price analysis

Jun 22 2021

Dogecoin Price Hits $0.176 after a 22% Dip – Where to Buy DOGE

Altcoins are having a hard time recovering, with the majority of them deep in the red zone. One of the worst-hit tokens is dogecoin, which has lost 22% in the past 24 hours.

In the past month, DOGE has lost nearly half of its value. However, those who invested at the beginning of the year are still in profit since the token’s current price is almost 7,000% higher than what the coin was trading at the beginning of the year.

At the time of writing, DOGE had sunk below critical $0.20 support levels and traded at $0.176 on major exchanges.

Dogecoin Price Analysis

It seems that DOGE’s glorious days may be coming to an end. The meme coin gained popularity after Elon Musk affiliated himself with it and promoted it on his Twitter account. However, Musk is yet to come to the rescue of DOGE this time round. His silence comes weeks after a threatening video by the Anonymous hacker group was released, criticizing him for misusing his power over the crypto market.

DOGE Price Analysis 22 June 2021 — Source: TradingView

The chart above shows how dogecoin has been performing this month. The highest downtrend for the token started this week, as can be seen above, which could be attributed to the lack of support from the broader crypto market. After BTC sunk to almost $31,000 at the beginning of the week, altcoins followed suit and dogecoin was not spared.

Dogecoin needs to push past $0.20 to prevent a further retreat. Currently, the meme coin is on the verge of losing its coveted position among the top ten cryptocurrencies. Losing its space could be devastating for the token.

Dogecoin holders are urging Elon Musk to step in and save the meme coin from any further turmoil. However, his silence on the matter could indicate that the billionaire is keeping his sentiments about the crypto market to himself ever since he was accused of manipulating the market and misusing his power in the sector. However, not all is lost, and we may see the CEO tweeting about his favourite coin soon.

The current price movement could be because of a market correction, given the coin’s massive gains. However, it is worth noting that DOGE’s price gains merely resulted from investor demand. If the token gains practical adoption for use in the real world, such as in global financial systems, its value will definitely shoot.

Dogecoin has a strong community of fans compared to other cryptocurrencies, which is one of DOGE’s strengths that will help it with its long-term value. Due to its growing fan base, dogecoin has been accepted as a payment method for Wag, a dog-walking app. An increase in use-cases for DOGE will boost demand and hence value.

How to Buy DOGE

To purchase dogecoin, you need to create an account on a crypto exchange. One of the exchanges that support DOGE is eToro. The exchange is highly secure and reliable. Besides, its trading fees are highly competitive, and it offers a wide array of outstanding features for new investors. In addition, the exchange is among the few that offer copy trading, and if you have never traded crypto before, the exchange will provide you with a demo account where you can learn.

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Dogecoin Price Hits $0.176 after a 22% Dip – Where to Buy DOGE

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Jun 15 2021

Synthetix Price Reaches $10.28 after 1% Uptrend – Where to Buy SNX

Synthetix is a protocol that allows the trading and issuing of synthetic assets on the Ethereum network. The Synthetic protocol is powered by the SNX token, which has created a space for itself in the rapidly growing crypto market. At the moment, SNX is stabilizing in its value. At the time of writing, the SNX token is trading at $10.28, a 1% gain in value.

SNX Price Analysis

Looking at the chart above about SNX, it is clear that the token has not been doing well since May. The May crash led to a decreased token value, and SNX has since been unable to recover. However, the coin may soon push past the bears, and it may increase to higher values.

SNX still needs overwhelming support from the broader cryptocurrency market because it is one of the factors that will boost its value. Following the recovery of bitcoin, altcoins seem to be recovering, and it remains to be seen whether SNX will pick up the trend. DeFi projects have been shaping the crypto market, and with Synthetix venturing into the sector, it may create a strong future for the token.

The candlestick chart above shows that in the past 24 hours, the token has created an inverted hammer, which indicates that the coin will create a bearish trend in the coming days. For the token to resume a bull trend, it needs to push past higher resistance levels. If it manages to reach $15, it will create a buy from retail investors who want to leverage profits. However, the coin will need overwhelming support for it to reach $15.

