Price analysis 5/25: BTC, ETH, BNB, XRP, ADA, SOL, DOGE, DOT, AVAX, SHIB

Since May 16, Bitcoin (BTC), has struggled to sustain a value above $30,800. This suggests that the demand is drying up at higher levels. The uncertainty surrounding the rate hikes needed to control inflation has also caused U.S. equity market declines.

Analysts are getting more bearish as the crypto bear market gets deeper. Rekt Capital analyst and trader said Bitcoin could fall to $19,000-15,500 before it reaches a bottom.

Everyday cryptocurrency market performance. Source: Coin360

Arcane Research has recently stated that buying Bitcoin when the Fear and Greed Index scores 8 has resulted in an average 30-day return of 28.72%. The index reached 8 on May 17, interestingly.

Is Bitcoin on the verge of falling further, pulling altcoins lower, or is it time to make a comeback? Let’s look at the charts for the top 10 cryptocurrencies to see what happens.

BTC/USDT

Bitcoin rose above its downtrend line on May 23, but the bulls couldn’t sustain higher levels. Bitcoin fell to $28,630 on May 24, but the bulls managed to defend this level.

Daily chart of BTC/USDT Source: TradingView

Bulls are trying to push the price higher than the downtrend line. The BTC/USDT pair may rally to the $20,286 exponential moving average (EMA).

Bears will sell rallies below the 20-day EMA in downtrends. This level could act as a strong resistance. To suggest that there may be a bottom, the bulls will need to overcome this obstacle.

The downside is that $28,630 is an important support. A break below it could lead to a fall to the intraday low of $26,700 on May 12.

ETH/USDT

Although Ether (ETH), fell below the uptrendline on May 24, the bulls bought at lower levels to push the price above the uptrendline. This indicates that bulls are trying vigorously to defend the uptrend.

Daily chart of ETH/USDT Source: TradingView

The bears are not giving up, and they continue to attempt to lower the price below its uptrend line of May 25. If the bulls fail to stop this attempt, the price of ETH/USDT may rise to $2,159 as the overhead resistance.

Contrary to popular belief, bears will benefit if the price breaks below the uptrend line. The pair could fall to $1,903. The pair could then fall to $1,903. A break or close below this support may bring it back to the intraday low of $1,800 on May 12.

BNB/USDT

BNB climbed above $20 EMA ($323) May 24, but the candlestick from May 25 shows a long wick, suggesting that bears are trying to protect the overhead resistance of $350.

Daily chart BNB/USDT TradingView

The bulls and bears are not clearly favored by the flattish 20-day EMA or relative strength index (RSI), which is near the midpoint.

The advantage for buyers could be tilted in the favor of bulls if the price rises above $350. This could open the door to a rally to the SMA ($368) for 50 days and then to $413 for 413.

If the price falls below $320, this will indicate that bears are selling aggressively at higher levels. This could lead to the BNB/USDT pairing falling to $286.

XRP/USDT

The bulls defend the $0.38 support. Although Ripple (XRP), bounced to $0.39 on May 24, bulls couldn’t sustain higher levels.

Daily chart of XRP/USDT Source: TradingView

Although the bears attempt to lower the price below $0.38, the candlestick’s long tail suggests that buyers are willing to buy at lower levels. If demand continues to rise, bulls will push the price higher than the downtrend line in an attempt to challenge the 20-day EMA ($0.46).

The bears could try again to lower the XRP/USDT price below $0.38 if the price falls from the current level, or the downtrend line. The pair could fall to $0.33 if they are able to pull it off.

DA/USDT

Since May 19, Cardano (ADA), has traded in a narrow range between $0.49 to $0.56. This indicates that bulls are trying to make a lower low, but are being met with stiff resistance by bears at higher levels.

Daily chart ADA/USDT Source: TradingView

The ADA/USDT pair could remain in the range for a few days if the price bounces off support at $0.49. To signal a strong relief rally, the bulls must push the price higher than the 20-day EMA ($0.58).

