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Price analysis 5/13: BTC, ETH, BNB, ADA, DOGE, XRP, DOT, BCH, LTC, UNI

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Tesla CEO Elon Musk tweeted on Might 13 that the corporate will cease accepting Bitcoin (BTC) funds for its automobile purchases, citing “rapidly increasing use of fossil fuels for Bitcoin mining and transactions, especially coal.”  Shortly after the announcement, Bitcoin value dropped by 17% to hit a brand new native low at $46,000.

Whereas Musk’s resolution is a short-term blow to the sentiment of the market, it’s unlikely to alter the course of the crypto markets altogether as a result of the institutional demand for cryptocurrencies stays excessive. Proof of this got here yesterday as Cowen Inc., a 103-year-old financial institution, introduced that it had partnered with Normal Custody and Belief Co. to enter the crypto custody enterprise.

Day by day cryptocurrency market efficiency. Supply: Coin360

One other indication of accelerating institutional curiosity in crypto is the sharp rise in “crypto under the custody” of Gemini crypto alternate. The Winklevoss twins’ led alternate now has $30 billion value of crypto beneath custody.

The long-term image for cryptocurrencies stays robust however the short-term value fluctuations might trigger massive drawdowns to portfolios. Therefore, merchants ought to watch the worth motion intently and comply with their buying and selling guidelines with out getting sucked into trades pushed by feelings.

Let’s analyze the charts of the top-10 cryptocurrencies to find out the tendencies and the trail of least resistance for the subsequent transfer.

BTC/USDT

Bitcoin has shaped a bearish head and shoulders sample, which is able to full on a breakdown and shut under the neckline of the setup. The sharp fall on Might 12 and right this moment had pulled the worth all the way down to the neckline however the bulls try to defend the assist.

BTC/USDT each day chart. Supply: TradingView

Nevertheless, the 20-day exponential shifting common ($54,958) has began to show down and the relative power index (RSI) has dipped into the destructive zone, indicating the bears have the higher hand.

If the worth breaks under the neckline, the H&S setup will full. This sample has a goal goal at $31,653.73. Nevertheless, it might not be a straight sprint decrease because the bulls will attempt to stall the decline at $42,500 after which $40,000.

Opposite to this assumption, if the bulls maintain the worth above $46,985, the BTC/USDT pair may rally to $52,323,21 the place the bears are once more more likely to mount a stiff resistance.

ETH/USDT

Ether (ETH) shaped a bearish engulfing sample on Might 12 as the worth reversed route after hitting a brand new all-time excessive at $4,374.67. Nevertheless, the lengthy tail on right this moment’s candlestick suggests the sentiment stays optimistic and bulls are shopping for the dips.

ETH/USDT each day chart. Supply: TradingView

Each shifting averages are sloping up and the RSI is close to the overbought zone, suggesting that bulls are in management. The patrons will now attempt to push the worth above the all-time excessive. In the event that they succeed, the ETH/USDT pair might rally to $5,000 after which $5,723.66.

Opposite to this assumption, if the worth turns down from the present degree or the overhead resistance and breaks under the 20-day EMA ($3,348), it would counsel that offer exceeds demand. That would pull the worth all the way down to $3,000 after which the 50-day easy shifting common ($2,552).

BNB/USDT

Binance Coin (BNB) is going through robust resistance close to the $680 degree. Repeated failures to rise and maintain above this degree might have attracted profit-booking from short-term merchants on Might 12, which pulled the worth under the 20-day EMA ($593).

BNB/USDT each day chart. Supply: TradingView

Nevertheless, the lengthy tail on right this moment’s candlestick suggests robust shopping for at decrease ranges. If the bulls push and maintain the worth above the 20-day EMA, the BNB/USDT pair might retest the $680 resistance.

A break and shut above the resistance may begin the subsequent leg of the uptrend which will attain $771. Conversely, if the bulls fail to maintain the worth above the 20-day EMA, the pair might step by step drop to the 50-day SMA ($496) after which $440.

ADA/USDT

After sustaining above the breakout degree at $1.48 since Might 6, Cardano (ADA) has damaged out of the $1.83 overhead resistance. This means the bulls have overpowered the bears and the uptrend has resumed.

ADA/USDT each day chart. Supply: TradingView

The rising 20-day EMA ($1.52) and the RSI above 66 counsel the trail of least resistance is to the upside. If the bulls can maintain the worth above $1.83, the ADA/USDT pair may rally to the subsequent goal goal at $2.25.

Opposite to this assumption, if the worth turns down from the present degree and breaks under $1.83, the pair might prolong its range-bound motion for just a few extra days. A break and shut under $1.48 will counsel that the bears have overpowered the bulls and the pair might then drop to the 50-day SMA ($1.32).

DOGE/USDT

Dogecoin (DOGE) bounced off the 20-day EMA ($0.43) on Might 11 however the increased ranges met with promoting stress as seen from the lengthy wick on the day’s candlestick. The promoting resumed on Might 12 and the bears pulled the worth under the 20-day EMA.

