Price analysis 5/16: BTC, ETH, BNB, XRP, ADA, SOL, DOGE, DOT, AVAX, SHIB

Crypto costs might try to rally after the volatility and turmoil of the previous week. Due to the fact that of the unfavorable macro conditions, it is unlikely that there will be a V-shaped rebound. It might be a good idea to decrease the size of your trading positions throughout durations of high volatility or uncertainty to manage risk.

Although the sentiment is bearish in the short term, institutional traders are taking a longer-term view on cryptocurrencies. Goldman Sachs, Barclays and other institutional investors signed up with Elwood Technologies in a $70million Series A financing round.

Daily cryptocurrency market performance. Source: Coin360

BTC/USDT

What are the vital support levels and resistance levels that could indicate a possible modification in trend if they are breached? Lets take a look at the charts of the leading 10 cryptocurrencies to find more.

Bitcoin fell from $3,460 to $3,460 recommending that bears are offering during small rallies. While the bears prepare to reduce the rate below $28,805, the bulls have other plans.

Bitcoins selling is not decreasing and Bitcoin has fallen seven successive weeks for the very first ever time. This shows that momentum is still strongly in favor for the bears.

Daily chart of BTC/USDT Source: TradingView

Contrary to the assumption, the set may drop to $26,700 if it falls below $28,805. If this support breaks, the set may retrace its drop. If that occurs, the rate might plummet to $25,000 or later to $21,800.

ETH/USDT

The breakdown level at $2159 is where Ether (ETH), deals with stiff resistance. This recommends that the bears will continue to sell rallies. The bears will attempt to decrease the cost below $1,940 as instant support.

Bulls will try to push the BTC/USDT pairs to the 20-day exponential Moving Average (EMA) ($ 33.646) if the price recovers from $28,805. This level is essential to keep track of as a break or close above could indicate that bulls may be making a comeback. The set could then reach the 50-day easy motion average (SMA), which is $39,300.

Daily chart of ETH/USDT Source: TradingView

The ETH/USDT pairing could be up to $1,700 if they succeed. This is an important assistance level that the bulls must protect as if they stop working, the sag may resume and the pair could drop to $1,500.

BNBs strong healing was close to the breakdown level of $320 on May 13-15, but the bulls could not break this overhead barrier. This suggests that bears might be trying to turn the resistance level into assistance.

A break and close above $2159 will mark the very first sign of strength. This could break the ice for a rally towards the 20-day EMA ($ 2,421). To signal that the sag is over, the bulls will require to conquer this challenge.

BNB/USDT

Contrary to the assumption, if the cost increases from $1,700, then the set might reach $2,159. The range in between these two levels is still possible.

Daily chart BNB/USDT TradingView

Alternativly, if the rate falls listed below $265, it might fall towards the strong assistance of $211. This level is anticipated to be defended by the bulls. The set could see a strong rebound off of this support, which could assist keep it range-bound between $211 to $320 over the next few days.

Ripple (XRP), May 13 candlestick reveals that bears are attempting hard to challenge the $0.50 breakpoint. Short-term traders might have been tempted to book profits if they failed to overcome this overhead resistance.

BNB/USDT might drop to $265 now, which would be a support level. The purchasers will attempt to push the set higher than $320 if the rate rebounded from this level. The set could rise to $350 if they succeed.

XRP/USDT

Daily chart of XRP/USDT Source: TradingView

Cardanos relief rally (ADA) is selling at $0.61 recommending that bears will not let go of their benefit. Bears will try to decrease the cost listed below $0.46, and then retest the $0.40 intraday short on May 12.

DA/USDT

Contrary to the presumption, if the cost rises above $0.38 or assistance at $0.38 then the bulls will push the pair greater than the $0.50- $0.55 overhead zone. It will indicate that markets have turned down lower levels if they are successful. This could break the ice for a rally to the 50 day SMA ($ 0.67).

If the rate falls below $0.38, the XRP/USDT exchange rate might fall to $0.33. This level is expected to be defended by the bulls. However, if assistance breaks, bearish momentum might increase and the pair might drop to $0.24.

Daily chart ADA/USDT Source: TradingView

Solana (SOL), whose bounce was $37, is now facing strong resistance at the 38.2% Fibonacci level at $59. This indicates that bears are still offering on small rallies.

It will suggest that bulls are attempting to discover a bottom if the cost rises from $0.46 or the assistance. To signal that the correction is over, the buyers will need to push the price higher than the 20-day EMA ($ 0.68). The cost might increase to $0.74, and after that to the 50-day SMA (0.89 ).

