Price analysis 5/16: BTC, ETH, BNB, XRP, ADA, SOL, DOGE, DOT, AVAX, SHIB

Price analysis 5/16: BTC, ETH, BNB, XRP, ADA, SOL, DOGE, DOT, AVAX, SHIB – Mail Bonus

Bitcoin sales (BTC) show no signs of slowing and Bitcoin has fallen for seven weeks in a row for the first time. This suggests that the momentum remains very much in the bear’s favor.

While the short-term outlook remains dire, institutional traders seem to be taking a longer-term approach to cryptocurrencies. Goldman Sachs and Barclays joined several other institutional investors in a $ 70 million round of financing from Elwood Technologies’ institutional trading platform.

Daily performance of the cryptocurrency market. Source: Coin 360

After last week’s turmoil and instability, cryptocurrency prices could try to increase relief in the coming days. It is unlikely that there will be a V-shaped recovery because macroeconomic conditions do not support it. In times of great volatility and uncertainty, it may be a wise decision to cut the size of your trading position to keep the risk under control.

What are the important levels of support and resistance that can indicate a possible evolutionary change when they are violated? Let’s look at the charts of the top 10 cryptocurrencies to find out.