Leading crypto money experts expect a rise in these 4 altcoin projects with the rise of the leading cryptocurrency Bitcoin (BTC) in their recent analysis! So what’s next for these projects? What levels will be seen? Here are the details…
With the rise of Bitcoin, these 4 altcoins can explode!
According to experts, the S&P 500 Index (SPX) closed the week with a nominal loss of 0.29%, while Bitcoin is aiming to end the week with a deeper drop of over 5%. Weakness in Bitcoin has dragged many altcoins down, showing that the sentiment has weakened. Bitcoin’s solid bounce on May 12 could be an example. Many analysts expect Bitcoin to start to recover, but monitoring resource Material Indicators advises investors to be cautious. In a recent analysis, they explained that the lack of a strong bid from whales at lower levels could be an alarming sign. However, the Material Indicators data indicates that the bullish perspective will be invalidated if Bitcoin stays below the 200-week moving average.
In the next few days, progress in debt ceiling talks between Congress leaders and the White House is expected to come to the fore. The uncertainty and risks posed by the possibility of the US default may keep the rise in the stock markets in check, but it is difficult to predict how Bitcoin and altcoins will react to all this chaos, according to experts. cryptocoin.com As we reported, Bitcoin has started a corrective phase and most altcoins have fallen below their support levels. Only a few cryptocurrencies look positive on the charts. However, experts have announced cryptocurrencies that may rise in the near term.
Bitcoin (BTC) price analysis
The long tail on Bitcoin (BTC)’s May 12 candlestick indicates that the bulls are aggressively buying the dips up to the neckline of the inverted head and shoulders (H&S) pattern.
Buyers will try to push the price back into the triangle but may face stiff resistance from the bears. The downward sloping 20-day exponential moving average ($27,959) and the relative strength index (RSI) below 41 suggest that the bears have a slight advantage. If the price turns down from the 20-day EMA, the bears will try to push the BTC/USDT pair back below $25,250. If they manage to do so, the selling could intensify and the pair could drop as low as $20,000. On the upside, the bulls will need to break through the hurdle at the resistance line to regain control. The pair could retest the overhead resistance of $31,000 later.
The bulls surmounted this hurdle after facing stiff resistance at the 20-EMA. This shows that the bulls are trying to take control. The pair could climb to the 50 simple moving average and then to $28,400. Conversely, if the price drops sharply from the current level, it will indicate that the bears are trying to turn the support line of the triangle into resistance. The pair could then decline to the crucial support at $25,250.
Cardano (ADA) price analysis
Cardano’s solid rebound from the uptrend line on May 11 shows that lower levels continue to attract strong buying.
The bulls will attempt to continue the recovery by pushing the price towards the 20-day EMA ($0.38). This level can act as a minor barrier, but if the bulls break above this level, the ADA/USDT pair could rise towards the neckline of the inverse H&S pattern. This level is likely to witness a tough battle between bulls and bears. Another possibility is for the price to bounce back from the 20-day EMA and fall to the uptrend line. Repeated testing of a support level at short intervals tends to weaken it. This could open the doors for a potential drop to $0.30.
The bulls pushed the price above the moving averages, which indicates that the bears may be losing control. The 20-EMA has gradually started to turn up and the RSI is in the positive territory, which indicates that the bulls are in a reversal. If the buyers break the overhead resistance at $0.37, the pair could gain momentum and rally to $0.40 and later to $0.42. Conversely, if the price declines from $0.37, the pair could slide to the uptrend line.
Cosmos (ATOM) price analysis
Cosmos’s rebound from the $10.20 support on May 10 indicates that the bulls have bought the lows to this level.
The bears are trying to stop the relief rally at the 50-day SMA ($11.28), but the bulls haven’t left much ground. This increases the probability of a rally above the 50-day SMA. If this happens, the ATOM/USDT pair could rise to the downtrend line. This is an important level for sellers to protect as a break above it will invalidate the bearish descending triangle pattern. The critical support to watch on the downside is $10.20. If it is broken, the descending triangle will be completed and the pair could drop as low as $8.50.
The 4-hour chart shows that the relief rally is facing selling higher, but the price action has created a possible reversal H&S pattern that will complete with a breakout and close above $11.30. The pair could then start an upward move towards $12 and then $12.50. Alternatively, if the price drops and breaks below the 50-SMA, it will indicate that the bears are in control. The pair could later decline towards the vital support at $10.20. A bounce from this level could keep the pair within the $11.30 and $10.20 limits for a while.
Lido DAO (LDO) price analysis
Lido Dao (LDO) recovered from the $1.60 support and reached the overhead resistance at the 20-day EMA ($1.95).
The bears are trying to protect the 20-day EMA but the bulls did not give up. This indicates that buyers expect the recovery to continue. If the bulls push the price above the 20-day EMA, the LDO/USDT pair could rise to the downtrend line. This level is likely to attract strong selling by the bears. If buyers stop the next drop above the 20-day EMA, it will indicate a change in sentiment from selling on rallies to buying on dips. The pair could then start a sustained recovery above the downtrend line. On the downside, the bears will need to push and sustain the price below $1.60 to indicate the resumption of the downtrend.
The 4-hour chart shows bulls attempting to push the price above the overhead resistance of $1.98. If successful, the pair will complete a bullish double bottom pattern. The target target of this reversal setup is $2.39. If this level is also surpassed, the pair could reach $2.60. Conversely, if the price breaks from the current level or $1.98 and breaks below the moving averages, it will indicate that the bears are active at higher levels. This could cause the pair to be stuck between $1.57 and $1.98 for a while.
Arbitrum (ARB) price analysis
Arbitrum (ARB) finds support near the psychologically important $1 level, which indicates that the bulls are aggressively buying the dips.
On the upside, the bears are trying to stop the recovery at $1.20 but a minor positive point in favor of the bulls is that they have maintained the buying pressure. This increases the probability of a move above $1.20. If this happens, the ARB/USDT pair could rally to $1.40 and later to $1.50. This positive view will be invalidated in the near term if the price drops sharply from $1.20. This will signal a possible consolidation between $1 and $1.20 for a few days.
The 20-EMA on the 4-hour chart has started to rise and the RSI is in the positive territory, indicating that the selling pressure is easing. Buyers will try to strengthen their positions by pushing the pair above $1.20. If they do, the pair will complete a double bottom pattern with a target target of $1.35. The first sign of strength for the bears will be a break and close below the 20-EMA. This could push the pair to $1.05. A break below $1 will indicate the resumption of the downtrend.
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