Shiba

random

Bitcoin

Gram (prev. Toncoin)

Shiba Inu

<div class="fintechs">
 <div class="wp-block-image">
  <figure class="aligncenter size-full"><img width="640" height="427" src="https://cdn.thebittimes.com/images/2024/05/11/4e77823edd4828ddb4aa9790e66d6b4f.webp" alt="Crypto Market Image">
  </figure>
 </div>
 <p><strong>The Bitcoin market inability to surpass the 20-day EMA raises concerns about a potential downward trend for BTC and various alternative cryptocurrencies.</strong></p>
 <p>Bitcoin’s trajectory remains uncertain as bullish and bearish forces vie for dominance. Jan Happel and Yana Allemann, co-founders of Glassnode, anticipate a bullish resolution, expressing their belief in a forthcoming significant surge in Bitcoin’s value.</p>
 <p>Large investors continue to make significant purchases despite the ambiguity surrounding the market’s direction. According to a recent report from market intelligence firm Santiment, whale wallets containing between 1,000 and 10,000 Bitcoin acquired approximately $941 million worth within 24 hours.</p>
 <div class="wp-block-image">
  <figure class="aligncenter"><img src="https://cdn.thebittimes.com/images/2024/05/11/4d169db22bf30f830c68e6753e89ae3b.webp" alt="">
   <figcaption><em>Crypto market data daily view. Source:</em><em>&nbsp;</em><em>Coin360</em>
   </figcaption>
  </figure>
 </div>
 <p>Bitcoin’s long-term investors are not worried about the range-bound price action in the near term. In a recent interview with journalist Mike Solana, Twitter co-founder Jack Dorsey was told that&nbsp;Bitcoin could skyrocket to at least $1 million&nbsp;by 2030 and even surpass the level from that point onward.</p>
 <p>Could buyers continue to defend the support levels in Bitcoin and altcoins, or will the bears prevail? 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>Bitcoin bulls are trying to keep the price above the psychological support at $60,000 but are facing selling at the 20-day exponential moving average ($62,959).</p>
 <div class="wp-block-image">
  <figure class="aligncenter"><img src="https://cdn.thebittimes.com/images/2024/05/11/9a1202105bcfc0d786948a84d299503a.webp" alt="">
   <figcaption><em>BTC/USDT daily chart. Source:&nbsp;</em><em>TradingView</em>
   </figcaption>
  </figure>
 </div>
 <p>The downsloping moving averages and the relative strength index (RSI) in the negative territory suggest that the bears have the upper hand. If the $59,650 support cracks, the BTC/USDT pair may plummet to the 61.8% Fibonacci retracement level of $54,298.</p>
 <p>This negative view will be invalidated soon if the price turns up and breaks above the 50-day simple moving average ($65,620). The pair could then accelerate toward the critical overhead resistance of $73,777.</p>
 <h2 class="wp-block-heading" id="ether-eth-market-analysis">Ether (ETH) Market Analysis</h2>
 <p>Ether&nbsp;has been trading between the 20-day EMA ($3,087) and the horizontal support at $2,850 for several days.</p>
 <div class="wp-block-image">
  <figure class="aligncenter"><img src="https://cdn.thebittimes.com/images/2024/05/11/e2af353e4d4a3b358c863a622b17fbb6.webp" alt="">
   <figcaption><em>ETH/USDT daily chart. Source:&nbsp;</em><em>TradingView</em>
   </figcaption>
  </figure>
 </div>
 <p>The downsloping moving averages and the RSI in the negative territory indicate an advantage to sellers. A break and close below $2,850 will signal the resumption of the downtrend. The ETH/USDT pair may collapse to the channel’s support line.</p>
 <p>The zone between the 20-day EMA and the resistance line will likely act as a critical resistance. Buyers must shove the price above this zone to suggest a potential trend change. The pair may climb to $3,350.</p>
 <h2 class="wp-block-heading" id="bnb-market-analysis">BNB Market Analysis</h2>
 <p>The BNB&nbsp;Market <a target="_blank" rel="noopener noreferrer nofollow">rebounded off the moving averages on May 8, but the move lacked momentum, indicating hesitation to continue buying at higher levels.</a></p><a target="_blank" rel="noopener noreferrer nofollow">
  <div class="wp-block-image">
   <figure class="aligncenter"><img src="https://cdn.thebittimes.com/images/2024/05/11/3752985217d7e9e19f76120ae9bbecba.webp" alt="">
