Price Analysis May 20th – BTC, BNB, XRP, ADA, DOGE, MATIC, and ETH
This week, Blockstream CEO Adam Back said it is difficult to predict Bitcoin’s price movement in the short term but remains bullish about the future of the digital asset. He claimed that the ongoing crypto adoption campaign will soon cause the demand for Bitcoin to surge, pushing its price to new highs.
This article will study the charts of a number of cryptocurrencies to determine whether they signal a potential recovery in the near term.
Bitcoin Price Analysis
Bitcoin hasn’t traded above the 20-day Exponential Moving Average (EMA) of $27,550 this week. The bulls tried to start a rally yesterday after a speech from Federal Reserve Chairman Jerome Powell, but BTC only retested resistance at $27,345, then plunged to its current price of $26,859. The bears will now make attempts to pull Bitcoin down to the $26,450 support level. A further drop may see the coin hit support at $25,315.
On the upside, exacting buying pressure now may cause BTC to rally toward $27,550 and later to $28,250.
Ethereum Price Analysis
Bulls’ attempt to get ETH above the 20-day EMA of $1,841 have failed thanks to the selling pressure applied by the bears. Nonetheless, the current price ($1,837) is above the support level of $1,795, so the bears don’t have total control yet, giving the bulls an opportunity to continue buying the dip in an effort to initiate a rally that will drive the token to retest resistance at $1,920.
Letting the bears sink the price below $1,795 may see Ethereum touch the $1,746 support level. A further downward movement will encourage sellers to pull ETH to $1,605.
BNB Price Analysis
BNB slid below the 20-day EMA ($316) on Thursday and never rebounded. It trades at $309 as of Saturday evening. For bulls to stage a massive rally, they will need to push BNB above $309. If that happens, the Binance Coin may see its price hit resistance at $334. Breaking this barrier opens the possibility of a further rally to $358.
Meanwhile, the sellers will attempt to drive the price toward the $286 support level. If buyers fail to buy the dip here, BNB will plummet further to $260.
XRP Price Analysis
XRP is up 8% this week. The 7-day gains have caused the token to cross above the 20-day EMA of $0.449 to trade at $0.468 as of this writing. This means the bulls are in control, looking to push XRP toward the first resistance level of $0.543. Crossing above this barrier may motivate the bulls to drive the price to $0.578.
However, if the Ripple-issued token begins a downtrend to trade below $0.449, the bears will take charge and try to pull the price to the $0.041 support level.
Cardano Price Analysis
The bulls kept ADA above the 20-day EMA of $0.371 on Wednesday and Thursday, but the bears exacted more selling pressure on Friday, forcing to token to trend down to its current price of $0.365. Continued sell-off may cause Cardano to plunge to $0.347 and then to $0.310.
Conversely, if buyers drive the token’s price above $0.371, it may rally to $0.393 and subsequently to $0.448.
Dogecoin Price Analysis
The bulls propelled DOGE above the 20-day EMA of $0.075 on Friday, but the bears came in strong the following day, pulling the meme coin price to $0.073 at the time of press. If Doge reaches the $0.070 support level, the bulls may mount buying pressure here to fuel a rally to $0.075 and even further to $0.080. Failing to buy the dip may result in Dogecoin sinking to $0.061.
Polygon Price Analysis
MATIC is valued at $0.87 as of Saturday evening. This price is below the 20-day EMA of $0.92. Candlesticks on the chart indicate that the bulls are still buying the dip. That said, a rally to $0.93 is possible. However, a further price increase may not happen from there as the bears are expected to mount selling pressure at that price.
Moreover, if the token starts trending down now, it may find support at $0.82.
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