Price analysis 5/24: BTC, ETH, BNB, XRP, ADA, DOGE, MATIC, SOL, DOT, LTC

Bitcoin appears to be on the verge of breaking out of the tight range to the downside. The movements of the cryptocurrency markets appear to be taking their cues from the U.S. equities markets, which have been declining for two consecutive days due to the lack of clarity in the debt ceiling negotiations.

Should the debt ceiling negotiations continue, traders may reduce their exposure to high-risk assets, as a potential debt default by the U.S. could have far-reaching economic consequences globally. Cryptocurrencies could also experience a decrease in value, and some analysts have speculated that Bitcoin (BTC) may plummet to $20,000.

Institutional investors have kept their guarded attitude in the short-term. The “Digital Asset Fund Flows Report” released by CoinShares on May 22nd revealed a withdrawal of $32 million, resulting in a total exodus of $232 million over the last five weeks.

Despite the current uncertainty, traders should be prepared for a drastic change in price if the debt ceiling negotiations are successful. What are the key support and resistance levels for Bitcoin and the major altcoins that will show the beginning of a trending move? Let’s analyze the graphs of the top 10 digital currencies to discover the answer.

Bitcoin price analysis

On May 23, Bitcoin hit the 20-day exponential moving average (EMA) of $27,278, but failed to break through this level of resistance. This inability to move higher provoked strong selling pressure from the bears on May 24.

The bears are attempting to keep the price below the present support at $26,631. If they manage to do so, the BTC/USDT pair might drop to the crucial support level of $25,250. This area could be the scene of a fierce confrontation between the bulls and the bears.

Should the bears be successful, the selling pressure could increase significantly, potentially sending the pair down to the psychologically important price level of $20,000.

The 20-day EMA is the major obstacle that bulls need to overcome if they want to initiate a long-lasting rebound. Once bulls manage to push the price past the resistance level, it is likely to be a sign of a shift in the short-term trend.

Ether price analysis

Ether (ETH) rose above the 20-day EMA ($1,830) on May 23, yet the bulls were unable to keep the upward momentum going on May 24.

On May 24, the bears drove the price below the 20-day EMA, indicating that the ETH/USDT pair could remain within the descending wedge pattern for a few more days.

If the wedge is broken, it will signify the beginning of a more significant correction. The initial support level is at $1,600, however, if that does not hold, the pair could drop to $1,352.

If the price increases and surpasses the wedge, it will indicate the beginning of a new upward trend. The pair could first reach $2,000 and then $2,200.

BNB price analysis

On May 23, BNB (BNB) reached the 20-day EMA ($313), yet the bulls were unable to surpass this barrier. This may have triggered the more assertive bears to start selling on May 24.

Sellers could attempt to strengthen their control by pushing the price below the psychological barrier of $300. If the support line of the descending channel pattern fails, the BNB/USDT pair could potentially plummet to $280.

If the price goes up from where it currently is or bounces back from the support line, it indicates that it would be a good idea to buy at a lower price. The buyers will then attempt to push the price above the 20-day EMA and take on the resistance line.

XRP price analysis

XRP (XRP) dropped below the 20-day EMA ($0.45) on May 24, after trading between the moving averages for the previous few days.

Should bears continue to keep the price below the 20-day EMA, some short-term bulls may choose to exit their positions. This could cause the price to drop to the essential support at $0.40. Buyers are expected to strongly protect this level in order to prevent the XRP/USDT pair from dipping to $0.36.

This outlook may become obsolete shortly if the price rises from its current spot and surpasses the 50-day simple moving average (SMA) of $0.47. If that happens, it could lead to a possible surge to $0.54 and then to $0.58.

Cardano price analysis

Cardano’s (ADA) rebound from the uptrend line on May 22 was reversed by the 20-day EMA ($0.37) on May 24, suggesting that bears are attempting to take control.

The bears may attempt to drag the price below the uptrend line, which would render the bullish ascending triangle pattern void. This could lead to the ADA/USDT pair beginning a deeper correction towards $0.30.

The bulls are quickly running out of time to avoid a decrease in price. If they want to succeed, they must push the price above the 20-day Exponential Moving Average (EMA) as soon as possible. If they manage to do this, the pair could then reach the 50-day Simple Moving Average (SMA) ($0.39), which could serve as a powerful resistance. If the price rises above this point, it could lead to a possible surge to $0.44.

Dogecoin price analysis

The bulls’ attempts to push Dogecoin (DOGE) above the 20-day EMA ($0.07) on May 22 and 23 were unsuccessful, indicating that the sentiment is still bearish and any rallies are being sold.

The bears will attempt to drag the price beneath the nearby support at $0.07. If they are successful, it will signify the commencement of the following stage of the downward trend. The DOGE/USDT pair could drop to the subsequent support at $0.06.

Contrary to this belief, if the price rises from $0.07, it could be an indication of strong buying when it dips. A break and close above the 50-day SMA ($0.08) might mean that the pair may keep fluctuating between $0.11 and $0.07 for a period of time.

Polygon price analysis

Polygon’s (MATIC) rebound was met with stiff opposition at the 20-day EMA ($0.89), suggesting that bears are selling on every minor rise.

The downward sloping moving averages and the Relative Strength Index (RSI) in the negative region increase the chance of a breach beneath $0.82. Should this occur, the MATIC/USDT pair could drop to the solid support at $0.69.

If the price rises from its current position or the support at $0.82, it will display that there is demand at lower levels. If it goes above the range of $0.91 to $0.94, it will demonstrate the commencement of a sustained upturn which could reach the downtrend line.

Bitcoin’s price drops 5% to a pivotal support level, a defining moment for the cryptocurrency market.

Solana price analysis

On May 23, the bulls drove Solana (SOL) above the breakdown level of $19.85, yet they were unable to keep the higher levels. This indicates that the bears are still selling during minor rallies.

The bears drove the cost close to the essential support at $18.70 on May 24. This level is expected to draw in buyers, however if the following rebound neglects to move above $20, the SOL/USDT pair could broaden its decrease to $16.

If the price breaks and closes above the 20-day EMA ($20.57), it will be a sign of strength, suggesting that the selling pressure is decreasing. This could lead to a possible rally up to $24.

Polkadot price analysis

On May 23, the bears relinquished their superiority in Polkadot (DOT) by selling the recovery to the 20-day EMA ($5.43), suggesting that they are unwilling to cede their advantage.

The 20-day EMA sloping downwards and the RSI in negative territory suggest that the most straightforward route is downwards. Sellers will make an effort to bolster their position by pushing the price beneath the $5.15 support.

Should they be successful in achieving that, the DOT/USDT pair may initiate the following leg of the descent to $4.22. If the bears desire to impede the drop, they must rapidly drive the cost above the 20-day EMA. This could potentially prompt a surge to the 50-day SMA ($5.86).

Litecoin price analysis

Litecoin (LTC) experienced a sharp decline on May 24, indicating that the bears had taken control over the bulls as it fell below the moving averages.

The bears will attempt to drive the price down to the robust support at $75. It is probable that the bulls will respond with heavy buying at this level. If the price bounces back from $75, it could indicate that the LTC/USDT pair will remain within the range of $75 to $96 for an extended period.

If the price breaks out of the current range, it could signal the beginning of a new trend. If the bears push the price down below $75, it could drop to $65. On the other hand, if buyers drive the price above $96, it could be the start of a rally to $106.

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