Bulls and bears are fighting to control the price of Bitcoin, due to its constant oscillation.
Although the analysis of cryptocurrencies summarized below does not include Bitcoin, mentioning the main cryptocurrency is inevitable. There is a huge battle going on right now between bulls and bears, as after receiving almost $600 million in inflows into Bitcoin spot exchange-traded funds between May 4 and May 6, everything changed on May 7, when there was an exit of $15.7 million, according to data provided by Farside Investors.
With this changing landscape, one wonders to what extent buyers will be able to protect support levels in cryptocurrencies, and thus avoid a collapse.
Ethereum (ETH) Analysis
ETH remains above $3,000, closing this week with a 2% price increase. This increase has generated optimism, since it can be inferred that the correction is coming to an end. So far, buyers have acted strongly whenever the price collapses below $3,000.
Current resistance sits at $3,400, and was last tested in late April, when sellers rejected a breakout attempt. So if buyers insist on keeping the price above key support, there will likely be another breakout attempt.
It seems that ETH could consolidate in such a range until the market makes a decisive move. The bias appears neutral at the moment, and could turn bullish when the cryptocurrency surpasses $3,400.
Ripple (XRP) Analysis
XRP experienced a week of flat price action, identical to the previous week. Current resistance is at $0.54, and buyers have been unable to break through it, despite their most recent attempts.
In the near future, the price of XRP is expected to remain below the key resistance of $0.54. If sales increase, XRP could have good support of %0.50.
Cardano (ADA) Analysis
ADA had a rough start this month, after which it has found support at $0.45, thus attempting to rise again. This week closed with a price increase of 3%.
If the bulls can keep the price above $0.45, ADA has a chance of recovering some of the losses suffered in April, when it fell more than 35% in a few days.
In the near future, indicators apparently suggest signs of the return of buyers. For this to happen, the price must reach a new local maximum, exceeding $0.50.
Shiba Inu (SHIB) Analysis
Like ADA, SHIB closed this week with a 3% increase in its price. The current resistance sits at $0.000025, which is the most significant challenge for the bulls right now. Support is located at $0.000022, holding up quite well so far.
SHIB must reach a higher high if it wants to confirm a reversal. It is important to note that the price has recorded increasingly lower lows and highs in the last two months.
In the near future, SHIB could resume its uptrend and end the correction that began in March, as long as buyers overcome the key resistance.
Polkadot (DOT) Analysis
DOT has held above $6 and is apparently able to break the current resistance at $7.6. Its price in relation to the previous week remains unchanged.
If DOT manages to rise further, its consolidation could be a reality. The trend remains neutral, although momentum indicators begin to curve upward. This indicator suggests that DOT could rally in the short term.
In the near future, DOT appears on track for its next major move, given its gradual consolidation above key support.
It is timely, then, to observe how leaders act to know where the market is heading. DOT is likely to loom large.
By Leonardo Perez
