $54,298 followed by $50,000. If the bulls want to prevent a downside move, they will need to quickly push the price above the 50-day SMA. If they do so, BTC is likely to gain momentum and rise towards the overhead resistance at $73,777.
Ethereum (ETH) price analysis
The bears are fiercely defending the zone between the 20-day exponential moving average ($3,116) and the resistance line of the descending channel pattern on Ether. The bears will try to strengthen their position by pushing the price below the vital $2,850 support. If they achieve this, it is possible for ETH to start the next leg of the bear trend towards the support line of the channel. Contrary to this assumption, if the price turns up from $2,850, it would indicate that the bulls are fiercely defending this level. The bulls will need to push the price above the resistance line to signal a potential trend change.
Binance Coin (BNB) price analysis
BNB has been trading near the moving averages for the past few days. This indicates uncertainty about the next directional movement. If the price stays below the moving averages, the bears will attempt to sink BNB towards $536 and the solid support at $495. If the price rises from the current level and rises above $635, it will indicate that the bulls outperformed the bears. It is possible that BNB could then continue its rise towards the next target of $692.
Solana (SOL) price analysis
SOL has been consolidating between $162 and $126 for several days. This shows that there is indecision between bulls and bears regarding the next directional move. If the price breaks below the 20-day EMA, the bears will attempt to pull the SOL towards $126. A break below this support could start a downtrend towards the $100 psychological support. On the other hand, if the price rises and rises above $162, it will indicate that the corrective phase is over. SOL is possible to rise to $185 and then to $205.
Ripple (XRP) price analysis
XRP’s movement over the last few days has created a narrow range between $0.57 and $0.46. If the price remains below the 20-day EMA, the chances of a drop to $0.46 increase. If the price remains above the 20-day EMA, a rally to $0.57 is possible for XRP. The bulls will need to push the price above this resistance and sustain it to gain control. XRP is likely to try to rise to $0.67 later.
DOGE, TON, ADA, SHIB and AVAX Coin analysis
Dogecoin (DOGE) price analysis
DOGE turned down from the 50-day SMA ($0.17) on May 6. It then broke below the 20-day EMA ($0.15) on May 7. The bears will try to strengthen their positions and pull the price towards the important support at $0.12. If the price bounces back from support, it will likely see DOGE remain between $0.12 and the 50-day SMA for a few more days. Buyers will need to break through the barrier at the 50-day SMA to open the doors for a possible rally to $0.21. On the downside, a break below $0.12 will start a downtrend.
Toncoin (TON) price analysis
Toncoin (TON) turned down from the 50% Fibonacci retracement level at $6.13. Thus, it showed that bears were selling in relief rallies. If the price recovers strongly from the moving averages, the bulls will attempt to surpass the overhead hurdle at the 61.8% Fibonacci retracement level at $6.49. If they are successful, it will indicate that the corrective phase has ended. Alternatively, if the price falls below the moving averages, the advantage will swing in favor of the bears. In this case, it is possible for TON to fall to the solid support at $4.72.
Cardano (ADA) price analysis
Meanwhile, ADA is stuck between the 20-day EMA ($0.47) and the support line. This indicates that a break is approaching. If the price rises above the 20-day EMA, a rally to the 50-day SMA ($0.53) and then to $0.57 is possible. Conversely, if the price drops and breaks below the support line, it will indicate that the bears remain in the driver’s seat. ADA is likely to slide towards $0.40, which is a key support. A break below this level would likely sink ADA to $0.35.
Avalanche (AVAX Coin) price analysis
AVAX Coin turned down from overhead resistance at $40 on May 6. Thus, it indicated that bears were active at higher levels. The flat 20-day EMA ($36.44) and the RSI in the negative zone indicate a possible decline to the range support at $29. It is possible that a bounce from this level will keep the AVAX Coin price in the $29 to $40 range for a while longer. The advantage will favor the bulls after AVAX Coin increases its price above $40 and sustains it. Conversely, a break and close below $29 would indicate that the bears have gained control. It is possible for AVAX Coin price to dive towards the $18 formation target.
Shiba Inu (SHIB) price analysis
cryptokoin.comAs you follow from , SHIB turned down from the 50-day SMA ($0.000026) on May 6. This showed that the bears were aggressively maintaining the level. Price movements over the last few days have formed a symmetrical triangle formation. Therefore, this indicates indecision between bulls and bears. If the price falls below the triangle, it will indicate that the bears have gained the upper hand. It is possible that SHIB may then decline to $0.000017, which is the 78.6% Fibonacci retracement level. Instead, if the price bounces off the support line of the triangle, it will indicate demand at lower levels. It’s possible that SHIB will spend some more time inside the triangle. A breakout and close above the triangle will give the bulls an advantage.
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