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 <p class=""><strong>The Bitcoin market has had a solid recovery to the $60,000 level is promising, yet it suggests that BTC’s range-bound behaviour may persist for a while.</strong></p>
 <p class="">Traders typically favour a trending market over a range-bound one. In times of uncertainty regarding the next directional move, traders often withdraw from the market, which appears to be the current situation with Bitcoin.</p>
 <p class="">Research firm Santiment attributes Bitcoin’s reduced on-chain activity to “fear and indecision,” noting that this does not necessarily imply a further decline in Bitcoin’s value.</p>
 <p class="">The consolidation phase of Bitcoin presents opportunities for investors to accumulate more Bitcoin. Japanese investment firm Metaplanet revealed a “strategic shift” in its treasury management, adopting a Bitcoin-only strategy in response to the continued depreciation of the Japanese yen. Metaplanet announced the acquisition of 117.7 Bitcoin at an average price of $65,000.</p>
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   <figcaption class="wp-element-caption"><em>Daily cryptocurrency market performance. Source:&nbsp;</em><em>Coin360</em>
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 <p class="">Generally, a consolidation near a lifetime high is a positive sign as it shows that traders are holding onto their positions as they anticipate the uptrend to continue. However, even after repeated attempts, if the overhead resistance is not crossed, traders may dump their positions, starting a sharp pullback.</p>
 <p class="">Will bulls defend the essential support levels in Bitcoin and select altcoins? Let’s analyze the charts to find out.</p>
 <h2 class="wp-block-heading" id="sp-500-index-spx-market-analysis">S&amp;P 500 Index (SPX) Market Analysis</h2>
 <p class="">The S&amp;P 500 Index has continued its northward march toward the all-time high, indicating demand from the bulls.</p>
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  <figure class="aligncenter"><img decoding="async" src="https://cdn.thebittimes.com/images/2024/05/14/9e3323464757ca6405ef3d105f470f6c.webp" alt="" data-recalc-dims="1">
   <figcaption class="wp-element-caption"><em>SPX daily chart. Source:&nbsp;</em><em>TradingView</em>
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 <p class="">The 20-day exponential moving average (5,140) has started to slope up, and the relative strength index (RSI) has jumped into positive territory, indicating a slight advantage to the buyers. If the 5,265 level is removed, the index may travel toward 5,500.</p>
 <p class="">However, the bears are unlikely to give up easily. They will attempt to stall the upmove at 5,265. If the price turns down from this level, the index may stay range-bound between 5,265 and 4,950 for a while.</p>
 <h2 class="wp-block-heading" id="u-s-dollar-index-dxy-market-analysis">U.S. Dollar Index (DXY) Market Analysis</h2>
 <p class="">The U.S. Dollar Index broke below the 20-day EMA (105) on May 9, indicating aggressive selling by the bears on every minor rally.</p>
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  <figure class="aligncenter"><img decoding="async" src="https://cdn.thebittimes.com/images/2024/05/14/ae15e2ccbc5475218eb9c8ffae1f3a82.webp" alt="" data-recalc-dims="1">
   <figcaption class="wp-element-caption"><em>DXY daily chart. Source:&nbsp;</em><em>TradingView</em>
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 <p class="">The bears will try to sink the price to the 50-day simple moving average (104), which could again be a strong support. If the price bounces off the 50-day SMA, the index may again attempt to rise above the 20-day EMA. If that happens, the index could rally to 106.50.</p>
 <p class="">Alternatively, if the price continues lower and breaks below the 50-day SMA, it will suggest that the bears are in charge. The index may slump to the support line, which will likely attract strong buying from the bulls.</p>
 <h2 class="wp-block-heading" id="bitcoin-btc-market-analysis">Bitcoin (BTC) Market Analysis</h2>
 <p class="">The bulls struggle to sustain Bitcoin above the 20-day EMA ($62,671), indicating that the bears maintain the pressure.</p>
 <figure class="wp-block-image"><img decoding="async" src="https://cdn.thebittimes.com/images/2024/05/14/d3c2e654b569a4547bda0609a810161b.webp" alt="" data-recalc-dims="1">