    <figcaption><em>BNB/USDT daily chart. Source:&nbsp;</em><em>TradingView</em>
    </figcaption>
   </figure>
  </div> <p>If buyers propel the price above the downtrend line, it will increase the likelihood of a rally to the overhead resistance of $635. This is a significant level to watch out for because a break above it could open the doors for a rally to $692.</p> <p>Meanwhile, the bears are likely to have other plans. They will try to tug the price below the moving averages. If they do that, the BNB/USDT pair may slump to $536 and then to the solid support at $495.</p> <h2 class="wp-block-heading" id="solana-sol-price-analysis">Solana (SOL) Price Analysis</h2> <p>Solana&nbsp;fell below the 20-day EMA ($146) on May 8, but the bears could not sustain the lower levels.</p>
  <div class="wp-block-image">
   <figure class="aligncenter"><img src="https://cdn.thebittimes.com/images/2024/05/11/42500361588fcf723d32cd257eb4769c.webp" alt="">
    <figcaption><em>SOL/USDT daily chart. Source:&nbsp;</em><em>TradingView</em>
    </figcaption>
   </figure>
  </div> <p>Solid buying by the bulls pushed the price back above the 20-day EMA on May 9, but the SOL/USDT pair could not reach the $162 resistance. The flattish 20-day EMA and the RSI near the midpoint do not clearly advantage either the bulls or the bears.</p> <p>If the price turns up from the current level and breaks above $162, it will suggest that the bulls are back in the game. The pair may rise to $185 and later to $205. The critical support zone to watch on the downside is between $126 and $116.</p> <h2 class="wp-block-heading" id="xrp-price-analysis">XRP Price Analysis</h2> </a>
 <p><a target="_blank" rel="noopener noreferrer nofollow">XRP&nbsp;</a><a target="_blank" rel="noopener noreferrer nofollow">has been trading between $0.46 and $0.57 for the past few days, indicating a balance between supply and demand.</a></p><a target="_blank" rel="noopener noreferrer nofollow">
  <div class="wp-block-image">
   <figure class="aligncenter"><img src="https://cdn.thebittimes.com/images/2024/05/11/0f85569380e935e3c4291d2bc9efca88.webp" alt="">
    <figcaption><em>XRP/USDT daily chart. Source:&nbsp;</em><em>TradingView</em>
    </figcaption>
   </figure>
  </div> <p>The price slipped below the 20-day EMA ($0.52) on May 7, indicating that the bears are trying to take charge. Sellers will try to pull the price to the crucial support at $0.46, where buyers are expected to step in and defend the level with all their might. A strong bounce off $0.46 could extend the stay inside the range for longer.</p> <p>The bulls will have to push and maintain the price above $0.57 to suggest that the correction could be coming to an end.</p> <h2 class="wp-block-heading" id="toncoin-ton-price-analysis">Toncoin (TON) Price Analysis</h2> <p>Toncoin rebounded off the moving averages on May 8 and cleared the hurdle at the 61.8% Fibonacci retracement level of $6.49 on May 10, signalling that the correction may be over.</p>
  <div class="wp-block-image">
   <figure class="aligncenter"><img src="https://cdn.thebittimes.com/images/2024/05/11/3d6f13509736e79785363877c5ef2dcb.webp" alt="">
    <figcaption><em>TON/USDT daily chart. Source:&nbsp;</em><em>TradingView</em>
    </figcaption>
   </figure>
  </div> <p>The 20-day EMA ($5.81) has started to turn up gradually, and the RSI has risen into positive territory, indicating that bulls have the upper hand. The TON/USDT pair will attempt a rally to $7.67.</p> <p>Conversely, if the price turns down sharply from the current level or the overhead resistance at $7.67, it will suggest that bears remain active at higher levels. That could result in a range between $4.72 and $7.67.</p> <h2 class="wp-block-heading" id="dogecoin-doge-price-analysis">Dogecoin (DOGE) Price Analysis</h2> <p>The bulls are trying to prevent Dogecoin&nbsp;from retesting the neckline of the large head-and-shoulders pattern.</p>
  <div class="wp-block-image">
   <figure class="aligncenter"><img src="https://cdn.thebittimes.com/images/2024/05/11/238450a1ebfed7e2e2c1f0a89f0a7911.webp" alt="">
    <figcaption><em>DOGE/USDT daily chart. Source:&nbsp;</em><em>TradingView</em>
    </figcaption>
   </figure>
