Crypto analyst Rakesh Upadhyay says Bitcoin’s failure to break above the 20-day EMA increases the risk of a downside breakout for BTC and many altcoins. Can the bulls continue to defend support levels in altcoins including Bitcoin and AVAX Coin, or will the bears prevail? The analyst examines the charts of the top 10 cryptocurrencies to find out.
BTC, ETH, BNB, SOL, and XRP Coin analysis
Bitcoin (BTC) price analysis
Bitcoin bulls are trying to keep the price above the psychological support at $60,000. However, it is facing a sell-off at the 20-day exponential moving average ($62,959). If it breaks the $59,650 support, it is possible that BTC could drop to the 61.8% Fibonacci retracement level of $54,298. This negative view will be invalidated in the near term if the price rises and breaks above the 50-day simple moving average ($65,620). BTC is likely to rally further towards the critical overhead resistance at $73,777.
Ethereum (ETH) price analysis
ETH has been trading between the 20-day EMA ($3,087) and the horizontal support at $2,850 for several days. Downward sloping moving averages and the RSI in the negative zone indicate an advantage for sellers. A breakout and close below $2,850 would signal a resumption of the downtrend. It is possible for ETH to fall to the support line of the channel. Buyers will need to push the price above this zone to suggest a potential trend change. ETH is likely to rise as high as $3,350.
Binance Coin (BNB) price analysis
cryptokoin.comAs you follow from , BNB recovered from the moving averages on May 8. But the movement lacked momentum. This indicates hesitation to continue buying at higher levels. If buyers push the price above the downtrend line, the chances of a rise towards the overhead resistance at $635 will increase. This is an important level to pay attention to. Because a break above it could open the doors for a rally to $692. Meanwhile, the bears are likely to have other plans. They will try to push the price below the moving averages. If they do so, BNB is likely to drop to $536 and then the solid support at $495.
Solana (SOL) price analysis
SOL broke below the 20-day EMA ($146) on May 8. However, the bears failed to sustain lower levels. The flat 20-day EMA and RSI near the midpoint do not give a clear advantage to bulls or bears. If the price turns up from the current level and rises above $162, it will indicate that the bulls are back in the game. SOL is possible to rise to $185 and then to $205. The critical support zone to watch on the downside is between $126 and $116.
Ripple (XRP) price analysis
XRP has been trading between $0.46 and $0.57 for the last few days. This shows that there is a balance between supply and demand. The price broke below the 20-day EMA ($0.52) on May 7. This showed that the bears were trying to take control. Sellers will try to pull the price down to the important support at $0.46. It is possible that a strong bounce from $0.46 will extend its stay in the range for a while longer. The bulls will need to push the price above $0.57 and sustain it to signal that the correction is over.
TON, DOGE, ADA, SHIB and AVAX Coin analysis
Toncoin (TON) price analysis
TON rebounded from the moving averages on May 8. It then broke the 61.8% Fibonacci retracement level at $6.49 on May 10. This signaled that the correction may have ended. The 20-day EMA ($5.81) started to gradually rise and the RSI moved into positive territory. This shows that bulls have the upper hand. TON will attempt a rally to $7.67. Conversely, if the price turns down sharply from the current level or the overhead resistance at $7.67, it would indicate that the bears remain active at higher levels. This is likely to cause a range between $4.72 and $7.67.
Dogecoin (DOGE) price analysis
The bulls are trying to prevent DOGE from retesting the neckline of the large head and shoulders formation. Buyers will need to push the price above the 20-day EMA ($0.15) to pave the way for a rise to the 50-day SMA ($0.17). This is an important level for the bears’ defense. Because a break above it is possible to start a rally to $0.21. If the price falls below $0.12, the trend is likely to turn downward.
Cardano (ADA) price analysis
ADA is stuck between the 20-day EMA ($0.47) and the support line. This indicates uncertainty about the next directional move between bulls and bears. The downward-sloping 20-day EMA and the RSI in the negative zone are giving the bears an advantage. If the price breaks below the support line, a downward move is possible for ADA towards $0.35. Conversely, if the price rises and breaks above the 20-day EMA, it will signal that the bulls are in a comeback. ADA is likely to rise to the 50-day SMA ($0.53) and then the overhead resistance at $0.57. This zone is likely to witness strong selling by bears.
Avalanche (AVAX Coin) price analysis
AVAX Coin has been trading between $29 and $40 for several days. This shows that there is a balance between supply and demand. In a range, traders typically buy dips towards support and sell near resistance. Price movement in the interim can be random and variable. If AVAX Coin price rises above the 20-day EMA ($36), it is possible for the price to reach $40. Conversely, if AVAX Coin price turns down from the 20-day EMA, it will indicate that higher levels continue to attract sellers. The next trend move for AVAX Coin is likely to start above $40 or below $29.
Shiba Inu (SHIB) price analysis
SHIB continues to trade between the 20-day EMA ($0.000024) and the support line of the symmetrical triangle formation. It is difficult to predict the direction of a breakout from a triangle with certainty. Therefore, it is better to wait for the price to escape the triangle before taking a directional view. If the price falls below the triangle, it will indicate that the bears have outmaneuvered the bulls. SHIB is likely to decline further to $0.000017, which is the 78.6% Fibonacci retracement level. Conversely, if the price rises and breaks above the 20-day EMA, it will suggest buying at lower levels. SHIB is likely to rise up to the resistance line of the triangle.
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