Shiba

Bitcoin

Toncoin

Shiba Inu

<div class="fintechs">
 <div class="wp-block-image">
  <figure class="aligncenter size-full"><img decoding="async" width="640" height="427" src="https://cdn.thebittimes.com/images/2024/05/02/d0ae813f364e2f830feb379599b7472d.webp" alt="AI Crypto Market Image" class="wp-image-44844" srcset="https://cdn.thebittimes.com/images/2024/05/02/379db1667755a2904fe8e55136beb237.webp 750w, https://cdn.thebittimes.com/images/2024/05/02/379db1667755a2904fe8e55136beb237.webp 300w" sizes="(max-width: 640px) 100vw, 640px" data-recalc-dims="1">
  </figure>
 </div>
 <p class="">The Bitcoin market decended to $56,500, which shattered bullish traders’ optimism and exerted downward pressure on altcoin prices. However, amidst this downturn, are there opportunities for long-term investors to capitalise?</p>
 <p class="">On May 1st, Bitcoin breached the critical $60,000 support level, weakening the prevailing uptrend. While this decline has clouded Bitcoin’s immediate outlook, analysts maintain a positive stance on its long-term prospects.</p>
 <p class="">During bearish market conditions, traders often amplify negative news, causing a dent in investor sentiment. The lacklustre response to the debut of Hong Kong spot Bitcoin and Ether exchange-traded funds (ETFs) on April 30 and continued outflows from US-based spot Bitcoin ETFs for the fifth consecutive day further exacerbated concerns.</p>
 <div class="wp-block-image">
  <figure class="aligncenter"><img decoding="async" src="https://cdn.thebittimes.com/images/2024/05/02/18a1ba66c695e8e46bd3dfa4c442c889.webp" alt="" data-recalc-dims="1">
   <figcaption class="wp-element-caption"><em>Crypto market data daily view. Source:</em><em>&nbsp;</em><em>Coin360</em>
   </figcaption>
  </figure>
 </div>
 <p class="">Every bull phase witnesses sharp corrections, which shake out the weak hands. The lower levels allow long-term investors to add to their portfolios. However, waiting for the price to confirm a bottom is better before initiating large bets.</p>
 <p class="">Could Bitcoin and the altcoins start a sharp recovery, trapping the aggressive bears? Let’s analyze the charts of the top 10 cryptocurrencies to find out.</p>
 <h2 class="wp-block-heading" id="bitcoin-btc-market-analysis">Bitcoin (BTC) Market Analysis</h2>
 <p class="">The Bitcoin market consolidation resolved to the downside on May 1, indicating that the bears have overpowered the bulls.</p>
 <div class="wp-block-image">
  <figure class="aligncenter"><img decoding="async" src="https://cdn.thebittimes.com/images/2024/05/02/d6564e692308adce9f4faeada286ffe9.webp" alt="" data-recalc-dims="1">
   <figcaption class="wp-element-caption"><em>BTC/USDT daily chart. Source:&nbsp;</em><em>TradingView</em>
   </figcaption>
  </figure>
 </div>
 <p class="">Buyers will attempt to push the price back above $59,600, but the bears will likely have other plans. If the price turns down from $59,600, it will suggest that the bears have flipped the level into resistance. That will enhance the prospects of a drop to the 61.8% Fibonacci retracement level of $54,298.</p>
 <p class="">This negative view will be invalidated soon if the price turns up and breaks above the 50-day simple moving average ($66,596).</p>
 <h2 class="wp-block-heading" id="ether-eth-market-analysis">Ether (ETH) Market Analysis</h2>
 <p class="">Ether broke below the 20-day exponential moving average ($3,170) and the $3,056 support on April 30, signalling that the bears are in command.</p>
 <div class="wp-block-image">
  <figure class="aligncenter"><img decoding="async" src="https://cdn.thebittimes.com/images/2024/05/02/cde15b3288045a87e2aa3eaa69a7fe49.webp" alt="" data-recalc-dims="1">
   <figcaption class="wp-element-caption"><em>ETH/USDT daily chart. Source:&nbsp;</em><em>TradingView</em>
   </figcaption>
  </figure>
 </div>
 <p class="">The selling continued on May 1, and the bears tugged the price below the solid support at $2,852. If bears sustain the price below $2,852, the ETH/USDT pair could move downward to $2,700 and subsequently to $2,400.</p>
 <p class="">Time is running out for the Bulls. They must quickly push the price back above the moving averages to prevent the decline. If they do that, it will indicate that the fall below $2,850 may have been a fake breakdown.</p>
 <h2 class="wp-block-heading" id="bnb-market-analysis">BNB Market Analysis</h2>
 <p class="">The long tail on BNB’s&nbsp;April 30 candlestick shows that the bulls purchased at lower levels but could not sustain the momentum.</p>
 <div class="wp-block-image">
  <figure class="aligncenter"><img decoding="async" src="https://cdn.thebittimes.com/images/2024/05/02/b774af9370306b00c10ab9a13bf80bec.webp" alt="" data-recalc-dims="1">
