- Crypto analyst Rakesh Upadhyay suggests that Bitcoin’s inability to rise above the 20-day EMA increases the risk of a downward break for BTC and many altcoins.
- The question remains whether the bulls can continue to defend support levels in altcoins including Bitcoin and AVAX Coin, or will the bears prevail?
- The analyst is examining the charts of the top 10 cryptocurrencies to find out.
This article provides an in-depth analysis of the top 10 cryptocurrencies, highlighting the potential risks and opportunities for investors in the crypto market.
Analysis of BTC, ETH, BNB, SOL, and XRP Coin
Bitcoin bulls are trying to keep the price above the psychological support of $60,000. However, they face selling at the 20-day exponential moving average (EMA) of $62,959. If it breaks the support of $59,650, BTC could fall to the 61.8% Fibonacci retracement level of $54,298. This bearish view will be invalidated in the short term if the price rises and goes above the 50-day simple moving average (SMA) of $65,620. It is then possible for BTC to rise towards the critical overall resistance of $73,777.
Ethereum (ETH) Price Analysis
ETH has been trading between the 20-day EMA ($3,087) and horizontal support of $2,850 for several days. The downward sloping moving averages and RSI in the negative zone indicate an advantage for the sellers. A break and close below $2,850 will signal that the downtrend has resumed. It is possible for ETH to fall to the support line of the channel. The buyers will need to push the price above this region to suggest a potential trend change. It is possible for ETH to rise to $3,350.
Analysis of TON, DOGE, ADA, SHIB, and AVAX Coin
TON rebounded from the moving averages on May 8 and then overcame the hurdle at the 61.8% Fibonacci retracement level of $6.49 on May 10. This signals that the correction may have ended. The 20-day EMA ($5.81) has started to rise gradually and the RSI has risen to the positive zone, indicating that the bulls are in control. TON will attempt a rally to $7.67. Conversely, if the price drops sharply from the current level or the overall resistance of $7.67, it will indicate that the bears are active at higher levels. This is likely to result in a range formation between $4.72 and $7.67.
Conclusion
In conclusion, the crypto market is currently in a state of uncertainty, with both bulls and bears battling for control. Investors should closely monitor the market trends and make informed decisions based on the analysis provided. The future outlook for the crypto market will largely depend on the ability of the bulls to defend key support levels and the bears to break through these levels.