  </div> <p>Buyers will have to push the price above the 20-day EMA ($0.15) to clear the path for a rally to the 50-day SMA ($0.17). The bears must defend this level because a break above it could start a rally to $0.21.</p> <p>Instead, if the price turns down from the current level or the 50-day SMA, it will suggest that the DOGE/USDT pair may spend some more time inside the range. If the price skids below $0.12, the trend is likely to turn bearish.</p> <h2 class="wp-block-heading" id="cardano-ada-price-analysis">Cardano (ADA) Price Analysis</h2> <p>Cardano&nbsp;remains stuck between the 20-day EMA ($0.47) and the support line, indicating uncertainty among the bulls and the bears about the next directional move.</p>
  <div class="wp-block-image">
   <figure class="aligncenter"><img src="https://cdn.thebittimes.com/images/2024/05/11/10a600d76c3ec431d1ef4edbe252e8eb.webp" alt="">
    <figcaption><em>ADA/USDT daily chart. Source:&nbsp;</em><em>TradingView</em>
    </figcaption>
   </figure>
  </div> <p>The downsloping 20-day EMA and the RSI in the negative territory indicate an advantage for bears. The ADA/USDT pair could move downward toward $0.35 if the price breaks below the support line.</p> <p>On the contrary, if the price turns up and breaks above the 20-day EMA, it will signal that the bulls are on a comeback. The pair could rise to the 50-day SMA ($0.53) and later to the overhead resistance of $0.57. This zone is likely to witness strong selling by the bears.</p> <h2 class="wp-block-heading" id="avalanche-avax-price-analysis">Avalanche (AVAX) Price Analysis</h2> <p>Avalanche&nbsp;has been trading between $29 and $40 for several days, indicating a balance between supply and demand.</p>
  <div class="wp-block-image">
   <figure class="aligncenter"><img src="https://cdn.thebittimes.com/images/2024/05/11/a2e089cacbfa49f0501b1a94e7d0d303.webp" alt="">
    <figcaption><em>AVAX/USDT daily chart. Source:&nbsp;</em><em>TradingView</em>
    </figcaption>
   </figure>
  </div> <p>In a range, traders usually buy the dips to the support and sell near the resistance. The price action in between could be random and volatile. If the price breaks above the 20-day EMA ($36), the AVAX/USDT pair could reach $40.</p> <p>On the contrary, if the price turns down from the 20-day EMA, it will suggest that higher levels continue to attract sellers. The pair may slump to the solid support at $29. The next trending move will likely begin above $40 or below $29.</p> <h2 class="wp-block-heading" id="shiba-inu-shib-price-analysis">Shiba Inu (SHIB) Price Analysis</h2> </a>
 <p><a target="_blank" rel="noopener noreferrer nofollow">Shiba Inu&nbsp;</a><a target="_blank" rel="noopener noreferrer nofollow">continues to trade between the 20-day EMA ($0.000024) and the support line of the symmetrical triangle pattern.</a></p><a target="_blank" rel="noopener noreferrer nofollow">
  <div class="wp-block-image">
   <figure class="aligncenter"><img src="https://cdn.thebittimes.com/images/2024/05/11/b93033d259376869b2b26cfad73ea3de.webp" alt="">
    <figcaption><em>SHIB/USDT daily chart. Source:&nbsp;</em><em>TradingView</em>
    </figcaption>
   </figure>
  </div> <p>It is difficult to predict the direction of breakout from a triangle with certainty. Hence, waiting for the price to escape the triangle is better before taking a directional view. If the price plunges below the triangle, it will signal that the bears have overpowered the bulls. The SHIB/USDT pair may descend to the 78.6% Fibonacci retracement level of $0.000017.</p> <p>On the contrary, if the price rises and breaks above the 20-day EMA, it suggests buying at lower levels. The pair may rally to the triangle’s resistance line.</p> <h4 class="wp-block-heading">Source – Rakesh&nbsp;Upadhyay</h4> </a>
</div>
<p><a target="_blank" rel="noopener noreferrer nofollow">Source: </a><a rel="noopener noreferrer nofollow" target="_blank" href="https://thebittimes.com/latest-market-overview-10th-may-btc-eth-bnb-sol-xrp-ton-doge-ada-avax-shib-tbt88042.html">https://thebittimes.com/latest-market-overview-10th-may-btc-eth-bnb-sol-xrp-ton-doge-ada-avax-shib-tbt88042.html</a></p>

Latest Market Overview 10th May: BTC, ETH, BNB, SOL, XRP, TON, DOGE, ADA, AVAX, SHIB

Table of Contents

TheBitTimes

Other articles published on May 11, 2024

Join our free newsletter for daily crypto updates!