Price Analysis May 11th – BTC, ETH, SOL, BNB, DOGE, XRP, ADA, and MATIC
On Wednesday, the US Bureau of Labour Statistics (BLS) announced that the country’s Consumer Price Index (CPI) had increased to 4.9%, slightly lower than financial analysts’ estimates of about 5%. Nonetheless, the CPI remains way above the Federal Reserve’s target of 2%.
The BLS report caused BTC to cross above the $28,000 mark after a few days of trending down. But the possibility of another banking crisis and recession may affect the bulls’ ability to take Bitcoin to higher levels.
Here is the price analysis of various crypto assets:
Bitcoin Price Analysis
BTC dropped below the 20-day Exponential Moving Average (EMA) of $28,560 on Monday but managed to stay above the support level of $27,000. As of this writing, the coin has slid below $28,000 and is priced at $27,367. If Bitcoin sinks below $27,000, then we are looking at the possibility of its price finding second support at $25,989. Conversely, if buyers mount buying pressure at the first support, BTC may rally to $29,150 and subsequently to $30,000.
Ethereum Price Analysis
ETH traded just below the 20-day EMA ($1,889) yesterday. If the price had broken this barrier, the token might have rallied to $1,950 and later to $2,000. With the current price ($1,846) below the 20-day EMA, the bears’ first aim is to pull ETH below the support level of $1,801. After achieving this, they will have more power to sink the token further to the $1,756 support level.
BNB Price Analysis
BNB is changing hands for $310.34 after breaking below the 20-day EMA ($323) on Monday. If the price drops to a support level of $300, BNB may rally to $323 as the bulls are expected to stage a rebound here to avoid a further decline. But if buyers show no interest and let the token sink below $300, it may find support at $281.
XRP Price Analysis
XRP crossed above the support level of $0.43 on Wednesday, thanks to the CPI report. However, the bears have pulled it down below that level. The token is trading at $0.422. Increased selling pressure may sink XRP to $0.413 and later to $0.368. Conversely, if the bulls drive the price above $0.43 and then rally to the 20-day EMA ($0.45), it may increase the chances of XRP retesting resistance at $0.481.
Cardano Price Analysis
Like XRP, ADA is trading below a crucial support level ($0.37), giving the bears the advantage to sink the current price ($0.354) to the second support at $0.33. If the bulls can manage to start a rebound at this price, XRP may rally to the 20-day EMA of $0.39 and later to $0.41. Conversely, the token may decline further to $0.31.
Dogecoin Price Analysis
DOGE has continued to decline since dropping below the $0.08 support level last Saturday. It has now reached the second support ($0.071), where the bulls are attempting to begin a rebound. If they push DOGE above $0.08, it may rally to the 20-day EMA ($0.083). Breaking this barrier will help the meme coin rally to the first resistance at $0.09. Conversely, DOGE is expected to reach $0.065 if it trades below $0.071.
Polygon Price Analysis
The bulls failed to defend the $0.94 support level on Monday, causing MATIC to drop to its current price of $0.844. The massive sell-off got the relative strength index into the oversold region, indicating a possible recovery. If that happens, MATIC could rally to the 20-day EMA of $0.97. On the contrary, a further drop may sink the crypto asset to second support at $0.78.
Solana Price Analysis
SOL dropped below the 20-day EMA ($22.88) on Monday. The following day, it found support at $19.86 before rising to its current price of $20.12. More buying pressure may push SOL to $22.88 and then to $24.09. On the other hand, if the bears can pull the token below the support level again, Solana may plunge to $18.60.
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