  <figcaption class="wp-element-caption"><em>BTC/USDT daily chart. Source:&nbsp;</em><em>TradingView</em>
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 <p class="">The flattish 20-day EMA and the RSI near the midpoint suggest the range-bound action may extend for a few more days. If buyers maintain the price above the 20-day EMA, the BTC/USDT pair could rise to the 50-day SMA ($65,426). This level may act as a stiff resistance, but if the bulls surpass it, the pair may climb to $73,777.</p>
 <p class="">Contrary to this assumption, if the price turns down from the 50-day SMA, it will indicate that bears are active at higher levels. The pair may slump to the critical support zone between $59,600 and $56,500.</p>
 <h2 class="wp-block-heading" id="ether-eth-market-analysis">Ether (ETH) Market Analysis</h2>
 <p class="">Ether&nbsp;<a target="_blank" rel="noreferrer noopener">continues to trade inside the descending channel pattern, indicating that the bears are in control.</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/2024/05/14/197d1704733ebc87bc16e2bdbca53d3c.webp" alt="" data-recalc-dims="1">
    <figcaption class="wp-element-caption"><em>ETH/USDT daily chart. Source:&nbsp;</em><em>TradingView</em>
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  </div> <p class="">The price is attempting to bounce off $2,850, a significant level for the bulls to defend. If this level breaks down, the ETH/USDT pair could start the next leg of the downtrend to the channel’s support line.</p> <p class="">Time channels out for the Bulls. To make a comeback, they must start a recovery and drive the price above the resistance line. The pair may then rise to $3,357 and later to $3,730.</p> <h2 class="wp-block-heading" id="bnb-price-analysis">BNB Price Analysis</h2> <p class="">BNB has been trading between the downtrend line and the moving averages, indicating indecision between the bulls and the bears.</p>
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   <figure class="aligncenter"><img decoding="async" src="https://cdn.thebittimes.com/images/2024/05/14/409a82325b9471fabdc72b6caa2d6371.webp" alt="" data-recalc-dims="1">
    <figcaption class="wp-element-caption"><em>BNB/USDT daily chart. Source:&nbsp;</em><em>TradingView</em>
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  </div> <p class="">If the price skids below the moving averages, the short-term advantage will tilt for the bears. The BNB/USDT pair could move downward to $536 and later to the crucial support at $495.</p> <p class="">Contrarily, if the price turns up and breaks above the downtrend line, it will suggest that the bulls have the upper hand. The buyers will attempt to push the price above $635 and resume the uptrend.</p> <h2 class="wp-block-heading" id="solana-sol-price-analysis">Solana (SOL) Price Analysis</h2> <p class="">Solana&nbsp;broke below the $140 support on May 13, but the bears could not pull the price to the pivotal support at $126.</p>
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   <figure class="aligncenter"><img decoding="async" src="https://cdn.thebittimes.com/images/2024/05/14/4031e03b8e2db5167ca7c213b80a283a.webp" alt="" data-recalc-dims="1">
    <figcaption class="wp-element-caption"><em>SOL/USDT daily chart. Source:&nbsp;</em><em>TradingView</em>
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  </div> <p class="">The flattish 20-day EMA ($146) and the RSI near the midpoint do not favour the bulls or the bears. If the price turns up and rises above the 20-day EMA, it will suggest solid buying at lower levels. The pair may reach stiff resistance at $162.</p> <p class="">Instead, if the price turns down from the 20-day EMA and breaks below $137, it will signal that bears are trying to take charge. The SOL/USDT pair could descend to $126, which is when the bulls are expected to start buying.</p> <h2 class="wp-block-heading" id="xrp-price-analysis">XRP Price Analysis</h2> </a>
 <p class=""><a target="_blank" rel="noreferrer noopener">XRP&nbsp;</a><a target="_blank" rel="noreferrer noopener">has been trading below the 20-day EMA ($0.52), but the bears have failed to sink the price to the essential support at $0.46.</a></p><a target="_blank" rel="noreferrer noopener">
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   <figure class="aligncenter"><img decoding="async" src="https://cdn.thebittimes.com/images/2024/05/14/0b851f6190f36c3da4c990db5f922e89.webp" alt="" data-recalc-dims="1">