Synthetix gained popularity in April this year when the platform allowed its users to trade leading stocks belonging to tech companies. The news was received gladly by traders who wanted to gain exposure to crypto trading when they were at a lower risk of enjoying returns.

Where to Buy SNX tokens

To buy SNX tokens, create an account on any of these exchanges:

eToro makes it possible for you to buy tokens that you can easily sell. The exchange is highly reputable because of its unique set of features. Furthermore, it also allows copy trading so that new traders can copy the trading strategies of seasoned traders in the crypto market.

The other cryptocurrency exchange that supports SNX is OKEx. The exchange offers competitive trading fees that make it easy for new traders to maximize profits. The exchange is also supported in many countries.

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Synthetix Price Reaches $10.28 after 1% Uptrend – Where to Buy SNX

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Jun 13 2021

Top 5 cryptocurrencies to watch this week: BTC, AAVE, KSM, ALGO, TFUEL

Bitcoin’s (BTC) price continues to be range-bound between $30,000 and $40,000 level for the past few days, which is not necessarily a bearish sign.

Generally, after a sharp fall, the price tends to consolidate as the asset transfers from weaker hands to stronger hands. After the transition is complete, the asset breaks out and starts a new uptrend. Usually, the longer the price consolidates in a range, the stronger the next trending move will be.

Bloomberg Intelligence senior commodity strategist Mike McGlone said on Saturday that Bitcoin’s declining supply was a positive sign, which could act as a “bullish ace” for its move higher “if past patterns hold.”

*Crypto market data daily view. Source:* *Coin360*

Yoni Assia, CEO of eToro, also told Cointelegraph that Bitcoin could see a sharp rise “over the next three to five years, as there are still 5 billion people in the world that basically don’t have good local currency.”

Therefore, investors should not be discouraged by the muted price action in the short term. Bitcoin’s fundamentals remain strong and are likely to result in a new uptrend in the future.

As crypto markets consolidate, let’s analyze the charts of the top-5 cryptocurrencies that may outperform in the next few days.

BTC/USDT

Bitcoin turned down from the resistance line of the descending triangle on Jan. 12 and broke below the 20-day exponential moving average ($36,586). This suggests that the bears are aggressively defending the resistance line.

The longer the price stays below the 20-day EMA, the greater the chances of a drop to the lower levels. If bears sink the price below $34,600, the BTC/USDT pair could drop to $33,400 and then to $31,000.

A break and close below $31,000 will complete a descending triangle pattern, which has a target objective at $19,549. However, it is unlikely to be a straight drop to the lower levels because the bulls will attempt to stall the decline in the $31,000 to $28,000 support zone.

This negative view will invalidate if the price continues to move up and rises above the resistance line of the triangle. Such a move could open the gates for a rise to the 50-day simple moving average ($44,709), which is again likely to act as a stiff resistance.

A break above the 50-day SMA will suggest that the correction could be over and the bulls will gradually try to start a new up-move.

*BTC/USDT 4-hour chart. Source:* *TradingView*

The moving averages on the 4-hour chart have been crossi each other and the relative strength index (RSI) is just above the midpoint, indicating that bulls are trying to make a comeback.

A breakout and close above the resistance line of the triangle will signal that demand exceeds supply. If the bulls sustain the price above the triangle, a new up-move could begin.

Alternatively, if the price turns down from the resistance line and breaks below $34,000, it could signal a minor advantage to the bears. That could pull the price down to the critical support at $31,000. A bounce off this support will suggest accumulation at lower levels and that could keep the pair inside the triangle for some more time.

AAVE/USDT

Aave is trading inside a large range between $280 and $581.67 for the past few months. The bulls have successfully defended the support of the range on five previous occasions, hence the buyers are likely to buy the dip once again.

If the price rebounds off the current level with strength, it will suggest that the bulls continue to accumulate on dips. The buyers will then try to push the price above the 20-day EMA ($344). If they succeed, the AAVE/USDT pair could rise to the 50-day SMA ($414), which may act as a stiff hurdle.

