The crisis with TerraUSD (UST) stablecoin TerraUSD (UST) and the free fall of the LUNA symbol Terra have further reduced cryptocurrencies. Although Do Kwon, CEO of Terraform Labs, has announced a relief program, the community does not appear to be too optimistic about the revival.
Another obstacle to a rapid recovery in sentiment is that the US consumer price index rose by 8.3% from the previous year and exceeded estimates by 0.2%. Although the figures are slightly lower than the 8.5% print in March, the slow pace does not indicate a delay from the US Federal Reserve’s more austerity measures.
While the screen may look scary during the chapter, it also offers one of the best times to go against the herd and collect basically strong cryptocurrencies with a good deal of agreement. Merchants should not be in a hurry to catch a falling knife, but wait for the price to stabilize and the surrender to be completed before buying in stages.
What are the key levels of Bitcoin (BTC) and the major altcoins that could attract buyers? What are the main upside levels of resistance that could indicate a possible evolutionary change? Let’s look at the charts of the top 10 cryptocurrencies to find out.
BTC / USDT
Bitcoin fell sharply on May 9 and tried to recover from a psychological level of $ 30,000 on May 10. The long wake of the candlestick of the day shows that the bears are not ready to relax and they continue to sell on minor rallies.
The Bears tried to build on their advantage on May 11, but the bulls are defending an important point at $ 28,805 with all their might. This is an important point to be aware of because if it clicks, sales could increase. The BTC / USDT pair could then drop to $ 25,000 and later to $ 20,000.
Although declining averages suggest that sellers are advantageous, a relative strength index (RSI) in the surrendered territory suggests that relief or compression is possible.
If the price rises from the current level, it could reach the 20-day exponential moving average (EMA) ($ 36,214). This is an important point to keep in mind that if the price drops from then on, the Bears will once again try to sink the pair below $ 28,805.
Alternatively, if a bull pushes the price above the 20-day EMA, the pair could rise to a 50-day simple moving average (SMA) ($ 40,792).
ETH / USDT
Ether (ETH) has reached a strong support level of $ 2,159. The bulls are likely to develop a strong defense at this stage, because if the support cracks, sales could pick up momentum.
If the jump continues, the bulls will try to push the price to 20 days EMA ($ 2,698). In a downturn, bears usually try to stop relief gatherings during the 20-day EMA, so this becomes an important step to beware of.
If the price drops from the 20-day EMA, it will indicate that attitudes remain negative and traders will continue to sell on rallies. The Bears will then again try to sink the ETH / USDT pair below $ 2,159. If successful, the pair could drop to $ 2,000 and later to $ 1,700.
BNB / USDT
Binance Coin (BNB) witnessed a sharp fall on May 9, falling below strong support at $ 320. The bulls tried to push the price back above the breakdown limit on May 10, but the bears did not let up.
The Bears resumed sales on May 11, pulling the BNB / USDT pair down for immediate support at $ 289. If sellers keep the price below $ 289, the pair gains momentum and drops to $ 250 and later to $ 225. Buyers are expected to adopt a strong defense in this support area.
Otherwise, if the price rises from the current level, the bulls will again try to propel and maintain the pair above $ 320. If it succeeds, it will indicate that markets have rejected the lower levels. The pair could then rise to $ 350.
XRP / USDT
Ripple (XRP) witnessed a fierce battle between the bulls and the bears near the $ 0.50 mark. Although the bears dropped the price below $ 0.50 on May 9, the bulls recovered on May 10.
The Bears finally defeated the bulls on May 11 and took down the stream again. The XRP / USDT pair dropped to strong support at $ 0.40 as the bulls are trying to stop the decline.
If the price reverses from the current level, the bulls will again try to push the pair above the resistance range between $ 0.50 and $ 0.55. However, if the price drops below $ 0.40, the pair could witness further sales and fall to $ 0.34.
ADA / USDT
Cardano (ADA) fell to strong support at $ 0.74 on May 9, indicating a resumption of declining trends. The buyers tried to recover on May 10 but failed to reach higher levels.
