Price analysis 5/3: ADA, AVAX, SHIB, XRP, SOL, ETH, BNB, XRP, TON, and BTC
Following the successful recovery of the Bitcoin Price Analysis: Bulls’ Recovery; Altcoins’ Double-Digit Gains.
Bitcoin (BTC) ticks decrease to $64,338 Bulls are attempting to rally the market by pushing it above the psychologically significant $60,000. In an X post, seasoned trader Peter Brandt predicted that Bitcoin will be viewed as a “very common bull market continuation chart construction” if it maintains its recent lows and rises.
It is probable that traders will closely monitor the spot Bitcoin exchange-traded funds. Data from Farside Investors shows that on May 1, there were $563 million withdrawals from Bitcoin ETFs. After a few days of net inflows into the Bitcoin ETFs, mood is probably going to improve. Arthur Hayes, the former CEO of BitMEX, thinks the sell-off is over and the cryptocurrency markets could rise.
Which significant resistance levels might obstruct the healing process? To find out, let’s examine the charts of the top ten cryptocurrencies.
Analysis of the price of bitcoin
The region between the $58,017 50% Fibonacci retracement level and the $54,298 61.8% retracement level is where Bitcoin is finding support.
On May 3, the bulls drove the price back over the $59,600 breakdown level, suggesting that the recent decline might have been a bear trap. The bears are not likely to give up quickly, though. The 20-day exponential moving average ($63,366) and the 50-day simple moving average ($66,151) will be the targets of their attempts to delay the relief rally.
If the price deviates from the moving averages, it may indicate that traders are selling during rallies and that the attitude is still negative. After that, the bears will try once more to bring the BTC/USDT pair down below $56,500. Should they be successful, the two might drop to $54,298.
On the other hand, a break above the 50-day SMA indicates that the pair might continue to trade inside the range for a while.
Analysis of ether prices
Ethereum tally down $3,151 declined on May 1st, below the $2,850 support level; nevertheless, the candlestick’s extended tail indicates strong demand at cheaper prices.
The RSI below 45 and the downsloping moving averages indicate a modest advantage for the bears. The bears will attempt to pull the ETH/USDT pair down to the descending channel pattern’s support line if the price breaks below either the present level or the 20-day EMA ($3,152).
On the other hand, a price increase above the 20-day moving average will indicate that there may be less selling pressure. To signal the conclusion of the downtrend, the bulls will have pushed the pair above the resistance line.
Analysis of BNB prices
BNB BNB tickers lower at $593 has been bouncing over the last few days within the wide range of $495 and $635, suggesting that the bulls and bears are still undecided.
The pair BNB/USDT may drop to the firm support at $495 if the price remains below the moving averages. This level is likely to be purchased by customers, maintaining the range. But if the bears win out, the pair can begin a decline that takes it below $460 and then $400.
Solana pricing evaluation
The bears tugged. Solana Sun tickers lower at $147below the $126 support level, but was unable to hold the lower levels, suggesting bullish buying.
The 20-day EMA ($145) has been hit by the SOL/USDT pair, which is a crucial level to monitor. The pair may rise toward the overhead resistance of $162 if buyers are able to break through this barrier. The bears may decide to sell at this level.
$126 is the key support level to keep an eye on if prices decline. The next leg of the down move will begin if the price falls below $126 and turns lower from the 20-day EMA. Then, the pair might drop to $100.
Analysis of the XRP pricing
The XRP of XRP tickers down by $0.53 The 20-day EMA ($0.53) has been touched by the relief rally, which is a crucial milestone for the bears to hold if they hope to keep control.
Sellers will try to pull the XRP/USDT pair back to the strong support zone between $0.46 and $0.41 if the price breaks below the 20-day EMA. It is anticipated that buyers will fiercely defend this area.
A break and closure above the 20-day EMA will be the first indication of strength. The pair might reach $0.57 if this obstacle is overcome, which might present another difficult obstacle. A breach of this resistance might allow prices to surge as high as $0.62.
