US stock markets are trying to recover after weeks of non-stop sales. On a similar note, indicators for controlling the chain’s resources expect the cryptocurrency market to recover, but they expect Bitcoin (BTC) to spend time in the range before the “real breach.”
The seven-day moving average trading volume on a chain that Glassnode monitors reached a nine-month low on May 23rd. This suggests that the weak Bitcoin price level in 2022 has led to lower merchant participation.
Although signs of short-term recovery are visible, sustained recovery could be difficult because macroeconomic conditions remain challenging. Kristalina Georgieva, managing director of the International Monetary Fund, wrote in a blog post that the global economy is witnessing “its biggest test since the Second World War”.
Could Bitcoin and altcoins immediately overcome their resistance levels and start a lightweight tournament? Let’s look at the charts of the top 10 cryptocurrencies to find out.
BTC / USDT
Bitcoin held $ 28,630 support on May 20, indicating that bulls are buying at lower levels. Buyers have pushed the price up below the discount line, which is the first sign of recovery.
If buyers maintain a price above the downgrade line, the BTC / USDT pair could rise to the 20-day exponential moving average (EMA) ($ 31,758). The Bears are likely to spend 20 days on the EMA aggressively because breaches and closures above that could pave the way for a possible rally up to the 61.8% Fibonacci recovery level at $ 34,823.
Otherwise, if the price drops from the current level or the 20-day EMA, it will indicate that the attitude remains negative and traders are selling on rallies. Bears will have to lower their price below $ 28,630 to pave the way for a possible re-examination of critical support at $ 26,700.
ETH / USDT
Ether (ETH) bounced off the upstream line on May 21, indicating that bulls are buying the dives up to this point. Buyers will now try to push the price up to the cost of $ 2,159 as bears can be a strong challenge.
If the price drops from the air resistance, it could fall down to the upstream line. This is an important step to keep in mind for the short term. If the price returns from the uptrend line, it could increase the outlook for a break above $ 2,159. If that happens, the ETH / USDT pair could try to raise it to $ 2,500.
On the other hand, if the price drops from the current level or the cost resistance and breaks down below the uptrend line, it will suggest that the pair could stay fixed between $ 2,159 and $ 1,700 for a few days.
BNB / USDT
The bulls have pushed BNB over the 20-day EMA ($ 324), which is the first sign that the downturn may have ended.
If buyers maintain prices above the 20-day EMA, the BNB / USDT pair could rise to $ 350 and later to the 50-day simple moving average (SMA) ($ 374). The Bears could try again to stop the update in this area. If the price drops from this area but returns from the 20-day EMA, it will increase the possibility of a break over the 50-day SMA.
This bullish view will be invalidated in the short term if the price drops below $ 320. That would indicate that the bear sold at a higher level. The pair could then gradually go down to $ 286.
XRP / USDT
Ripple (XRP) is trying to recover after the bulls’ immediate support of $ 0.38 on May 19th. Buyers will now try to push the price into the 20 day EMA ($ 0.47).
The rising average and the RSI in the negative zone indicate that bears have the upper hand. Vendors will try to defend 20 days of EMA vigorously. If that happens, the XRP / USDT pair could turn down from cost resistance and fall into strong support at $ 0.38.
On the other hand, if a bull pushes the price over the 20-day EMA, it could indicate a possible change in short-term development. The pair could then rise to a ceiling height between $ 0.50 and $ 0.55, which could act as a major barrier.
On the downside, the bears will have to sink and keep the price below $ 0.38 to open doors for a possible retest on May 12th to a low within the day at $ 0.33.
ADA / USDT
The bulls successfully defended the psychological level at $ 0.50 over the past few days, indicating demand at lower levels. Buyers will now try to push Cardano (ADA) over the 20-day EMA ($ 0.60).
If they succeed, the ADA / USDT pair could try to rise in the breakdown level of $ 0.74. The bears are likely to face a tough challenge at this stage. If the bull stops a subsequent drop in the 20-day EMA, it will indicate a change in attitude from selling rallies to buying dips.
Contrary to this assumption, if the price drops from the 20-day EMA, it will indicate that bears will continue to sell on rallies. Bears will then try to bring the price down below $ 0.50 and test significant support again at $ 0.40.
SOL / USDT
The bulls bought the dip for $ 47 on May 20 and are trying to push Solana (SOL) toward a 20-day EMA ($ 61). The bears are expected to defend this level of aggression.
If the price drops from the 20-day EMA, the SOL / USDT pair could drop to $ 47 as the bulls will try to stop the decline. If that happens, the couple could trade between $ 47 and $ 60 for a few days.
A break and closure above the 20-day EMA will be the first indication that the bulls are back in action. The pair could then rise to the breakdown level at $ 75. Otherwise, if the price drops below $ 47, the pair could fall into strong support at $ 37.
DOGE / USDT
Dogecoin (DOGE) is strengthening in a downturn. The bulls spent $ 0.08 on support in recent days and are trying to push the price up to $ 0.10.
If the price drops from $ 0.10, it will indicate that the bears are trying to turn this level into resistance. If successful, the DOGE / USDT pair could continue their stage action for a few more days.
Buyers must drive the price above $ 0.10 to indicate that the downturn may be weakening. The pair could then rise to $ 0.12.
Alternatively, if the price drops from the current level and falls below $ 0.08, the pair could try significant support again at $ 0.06.
Connected: Monero enters “overbought” risk zone after XMR price rises by 75% in two weeks
DOT / USDT
The bulls are trying to push and hold the Polkadot (DOT) over the air resistance at $ 10.37. If they succeed, the price could rise to a 20-day EMA ($ 11.57).
Buyers must push the price over the 20-day EMA to indicate a possible change in short-term development. The DOT / USDT pair could then accumulate in the air resistance range between $ 14 and $ 16 where the bears could develop a strong defense.
Contrary to this assumption, if the price drops from the 20-day EMA, it will indicate that the trend remains negative and traders are selling on rallies. The Bears will then try to pull the pair down to $ 9.22 and test significant support again at $ 7.30.
AVAX / USDT
Avalanche (AVAX) returned from the support line of the villa, indicating that the bulls are defending this level of aggression. Buyers will now try to push the price up for the wine.
If they do, the AVAX / USDT pair could reach a 20-day EMA ($ 39). This is an important point to watch out for because the bears will defend it vigorously.
If the price drops from the 20-day EMA but does not return to the pen, it will indicate a possible evolutionary change. Buyers will then again try to get rid of the 20-day EMA hurdle and push the pair towards $ 51.
On the contrary, if the price drops from the current level or the 20-day EMA and breaks below the support line, it will indicate that the bears are active at higher levels. The pair could then drop to $ 23.
SHIB / USDT
Shiba Inu (SHIB) is trying to rise above an immediate resistance of $ 0.000013, but the long wake of the candlestick of the day indicates that the bears are trying to stop the state.
If the price drops from the current level, the SHIB / USDT pair could spend more time within the range between $ 0.000010 and $ 0.000014. The next trend could start after the price breaks above or below the stage.
If buyers raise the price above the 20-day EMA ($ 0.000014), the pair could try to raise it to $ 0.000017. This level could again act as a rigid resistor.
Alternatively, if the price drops below $ 0.000010, the pair may drop to $ 0.000009. This is an important point to keep in mind that if it clicks, the next stop could be $ 0.000005.
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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