If the price turns down from the 50-day SMA, the pair could consolidate between $280 and $414 for a few days. On the contrary, a break above the 50-day SMA will clear the path for a northward march toward $581.67.

This positive view will invalidate if the price turns down from the 20-day EMA and breaks below the $280 support. That will embolden the bears who will then try to pull the price down to $208.09 and then to $160.

*AAVE/USDT 4-hour chart. Source:* *TradingView*

The 4-hour chart shows the bears had pulled the price below $280 but they are struggling to sustain the lower levels. However, the moving averages are sloping down and the RSI is in the negative zone, indicating advantage to the bears.

If the price turns down from the current level and breaks below $266.68, the pair could start its downward journey. This negative view will invalidate if the bulls push the price above the downtrend line. Such a move will suggest the correction is over and the pair could then rise to $500.

KSM/USDT

Kusama (KSM) has been witnessing volatile moves in the past few days. Although the bulls pushed the price above the $480 overhead resistance on June 9, they could not sustain the higher levels and the price dipped back below the level on June 10. This shows that bears are selling on rallies.

However, the buyers have not allowed the price to break below the 20-day EMA ($388). This suggests that the sentiment is turning positive as the bulls are buying the dips to the 20-day EMA.

The rising 20-day EMA and the RSI near the midpoint indicate a minor advantage to the bulls. The buyers will now make one more attempt to push the price above $480. If they succeed, the KSM/USD pair could rally to $537 and then retest the all-time high at 625.

This positive view will invalidate if the price turns down from the current level or the overhead resistance and breaks below $360. That could pull the price down to $280.

*KSM/USDT 4-hour chart. Source:* *TradingView*

The 4-hour chart shows the bulls are trying to defend the trendline support. However, the 20-EMA has turned down and the RSI is in the negative zone, indicating the bears have the upper hand.

If the sellers sink the price below $380, the pair could drop to $342. A break below this support could result in a decline to $280.

This negative view will invalidate if the bulls can push the price above $429. That could attract buying, pushing the pair to $480.

ALGO/USDT

Algorand (ALGO) bounced off the trendline on June 12 and rose above the 20-day EMA ($0.97), which suggests the bulls are buying on dips. The flattish 20-day EMA and the RSI near the midpoint suggest the selling pressure has reduced.

The price action of the past few days has formed an ascending triangle pattern, which will complete on a breakout and close above $1.15. If the bulls manage to sustain the price above $1.15, the ALGO/USDT pair could rally to the target objective at $1.63.

Contrary to this assumption, if the price turns down from $1.15, the pair may extend its stay inside the triangle for a few more days. A breakdown and close below the trendline will nullify the bullish view and open the gates for a drop to $0.80 and then $0.67.

*ALGO/USDT 4-hour chart. Source:* *TradingView*

The 4-hour chart shows the bulls are attempting to push the price above the downtrend line. If they can sustain the breakout, the pair could rise to $1.15. A breakout and close above this resistance could start a new uptrend.

Conversely, if the price turns down from the current level and breaks below the moving averages, the bears will make one more attempt to sink the price below the trendline. If they succeed, it will signal the start of a deeper correction.

TFUEL/USDT

Theta Fuel (TFUEL) soared to a new all-time high at $0.679 on June 9 but the bulls could not sustain the higher levels as seen from the long wick on the day’s candlestick. That was followed by a sharp pullback to the 20-day EMA ($0.41) on June 12.

The strong rebound off the 20-day EMA shows the sentiment is positive and traders are aggressively buying on dips. The bulls will now try to push the price to the all-time high where they are likely to encounter stiff resistance from the bears.

If the price turns down from the all-time high, the bears will make one more attempt to pull the price below the 20-day EMA. If they succeed, it will suggest the start of a deeper correction.

Alternatively, if buyers propel the price above the all-time high, the TFUEL/USDT pair could resume the uptrend, with the next target objective at $0.85 and then $1.

*TFUEL/USDT 4-hour chart. Source:* *TradingView*

The 4-hour chart shows the pair rebounded strongly off the $0.40 support, which suggests accumulation at lower levels. However, the relief rally is facing resistance just below the 61.8% Fibonacci retracement level at $0.57.

