After creating a dubious record of nine consecutive red weekends, Bitcoin (BTC) is trying to improve by starting a price recovery to end the losing streak. Analysts have repeatedly said that investors should not be afraid of the bear market because it is one of the best times to invest in fundamentally strong projects to prepare for the next bull stage.
CryptoQuant CEO Ki Young Ju pointed out that UTXOs, which are less than six months old, reflect 62% of the realized high, which is similar to what was seen in the March 2020 collapse. Therefore, Ki said that Bitcoin could be close to forming a circular bottom.
In the current bearish environment, it is difficult to realize the Bitcoin array at $ 250,000 but billionaire investor Tim Draper is still bullish. Speaking at a YouTube show on May 24, Draper said that if more retailers start accepting Bitcoin, women’s participation will increase as they will buy shares using Bitcoin. According to Draper, this could increase the price of Bitcoin above its target, $ 250,000.
Since some experts are calling for a bottom in Bitcoin, is it a good time to buy? Could cryptocurrencies recover in the short term? Let’s look at the charts of the top 10 cryptocurrencies to find out.
BTC / USDT
Bitcoin crossed the fall line on May 30 and bulls are trying to maintain prices above the 20-day moving average (EMA) ($ 30,562). Succeeding is the first indication that the bears may be losing control.
If the price continues above the 20-day EMA, the BTC / USDT pair could rise to $ 32,659 and later to the 50-day simple moving average (SMA) ($ 34,954). The 20-day EMA is flattening out and the relative strength index (RSI) has risen above 46, indicating that bulls are trying to return.
However, if the price drops from the 20 day EMA, it will indicate that the attitude remains negative and traders are selling on rallies. The Bears will then make another attempt to pull the pair down to $ 28,630 and score the May 12 minimum of $ 26,700 each day. A break below this support could indicate a resumption of the downturn.
ETH / USDT
Ether (ETH) jumped to $ 1,700 on May 28 and is heading for a 20-day EMA ($ 2,026). This suggests that bulls are trying to initiate a sustained recovery.
The RSI shows a bullish difference, indicating that the selling pressure may be decreasing. Buyers will try to push the price over the 20-day EMA and score the breakdown level at $ 2,159. If bulls do not overcome this barrier, the BNB / USDT pair could decline and strengthen between $ 1,700 and $ 2,159.
If a bull sets the price above $ 2,159, it will indicate that $ 1,700 could be the bottom in the short term. The pair could then rise to 50 days SMA ($ 2,504). This bullish view could be invalidated if the price drops below $ 1,700.
BNB / USDT
BNB received near-immediate support at $ 286 on May 27, indicating that traders are buying the dips. The bulls will now again try to push the price above the air resistance at $ 320.
If successful, the BNB / USDT pair could rise to $ 350. The longer the price is above $ 320, the greater the chance that the bottom will be reached on May 12th. If the bull overcomes the $ 350 hurdle, the increase could be $ 400.
On the other hand, if the price drops from the current level or $ 350, it will indicate that the bears are selling on ralls. That in turn could push the price to immediate support at $ 286. If this support clicks, the pair could drop to $ 260.
XRP / USDT
Although the Ripple (XRP) fell below $ 0.38 on May 26, the Bears could not sustain the selling pressure. This began recovery on May 28, which has reached a declining line.
The bears have repeatedly come up with a strong defense at the downtrend line; therefore, this is an important resistance to monitor. If the price reverses from a downward trend, the bears will try to pull the XRP / USDT pair down below $ 0.37 and challenge significant support at $ 0.33.
On the contrary, if buyers run and maintain prices above the 20-day EMA ($ 0.43), it will indicate that sellers may be losing control. The couple could then reach a psychological level of $ 0.50.
ADA / USDT
Cardano (ADA) fell below a minor support level of $ 0.46 on May 27, but the Bears could not build on the lead. The bulls bought this dip and began recovery on May 28.
