Ethereum’s Bitcoin and ETH are finding buyers at lower levels, which could be a bullish sign for XMR, OKB, and RPL.


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Volatility has dropped further this week and is about to form a histogram on the weekly chart. While the bulls are finding it difficult to overcome the prevailing hurdle in the $30,000-31,000 region, a positive sign is that they have not let the bears back down.

Not just cryptocurrencies, even the S&P 500 has been range-bound in recent days. This shows that the market is waiting for a trigger to start the next directional move.

Daily view of cryptocurrency market data. Source: Coin360
While the short-term price movement is uncertain, analysts are optimistic about the long-term trajectory. Crypto’s Trader Titan highlighted a potential signal on its monthly Bollinger Bands chart, which predicts a move to $63,500 in about a year.

While most major cryptocurrencies have given up some ground over the past week, there are still some advantages. Let’s analyze the charts of five cryptocurrencies that could be near-term.

Bitcoin Price Analysis
Bitcoin has fallen sharply from the resistance line of the symmetrical triangle pattern on May 6, showing that the bears are reluctant to let the bulls through. A small positive is that bulls bought dips at the support line of the triangle as seen by the long tail of the day’s candlestick.

BTC/USDT daily chart. Source: TradingView
The 20-day flat exponential moving average ($28,819) and the relative strength index (RSI) near the midpoint do not suggest that bulls or bears have a clear advantage.

If the price breaks below the triangle, it will indicate that the bears are trying to take control. The BTC/USDT pair could drop to $26,942 first and then to $25,250.

On the other hand, a breakout and close above the triangle will indicate that the bulls have absorbed the supply. This could start a rally towards $32,400 where bears are expected to mount a strong defense again.

BTC/USDT 4-hour chart. Source: TradingView
Buyers pushed the price above the triangle, but the long wicks on the candlesticks suggest that the breakout has become a short-term bull trap. BTC price dropped sharply and dropped to the support line of the triangle.

Pullbacks from this level hit the moving averages, a key short-term level to watch. If Bitcoin price turns down from current levels, it will increase the chances of a break below the support line.

Conversely, if the buyers push the price above the moving averages, the pair could rise to the resistance line. The bulls need to guide and support the price above this level to start an increase.

Ethereum Price Analysis

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It faced a strong rally above the $2,000 psychological resistance on May 7. This shows that the bears have not given up and continue to protect the resistance level.

ETH/USDT daily chart. Source: TradingView
The 20-day EMA ($1,903) is flattening and the RSI is near the midpoint, suggesting that the ETH/USDT pair may remain range-bound in the short-term. Range limits are likely to be between $2,000 and $1,785.

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Consolidation just below local highs is a positive sign. This shows that the bulls are in no rush to take profits, raising the possibility of a break above $2,200.

Conversely, if the price breaks below $1,785, it will indicate that the bears have taken over. This could start a decline towards $1,619.

ETH/USDT 4-hour chart. Source: TradingView
The 4-hour chart shows that the bears are unable to continue building positions on a break below the 50 SMA. This suggests that selling pressure is easing to lower levels. The bulls are attempting to stage a recovery by supporting the price above the 20-EMA. If successful, the pair will make another attempt to test the key resistance at $2,000.

Conversely, if ETH price breaks down from current levels and breaks below the 50-SMA, it will show that the bears are in command. This could send the pair down to the support line.

Monero Price Analysis

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It is trying to stay above the moving averages, which suggests that the bulls are attempting to stage a comeback.

XMR/USDT daily chart. Source: TradingView
A flat 20-day EMA ($156) and an RSI just above the midpoint point to a balance between supply and demand. If buyers price XMR above the neckline of the head and shoulders pattern, the advantage will be in their favor.

Then, the XMR/USDT pair might start a new uptrend. There is minor resistance at $181, but if broken, the pair could fall

Source: CoinTelegraph