This suggests that the bears have not given up yet and are selling on rallies. If the price dips below the 20-EMA, the bears will try to pull the price down to $0.40. If that happens, the pair may consolidate between these two levels for a few days.

Alternatively, if the price rebounds off the 20-EMA, it will indicate the sentiment is positive and the bulls are not waiting for a deeper fall to buy. That will increase the possibility of a break above $0.57. The pair could then rise to retest the all-time high.

The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph. Every investment and trading move involves risk, you should conduct your own research when making a decision.

Top 5 cryptocurrencies to watch this week: BTC, AAVE, KSM, ALGO, TFUEL

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May 23 2021

Top 5 cryptocurrencies to watch this week: BTC, ETH, ADA, SOL, MATIC

During strong uptrends, every correction is aggressively purchased as the sentiment is positive and traders expect higher levels in the future. Therefore, corrections during a bull phase are shallow and the trend reasserts itself quickly.

However, when the trend changes from up to down, traders wait to sell on rallies because they believe lower levels are likely. In a bearish market, support levels are easily violated and the asset continues to slide.

Generally, a downtrend that is followed after a roaring bull market does not end before a capitulation phase where most bulls have given up on the hope for a sharp recovery. After that happens, the asset class bottoms out.

In the midst of all the volatility, traders should keep an eye on the fundamentals and the long-term story of cryptocurrencies. Instead of panicking, they should take an informed decision.

Let’s look at the top-5 cryptocurrencies that may attempt a relief rally in the next few days.

BTC/USDT

Bitcoin (BTC) dipped and closed below the 200-day simple moving average ($40,235) on May 19. Institutional investors watch this indicator closely and usually avoid buying if the price sustains below it for an extended duration.

Buyers pushed the price back above the 200-day SMA on May 20 but they could not sustain the price above it. This shows that bears are selling on rallies. The BTC/USDT pair could now drop to $28,850. This is an important support to watch out for because if it cracks, the selling could intensify further with the next stop at $20,000.

The downsloping 50-day SMA ($53,500) and the relative strength index (RSI) in the oversold zone suggest advantage to the bears.

However, if the price rebounds off the $28,850 support, the bulls will make one more attempt to push the price above the 200-day SMA. If they succeed, the pair could rise to the neckline of the head and shoulders pattern.

The 4-hour chart shows the relief rallies to the downtrend line are being sold by the bears. This suggests the sentiment has turned negative and traders are viewing the pullbacks to overhead resistance levels as a shorting opportunity.

The 50-SMA is sloping down and the RSI has been trading in the negative zone, indicating advantage to the bears. The first sign of strength will be a breakout and close above the downtrend line. Such a move could open the doors for a rally to $42,401 and then $46,000.

ETH/USDT

Ether (ETH) broke below the 50-day SMA ($2,776) on May 19. The bulls tried to push and sustain the price above the 50-day SMA on May 20 and 21 but failed. This shows that traders sold on rallies.

If the price sustains below $1,801.60, the ETH/USDT pair could drop to the 200-day SMA ($1,578). This level is likely to act as strong support. If the price rebounds off it, the pair could rise to the 50-day SMA where the bears are again likely to mount stiff resistance.

If the price turns down from the 50-day SMA, the pair may remain range-bound for a few days. Contrary to this assumption, if the bears sink the price below the 200-day SMA, panic may set in and the pair could drop to $1,289.09.

The 50-day SMA is flattening out and the RSI is approaching oversold levels, indicating the short-term trend is negative but the medium-term trend is neutral.

*ETH/USDT 4-hour chart. Source:* *TradingView*

The pair is trading inside a descending channel on the 4-hour chart and the moving averages have completed a bearish crossover, suggesting the short-term trend is negative. If the bears sink and sustain the price below the support line of the channel, the selling pressure could increase and the pair may drop to $1,289.09.

On the contrary, if the price rebounds off the support line of the channel, the bulls will make one more attempt to push the pair above the channel. If they succeed, it will suggest the downtrend could be over and the pair may rally to $3,000.