Sales resumed on May 11 and the ADA / USDT pair dipped below for immediate support at $ 0.58. If the price stays below this level, the pair could drop to a psychological level of $ 0.50 and then to $ 0.40.
On the contrary, if the price rises from the current level, the bulls will try to push the pair back above the breakdown level at $ 0.74 and the 20 day EMA ($ 0.77). If they succeed, the recovery could pick up momentum and the pair could rise to significant resistance at $ 1.
SOL / USDT
Solana (SOL) fell and closed under strong support at $ 75 on May 9th. This indicated the beginning of the next part of the downturn. The bulls tried to capture the aggressive bear by pushing the price back above the degradation level of $ 75 on May 10, but the bears held their ground.
Sales resumed on May 11 and the Bears reduced their price to $ 50 for psychological support. If the price stays below $ 50, the SOL / USDT pair could extend their decline to $ 44 and then to $ 40.
On the other hand, if the price rises from the current level, the bulls will make another attempt to force the pair over $ 75. If they manage to do so, the couple could gather for a 20-day EMA ($ 83).
This is an important point to beware of because breaking and closing above it could indicate that the bulls are back in the game. The pair could then rise to 50 days SMA ($ 101).
DOGE / USDT
Dogecoin (DOGE) dropped below support at $ 0.12 on May 9 and dropped to a psychological level of $ 0.10. Buyers tried to start recovery on May 10, but hit the wall at the $ 0.12 breakdown level.
The Bears continued their sale and reduced the price below critical support to $ 0.10 on May 11th. If the price stays below $ 0.10, the DOGE / USDT pair could extend their decline to the strong support range between $ 0.06 and $ 0.04. The bulls are likely to forcefully defend this support area.
If a bull pushes the price back above $ 0.10 quickly, it will indicate a large accumulation at lower levels. Buyers will then try to run the pair over a 20-day EMA ($ 0.12). If it succeeds, it will indicate that the bears may be losing control.
Connected: Avalanches drop by 30% due to fears that Terra’s LFG will throw AVAX next
DOT / USDT
Polkadot (DOT) went into psychological support at $ 10 on May 9 and tried to recover on May 10, but the long wake of the day’s candlestick shows selling at a higher level.
Sales resumed on May 11 and the bears pulled the price under strong support of $ 10. If the bears sustain the decomposition, it will indicate the beginning of the next part of the downstream. The DOT / USDT pair could then extend their reduction to $ 7.
However, if the price reverses from the current level and rises again above $ 10, it will indicate a strong buy at lower levels. If a bull keeps the price above $ 10, the possibility of an increase increases to $ 14.
AVAX / USDT
Avalanche (AVAX) collapsed for significant support at $ 51 on May 9, indicating that declining trends have resumed. Buyers tried to push the price back above the breakdown level on May 10, but the long candlestick on the candlestick shows that the bears turned the $ 51 level into resistance.
The AVAX / USDT pair continued to decline on May 11 and fell below significant support at $ 32, but the long tail of the candlestick shows strong buying at lower levels. The bulls are expected to spend $ 32 off aggressively, as if support declines, sales could increase and the pair could drop to $ 18.
If the price rises from the current level, buyers will again try to push the pair to the breakdown level of $ 51. Fracture and closure above this level could be the first signs that the downturn may be weakening.
SHIB / USDT
Shiba Inu (SHIB) had been declining in recent days. The momentum picked up on May 9 and the price dropped below a significant support of $ 0.000017. This indicated that the downturn had resumed.
Buyers bought the dip near $ 0.000013 and pushed the price back above the breakdown level of $ 0.000017 on May 10th. However, the long candlestick of the candlestick of the day shows that the bears are selling at a higher level and trying to turn $ 0.000017 into resistance.
If the price falls below $ 0.000013, sales could increase and the SHIB / USDT pair could drop to a psychological level of $ 0.000010. Buyers must push and maintain prices above the 20-day EMA ($ 0.000020) to indicate that selling pressure may be weakening.
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