Summary
- The recent recovery in the U.S. stock market has acted as a catalyst for the relief rally in Bitcoin and select altcoins.
- Analysts are expecting a fall to the low $20,000 levels if the bulls fail to defend the $25,000 support.
- If the risk-on sentiment sustains, it could increase demand for Bitcoin and select altcoins.
Bitcoin Price Analysis
Bitcoin remains pinned below $27,000, and the recent weakness of the past few days has increased calls from analysts for a fall to the low $20,000 levels. While anything is possible, the bulls are unlikely to give up on defending the $25,000 support without putting up a fight.Glassnode’s lead on-chain analyst Checkmate said in his comments on May 24 that the sell-side risk ratio metric suggests that “sellers are exhausted on both sides” which indicates big moves “are coming.” The last time this metric was this low was in late 2015 which started a bull run that eventually reached $20,000 in December 2017.The crucial resistance level that needs to be crossed for a sustained recovery to begin is at the 20-day exponential moving average (EMA) of $27,173. If buyers pierce this barrier it will indicate that correction may be over.
Ether Price Analysis
Ether ETH has been trading inside a falling wedge pattern for several days now. The bears have attempted to sink price down towards its key support line but failed with each attempt so far. On May 26th Ether retested this support line again and rebounded above it signifying strong buying pressure at lower levels. If Ether manages to break out of this wedge pattern then it will likely start trending higher with its first target being at 50% Fibonacci retracement of its recent drop from all time high located near 2200 USDT mark while further upside can take us towards 2300 USDT level next followed by 2400 USDT respectively if momentum remains intact throughout this move higher afterwards.
Altcoin Price Analysis
XRP: XRP is attempting to climb back above 0.60 USDT after failing multiple times near 050 USDT resistance level during past few days suggesting bearish pressure still being present near these levels however if bulls manage to reclaim 050 USDT as their own then we might see another surge towards 070 USDT next while further upside potential can take us towards 100 USDT before encountering any major resistances ahead thereafter..
BNB: BNB is currently trading near 40 USDT after facing rejection from 45 USDT resistance zone during past couple of days however if buyers manage to break through 45 mark then we might see another surge taking us either towards 50 or 60 depending upon overall market momentum thereafter while any dip below 35 mark should be considered as buying opportunity followed by 30 mark later afterwards respectively..
MATIC & SOL Price Analysis
MATIC & SOL: MATIC & SOL have been both performing well since last month with MATIC trading close 20000 SATS while SOL has recently found its feet back above 40000 SATS proving itself as one of strongest performers among top 10 cryptocurrencies so far this year however if buyers continue pushing higher then we might see both tokens aiming for 30000 & 60000 SATS respectively before encountering any serious resistances ahead respectively thereafter.. < h2 >Dogecoin & Litecoin Price Analysis
DOGE & LTC: Dogecoin and Litecoin have also seen some decent gains since last couple of weeks with DOGE currently trading close 840 SATS while LTC hovering around 180-190 range suggesting good buying pressure being present at current prices however if they manage break out from these ranges then we might see some decent gains taking them either 880 or 200 marks respectively before facing any serious resistances ahead thereafter..