According to Bill Ackman, CEO of hedge fund Pershing Square, the confidence in the United States financial system is eroding fast. The recent sell-off in the equities markets has made investors search for the next weakest link about to collapse. On the other hand, in the world of cryptocurrencies, Bitcoin (BTC) has persevered and is hovering near its critical overhead resistance at $31,000.
Price analysis of top cryptocurrencies:
Bitcoin (BTC) price analysis:
Bitcoin continues to trade within the symmetrical triangle pattern which suggests indecision among bulls and bears. However, if the price closes above the triangle, the BTC/USDT pair could rally to $32,400. On the other hand, if the price turns down from the resistance line, it will suggest that the pair may continue its random price action inside the triangle for a few more days. A break and close below the triangle will indicate that the bears have overpowered the bulls and the pair may then tumble to $25,250.
Ethereum (ETH) price analysis:
The bulls have pushed Ether above the resistance line of the symmetrical triangle pattern, which shows that they have come out on top. If buyers sustain the price above the triangle, ETH/USDT pair may first rise to $2,000 and then attempt to rally to $2,200. Conversely, if the price turns down from the current level and re-enters the triangle, it will suggest that the breakout may have been a bull trap.
Binance Coin (BNB) price analysis:
BNB is seeing a tough battle between the bulls and the bears as the pair is oscillating inside the symmetrical triangle pattern. If the price breaks above the 20-day EMA, BNB/USDT pair may continue to oscillate inside the triangle for some more time. A break below the triangle will indicate that the bears have seized control, likely to start a downward move to $280. Bulls will have to propel the price above the triangle that will clear the path for a possible rally to $350 and then $400.
XRP price analysis:
XRP formed an inside-day candlestick pattern on May 4 and a Doji candlestick pattern on May 5. The moving averages have completed a bearish crossover and the RSI is in the negative territory, signaling that the bears have a slight edge. If the price turns up from the current level and breaks above the 20-day EMA, the XRP/USDT pair may then rise to the resistance line. The target is to open up the possibility of a rally to $0.54.
Cardano (ADA) price analysis:
ADA dipped below the 50-day SMA of $0.38 on May 3 and 5; however, the long tail on the candlestick shows that the bulls are aggressively defending the support near $0.37. Buyers tried to push the price above the 20-day EMA on May 4, but the bears did not budge. The downsloping 20-day EMA and the RSI just below the midpoint suggest a minor advantage to the bears. If the price turns down, the ADA/USDT pair may descend to $0.33 and then $0.30. Therefore, bulls will have to quickly propel the price above the neckline of the inverse head-and-shoulders pattern, that may increase the chances of a rally to $0.46 and later $0.52.
Dogecoin (DOGE) price analysis:
The bulls have kept DOGE above the immediate support near $0.08, but the DOGE/USDT pair failed to achieve a meaningful bounce off it. This suggests that demand dries up at higher levels, and the downsloping 20-day EMA ($0.08) and the RSI in the negative zone also indicate that the path of least resistance is to the downside. If the support near $0.08 gives way, the DOGE/USDT pair may tumble to the next major support level of $0.07.
Polygon (MATIC) price analysis:
Tight consolidation near the 20-day EMA ($1.02) for MATIC suggests the bears are in command. Therefore, if the price turns down and breaks below $0.94, the MATIC/USDT pair will complete a descending triangle pattern. That could start a down move toward $0.69. Instead, if the price turns up and rises above the 20-day EMA, it will suggest that the lower levels continue to attract buyers. The pair may rally to the resistance line, wherein the bears are again likely to sell aggressively.
Solana (SOL) price analysis:
SOL has been trading in a tight range for the past three days. If the price slips and sustains below the 50-day SMA ($21.90), it will suggest that the bears have the upper hand in the near term. The pair could slide to $18.70. Conversely, if buyers propel the price above the 20-day EMA, the SOL/USDT pair may start its march toward $24 and then $27.12.
Polkadot (DOT) price analysis:
Sellers yanked DOT below the $5.70 support level on May 3, but the long tail shows solid buying at lower levels. Bulls will try to push the price above the 20-day EMA ($5.96). If they succeed, the DOT/USDT pair could rally to the 50-day SMA ($6.18). Buyers will have to overcome this hurdle to gain the upper hand in the near term, opening up the possibility of a rally to $7. On the other hand, if the price turns down, the sellers will again attempt to tug the price below $5.70 and challenge the crucial support at $5.15.
According to https://cointelegraph.com/news/price-analysis-5-5-btc-eth-bnb-xrp-ada-doge-matic-sol-dot-ltc
The material in this article is written on the basis of another article.