Bitcoin’s drop to $56,500 broke the sentiment of bullish investors. Additionally, it dealt a heavy blow to altcoin prices. But does this create buying opportunities? Can altcoins including Bitcoin and AVAX Coin start a sharp recovery by trapping aggressive bears? 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 consolidation unraveled to the downside on May 1. This shows that bears are superior to bulls. Buyers will try to push the price back above $59,600. But the bears likely have other plans. A price turn down from $59,600 would indicate that the bears have turned the level into resistance. This will increase the chances of a decline to $54,298, which is the 61.8% Fibonacci retracement level. This negative view will be invalidated in the near term if the price rises and breaks above the 50-day simple moving average ($66,596).
Ethereum (ETH) price analysis
Ether broke below the 20-day exponential moving average ($3,170) and the $3,056 support on April 30. Thus, he signaled that the bears were in command. The selling continued on May 1 and the bears pulled the price below the solid support at $2,852. If the bears continue to hold the price below $2,852, there is a possibility that ETH could decline towards $2,700 and then to $2,400. Time is running out for the bulls. If they want to avoid a decline, they will need to quickly push the price back above the moving averages. If they do so, it would indicate that the drop below $2,850 is a fake breakdown.
Binance Coin (BNB) price analysis
The long tail on the BNB April 30 candlestick indicates that the bulls bought lower but were unable to sustain the momentum. The bears continued selling and pushed the price below the moving averages on May 1. BNB is likely to fall to the critical support at $495. This is an important support for the bulls’ defense. Because a break below $495 could sink BNB to $460 and then to $400. Contrary to this assumption, if the price bounces from $495 and rises above the moving averages, it will indicate that the range-bound move will continue for a while. The bulls will need to clear the $635 hurdle to start the next leg of the uptrend.
Solana (SOL) price analysis
The failure of the bulls to initiate a recovery on the SOL at $126 indicates that the bears remain in control. There is a minor support at $116. However, if it breaks this level, it is possible for sales to accelerate. Thus, SOL is likely to drop to $100. The larger the decline, the longer it will take for the next leg of the uptrend to begin. If the bulls want to make a comeback, they will need to quickly push the price above the 20-day EMA ($144). This is likely to trap aggressive bears. SOL is likely to move higher towards the 50-day SMA ($166) later.
Ripple (XRP) price analysis
XRP attempted to start a relief rally from the $0.50 psychological level on April 29. However, the bulls failed to sustain higher levels. Continued selling by the bears pushed the price below $0.50. This opened the doors for a retest of the solid support at $0.46. The bulls are expected to defend the $0.46 to $0.41 zone fiercely. Because a break below this is possible to start the bear trend. Alternatively, if the price bounces from $0.46 and rises above the 50-day SMA ($0.57), it would indicate that the bears are losing control. XRP is then likely to remain in the $0.41 to $0.74 range for a few more days.
DOGE, TON, ADA, SHIB and AVAX Coin analysis
Dogecoin (DOGE) price analysis
The decline in DOGE gained momentum after the price fell below the symmetrical triangle formation. The bears pulled the price below the neckline of the bearish head and shoulders formation. If the price remains below $0.12, selling is likely to intensify. Thus, it is possible for DOGE to drop to $0.10 and eventually to $0.08. Conversely, if the price quickly rises above the neckline, it will indicate solid buying at lower levels. The bulls will gain strength with a break above the 20-day EMA ($0.15), signaling a potential trend change above the downtrend line.
Toncoin (TON) price analysis
Toncoin (TON) broke below the 50-day SMA ($5.32) on April 30. Thus, it showed that the bears were continuing their pressure. The bulls are likely to defend the zone between the 50% Fibonacci retracement level at $4.90 and the 61.8% Fibonacci retracement level at $4.25. Buyers will need to pull the price above the 20-day EMA ($5.58) to signal that the correction has ended. If this happens, TON is likely to rally to $6.24. Instead, if the price continues to decline and breaks below $4.25, it will signal the end of the uptrend. This increases the risk of a drop to $3.32.
Cardano (ADA) price analysis
cryptokoin.comAs you follow from , ADA is trying to start a recovery from $0.42. However, the weak recovery shows that there is no demand from the bulls. If the price drops below $0.42, ADA is likely to retest the $0.40 support. The bulls are likely to defend this level with all their might. Because falling below this level will extend the decline to $0.35. The 20-day EMA remains the key resistance that needs to be overcome to suggest that the bears are losing control. If this happens, ADA is likely to try to rise to the 50-day SMA ($0.57).
Avalanche (AVAX Coin) price analysis
Buyers attempted to push the AVAX Coin price back above the bullish trend line on April 29. But the bears did not allow this. This shows that the bears are trying to turn the bull trend line into resistance. There is currently minor support for AVAX Coin at $31.92. However, if this level gives way, it is possible for the AVAX Coin price to drop to $29.24. The zone between $27.24 and $29.24 may witness aggressive buying by the bulls. AVAX coin price is likely to later rise to $42 and then to the 50-day SMA ($45.68). This level is likely to attract selling from AVAX Coin bears.
Shiba Inu (SHIB) price analysis
The bulls attempted to push SHIB above the 20-day EMA ($0.000024) on April 30. But the bears held their ground. SHIB is likely to drop as low as $0.000020, which is likely to act as a strong support. If the price declines sharply from the 20-day EMA, the chances of a drop to $0.000018 increase. The first sign of strength will be a breakout and close above the moving averages. Such a move would give a solid buy signal at lower levels. It is possible that SHIB will then try to rise to $0.000033, where the bears will face stiff resistance.
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