   <figcaption class="wp-element-caption"><em>BNB/USDT daily chart. Source:&nbsp;</em><em>TradingView</em>
   </figcaption>
  </figure>
 </div>
 <p class="">The bears continued selling and yanked the price below the moving averages on May 1. The BNB/USDT pair could drop to the critical support at $495. This is an essential support for the bulls to defend because a break below $495 could sink the pair to $460 and later to $400.</p>
 <p class="">Contrary to this assumption, if the price bounces off $495 and rises above the moving averages, it will suggest that the range-bound action may continue for some more time. The bulls will have to overcome the obstacle at $635 to start the next leg of the uptrend.</p>
 <h2 class="wp-block-heading" id="solana-sol-price-analysis">Solana (SOL) Price Analysis</h2>
 <p class="">The failure of the bulls to start a rebound of $126 in Solana&nbsp;shows that the bears remain in control.</p>
 <div class="wp-block-image">
  <figure class="aligncenter"><img decoding="async" src="https://cdn.thebittimes.com/images/2024/05/02/1fdadae1b0abc1bb3b414613e64a6b49.webp" alt="" data-recalc-dims="1">
   <figcaption class="wp-element-caption"><em>SOL/USDT daily chart. Source:&nbsp;</em><em>TradingView</em>
   </figcaption>
  </figure>
 </div>
 <p class="">There is minor support at $116, but if this level cracks, the selling could accelerate, and the SOL/USDT pair could plunge to $100. The greater the fall, the longer it will take for the next leg of the uptrend to begin.</p>
 <p class="">Bulls must quickly push the price above the 20-day EMA ($144) if they want to make a comeback. That may trap the aggressive bears, resulting in a short squeeze. The pair may then ascend toward the 50-day SMA ($166).</p>
 <h2 class="wp-block-heading" id="xrp-price-analysis">XRP Price Analysis</h2>
 <p class="">XRP&nbsp;tried to start a relief rally from the psychological level of $0.50 on April 29, but the bulls could not maintain the higher levels.</p>
 <div class="wp-block-image">
  <figure class="aligncenter"><img decoding="async" src="https://cdn.thebittimes.com/images/2024/05/02/3a12a9df955b8d09024b0f71e048ea91.webp" alt="" data-recalc-dims="1">
   <figcaption class="wp-element-caption"><em>XRP/USDT daily chart. Source:&nbsp;</em><em>TradingView</em>
   </figcaption>
  </figure>
 </div>
 <p class="">Sustained selling by the bears pulled the price below $0.50, opening the doors for a retest of the solid support at $0.46. The bulls are expected to fiercely defend the zone between $0.46 and $0.41 because a break below it may start a downtrend.</p>
 <p class="">Alternatively, if the price bounces off $0.46 and rises above the 50-day SMA ($0.57), it will suggest that the bears are losing their grip. The XRP/USDT pair may extend its stay inside the $0.41 to $0.74 range for several more days.</p>
 <h2 class="wp-block-heading" id="dogecoin-doge-price-analysis">Dogecoin (DOGE) Price Analysis</h2>
 <p class="">Dogecoin’s<a target="_blank" rel="noreferrer noopener">&nbsp;fall picked up momentum after the price broke below the symmetrical triangle pattern.</a></p><a target="_blank" rel="noreferrer noopener">
  <div class="wp-block-image">
   <figure class="aligncenter"><img decoding="async" src="https://cdn.thebittimes.com/images/2024/05/02/ea328e8a07a3243e671222f164ae26ad.webp" alt="" data-recalc-dims="1">
    <figcaption class="wp-element-caption"><em>DOGE/USDT daily chart. Source:&nbsp;</em><em>TradingView</em>
    </figcaption>
   </figure>
  </div> <p class="">The bears have pulled the price below the neckline of the bearish head-and-shoulders pattern. If the price remains below $0.12, the selling could intensify, and the DOGE/USDT pair may slide to $0.10 and eventually to $0.08.</p> <p class="">On the contrary, if the price rises above the neckline, it will indicate solid buying at lower levels. The bulls will gain strength on a break above the 20-day EMA ($0.15), and a potential trend change will be signalled above the downtrend line.</p> <h2 class="wp-block-heading" id="toncoin-ton-price-analysis">Toncoin (TON) Price Analysis</h2> <p class="">Toncoin broke below the 50-day SMA ($5.32) on April 30, indicating that the bears maintain their pressure.</p>
  <div class="wp-block-image">
   <figure class="aligncenter"><img decoding="async" src="https://cdn.thebittimes.com/images/2024/05/02/efb361da33d8923c8a5cbf8b92700810.webp" alt="" data-recalc-dims="1">
    <figcaption class="wp-element-caption"><em>TON/USDT daily chart. Source:&nbsp;</em><em>TradingView</em>
    </figcaption>
   </figure>
