Price Analysis 30th May – BTC, BNB, XRP, ADA, DOGE, SOL, and ETH
All major cryptocurrencies finished last week strongly, thanks to a debt ceiling agreement sealed between the congressional Republicans and the White House. While the wider market is currently on an uptrend, traders should still tread carefully because the Congress verdict regarding the deal is yet to be known. The outcome may fuel a rally or cause crypto assets to lose the gains realized over the last few days.
So as the market trends upward, what are the key resistance levels to look out for? We will find out after studying the charts of some cryptocurrencies.
Bitcoin Price Analysis
Bears failed to pull Bitcoin below the $25,845 support level on Saturday due to the increased buying pressure exacted by the bulls. The crypto asset went above the 20-day Exponential Moving Average (EMA) of $27,125 the following day and later crossed the $28,000 mark before retracing to its current price of $27,965.
With BTC trading above $27,125, a rally to $29,500 and then to $30,900 is possible. Conversely, if the price goes below the 20-day EMA, it might sink to find support at $25,765.
Ethereum Price Analysis
ETH broke above the $1,889 resistance level on Saturday, suggesting an end of the corrective phase. It now trades at $1,914. The current price is way above the 20-day EMA ($1,839). This gives the buyers a slight advantage to start off a rally toward the $1,995 resistance level. If the bulls can drive Ethereum above this price, a further rally to $2,250 might be a possibility.
On the contrary, a price decline below $1,839 may cause ETH to touch the support line at $1,792.
BNB Price Analysis
BNB is finally trading above the 20-day EMA ($309) after hitting support at $304.02 on Saturday. The native token of crypto exchange Binance is now priced at $312.54. The buyers’ immediate target is to get BNB to the $321 resistance level. We expect the bears to mount a massive defense at this price to avoid a further rally to $352.
Conversely, a downturn from $309 could make a price drop to $281 likely.
XRP Price Analysis
Over the weekend, XRP rose above the inverse head and shoulders pattern’s neckline, thus completing a bullish setup. The token trades at $0.503 as of this writing. The bulls will now focus on getting the price to the first resistance at $0.552. Breaking above this level may fuel another rally to $0.571.
On the contrary, a downtrend toward the 20-day EMA of $0.468 may cause XRP to hit the support line at $0.446. If it breaks below this level, the price may drop to $0.405, where the buyers are expected to start buying the dip.
Cardano Price Analysis
Last Friday, ADA traded slightly below the uptrend line and then rebounded the following day to continue with the upward movement. It’s currently priced at $0.376, closer to the $0.380 resistance level. If Cardano reverses from this price, the bears may pull it down to the $0.342 support level and further to $0.312.
On the upside, if ADA crosses above $0.380, a rally toward the second resistance at $0.441 becomes possible.
Dogecoin Price Analysis
DOGE changes hands for $0.072 as of Tuesday evening after bouncing off from the 20-day EMA of $0.070. The buyers’ first target is to break above the $0.074 resistance level. Doing so gives them more power to fuel a rally to $0.080.
On the downside, if Dogecoin retraces back to $0.070, the bears may sink its price toward first support at $0.066 and subsequently to $0.062.
Solana Price Analysis
SOL broke the barrier at the 20-day EMA of $20.39 on Saturday after breaking above the downtrend line. The token has been gaining ever since. It now trades at $21.04. If the bulls defeat the bears at the $21.68 resistance level, the chances of a solid rally to $24.54 will increase.
Contrarily, a price drop below $20.39 could force Solana to retest the $18.75 support level.
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