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.
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.
BTC / USDT
Bitcoin declined from $ 3,460, indicating that bears are selling on minor rallies. The bears will now try to lower the price below significant support to $ 28,805, but the bulls are likely to have other plans.
If the price drops again from $ 28,805, the bulls will again try to push the BTC / USDT pair to the 20-day exponential moving average (EMA) ($ 33,646). This is an important point to keep in mind that breaking and closing above it could indicate that the bulls are trying to turn back. The pair could then rise to a 50-day simple moving average (SMA) ($ 39,300).
Contrary to this assumption, if the price drops below $ 28,805, the pair could fall to $ 26,700. If this support clicks, the pair could continue to decline and the price could drop to $ 25,000 and later to $ 21,800.
ETH / USDT
Ether (ETH) faces stiff resistance at the $ 2,159 breakdown level, suggesting that bears continue to sell on rallies. Bears will now try to bring the price down for immediate support at $ 1,940.
If successful, the ETH / USDT pair could drop to significant support at $ 1,700. This is an important point for the bulls to defend because if they do not succeed, declining trends could resume and the pair could drop to $ 1,500.
Contrary to this assumption, if the price rises from $ 1,700, the pair could rise to $ 2,159 and remain spaced between these two points.
The first sign of strength will be a break and close above $ 2,159. That could pave the way for a 20-day EMA visit ($ 2,421). The bulls must overcome this obstacle to indicate that the downturn may be over.
BNB / USDT
BNB’s strong recovery reached near a breakdown level of $ 320 on May 13 and 15, but the bulls could not overcome this barrier. This suggests that bears are trying to turn the stage in resistance.
The BNB / USDT pair could now drop to $ 265, which is likely to act as support. If the price reaches again from this level, buyers will again try to run the pair over $ 320. If successful, the pair could rise to $ 350 and then to 50 days SMA ($ 391).
Otherwise, if the price drops below $ 265, the pair could fall towards strong support at $ 211. The bulls are expected to defend this level of power. A strong rebound on this support could keep the pair in the range of $ 211 to $ 320 over the next few days.
XRP / USDT
The long wake of the Ripple’s (XRP) May 13 candlestick suggests that Bears are trying to create a strong challenge near the $ 0.50 breakdown level. Failure to overcome this cost resistance could have tempted short-term buyers to book profits.
If the price continues to fall below $ 0.38, the XRP / USDT pair may fall to $ 0.33. The bulls are expected to defend this level of aggression, but if the support cracks, the speed change could pick up and the pair could drop to $ 0.24.
Contrary to this assumption, if the price reverses from the current level or the support to $ 0.38, the bulls will try to push the pair over the $ 0.50 to $ 0.55 cost range. If it succeeds, it will indicate that markets have rejected the lower levels. That could clear the way for a possible 50-day SMA increase ($ 0.67).
ADA / USDT
The Cardano Relief Society (ADA) is facing a sell-off of nearly $ 0.61, indicating that the bears are not ready to let go of their advantage. Bears will try to bring the price down below $ 0.46 and try again on May 12th within the day’s low of $ 0.40.
If the price falls below $ 0.40, sales could increase further and the ADA / USDT pair could fall to $ 0.33 and later to $ 0.28.
On the other hand, if the price reverses from the current level or the support to $ 0.46, it will indicate that the bulls are trying to put in the bottom. Buyers must push and maintain prices above the 20-day EMA ($ 0.68) to indicate that the correction may be complete. The pair could then rise to $ 0.74 and later to 50 days SMA ($ 0.89).
SOL / USDT
Bounce Solana (SOL) from $ 37 faces stiff resistance at 38.2% Fibonacci recovery level at $ 59. This suggests that bears will continue to sell in smaller batches.
Bears will now try to bring the price down for immediate support at $ 44. If they succeed, the SOL / USDT pair could try the important $ 37 level again. Breaks and closures under this support could lower the pair to $ 32.
On the other hand, if the price rises from the current level or the support at $ 44, it will indicate that bulls are buying dips. The bulls will then try to get rid of the $ 59 hurdle and push the pair to a 20-day EMA ($ 70). This level is likely to act as a rigid resistor.
DOGE / USDT
Dogecoin (DOGE) recovery could not exceed the $ 0.10 breakdown level, indicating that bears are trying to reverse the level. If sellers succeed in their endeavors, the chances of retesting increase to $ 0.06.
This is an important point for the bulls to defend because breaking and closing below it could indicate a resumption of declining development. The DOGE / USDT pair could then drop to $ 0.04 as the bulls could try to stop the decline again.
Otherwise, if the price reverses from the current level, the bulls will try to get rid of the cost of $ 0.10 and 20 days EMA ($ 0.11). If they do, the pair could rise to 50 days SMA ($ 0.13).
Connected: Stablecoin DEI, which is dollar-denominated in Deus Finance, drops below 60 cents
DOT / USDT
Polkadot (DOT) rebounded below $ 10.37 on May 13, but the recovery stopped near $ 12. This indicates that the attitude remains negative and traders are selling on rallies.
If Bears drops below $ 10.37, the DOT / USDT pair may drift lower toward minor support at $ 8. If this level clicks, the chance of a break increases below $ 7.30. The pair could then continue to decline and fall towards the next strong support at $ 5.
Otherwise, if the price drops back to $ 10.37 or $ 8, the bulls will try to push the pair over the 20-day EMA ($ 13). If they succeed, it will indicate that the short-term development may have turned in favor of buyers. The couple could then try to raise it to $ 16.
AVAX / USDT
Recovery Avalanche (AVAX) faces stiff resistance at $ 38. Shallow rebounds after a sharp decline indicate a lack of aggressive bull purchases. This could strengthen the bears who could try to build on their advantage.
If bears drop below $ 29, sales could pick up momentum and the AVAX / USDT pair could fall to a critical level of $ 23. This is an important point for bulls to protect because breaking and closing below it could lead to a reduction to $ 20 and thereafter to $ 18.
Contrary to this assumption, if the price rises from the current level or $ 29, it will indicate that the bulls are buying at lower levels. It could increase the chances of a lightweight to 20-day EMA ($ 48) where bears could re-establish strong defenses.
SHIB / USDT
Shiba Inu’s (SHIB) rebound hit the wall at 38.2% Fibonacci retracement level at $ 0.000014 on May 13 and 14, indicating that the Bears do not want to let go of their advantage.
The Bears will once again try to lower the price below the psychological level to $ 0.000010 and score on the lowest day, $ 0.000009, which was made on 12 May. Pauses and closures below this level could indicate a resumption of declining trends. The SHIB / USDT pair could then fall to $ 0.000007, which is likely to act as strong support.
Contrary to this assumption, if the price falls back from $ 0.000010, the bulls will try to push the pair to a breakdown level of $ 0.000017. Buyers must remove this barrier to indicate that the bears may be losing control.
The views and opinions expressed herein are those of the authors only and do not necessarily reflect the views of Cointelegraph. Every investment and business involves risk. You should do your own research when making a decision.
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