DOGE/USDT each day chart. Supply: TradingView

The patrons try to defend the 61.8% Fibonacci retracement degree at $0.38 however they’re going through stiff resistance at $0.45. If the worth turns down and plummets under $0.35, the DOGE/USDT pair might drop to the 50-day SMA ($0.25).

Alternatively, if the worth rebounds off the present degree and rises above $0.45, it would counsel accumulation at decrease ranges. The pair might then rise to $0.55 the place the bulls are more likely to encounter stiff resistance. If the worth turns down from this resistance, the pair might consolidate between $0.45 and $0.55 for just a few days.

XRP/USDT

The bulls did not maintain XRP above the downtrend line for the previous few days, indicating robust resistance by the bears. That will have resulted in short-term merchants dumping their positions, pulling the worth all the way down to the 50-day SMA ($1.20).

XRP/USDT each day chart. Supply: TradingView

If the worth rebounds off the 50-day SMA, the bulls will once more attempt to push the XRP/USDT pair above the downtrend line and the overhead resistance at $1.66. In the event that they handle to do this, the pair may retest the 52-week excessive at $1.96.

Nevertheless, the 20-day EMA ($1.41) has began to show down and the RSI is buying and selling within the destructive zone, suggesting a minor benefit to the bears. If the sellers can sink and maintain the worth under the 50-day SMA, the pair might decline to $1.01 after which $0.88.

DOT/USDT

Polkadot (DOT) has repeatedly failed to interrupt above the $42.28 overhead resistance, suggesting the bears are defending the extent aggressively. Nevertheless, the bulls proceed to purchase at decrease ranges as they haven’t allowed the worth to maintain under $32.50.

DOT/USDT each day chart. Supply: TradingView

The flat shifting averages and the RSI close to the midpoint point out the DOT/USDT pair may stay caught between $32.50 and $42.28 for just a few extra days.

A breakout and shut above $42.28 may push the worth to an all-time excessive at $48.36. This degree might once more act as stiff resistance but when the bulls drive the worth above it, the pair might resume its uptrend towards the goal goal at $58.06.

Alternatively, if the bears sink the worth under $32.50, the pair might drop to $26.50. A robust bounce off this degree will counsel the pair might prolong its keep inside the big $26.50 to $42.28 vary for just a few extra days. A break under $26.50 may counsel the beginning of a brand new downtrend.

BCH/USDT

Bitcoin Money (BCH) rose to a brand new 52-week excessive at $1,638.08 on Might 12 however the bulls couldn’t maintain the upper ranges. That resulted in aggressive profit-booking by merchants, pulling the worth all the way down to the 20-day EMA ($1,213).

BCH/USDT each day chart. Supply: TradingView

The bearish engulfing candlestick sample on Might 12 suggests a doable pattern reversal. If the bears can break and maintain the worth under the 20-day EMA, the BCH/USDT pair may drop to the 61.8% Fibonacci retracement degree at $1,054.41 after which to the 50-day SMA ($867).

Opposite to this assumption, if the worth recovers and sustains above $1,213.51, the pair might enter a range-bound motion for just a few days. The flattening 20-day EMA and the RSI simply above the midpoint additionally counsel just a few days of consolidation.

LTC/USDT

Litecoin’s (LTC) failure to maintain above the resistance line of the ascending broadening wedge formation on Might 12 may have attracted robust promoting by merchants. That dragged the worth all the way down to the 20-day EMA ($313).

LTC/USDT each day chart. Supply: TradingView

If the bears maintain the worth under $300, the LTC/USDT pair may drop to the 50-day SMA ($260) after which to the assist line of the wedge. A break under the wedge may sign the beginning of a brand new downtrend.

Quite the opposite, if the bulls maintain the worth above the 20-day EMA, the pair might try a restoration, which is more likely to face stiff resistance close to $340. A break above the resistance line of the wedge will counsel that the correction has ended.

UNI/USDT

Uniswap (UNI) continues to commerce inside an ascending channel. The bears pulled the worth under the 20-day EMA ($38.35) on Might 10 however they might not break the 50-day SMA ($34.50) assist, which reveals shopping for at decrease ranges.

UNI/USDT each day chart. Supply: TradingView

The bulls tried to renew the up-move on Might 12 however they might not maintain the upper ranges as seen from the lengthy wick on the day’s candlestick. This means merchants are promoting their positions on rallies.

Shopping for close to the 50-day SMA and promoting at increased ranges suggests a range-bound motion for just a few days. The following trending transfer might begin if the bulls push and maintain the worth above $45. Conversely, a break under the assist line of the channel may begin a brand new downtrend.

The views and opinions expressed listed here are solely these of the writer and don’t essentially replicate the views of Cointelegraph. Each funding and buying and selling transfer entails threat. It’s best to conduct your individual analysis when making a call.

Market knowledge is offered by HitBTC alternate.

Title: Price analysis 5/13: BTC, ETH, BNB, ADA, DOGE, XRP, DOT, BCH, LTC, UNI
Sourced From: cointelegraph.com/information/price-analysis-5-13-btc-eth-bnb-ada-doge-xrp-dot-bch-ltc-uni
Revealed Date: Thu, 13 Might 2021 20:51:24 +0100
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