Price analysis 5/18: BTC, ETH, BNB, XRP, ADA, SOL, DOGE, DOT, AVAX, SHIB

Price analysis 5/18: BTC, ETH, BNB, XRP, ADA, SOL, DOGE, DOT, AVAX, SHIB – Mail Bonus

On May 17, US Federal Reserve Chairman Jerome Powell told the Wall Street Journal that 50-point interest rate hikes would continue until inflation calmed down. Powell’s focus on hawkish policies suggests that monetary conditions are likely to remain tight in 2022, which could limit the rise in risky assets.

The market information company Glassnode on the chain said that historically Bitcoin (BTC) has bottomed out when the price falls below the real price. However, outside the bear market from 2019 to 2020, in previous bear rounds, the price of Bitcoin remained below real for 114 to 299 days. This suggests that if macroeconomic conditions are not favorable, a rapid recovery is unlikely.

Daily performance of the cryptocurrency market. Source: Coin 360

Although the current decline in US stock markets and Bitcoin is similar to the collapse in March 2020, the recovery could not go in the same direction due to different market conditions. In 2020, the central bank supported the market with unprecedented stimuli, but in 2022, the emphasis will continue to be on reducing inflation and monetary restraint.

Could Bitcoin and altcoins continue to decline or will lower levels attract purchases? Let’s look at the charts of the top 10 cryptocurrencies to find out.