Crypto Price Analysis 11/5

The fall of Terra’s stablecoin, UST, and the collapse of its LUNA token have chipped away at crypto optimism. Despite claims from Terraform Labs CEO Do Kwon that a solution was in place, many members of the community are doubtful about the recovery.

The price of oil is also affecting sentiment, even though the Organization for Economic Co-operation and Development cut its forecast by 0.2 percentage point this month to account for decreased demand caused by a stronger dollar. The United States Consumer Price Index rose 8.3% year over year, surpassing forecasts by 0.2 percent. Despite the fact that the figures are smaller than those in March (8.5%), there has been no sign of a slowdown in future tightening by the Federal Reserve.

What are the significant levels of Bitcoin (BTC) and important altcoins that may entice buyers? What are the key resistance points on the upside that might suggest a potential trend change? Let’s look at the charts of the top 10 cryptocurrencies to see what they have in store.

BTC/USDT

On May 9, Bitcoin fell dramatically and attempted to recover from the psychological level of $30,000 on May 10. The long wick on the day’s candlestick indicates that bears are not ready to let up, with them continuing to sell on small rallies.

The bears continued to press their advantage on May 11, but the bulls are defending the key level at $28,805 with all their might. This is a significant point to keep an eye on since, if it breaks, selling may increase. The BTC/USDT pairing could drop to around $25,000 and beyond.

Following a downward sloping moving average, the relative strength index (RSI) is in the oversold area, suggesting that a relief rally or consolidation is possible. If the price rises from its present level, it could reach and possibly stay above $36,214. This is a key level to watch because if the value falls below it, bulls will attempt to push the pair back up towards $28,805.

ETH/USDT

Ether (ETH) has now broken through a key support level of $2,159. The bulls are likely to mount a strong resistance at this level since if the support breaks, selling pressure might increase.

If the bounce is maintained, the bulls will try to push the price above the 20-day EMA ($2,698). In a downtrend, bears typically attempt to stop the relief rallies at the 20-day EMA; as a result, this becomes a key level to watch. If you notice that the price has dropped below $2159 and are unsure why it happened, I suggest taking 2 minutes and watching my video on “What Does It Mean When The Price Of Bitcoin Drops?” -> If they succeed in sinking ETH/USDT below $2159, it would suggest that sentiments remain negative and traders continue to sell on every rally. The bears will next attempt to plunge the pair back down to $2 ,159.

BNB/USDT

On May 9, the price of EOS on Binance Coin plunged by over 50 percent and fell below its strong support at $320. On May 10, the bulls attempted to return the price above the breakdown level, but the bears declined to give way.

BNB/USDT daily chart. Source: TradingView

On May 11, the bears resumed their selling and pushed the BNB/USDT pair below the immediate support of $289. If sellers manage to keep the price below $289, the pair will gather momentum and plummet to $250 before recovering. The buyers are expected to mount a strong resistance in this zone. Alternatively, if the price rises from its present level, the bulls will attempt to push and maintain it at or above $320. The pair might then climb as high as $350.

XRP/USDT

Ripple (XRP) has seen a fierce battle between the bulls and bears at the $0.50 mark. Bears grabbed control of the price below $0.50 on May 9, but the bulls reclaimed that level on May 10.

XRP/USDT daily chart. Source: TradingView

The bears regained the upper hand on May 11 and resumed the decline. The XRP/USDT pairing fell to strong support at $0.40, where the bulls are attempting to stop the decline. If the price rises from its current level, the bulls will attempt to lift it above the overhead resistance zone between $0.50 and $0.55 again. Conversely, if the price falls below $0.40, it could plunge further and bottom at $0.34.

ADA/USDT

On May 9, the price of Cardano (ADA) fell beneath the robust support at $0.74, signaling the resumption of the downturn. The purchasers attempted a comeback on May 10 but were unable to maintain higher levels.

ADA/USDT daily chart. Source: TradingView

The price drop resumed on May 11, and the ADA/USDT pair fell below the immediate support at $0.58. If the price stays below this level, the pair could plummet to psychological levels at $0.50 and $0.40. On the other hand, if they are able to push the price back above $0.74, bulls will try to reestablish equilibrium by pushing it again above the breakdown level at $1.00.

SOL/USDT

On May 9, Solana (SOL) fell and closed below the significant support at $75. This was the start of the next leg down. On May 10, the bulls attempted to trap the aggressive bears by bringing back prices above the breakdown level at $75, but the bears stayed put.

SOL/USDT daily chart. Source: TradingView

The selling resumed on May 11, and the bears pulled the price below the psychological support level of $50. If the price persists below $50, the SOL/USDT pair may extend its fall to $44 before declining to $40.

DOGE/USDT

On May 10, Dogecoin (DOGE) fell beneath the support at $0.12 and dropped to the psychological level of $0.10. The buyers attempted to start a recovery on May 10 but were stopped by the breakdown level at $0.12.

DOGE/USDT daily chart. Source: TradingView

On May 11, the bears increased their selling and drove the price below the crucial support level at $0.10. If the DOGE/USDT pair continues to fall below $0.10, it has the potential to go down to the sturdy support zone between $0.06 and $0.04, where the bulls will defend it with intensity.

Bulls will drive the price back to or above $0.10 if they act quickly. Strong accumulation at lower levels will be indicated, as the bulls will try to push the pair beyond the 20-day EMA ($0.12). If they are able to do so, it would suggest that the bears are losing their grip on the market.

DOT/USDT

On May 9, when the psychological support of $10 was violated, Polkadot (DOT) fell to psychological support at $10 and attempted a recovery on May 10. However, the long wick on the day’s candlestick indicates selling at greater levels.

DOT/USDT daily chart. Source: TradingView

On May 11, the selling resumed, and bears pushed the price below the strong support at $10. If bearish tendencies continue to develop, it will indicate the start of a new leg down. The pair may then fall to as low as $7 on DOT/USDT.

If the price drops from its current level and subsequently rebounds, it indicates strong selling at lower levels. The likelihood of a rally to $14 increases if bulls keep the price over $10.

AVAX/USDT

On May 9, the price of Avalanche (AVAX) dropped below the crucial support at $51, signaling the start of a decline. The long wick on the candlestick indicates that bears reversed the $51 level into resistance on May 10.

On May 11, the AVAX/USDT pair resumed its downturn and dropped below the crucial support at $32, but the long tail on the candlestick indicates substantial buying at lower levels. The bulls are expected to defend the $32 level fiercely because if the barrier fails, selling may accelerate and the pair could fall to $18. If prices rise from their current position, buyers will attempt to push the price up to $51 by breaking through this level.

SHIB/USDT

The price of the Shiba Inu (SHIB) has been declining gradually for the past few days. After a period of decline, the momentum picked up on May 9, and the price fell below the crucial support at $0.000017. This was taken as a sign that the downtrend had resumed.

On May 10, when the buyers bought the dip near $0.000013 and pushed the price back above the breakdown level at $0.000017, we saw that bears were selling at higher levels and attempting to flip $0.000017 into resistance. If the price does not hold below $0.000013, selling pressure may increase, causing the SHIB/USDT pair to fall below psychological support at $0.000010. To suggest that selling pressure is weakening, the buyers will need to push and keep the price above the 20-day EMA (currently $0.000020).

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