Price analysis 5/3: BTC, ETH, BNB, SOL, XRP, DOGE, TON, ADA, AVAX, SHIB
Release: 2024/05/04 03:49 Reading: 477
Bitcoin (BTC) bulls are attempting a resurgence by pushing the price above the psychologically crucial level of $60,000. Veteran trader Peter Brandt stated in a recent X post that if Bitcoin holds the most recent lows and moves higher, it will be considered a “very common bull market continuation chart construction.”
Analysts are bullish on Bitcoin's long-term prospects but do not anticipate an immediate uptrend. According to the Bitfinex Alpha market report, Bitcoin could remain range-bound for one to two months “with swings of $10,000 on either side.”
Crypto market data daily view. Source: Coin360
Traders are likely to monitor spot Bitcoin exchange-traded funds closely. Farside Investors data indicates that Bitcoin ETFs experienced outflows of $563 million on May 1. Sentiment is expected to improve after Bitcoin ETFs witness net inflows for several consecutive days. Former BitMEX CEO Arthur Hayes believes the sell-off has ended, and the crypto markets may move higher.
What key resistance levels may hinder the recovery? Let's analyze the charts of the top 10 cryptocurrencies to ascertain.
Bitcoin price analysis
Bitcoin finds support within the zone between the 50% Fibonacci retracement level of $58,017 and the 61.8% retracement level of $54,298.
BTC/USDT daily chart. Source: TradingView
The bulls propelled the price back above the breakdown level of $59,600 on May 3, suggesting that the recent decline may have been a bear trap. However, the bears are unlikely to surrender easily. They will attempt to halt the recovery rally at the 20-day exponential moving average ($63,366) and subsequently at the 50-day simple moving average ($66,151).
If the price reverses from the moving averages, it will imply that sentiment remains negative, and traders are profiting from rallies. The bears will then make another attempt to drive the BTC/USDT pair below $56,500. If successful, the pair may fall to $54,298.
Conversely, a breakout above the 50-day SMA will indicate that the pair may extend its stay within the range for a while longer.
Ether price analysis
Ether (ETH) dipped below the $2,850 support on May 1, but the long tail on the candlestick demonstrates solid demand at lower levels.
ETH/USDT daily chart. Source: TradingView
The descending moving averages and the RSI below 45 suggest that the bears hold a slight advantage. If the price declines from the current level or the 20-day EMA ($3,152), the bears will attempt to pull the ETH/USDT pair towards the support line of the descending channel pattern.
Alternatively, if the price rises above the 20-day EMA, it will indicate that selling pressure may be easing. The bulls will have lifted the pair above the resistance line, signaling the end of the downtrend.
BNB price analysis
BNB (BNB) has been oscillating within the wide range between $495 and $635 for several days, reflecting indecision between the bulls and bears.
BNB/USDT daily chart. Source: TradingView
If the price remains below the moving averages, the BNB/USDT pair could decline to the strong support at $495. Buyers are likely to purchase at this level and maintain the range. However, if the bears prevail, the pair could initiate a downtrend to $460 and subsequently to $400.
Alternatively, if the price ascends above the moving averages, the pair could rise to the overhead resistance of $635. This is a significant resistance level for the bears to defend because a breakout above it could propel the pair to $692.
Solana price analysis
The bears drove Solana (SOL) below the $126 support but failed to sustain the lower levels, indicating buying by the bulls.
SOL/USDT daily chart. Source: TradingView
The SOL/USDT pair has reached the 20-day EMA ($145), a critical level to monitor. If buyers overcome this barrier, the pair may climb toward the overhead resistance of $162. This level may attract selling from the bears.
The key support to watch on the downside is $126. If the price falls from the 20-day EMA and breaks below $126, it will signal the beginning of the next leg of the downward movement. The pair may then plunge to $100.
XRP price analysis
XRP’s (XRP) recovery rally has reached the 20-day EMA ($0.53), a crucial level for the bears to defend if they wish to maintain control.
XRP/USDT daily chart. Source: TradingView
If the price reverses from the 20-day EMA, the sellers will once again attempt to pull the XRP/USDT pair to the strong support zone between $0.46 and $0.41. Buyers are expected to aggressively defend this zone.
The first sign of strength will be a breakout and close above the 20-day EMA. If this hurdle is cleared, the pair could reach $0.57, which may again pose a strong challenge. A breakout above this resistance could open the doors for a potential rise to $0.62.
Dogecoin price analysis
Dogecoin (DOGE) bounced off the $0.12 support on May 1, suggesting that the bulls are attempting to defend the level.
DOGE/USDT daily chart. Source: TradingView
Buyers will aim to push the price to the overhead zone between the 20-day EMA ($0.15) and the downtrend line. Sellers are expected to vigorously defend this zone.
If the price reverses from this zone, the bears will again attempt to drive the DOGE/USDT pair below the neckline near $0.12. If they succeed, the pair will complete a bearish head-and-shoulders pattern. This may initiate a downtrend to $0.10 and eventually to $0.08.
This negative outlook will be invalidated in the near term if the bulls propel the price above the downtrend line.
Toncoin price analysis
Toncoin (TON) finds support within the zone between the 50% Fibonacci retracement level of $4.90 and the 61.8% retracement level of $4.25.
TON/USDT daily chart. Source: TradingView
The recovery rally has reached the moving averages, which is an important level to observe. If the price reverses from the moving averages, the bears will again attempt to drive the TON/USDT pair below $4.25.
Alternatively, if buyers overcome the obstacle at the 20-day EMA ($5.53), it will suggest the beginning of a more robust recovery. The pair may then ascend to $6.35, where the bears may mount strong resistance.
Related: Bitcoin and Ether options worth $2.4B set to expire May 3, max BTC pain at $61K
Cardano price analysis
The bulls are attempting to keep Cardano (ADA) above the breakdown level of $0.46, but the bears are likely to put up an intense fight.
ADA/USDT daily chart. Source: TradingView
The zone between $0.46 and the 20-day EMA ($0.48) is likely to witness strong selling from the bears. If the price falls sharply from this zone and breaks below $0.40, the ADA/USDT pair may initiate the next leg of the downtrend to $0.35.
Contrary to this assumption, if buyers drive the price above the 20-day EMA, it will indicate that selling pressure is diminishing. The pair may then ascend to $0.52 and subsequently to $0.57, which may act as a strong hurdle.
Avalanche price analysis
Avalanche’s (AVAX) price action over the past few days has formed a range of $29 on the downside and $40 on the upside.
AVAX/USDT daily chart. Source: TradingView
The descending 20-day EMA ($36.56) and the RSI near 42 suggest that the bears have the upper hand. If the price falls from the 20-day EMA, the bears will make another attempt to drive the AVAX/USDT pair below $29. If they manage to do so, the next leg of the downtrend to $27.24 may commence.
Conversely, if buyers push the price above the 20-day EMA, it will indicate buying at lower levels. The pair may then rise to $40. A breakout and close above this level will suggest that the bulls are attempting a comeback.
Shiba Inu price analysis
The long tail on Shiba Inu’s (SHIB) May 1 candlestick shows that the bulls are trying to defend the $0.000020 level.
SHIB/USDT daily chart. Source: TradingView
The recovery attempt is likely to face selling at the moving averages. If the price falls sharply from the moving averages, it will increase the likelihood of a drop below $0.000020. If this
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