The following are key points.
- Bitcoin is facing pressure, as the BTC-ETFs have seen net outflows. This reflects a new institutional investor attitude.
- Bears control the majority of major altcoins.
BitcoinBTC() dropped below $75,000 Wednesday, showing that bears have slowly taken over the crypto market. Farside Investors reports that institutional investors have been on the sell-off, as BTC exchange-traded fund outflows totaled $1.88 billion between May 15 and now. data. Glassnode stated in a posting on X persistent net outflows from BTC ETFs nearly every day of trading since May 7th add “to the supply side without a visible demand offset.”
BTC is falling because of BTC’s weaknesses below its long-term valuation average, says Bitwise. The asset management firm said in a recent report that in the past, only 36% of BTC’s market-value-to-realized-value (MVRV) readings were lower than the current level of 1.42. Comparatively, 99% of the historical Nasdaq 100 price-to book ratios are below current levels. This is by far the largest valuation gap between BTC’s and US tech stock.
View the cryptomarket data every day. Source: TradingView
Whales use the drops to their advantage. buying opportunity. Blockstream CEO Adam Back stated in a post to X, that a BTC Whale had sucked up 450 “cheap Bitcoins” The average daily price for the last eight-and-ahalf days is calculated using a weighted time method.
Can BTC or select altcoins rebound from their solid support levels? Find out by analyzing the charts of 10 major cryptocurrencies.
Bitcoin price prediction
BTC fell from its 20-day moving average (77,431), indicating that bears have been selling after minor rallies.
BTC/USDT chart for the day. Source: Cointelegraph/TradingView
Bears will work to lower the BTC value below the critical $76,000 to 74,589 support level. The bears will gain the advantage in the short term if the support zone collapses. BTC/USDT may descend towards the support near $71,500. This is expected to draw buyers.
The bulls, on the other hand, will try again to get the pair higher than the 20 day EMA if it bounces of the zone. The pair could rally up to $82,000 before settling at $84,000.
Prediction of Ether prices
Ether is not being bought by buyers.ETHThe bears will attempt to convert the resistance level back into support if they can get the price above the previous line.
Daily chart of the ETH/USDT pair. Source: Cointelegraph/TradingView
If the psychological support of $2,000 cracks, it could lead to a decline in the USDT/ETH pair, which may fall as low as $1,916-$1,750.
The buyers have a steep task in front of them. To signal strength, they will need to move the ETH above the moving-averages. This would indicate that the market is rejecting the break-down below the channel. It increases the chances of a move to 2,465, and finally to the resistance line on the channel.
BNB price prediction
The buyers are trying to maintain BNB.BNB) above the 20-day EMA ($652), but the bears have kept up the pressure.
BNB/USDT chart for the day. Source: Cointelegraph/TradingView
The bears’ goal is to lower the BNB prices below the 50 day SMA (636). They may be able to pull off a successful move, and the BNB/USDT could fall to $610 then $570.
If the price bounces off of the moving averages it indicates that demand is at lower levels. Afterwards, the bulls are going to try and clear $687 again. If the bulls succeed, they may be able to rally the pair to $730 then on to $790.
XRP price prediction
The XRP currency (XRP( ) is continuing to slide towards the support of $1.27, which indicates that the bears are still in charge.
Daily chart of the XRP/USDT pair. Source: Cointelegraph/TradingView
The buyers are likely to defend $1.27 with vigor, but the rally to relieve the pressure will be met by selling near the 20-day EMA (1.37), and later at the downward trend line. The likelihood that the XRP will break through $1.27 increases if the XRP falls sharply away from the 20 day EMA. In that case, the pair XRP/USDT could fall as low as $1.11 or even $1.
First, a breaking and closing above the trendline will indicate strength. It is possible that the pair will then rise to $1.61. To signal that a trend may change, buyers will have to break through the $1.61 barrier.
Solana price prediction
Solana’s (SOL) has been getting squeezed between the 20-day EMA ($86.42) and the $82.65 support.
SOL/USDT chart for the day. Source: Cointelegraph/TradingView
The 20-day EMA is starting to move down and the RSI has entered the negative zone, indicating a slight advantage for the bears. The SOL/USDT may fall to $76 if the price falls below $82.65.
If the SOL rises from $82.65 and crosses above the 20 day EMA then the pair could remain in the range of $76-$98 for a little while.
Dogecoin price prediction
Dogecoin: The bulls’ failure to move the currency (DOGE) above the 20-day EMA ($0.10) suggests a negative sentiment.
Chart for DOGE/USDT. Source: Cointelegraph/TradingView
The DOGE is being pushed lower by sellers, which could lead to another test of the $0.09 level. It is likely that buyers will defend $0.09 with all of their strength, because a closing below the level could sink the pair DOGE/USDT down to $0.08.
This assumption is incorrect. Instead, if price increases and closes over the 20-day EMA it indicates that the pair could extend its range bound action between $0.09 to $0.12 for a couple more days. To start an uptrend, buyers will need to close the day above $0.12 before they can move on to $0.14 or $0.16.
Hyperliquid price prediction
Hyperliquid (HYPEShort-term traders booked profits by pulling back the price from $64.93 to $59.33 on Monday.
Chart of HYPE/USDT for the day. Source: Cointelegraph/TradingView
Bulls attempt to stop the decline at $59.41, the breakout point. The bulls may have turned the breakout level from resistance into support if they are successful. This increases the chances of breaking above $64.93. The HYPE/USDT could then rise to $77.
If, however, the HYPE prices falls below $59.41 the correction will likely deepen and reach the 20-day EMA (currently at $52.14). It is likely that buyers will defend the 20 day EMA as a decline below it could signal a deepening correction to the 50 SMA (44.92).
Related: Three key XRP metrics suggest ‘explosive price expansion’ is next
Zcash price prediction
ZcashZECThe price of a pound fell from $690 on Monday to just £690 today, showing that short-term traders are taking profits.
ZEC/USDT Daily Chart Source: Cointelegraph/TradingView
The price is being held below the 20 day EMA (571), which opens the way for a further correction. The ZEC price could plummet as low as $486 or even the 50-day SMA (457) if they succeed.
The 20 day EMA is flattening and the RSI dropped towards the midpoint. This indicates that bulls have lost their hold. To gain control, buyers will need to push the ZEC/USDT above $690.
Cardano price prediction
Cardano (ADA( ) is below its moving-averages. This indicates that bears are in the lead.
Chart for ADA/USDT on a daily basis. Source: Cointelegraph/TradingView
Sellers are going to try to push the ADA to support $0.22. Bulls will face resistance at the 20 day EMA ($0.25) if they attempt to begin a recovery. The risk of a price break below $0.22 increases if the price falls sharply away from the 20 day EMA.
To the upside, a close and break above the moving-averages suggest that the ADA/USDT could continue to oscillate in the $0.22 to 0.31 range. A close below or above $0.22 is likely to start the next trending movement.
Monero price prediction
Monero (XMRThe price of ) is rising, which suggests that buyers are in the lead.
Source: Cointelegraph/TradingView Source: Cointelegraph/TradingView
XMR’s price bounced back off its 50-day SMA (378), indicating a buying opportunity on the dips. If the level of resistance is crossed, it may cause the XMR/USDT to rise towards the resistance. If buyers continue to drive the price up and keep it above the resistance level, the bullish trend may accelerate.
If, on the other hand, the price breaks down below the SMA of 50 days and turns downwards, this indicates that bears have been selling during rallies. This pair could then fall to the support level.
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Source: cointelegraph.com