    <figcaption class="wp-element-caption"><em>XRP/USDT daily chart. Source:&nbsp;</em><em>TradingView</em>
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  </div> <p class="">The downsloping 20-day EMA and the RSI near 43 suggest that the bears have the edge. Any recovery attempt is likely to face selling at the 20-day EMA. If the price turns down from the 20-day EMA, the XRP/USDT pair could dive to $0.46. Buyers are expected to defend this level fiercely.</p> <p class="">If the price rebounds off $0.46 with strength and rises above the 20-day EMA, it will indicate that the pair may extend its range-bound action for some more time.</p> <h2 class="wp-block-heading" id="toncoin-ton-price-analysis">Toncoin (TON) Price Analysis</h2> <p class="">Toncoin has gradually increased toward the overhead resistance of $7.67, signalling demand from the bulls.</p>
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   <figure class="aligncenter"><img decoding="async" src="https://cdn.thebittimes.com/images/2024/05/14/81c6cbc7f33f4b0262091777f1a2ac80.webp" alt="" data-recalc-dims="1">
    <figcaption class="wp-element-caption"><em>TON/USDT daily chart. Source:&nbsp;</em><em>TradingView</em>
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  </div> <p class="">The bears are expected to pose a strong challenge at $7.67, but if the bulls do not give up much ground from this resistance, it will enhance the prospects of an upside breakout. The TON/USDT pair could then rally toward $9.</p> <p class="">On the contrary, if the price turns sharply from the overhead resistance, it will indicate that the bears are unwilling to relent. The pair could then descend to the moving averages, which are likely to act as strong support.</p> <h2 class="wp-block-heading" id="dogecoin-doge-price-analysis">Dogecoin (DOGE) Price Analysis</h2> </a>
 <p class=""><a target="_blank" rel="noreferrer noopener">Dogecoin&nbsp;</a><a target="_blank" rel="noreferrer noopener">has been consolidating between the 50-day SMA ($0.16) and the horizontal support at $0.12 for some time.</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/2024/05/14/e50044ffe8e4074a3272ed59b2908fdf.webp" alt="" data-recalc-dims="1">
    <figcaption class="wp-element-caption"><em>DOGE/USDT daily chart. Source:&nbsp;</em><em>TradingView</em>
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  </div> <p class="">Buyers are trying to maintain the price above the 20-day EMA ($0.15). If they succeed, the DOGE/USDT pair could rise to the 50-day SMA. The bears must defend this level because a rally above it could open the doors for a rally to the overhead resistance zone between $0.21 and $0.23.</p> <p class="">On the contrary, a break and close below $0.12 will complete a bearish head-and-shoulders pattern. The pair may then dive to the strong support at $0.08.</p> <h2 class="wp-block-heading" id="cardano-ada-price-analysis">Cardano (ADA) Price Analysis</h2> </a>
 <p class=""><a target="_blank" rel="noreferrer noopener">Cardano&nbsp;</a><a target="_blank" rel="noreferrer noopener">bounced off the support line on May 13, an essential short-term level for the Bulls to guard.</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/2024/05/14/ed149088f7fb601c175eaf7a1b7a9069.webp" alt="" data-recalc-dims="1">
    <figcaption class="wp-element-caption"><em>ADA/USDT daily chart. Source:&nbsp;</em><em>TradingView</em>
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  </div> <p class="">The downsloping 20-day EMA ($0.46) and the RSI in the negative zone suggest that the path of least resistance is to the downside. If the price breaks and maintains below the support line, the next stop could be $0.40.</p> <p class="">Conversely, bulls remain buyers on dips if the price crises and breaks above the 20-day EMA. The ADA/USDT pair may rise to the 50-day SMA ($0.52) and eventually to $0.57.</p> <h4 class="wp-block-heading">Source – Rakesh&nbsp;Upadhyay</h4> </a>
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<p><a target="_blank" rel="noreferrer noopener">Source: </a><a rel="noopener noreferrer nofollow" target="_blank" href="https://thebittimes.com/latest-market-overview-13th-may-spx-dxy-btc-eth-bnb-sol-xrp-ton-doge-ada-tbt88264.html">https://thebittimes.com/latest-market-overview-13th-may-spx-dxy-btc-eth-bnb-sol-xrp-ton-doge-ada-tbt88264.html</a></p>

Latest Market Overview 13th May: SPX, DXY, BTC, ETH, BNB, SOL, XRP, TON, DOGE, ADA

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