The cryptocurrency ecosystem has been dominated by a negative atmosphere and a decline expectation in recent days. With the panic sales that started on May 19, the prices declined significantly. There are mild signs of recovery in the last two days.
It is a matter of wonder what kind of price action will the biggest 5 cryptocurrencies in terms of market value make in the coming days. Both those who sell in panic and investors who increase their purchases at the local bottom are closely watching what a picture will be formed on weekdays. Cointelegraph analyst Rakesh Upadhyay conducted technical analysis and price evaluation for top 5 cryptocurrencies in market value maintenance.
BTC / USDT – Bitcoin teknik analytics
Bitcoin (BTC) price fell below the $ 32,000 support on May 23, but the bears failed to lower the price to the $ 29,257.95 low they achieved on May 19. Because the long tail observed in the candle pattern on May 23 shows that the bulls are buying aggressively from the bottom.
Daily chart of the BTC / USDT pair. Source: TradingView
Buyers are trying to continue the recovery process. The move towards the sharp downward trend seen in the price in recent days has come. If the bulls manage to keep the price above the bearish trend line, the BTC / USDT pair could rise to $ 42,000 and then to the 20-day exponential moving average (EMA) ($ 44,529).
If the price falls from the 20-EMA, it will be revealed that the sentiment is in a downward direction and traders are selling in the rallies. This could squeeze the pair between $ 28,850 and $ 45,000 over several days.
Contrary to this assumption, if the price does not stay above the downtrend line, it will be understood that traders are selling in small rallies. As a result, the probability of the $ 28,850 test being performed again will increase. A break below this level may pave the way for a decline towards $ 20,000.
ETH / USDT – Ethereum price analysis
Ether (ETH) price fell below the lowest level achieved on May 19 at $ 1,801.60 as of May 23. However, as the long tail on the day’s candlestick indicates, the bulls picked up aggressively as they increased purchases. Buyers continued to recover as of yesterday. This is a positive sign.
Daily chart of the ETH / USDT pair. Source: TradingView
The ETH / USDT pair made a bullish move towards the 38.2% Fibonacci retracement level calculated at $ 2,724.05 but there is no close yet. This zone will likely act as a tough resistance. Meanwhile, the moving averages (MA) are heading down, while the relative strength index (RSI) of 44 is in the negative zone, which gives the bears an advantage.
If the price fails to surpass the $ 2,724.05 level and falls down, the bears will make another attempt to continue the downtrend. Subsequently, a break below $ 1,703.77 may open the door to $ 1,547.46 and then a decline to $ 1,289.
The sign of strength for the upward move will be the next close above the 20-day exponential moving average (EMA) ($ 2,946). Such a move could end the downtrend.
BNB / USDT – Binance technical analysis
The Binance Coin (BNB) price fell below $ 233.81 on May 23, and the spike achieved by the massive rally that started on March 26 resulted in a 100 percent retracement. However, the long tail in the May 23 candle pattern shows that the bulls are not giving up yet.
Daily chart of the BNB / USDT pair. Source: TradingView
Buyers are trying to launch a relaxation rally to break the resistances of $ 348.70 and then $ 428. Although the initial resistance was partially overcome, no closing was obtained on the resistance while preparing this article. On the other hand, the moving averages (MA) have completed their bearish trend and the relative strength index (RSI) remains close to the oversold zone. So the advantage is still in the bears.
If the price cannot break these resistances and falls down, the bears will make another attempt to continue the downtrend. If sellers break the $ 211.70 to $ 200 support zone, the sale could intensify further and the BNB / USDT pair could drop to $ 120.
Contrary to this assumption, if the bulls defend the $ 211.70 support for the next decline, the correction will end and the pair will attempt to bounce up from the bottom.
ADA / USDT – Cardano price analysis
Cardano (ADA) price once again dropped to the $ 1 support on May 23, and the bulls increased their purchases very aggressively during this decline, as seen from the long tail on the day’s candlestick. This makes the $ 1 level an important and strong support.
Daily chart of the ADA / USDT pair. Source: TradingView
Buyers are currently trying to keep the price above the $ 1.48 resistance. If successful, the ADA / USDT pair could rise to the 20-day exponential moving average (EMA) (to $ 1.62) where the bears are again likely to show strong resistance.
If the price drops from the 20-day EMA, it will become clear that the sentiment remains in a bearish trend and the pair may consolidate between $ 1 and $ 1.63 for a few days later.
Alternatively, if the bulls push the price above the 20-EMA, the pair could rise to $ 1.94 and then to an all-time high of $ 2.34. On the downside, a break below the $ 1 to $ 0.95 support zone could cause panic sales. Traders must be careful.
DOGE/USDT – Dogecoin teknik analiz
Dogecoin (DOGE) price remained below that level on May 23, after closing above the 50-day simple moving average (SMA) ($ 0.34) from 20 to 22 May. However, the bulls increased purchases in this decline and are currently trying to keep the price above the 50-SMA.
Daily chart of the DOGE / USDT pair. Source: TradingView
The relaxation rally is likely to face resistance near the bearish trend line followed by resistance at the 20-day exponential moving average (EMA) ($ 0.40). If the price breaks into one of these two resistances, the bears will make another attempt to break the $ 0.21 support.
In such a case, the DOGE / USDT pair could drop to $ 0.15 and then down to $ 0.10. The relative strength index (RSI) of 20-EMA and 46, which turns its direction down, shows that the bears have the upper hand.
This negative view will become invalid if the bulls push the price above the 20-day EMA. In such a case, the pair could rise to $ 0.47 and then to $ 0.59.
The opinions and comments expressed here are only analyst belongs. It may not reflect Cointelegraph’s views. Every investment and trading transaction involves risk. When making your decision, you should do your own research.