The elusive relief rally that BTC and ETH traders had anticipated has arrived, although will the market be strong enough to spark a change in trend? Bitcoin (BTC) is attempting to make amends for its dismal record of nine consecutive red weekly closes by beginning a price recovery. Analysts have argued that investors should not be afraid of a bear market since it is one of the greatest opportunities to invest in fundamentally strong projects before the next bull run.
Unspent transaction outputs (UTXOs) that are more than six months old account for 62% of the realized cap, according to CryptoQuant’s CEO, which is comparable to the percentage seen during the March 2020 crash. As a consequence, Ki predicted that Bitcoin may be on the verge of forming a cyclic bottom.
In today’s bear market, it is tough to imagine a Bitcoin rally to $250,000, but billionaire investor Tim Draper is still optimistic. When asked if more merchants would start accepting Bitcoin in the future, Draper replied that participation from women would rise as a result of this. This, according to him, may cause Bitcoin’s price to surpass his predicted goal of $250,000.
BITCOIN –
On May 30, bitcoin rose over the downtrend line, with traders hoping to keep the price above the 20-day exponential moving average (EMA) ($30,562). It will be a sign that bears are losing their grip if they succeed.
BTC/USDT daily chart. Source: TradingView
The Bitcoin price is now above the 20-day EMA, indicating that it could climb to $32,659 and beyond. The 20-day EMA has flattened out and the relative strength index (RSI) has risen over 46, suggesting that bulls are regaining momentum.
If the price drops below the 20-day EMA, it indicates that traders are selling rallies and the sentiment is still negative. The bears will then make another attempt to push the pair below $28,630 and test May 12’s intraday low of $26,700. A breakdown beneath this support might signal an resumption of the decline.
ETHER –
The MACD and Relative Strength Index (RSI) are approaching zero, which is excellent, while the Stochastic is just beginning to enter into the oversold territory. The 20-day EMA ($2,026) has been breached as well (red). This indicates that bulls are attempting to start a long-term ascent.
ETH/USDT daily chart. Source: TradingView
The RSI is displaying a bullish divergence, which suggests that selling pressure may be decreasing. The buyers will endeavor to push the price above the 20-day EMA and confrontation the breakdown level at $2,159. If bulls fail to clearance this hurdle, the BNB/USDT pair might decline and consolidate between $1,700 and $2,159. If bulls propel the value past $2,159, it would suggest that $1,700 is a possible short-term low.
BNB/USDT –
On May 27, the price bounced off the immediate support at $286 and tested the overhead resistance at $320. Traders are snapping up opportunities as the price approaches the overhead resistance of $320.
BNB/USDT daily chart. Source: TradingView
If they succeed, the BNB/USDT pair could rise to $350. The longer the price stays above $320, the more likely it is that the bottom has been reached on May 12. If bulls break through at $350, the rally might stretch all the way to $400. On the other hand, if prices fall from their current level or below, it will suggest that bears are selling off rallies. This may cause the price to return to its immediate support at $286. The pair may drop to as low as $260 if this support breaks down.
XRP/USDT –
On May 26, Ripple (XRP) fell below $0.38 for the first time since January 24, but the selling pressure couldn’t be sustained. This began a recovery on May 28, which reached the downtrend line.
XRP/USDT daily chart. Source: TradingView
The $0.37 price level has been a barrier for the XRP/USDT pair since April, and it’s remained strong in recent months. The bears have consistently defended the downtrend line, so this is a critical resistance to watch. If the price reverses direction from the downtrend line and falls below $0.37, the bears will attempt to drag the XRP/USDT pair down to $0.33 to challenge the key support at $0.33.
On the other hand, if buyers continue to drive and maintain the price above the 20-day EMA ($0.43), it implies that sellers are losing their grip. The pair might then rise to $0.50 psychological level.
ADA/USDT –
On May 27, Cardano (ADA) fell below the minor support at $0.46, yet the bears were unable to capitalize on their strength. On May 28, the bulls swooped in and began a recovery.
ADA/USDT daily chart. Source: TradingView
The recovery rally gained speed on May 30, when the bulls pushed the price above the 20-day EMA ($0.54). If they manage to do so, it will suggest that the ADA/USDT pair is attempting to establish a bottom. The pair could next rise to $0.61 and aim for a push through $0.74 in an attempt to break down past resistance levels at $0.70 and $0.73.
If the price breaks above the 20-day EMA, however, there’s a good chance that investors will return to their bullish bias. If this happens, the bears will likely attempt to drive the pair back below $0.40 and start another leg of the slide.
SOL/USDT –
On May 28, Solana (SOL) fell to $40 in the aftermath of a bearish breakout. The bulls will now attempt to push the price higher toward the 20-day EMA ($53).
SOL/USDT daily chart. Source: TradingView
If the price rises above the 20-day EMA, it will indicate that the decline is weakening. The SOL/USDT pair may then rise to $60 and proceed to $66, where it will test the 50% Fibonacci retracement level of $37.37. A break below this level might signal a new leg in the downturn.
DOGE –
On May 26, Dogecoin (DOGE) fell beneath $0.08 for the first time since its inception in December 2013, but it rebounded strongly on May 27. This implies that sellers were more nimble than buyers at lower levels, but the bears are unwilling to relinquish their advantage because they continue to defend the 20-day EMA ($0.09).
DOGE/USDT daily chart. Source: TradingView
The bulls will continue to push the price above the 20-day EMA. If they succeed, the DOGE/USDT pair may rise to $0.10, which is a psychological level. This barrier might once again act as a resistance, but if bulls successfully overcome it, the pair could climb to $0.12. Alternatively, if the price drops below the 20-day EMA or $0.10, it indicates that bears are in control at higher levels. That would drop the pair down to $0.08 and eventually to May 12’s intraday low of $0.06.
DOT/USDT –
On May 27, the Doji candlestick pattern was formed by Polkadot (DOT), suggesting indecision among the bulls and bears. This uncertainty resolved to the upside, with bulls propelling the price to $10.37 against overhead resistance.
DOT/USDT daily chart. Source: TradingView
If the price continues to rise, it will likely break through the overhead resistance and force buyers to bid even higher prices. If bulls clear this barrier, they may move on to $14. A break and close above this level might signal that the DOT/USDT pair has bottomed out. If the price turns down significantly from its current position and breaches below $8.56, it will call into question whether or not this optimistic view is correct.
AVAX/USDT –
On May 26, the $AVAX price fell below its major support at $23.51, but the bears were unable to take advantage of this opportunity. On May 27, the bulls bought the dip and began to recover on May 28.
AVAX/USDT daily chart. Source: TradingView
The bulls will try to push the price above the 20-day EMA ($32.42), which is a key level to monitor. If the price breaks through this resistance, the bears will attempt to test the May 27 intraday low of $21.35. If this support fails, the AVAX/USDT pair could fall as low as $20.
SHIB/USDT –
The bulls successfully defended their support of $0.000010 on May 28, resulting in a rebound the following day. The Shiba Inu (SHIB) has resumed its rise and is approaching the 20-day EMA ($0.000012), which may act as a barrier to further gains.
SHIB/USDT daily chart. Source: TradingView
If the price drops below the 20-day EMA, the bears will try to sink the SHIB/USDT pair back to $0.000010. If this happens, the pair could attempt to re-test the crucial support level at $0.000009. Alternatively, if bulls push the price above the 20-day EMA, it will suggest that the downturn may be losing momentum. To indicate a shift in trend, The bulls must first clear this overhead obstacle.
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