If bears drop below $0.49, selling could intensify, and the pair could slide towards the $0.40 intraday low on May 12.

SOL/USDT

Solana (SOL), a failed attempt to rally on May 23, came down at $54. The failure by the bulls to push it to the 20-day EMA ($58), indicates that demand dries out at higher levels.

Daily chart of SOL/USDT Source: TradingView

The bears want to lower the price below $47 as their immediate support. If they succeed, the SOL/USDT pairing could fall to $43 and then to $37. Sellers have an advantage because of the RSI close to the oversold territory and the moving averages that are downsloping.

Contrary to the assumption, if the price rebounds from $47, then the bulls will attempt to propel the pair over the 20-day EMA to challenge the $75 breakdown level.

DOGE/USDT

Dogecoin’s (DOGE), price has remained between $0.08 to $0.09 over the past few days. On May 23, the bulls attempted to push the price higher than $0.09 but failed. This could have attracted sellers from the bears, who are trying lower the price below $0.08 as their immediate support.

Daily chart of DOGE/USDT Source: TradingView

If they are successful, the DOGE/USDT pair may slide to $0.06 as support. The bulls must defend this level as a break or close below it could reopen the downtrend. The pair could drop to $0.04.

The opposite is true. If the price bounces off $0.08, then the pair could trade within the range for a few days more. To indicate that the downtrend is weakening, the bulls must push the price higher than $0.10 psychologically.

Related: Singapore venture fund launches $100M Web3 & metaverse funds

DOT/USDT

For the past few days, Polkadot has been holding onto the $10.37 level. On May 23, the bulls drove the price up to $10.37, but it was not able to sustain higher levels. This indicates that bears are selling rallies to the $20-day EMA ($11.23).

Daily chart of DOT/USDT Source: TradingView

The bears could try to push the price below the $9.22 support. The DOT/USDT exchange rate could fall to $8 if this support is broken. It could then drop to $7.30 if it fails. Bulls will defend the $8-$7.30 zone aggressively.

To be positive, buyers will need to push the price higher than the 20-day EMA in order to signal that sellers are losing their grip. The pair could rally to $14, where the bears will again mount a strong defense.

VAX/USDT

Avalanche (AVAX), broke below the pennant formation May 24, but the long tail of the day’s candlestick indicates that bulls bought this dip. They tried to get the price back up into the pennant, but they failed.

Daily chart of AVAX/USDT Source: TradingView

The bears want to capitalize on their advantage and push the price lower than the $26.87 support. The AVAX/USDT pair may slide to $23.51. This is an important support level that the bulls must defend as a failure to do so could see a resumption of the downtrend. $20 is the next support level for the downside.

This bearish view will be invalidated in the short-term if the bulls push the price higher than the pennant ($37.23) and the 20 day EMA ($37.23).

SHIB/USDT

Shiba Inu, (SHIB), attempted to break through the immediate resistance at $0.000013 May 23, but the candlestick’s long wick shows that bears are selling at higher levels.

Daily chart of SHIB/USDT TradingView

If the bulls fail to push the price higher, aggressive bears could sell the SHIB/USDT pairs below the immediate support of $0.000010. The pair could fall to the $0.000009 intraday low on May 12, if they succeed.

If the price bounces off the support at $0.000010 it could indicate that bulls are buying dips. This could mean that the pair will remain within the $0.000010- $0.000014 range for at least a few days.

Risk is inherent in every investment or trading move. Before making any investment or trading move, you should do your research.

HitBTC exchange provides market data.

https://cointelegraph.com/news/price-analysis-5-25-btc-eth-bnb-xrp-ada-sol-doge-dot-avax-shib

Lillian Call

I am a technology and gaming writer by profession. I love NFT's and play to earn gaming such as Axie Infinity. I love writing about anything on the blockchain, especially gaming and entertainment. I often sing, write or draw to portray my feelings. When it comes to my free time or you can say ‘ME-TIME’, I love to play with my cat, sleep an extra hour, or play my favorite video games.