ADA/USDT

Cardano (ADA) rebounded off the $0.95 level on May 19 and the bulls extended the relief rally on May 20 but higher levels attracted profit-booking and the price dipped back below the $1.48 support on May 22.

The $1 to $0.95 level is likely to act as strong support on the downside. If the price rebounds off this support, the ADA/USDT pair could again try to move up to $1.48. The flattening 50-day SMA ($1.44) suggests a possible range-bound action.

Contrary to this assumption, if the bears sink and sustain the price below the support zone, the pair could drop to the 200-day SMA ($0.77). A strong rebound off this level will suggest the markets have rejected the lower levels. The bulls will then once again try to push the price above $1.

If that happens, the pair may enter a consolidation. This view will invalidate if the pair breaks below the 200-day SMA.

*ADA/USDT 4-hour chart. Source:* *TradingView*

The 50-SMA on the 4-hour chart has started to turn down and the RSI is in the negative zone, indicating advantage to the bears. However, the bulls are likely to step in and buy the dips near the critical $1 support.

If that happens, the pullback could reach the downtrend line, which is likely to act as stiff resistance. If the bulls drive the price above the downtrend line, the pair could rise to $1.48. This positive view will nullify if the pair breaks below the $1 to $0.95 support.

SOL/USDT

Solana (SOL) broke below the 50-day SMA ($37) on May 19 but rebounded sharply on May 20. However, the long wick on the May 20 candlestick suggests traders booked profits at higher levels and bears initiated short positions.

The selling picked up momentum on May 22 and the SOL/USDT pair broke below the 50-day SMA. The selling has continued today as the price dropped to the strong support at $21.10.

If the price rebounds off this support, the pair could attempt to rise to the 38.2% Fibonacci retracement level at $35.48. A breakout and close above the 50-day SMA will suggest the short-term trend could be tilting in favor of the bulls.

Alternatively, if the price turns down from $35.48, the bears will again try to sink the price below $21.10. If they are successful, the pair could drop to the 200-day SMA ($14.29).

*SOL/USDT 4-hour chart. Source:* *TradingView*

The 4-hour chart shows the moving averages are on the verge of a bearish crossover, indicating advantage to the bears. However, the RSI has slipped deep into the negative territory, suggesting the selling may be overextended in the short term.

If the price rebounds off $21.10, the bulls will try to push the price above the downtrend line. If they manage to do that, the pair could attempt to rally to $35.48 and then to the 50-SMA.

Conversely, if the price turns down from the downtrend line, it will increase the possibility of a break below $21.10.

MATIC/USDT

Polygon (MATIC) has witnessed a sharp decline since hitting the all-time high at $2.70 on May 18. The altcoin has given up all the gains that it had accrued since May 11 and dropped to the 50-day SMA ($0.78).

The bulls are likely to defend the 50-day SMA and if the price rebounds off the support, the MATIC/USDT pair could rally to the 38.2% Fibonacci retracement level at $1.53. A breakout of this resistance will be the first indication that the selling pressure may be reducing.

On the other hand, if the price turns down from $1.53, the pair could drop to the 50-day SMA. The flattish 50-day SMA and the RSI below 45 point to a possible consolidation in the short term.

This view will invalidate if the bears pull the price below the 50-day SMA. If that happens, the pair could drop to $0.68 and then to $0.54.

*MATIC/USDT 4-hour chart. Source:* *TradingView*

The 4-hour chart shows the bulls are attempting to stall the waterfall decline at $0.80. However, any rebound is likely to face stiff resistance at the downtrend line. If the price turns down from this resistance, the downtrend may extend to $0.68.

The 50-SMA has started to turn down and the RSI is in the oversold territory, indicating advantage to the bears. This negative view will be negated if the price rebounds off the current levels and sustains above the downtrend line. Such a move could result in a relief rally to $1.53.

Top 5 cryptocurrencies to watch this week: BTC, ETH, ADA, SOL, MATIC

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May 19 2021

Price analysis 5/19: BTC, ETH, BNB, ADA, DOGE, XRP, DOT, BCH, LTC, UNI

Bitcoin’s (BTC) massive bloodbath on May 19 resulted in panic selling across the board. Several major altcoins nosedived between 25% to 50% during the day. The extent of the fall shows that many large traders may have dumped their positions and leverage traders may have been roasted.