  </div> <p class="">The bulls will likely defend the zone between the 50% Fibonacci retracement level of $4.90 and the 61.8% retracement level of $4.25. Buyers must kick the price above the 20-day EMA ($5.58) to signal that the correction may be over. If that happens, the TON/USDT pair may attempt a rally to $6.24.</p> <p class="">Instead, if the price continues lower and breaks below $4.25, it will signal that the uptrend has ended. That increases the risk of a drop to $3.32.</p> <h2 class="wp-block-heading" id="cardano-ada-price-analysis">Cardano (ADA) Price Analysis</h2> <p class="">Cardano&nbsp;is trying to start a recovery from $0.42, but the weak rebound suggests a lack of demand from the bulls.</p>
  <div class="wp-block-image">
   <figure class="aligncenter"><img decoding="async" src="https://cdn.thebittimes.com/images/2024/05/02/3180a9f91dec95fd83b5e88cb73a9fa8.webp" alt="" data-recalc-dims="1">
    <figcaption class="wp-element-caption"><em>ADA/USDT daily chart. Source:&nbsp;</em><em>TradingView</em>
    </figcaption>
   </figure>
  </div> <p class="">The downsloping 20-day EMA ($0.48) and the RSI near the oversold zone suggest that the path of least resistance is to the downside. If the price skids below $0.42, the ADA/USDT pair could retest $0.40 support. The bulls will likely defend the level with all their might because a break below it may extend the decline to $0.35.</p> <p class="">The 20-day EMA remains the critical overhead resistance that needs to be crossed to suggest that the bears may be losing their grip. If that happens, the pair may attempt a rally to the 50-day SMA ($0.57).</p> <h2 class="wp-block-heading" id="avalanche-avax-price-analysis">Avalanche (AVAX) Price Analysis</h2> <p class="">Buyers tried to push Avalanche&nbsp;back above the uptrend line on April 29, but the bears did not relent. This shows that the bears are trying to flip the uptrend line into resistance.</p>
  <div class="wp-block-image">
   <figure class="aligncenter"><img decoding="async" src="https://cdn.thebittimes.com/images/2024/05/02/a588f30bc14677699e723665c9a82cda.webp" alt="" data-recalc-dims="1">
    <figcaption class="wp-element-caption"><em>AVAX/USDT daily chart. Source:&nbsp;</em><em>TradingView</em>
    </figcaption>
   </figure>
  </div> <p class="">There is a minor support at $31.92. But if this level gives way, the AVAX/USDT pair could plummet to $29.24. The zone between $27.24 and $29.24 may witness aggressive buying by the bulls.</p> <p class="">Buyers will mustr the downtrend line on the way up if they want to signal a comeback. The pair could then rise to $42 and, after that, to the 50-day SMA ($45.68). This level may attract selling by the bears.</p> <h2 class="wp-block-heading" id="shiba-inu-shib-price-analysis">Shiba Inu (SHIB) Price Analysis</h2> </a>
 <p class=""><a target="_blank" rel="noreferrer noopener">The bulls tried to push Shiba Inu&nbsp;</a><a target="_blank" rel="noreferrer noopener">above the 20-day EMA ($0.000024) on April 30, but the bears held their ground.</a></p><a target="_blank" rel="noreferrer noopener">
  <div class="wp-block-image">
   <figure class="aligncenter"><img decoding="async" src="https://cdn.thebittimes.com/images/2024/05/02/30bd685ea35fb3963c971227b5e41780.webp" alt="" data-recalc-dims="1">
    <figcaption class="wp-element-caption"><em>SHIB/USDT daily chart. Source:&nbsp;</em><em>TradingView</em>
    </figcaption>
   </figure>
  </div> <p class="">The SHIB/USDT pair could slide to $0.000020, which is likely to act as a strong support. Any rebound off this level is expected to face selling at the 20-day EMA. If the price turns down sharply from the 20-day EMA, the likelihood of a drop to $0.000018 increases.</p> <p class="">The first sign of strength will be a break and close above the moving averages. Such a move will signal solid buying at lower levels. The pair may then attempt a rally to $0.000033, where the bears may mount a stiff resistance.</p> <h4 class="wp-block-heading">Source – Rakesh&nbsp;Upadhyay</h4> </a>
</div>
<p><a target="_blank" rel="noreferrer noopener">Source: </a><a rel="noopener noreferrer nofollow" target="_blank" href="https://thebittimes.com/latest-market-overview-1st-may-btc-eth-bnb-sol-xrp-doge-ton-ada-avax-shib-tbt87188.html">https://thebittimes.com/latest-market-overview-1st-may-btc-eth-bnb-sol-xrp-doge-ton-ada-avax-shib-tbt87188.html</a></p>

Latest Market Overview 1st May: BTC, ETH, BNB, SOL, XRP, DOGE, TON, ADA, AVAX, SHIB

Table of Contents

TheBitTimes

Other articles published on May 2, 2024

Binance Wallet announces support for Bitcoin Atomical ARC-20 assets

Exploring the 500% Surge in Shiba Inu (SHIB) Transaction Fees: Key Factors & Analysis

Bear Market Flashbacks Cause Severe Crypto Market Dip, Patient Analysts Dispel FUD With BTC Targe...

Is Celestia’s Price Heading for a New Low?

BlackRock’s IBIT ETF Faces Its First Ever Outflow Of $36.6M!

Fed Maintains Interest Rates Steady

Join our free newsletter for daily crypto updates!