If the cost falls listed below $0.40, selling could get more extreme and the ADA/USDT pairing might plunge to $0.33 or $0.28.

SOL/USDT

Daily chart of SOL/USDT Source: TradingView

The bears will try to reduce the rate listed below $44, the immediate assistance. If they are successful, the SOL/USDT pair might retest the important level of $37. The pair could fall to $32 if it closes or breaks below this support.

Dogecoin (DOGE), a cryptocurrency, failed to recuperate above $0.10 at the breakpoint. This recommends that bears are attempting flip this level into resistance. The possibility of $0.06 retests will increase if sellers prosper in their efforts.

It will suggest that bulls are buying dips if the cost increases from its current level or at the support of $44. The bulls will attempt to conquer the $59 overhead obstacle and press the pair towards the $20 EMA ($ 70). This level will likely function as a strong resistance.

DOGE/USDT

Daily chart of DOGE/USDT Source: TradingView

If the cost increases from its existing level, the bulls could likewise attempt to overcome the $0.10 overhead hurdle and the $20 EMA ($ 0.11). The set could rally to $0.13 at the 50-day SMA (0.13) if they are successful.

The bulls need to defend this level as a break or close below it could indicate a resumption in the sag. The DOGE/USDT currency set might drop to $0.04, where the bulls may try to stop the decrease.

Related: Deus Finances stablecoin DEI, which is dollar-pegged, falls below 60c

DOT/USDT

Polkadot, (DOT), climbed above the $10.37 breakdown level on May 13, however the healing stalled at $12. This indicates that traders are still offering rallies and the sentiment is negative.

Daily chart of DOT/USDT Source: TradingView

Avalanche (AVAX), which is currently recovering from a sharp decrease, deals with stiff resistance at $38. A lack of aggressive bull purchasing is evident in the shallow rebound after a sharp fall. This could encourage the bears to try to take advantage of their benefit.

VAX/USDT

Bears might sink below $10.37 and the DOT/USDT pairing could slide towards the $8 minor support. If this level breaks, the possibility of a break below $7.30 is increased. The pair might resume its sag, and plummet towards the next strong assistance at $5.

If the rate rebounded off $10.37 or $8, the bulls may attempt to press the pair greater than the 20-day EMA ($ 13). This will indicate that the short-term trend has actually turned in favor for the purchasers if they have the ability to achieve this. The set could then try to rally to $16.

Daily chart of AVAX/USDT Source: TradingView

Shiba Inu (SHIB), rebound hit a wall at 38.2% Fibonacci level at $0.000014 May 13 and 14. This shows that bears are not ready to lose their benefit.

SHIB/USDT

Contrary to the presumption, a rise in the price from $29 will suggest that bulls are purchasing lower levels. This might result in a rally towards the 48-day EMA ($ 48), where bears might again install a strong defense.

The selling momentum might select up if bears press the cost below $29 and the AVAX/USDT exchange set might be up to $23. The bulls should safeguard this level as a break or close below it might result in a fall to $20, and after that to $18.

Daily chart of SHIB/USDT TradingView

The bears will attempt to lower the cost below $0.000010, the mental level. This would challenge the intraday low of 0.000009 that was made on May 12. Closing and breaking listed below this level might indicate a resumption in the sag. SHIB/USDT might be up to $0.000007, which would be a strong support.

If the cost recuperates from $28,805, bulls will attempt to press the BTC/USDT pairs to the 20-day exponential Moving Average (EMA) ($ 33.646). The purchasers will attempt to press the set higher than $320 if the rate rebounded from this level. Contrary to the presumption, if the rate rises above $0.38 or assistance at $0.38 then the bulls will push the set greater than the $0.50- $0.55 overhead zone. If the cost rises from its current level or at the assistance of $44, then it will suggest that bulls are purchasing dips. The bears will attempt to decrease the rate listed below $0.000010, the mental level.

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Contrary to what is being presumed, bulls will press the set towards the $0.000017 breakeven point if the cost rebounded listed below $0.000010. To suggest that the bears are losing their grip, buyers will need to overcome this challenge.

Danger is fundamental in every financial investment or trading move. Before making any investment or trading move, you must do your research.

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Jeannine Cruz– Earnings I am known as Jeannine Cruz, I am a writer and an industrialist by profession. My age is 32 years. My aim is to gather the attention of the targeted audience without being boring and unexciting. I like to utilize the free time in writing my views and thoughts for my book lovers or readers. My most preferred articles are usually about finance and business; however, I have written various topics in my articles. I do not have a specific genre. I get very creative when I have to express myself, 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.

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