In a report to its clients on Tuesday, JPMorgan Chase analysts pointed out that institutional investors were abandoning Bitcoin in favor of gold. Considering the volatility ratio of Bitcoin to gold, JP Morgan believes Bitcoin’s current fair value is $35,000.

*Daily cryptocurrency market performance. Source:* *Coin360*

The massive fall today is likely to scare several institutional investors and delay their entry into the space. Although there will be periodic rebounds and sharp bear rallies, the next bull run may not start in a hurry.

Galaxy Digital founder Mike Novogratz also told CNBC that the decline feels like capitulation and this breakdown may not be fixed quickly.

After the sharp decline and the subsequent rebound, let’s analyze the charts of the top-10 cryptocurrencies to determine the support and resistance levels.

BTC/USDT

Bitcoin’s close below the neckline on May 17 completed the bearish head and shoulders pattern. The buyers attempted to push the price back above the neckline on May 18 but failed as seen from the long wick on today’s candlestick.

The selling picked up momentum today and turned into capitulation as the BTC/USDT pair plunged to $29,257.95, exceeding the H&S pattern target at $31,653.73. This fall has pushed the relative strength index (RSI) deep into the oversold territory for the first time since March 2020.

Generally, after such a sharp fall, a pullback can be expected because traders who initiated short positions at higher levels may book profits and aggressive bulls may have purchased near the critical support at $28,850.

The long tail on the candlestick suggests strong buying on dips but the rise from the current levels may not be easy because the bulls are likely to encounter massive supply at the neckline. If the price turns down from this resistance, the pair could consolidate in a large range between $28,850 and $44,000 for the next few days.

ETH/USDT

Ether (ETH) broke below the 50-day simple moving average ($2,760) and the 61.8% Fibonacci retracement level at $2,467.78 today. This resulted in panic selling and the biggest altcoin plummeted below the 78.6% retracement at $1,949.41 to hit an intraday low at $1,801.60.

However, a minor positive is that buyers have aggressively bought the dip as seen from the long tail on the candlestick. If the bulls can sustain the price above the 50-day SMA, the ETH/USDT pair could rally to the 20-day exponential moving average ($3,370). This move is likely to attract selling from the bears because the sentiment has turned negative.

If the price turns down from the 20-day EMA, the pair may drop to the 50-day SMA. If this level holds, the pair may consolidate between the moving averages.

On the other hand, if the bears sink the price below the 50-day SMA, the pair may gradually drop to $1,801.60. If this level holds, the pair could remain range-bound for a few days. However, if the bears sink the price below $1,801.60, the down move may reach $1,289.09.

BNB/USDT

The buyers defended the $480 support on May 17 and 18 but the incessant selling today dragged Binance Coin (BNB) to $280. With today’s decline, the altcoin came close to a 100% retracement of the bull run that started from $233.81 on March 26.

The moving averages are on the verge of a bearish crossover, indicating the trend has changed from bullish to bearish. Any relief rally from the current level is likely to face stiff resistance at $428 and again at $480.

If the price turns down from either level, the BNB/USDT pair may retest $233.81. If this level also gives way, the next support is at $186.10. The bulls are likely to defend this zone aggressively.

ADA/USDT

Cardano (ADA) formed an inside-day candlestick pattern on May 18, which showed indecision among the bulls and the bears. The uncertainty resolved to the downside today, resulting in a massive long liquidations by the bulls.

The capitulation pulled the ADA/USDT pair down to $0.95 today, its lowest level since April 23. However, the bulls have purchased the dip aggressively as seen from the long tail on the day’s candlestick.

If the bulls can sustain the price above the 20-day EMA ($1.74), it will suggest strong demand at lower levels. The pair may then consolidate between $1.48 and $2 for a few days. Conversely, if the price turns down and breaks below $1.48, the pair could gradually drop to $1.

