Price Analysis May 4th – BTC, ETH, BNB, XRP, ADA, and DOGE
As many traders expected, the Federal Reserve increased the interest rate by 25 basis points on Wednesday. Now they are hoping that the current banking troubles will prompt the central bank to pause rate hikes. The Fed’s latest move to bring inflation down helped the crypto market, which has been on a downtrend for the last few days, turn green.
In this article, we will study the charts of various crypto assets to determine the key resistance and support levels.
BTC Price Analysis
Following the Federal Reserve announcement, BTC rallied to $29,085, above the 20-day Exponential Moving Average (EMA) of $28,657. However, the coin has dropped slightly to $28,936 as of this writing. The bulls are looking to push Bitcoin toward the first resistance at $29,500 and then to $30,100. On the contrary, selling pressure may lead to BTC declining to $27,897.
ETH Price Analysis
ETH hit a support level of $1,806 earlier this week before buyers came in and bought the dip, pushing the price above the 20-EMA day ($1,845) on Wednesday. The token is trading for $1,891 at press time. On the upside, it could retest resistance at $2,000 and even surge further to $2,130. On the downside, if bears sink ETH below $1,845, it may plummet to $1,790. Further losses could cause the token to find support at $1,685.
BNB Price Analysis
BNB broke the barrier at $336 to trade for $339 on Monday evening. The following day it began a downtrend to settle at $325 as of this writing. The current price is below the 20-day EMA of $326, meaning the bears have a slight advantage. They may pull BNB down to $317 and further to $303. On the positive side, Binance Coin could rally to $350 if the bulls push the price above $326.
XRP Price Analysis
Buyers attempted to mount a recovery on Monday and Tuesday but couldn’t maintain the buying pressure, causing the XRP price to dip to $0.451 on Wednesday. The token has recorded a 0.9% growth in the last 24 hours to trade at $0.0457 as of this writing. Nonetheless, it is still below the 20-day EMA of $0.46, meaning the bears are still in a position to sink XRP to $0.43. This is a strong support level, so the bulls are expected to come in and buy the dip.
Breaking above $0.46 may cause XRP to rally toward the resistance level of $0.53.
Cardano Price Analysis
ADA is up 2.6% in the last 24 hours. It is trading within the 20-EMA of $0.39. Since Monday, the bulls have protected the token from sliding below the support level of $0.38. They are now aiming to drive Cardano toward the first resistance at $0.41. Breaking this barrier may cause the price to rally to $0.47. However, if selling pressure brings the price below $0.39, ADA may find support at $0.36.
Dogecoin Price Analysis
DOGE has failed to cross above the support level of $0.080 after dropping on Sunday. This suggests the buyers are not interested in buying the memecoin at the moment. It is priced at $0.0786. The bears aim to extend the decline to $0.074. However, if the bulls wish to avoid a further drop, they must act fast to drive DOGE above the 20-day EMA of $0.081 and try to push the price further to $0.089.
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