Relief efforts began on May 30, and the bulls are trying to push the price over the 20-day EMA ($ 0.54). If it succeeds, it will indicate that the ADA / USDT pair is trying to form a bottom. The pair could then rise to $ 0.61 and later try to rise to the breakdown level of $ 0.74.
This positive opinion could be in vain if the price drops from the 20-day EMA. If that happens, the Bears will try again to sink the pair below $ 0.40 and begin the next step of the write-down.
SOL / USDT
Solana (SOL) recovered after $ 40 on May 28, indicating that lower levels continue to attract bull purchases. Buyers will now try to push the price to 20 days EMA ($ 53).
If bulls push the price above 20 days EMA, it will indicate that the downturn may be weakening. The SOL / USDT pair could then rise to $ 60 and then rise to the 50% Fibonacci recovery level of $ 66.
On the contrary, if the price drops from the current level or the 20-day EMA, it will indicate that the bears will continue to sell on rallies. This could increase the likelihood of a $ 37.37 retest. A break below this support can start the next part of the downturn.
DOGE / USDT
Dogecoin (DOGE) fell below $ 0.08 on May 26 but returned strongly on May 27. This suggests aggressive purchases at lower levels, but the Bears are unwilling to give up their advantage as they continue to defend their 20-day EMA ($ 0.09) vigorously.
The bulls will again try to push the price over the 20-day EMA. If they do, the DOGE / USDT pair could rise to a psychological level of $ 0.10. This level could again act as resistance, but if the bulls overcome this obstacle, the pair could rise to $ 0.12.
Otherwise, if the price drops from the 20-day EMA or $ 0.10, it will indicate that the bears are active at higher levels. That could bring the pair down to $ 0.08 and later to the May 12 low per day, $ 0.06.
Connected: Bitcoin “ready” for $ 32.8K after merger as BTC price rises by 6.3%
DOT / USDT
Polkadot (DOT) formed a Doji candlestick pattern on May 27, indicating indecision among bulls and bears. This uncertainty resolved upward and enjoyed pushing the price up to a cost of $ 10.37.
If buyers push the price above the air resistance, it could open the door for a possible increase up to $ 12. If the bull gets rid of this obstacle, the next stop could be $ 14. Fractures and closures above this resistance may indicate that the DOT / USDT pair may have bottomed out.
This positive opinion could be invalidated if the price drops significantly from the current level and breaks below $ 8.56. That could lead to a drop in the May 12 lowest day, $ 7.30. Bears will have to lower their prices below this level to indicate that declining trends will resume.
AVAX / USDT
Avalanche (AVAX) dipped strong support at $ 23.51 on May 26, but the Bears could not take advantage of this advantage. The bulls bought the dive on May 27 and began recovery on May 28.
The bulls will try to push the price into the 20-day EMA ($ 32.42), which is an important point to keep an eye on. If the price drops from this resistance, the Bears will try to try the lowest again on May 27 within the day at $ 21.35. If this support works, the AVAX / USDT pair could reach a psychological level of $ 20.
The RSI shows a positive difference, indicating that the selling pressure may be decreasing. If a bull pushes the price above the 20-day EMA, the pair could rise to $ 38 and later try to rise to $ 46.
SHIB / USDT
The bulls successfully supported the support at $ 0.000010 on May 27, which led to a rebound on May 28. Shiba Inu (SHIB) continued its recovery and has reached a 20-day EMA ($ 0.000012), which is likely to act as strong resistance.
If the price drops from the 20 day EMA, the bears will again try to lower the SHIB / USDT pair below $ 0.000010. If so, the couple could try out significant support again at $ 0.000009.
Otherwise, if a bull pushes the price above the 20-day EMA, it will indicate that the downturn could be weakening. The pair could then try to rise to $ 0.000014 and later up to the breakdown level of $ 0.000017. The bulls must clear this barrier to indicate a possible evolutionary change.
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.
Marketing data is provided by HitBTC exchange.
Mail Bonus – #Price #analysis #BTC #ETH #BNB #XRP #ADA #SOL #DOGE #DOT #AVAX #SHIB