DOGE/USDT

Although Dogecoin (DOGE) sustained above the 20-day EMA ($0.46) for the past few days, the bulls could not achieve a strong rebound. This showed a lack of demand at higher levels.

The DOGE/USDT pair broke below the 50-day SMA ($0.30) and hit an intraday low at $0.21. The bulls have purchased the dip aggressively as seen from the long tail on the day’s candlestick.

If the bulls can sustain the price above $0.35, the pair could rise to the 20-day EMA. This level is likely to attract selling and the pair may then remain range-bound between the moving averages for a few days.

XRP/USDT

XRP pierced the resistance line of the symmetrical triangle on May 18 but the long wick on the candlestick suggests the bulls could not sustain the breakout. The price reversed direction today and plummeted below the support line of the triangle, which may have resulted in huge long liquidations.

However, the long tail on today’s candlestick suggests the bulls purchased the dip to the critical support at $0.88. The buyers will now try to push the price back into the triangle but they are likely to face stiff resistance at the moving averages.

If the price turns down from the 50-day SMA ($1.31), the XRP/USDT pair could again gradually drop to $0.88. If the support holds, the pair may consolidate between $1.20 and $0.88 for a few days.

DOT/USDT

Polkadot (DOT) attempted to take support at the moving averages on May 18 but the demand fizzled out at $42.59. The altcoin turned down today and deep dived to $18, the lowest level since Feb. 3.

If the price closes below $26.50, the bears may continue to pound the DOT/USDT pair and retest the $18 support.

On the contrary, if the relief rally sustains above $26.50, it will suggest the capitulation may be over. The pair could then gradually move up to $32.50 and then to the moving averages.

If the price turns down from the overhead resistance but stays above $26.50 during the next decline, a range-bound action may ensue.

BCH/USDT

Bitcoin Cash (BCH) attempted at recovery on May 18 but could not rise above the 20-day EMA ($1,134). The long wick on the day’s candlestick showed that traders are selling on rallies to stiff resistance levels.

The selling picked up momentum after the BCH/USDT pair broke below $940 and the next critical support at $686.75. The pair finally hit an intraday low at $473.84, its lowest level since March 26.

Aggressive bulls seem to have purchased at lower levels, resulting in a strong recovery as seen from the long tail on the candlestick.

However, the relief rally is likely to hit a hurdle near $940. If the price turns down from this resistance, the pair could consolidate in a large range between $442.96 and $940 for the next few days.

LTC/USDT

The bulls defended the 50-day SMA ($272) on May 17 but they could not extend the recovery above the 20-day EMA ($299) on May 18. This suggests that traders sold their Litecoin (LTC) positions during the relief rally.

Today, the selling resumed and the LTC/USDT pair plunged below the 50-day SMA and the support line of the broadening wedge pattern. This may have resulted in panic selling, dragging the price down to $143.57, the lowest level since Feb. 05.

If the price closes below the support line, the bears may resume selling and a retest of $143.57 may be on the cards. Conversely, if the price climbs back into the wedge, the pair may rise to the moving averages where it is again likely to encounter selling from the bears.

UNI/USDT

Uniswap (UNI) broke below the support line of the ascending channel on May 17 but the bulls pushed the price back into the range on May 18. However, the buyers could not clear the hurdle at the 20-day EMA ($36), indicating selling at higher levels.

The UNI/USDT pair turned down today and broke below the support line of the channel. The selling picked up momentum after the $25.52 support cracked. This may have caused long liquidation, resulting in a drop to an intraday low at $16.

However, the positive sign is that the bulls purchased this dip and are attempting to start a relief rally. This rally may face stiff resistance at $30 and then again at the moving averages. If the price turns down from this resistance, the pair may drop to $25.52 and remain range-bound for a few days.

Alternatively, if the price closes below $25.52, the bears may try to build on their advantage and sink the price to $16.

The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph. Every investment and trading move involves risk. You should conduct your own research when making a decision.

Market data is provided by HitBTC exchange.

Price analysis 5/19: BTC, ETH, BNB, ADA, DOGE, XRP, DOT, BCH, LTC, UNI

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