Price Analysis 5/22: BTC, ETH, BNB, XRP, ADA

Following the same script as last week, BTC and other cryptocurrencies experienced three days of bullish dominance over the last six days. However, the same level of retracement that was seen last week was not present which could indicate a slight improvement to the state of the market.

Nonetheless, the global cryptocurrency market cap dipped as low as $1.1 trillion and peaked at $1.33T. Opening the current intraweek session at $1.33 trillion and being valued at $1.28T, the sector lost more than 4% of its value.

The unavailability of bullish news stories cannot be overemphasized as major cryptocurrencies are yet to receive any major price boost.

The industry’s failure to record any significant increase is due to prevailing market sentiment. While there have been slight improvements in the Fear and Greed Index, the metric is yet to leave the region in extreme fear.

Source: Coin360

Based on the chart above, we observed that that some digital assets are picking up momentum and have seen significant increases. The top gainer over the last seven days is KNC, which gained more than 63%. The top loser is GRT, as it is down by more than 18% with AR chasing closely behind with a 16% decrease.

With a brief overview of the market, let’s examine the performance of some of the top 10 coins.

BTC/USD

The largest cryptocurrency by market cap also faced almost equal sentiment as of the past week. Like the previous intraweek session, BTC retraced on Monday. A notable correction saw the top asset dip from its opening price ($31,275) to a low of $29,060, closing with an almost 5% decrease.

The second intraday session saw the top coin surge from the previous closing price to flipping the $30,000 resistance and peaking at $30,753. Bitcoin saw little increase but was not significant enough to erase losses.

Unfortunately, the asset was plagued by another retracement the next day and retraced as low as $28,615. The asset lost more than 5% as the bearish grip intensified. The biggest surge of the week happened on Thursday as BTC hit a high of $30,505.

It closed at $30,290, gaining 5.61% and almost erasing the incurred loss. Friday marked the last correction of the week as the asset lost more than 3%. The next day saw relatively low trading volume but ended in green.

Reteriating improvements across the market, a closer at the daily chart reveals that bitcoin is edging towards testing its second pivot support. With the previous price pattern in view, we may conclude that the top will close the week bullish.

If that happens, the bullish divergence will be more pronounced as both MACD EMAs are growing apart and attempting to surge above o. The Relative Strength Index (RSI) is also printing an indication of more uptrends as the metric is at 39 as at the time of writing.

ETH/USD

Ethereum on Monday briefly lost the $2,000 support as it dipped to a low of $1,976 but recovered and closed at $2,020. The first intraday session ended with the largest alt losing more than 5% of it value.

Tuesday brought little relief as the coin as we observed an attempt at the second pivot support. However, ether was met by retracement and closed at $2,088, gaining 3.38%. The next 24-hour trading cycle saw the alt experience its biggest correction.

It lost the $2k support and was on its way to testing $1,900 but rebounded. The session ended at $1,911 – losing more than 8%. The biggest price increase happened on Thursday as ether surged from its opening price to a close above $2,000.

Peaking at $2,039, its closing indicates a 5.52% positive price change. A little bearish grip the next day saw the second-largest cryptocurrency by market cap lose more than 3%. The weekend opened with minute trading volume and there has been any significant change in the coin’s worth.

Like BTC, the week may close with ether edging closer to testing its second pivot support. The Relative Strength Index is also picking momentum as we observed a slight change in trajectory and is currently at 36.

The histogram associated with the Moving Average Convergence Divergence (MACD) also aligns with RSI as it is green after more than 30 days of being red. Additionally, the indicator  hints at ETH having an impending bullish divergence.

BNB/USD

Binance coin, like BTC and other cryptocurrencies, saw increased selling congestion on the first day of the week. The retracement saw the asset lose the $300 support and hit a low of $290. It saw a small recovery as it closed at $296, losing almost 5%.

A little consolation came on Tuesday as the cryptocurrency peaked at $310 and closed at $305, recording a 3% increase. The next day saw BNB lose twice its accumulated gains. It dipped from $305 to $287, losing more than 6%.

Bulls seized control of the market on Thursday as the exchange coin attempted flipping the $300 resistance and succeeded. It hit a high of $309 and ended the session at $306 – gaining almost 7%. The inability of Binance coin to experience a massive surge saw it drop one more spot down the market cap rank.

The next few days were marked by little trading volumes that saw the asset increase by 3.34% on Saturday. A close above $320 may signify a flip of the second pivot support. RSI suggests a gradual increase in buying pressure.

Alligning with the Relative Strength Index, the MACD histogram also shows that more traders are purchasing the coin. The indicator also says that BNB had a bullish divergence two days ago.

XRP/USD

Ripple experienced the same sentiment as the previously highlighted cryptocurrencies. A bearish Monday saw the asset retest the $0.42 support but rebounded and closed at the mark. Opening the week at $0.44, the closing price indicates an almost 6% decrease.

Tuesday brought a little consolation as the coin hit a high of $0.44 and closed at $0.43. It ended the session with a more than 3% increase. The next intraday session was another correction filled one as XRP opened at $0.43 and closed at $0.40, losing 7.48%.

Flipping the $0.40 support for the first time in seven days, the asset under consideration was in for another bearish close. Seeing a rebound at that level, the coin retested and flipped $0.42. The session ended with ripple recording a 3.90% increase.

The next two days were filled with low trading volumes and the coin saw minute changes in prices. However, there have been notable improvements in indicators. Like BTC, XRP just experienced bullish divergence.

RSI is currently at 35 and edging towards 40. Ripple is also seeing minimal positive change that will and may retest its first pivot support soon. Nonetheless, the asset is still considered bearish.

ADA/USD

Like the preceding cryptocurrencies, Cardano lost a notable part of its value per unit last Monday. The coin opened trading at $0.59 and hit a high of $0.61 but retraced as low as $0.54 – losing more than 7%.

It gained 3.76% the next day as it closed at $0.57 and almost the $0.60 resistance. The biggest dip of the week came on Wednesday as it dipped from $0.57 to a low of $0.50. Minute recovery was seen, but it could not push the asset back to its opening price, losing more than 12%.

The bulls seized control of the market the next day as recorded success as ADA closed at $0.53, gaining 5.40%. Losing more than half its accumulated gains on Friday, the cryptocurrency regained the same volatility as before.

It closed the last two days of the week with little improvement which has spread to the indicators. First of all, the Moving Average Convergence Divergence (MACD) indicates that the coin had a bullish divergence.

The Relative Strength Index suggests a  positive change in market conditions as it is 38. Additionally, Cardano is heading for a retest of its first pivot support.

SOL/USD

Solana was not exempt from market action last week. However, it faced increased downtrends that saw it lose more than 8% of it worth per unit. It opened trading at $58 and ended the intraday session at $53.

Tuesday brought relief as SOL enjoyed a significant boost from the bulls as they rallied the coin to a high of $58, retesting that mark. Wednesday brought the biggest dip as the asset retraced from $56 to $49, signifying a 12.59% decrease.

The next day saw more buying pressure as solana peaked at $54 and closed at $52, gaining more than 4%. Losing all of the accumulated gains on Friday, the digital asset lost the $50 support again but regained it on Saturday.

The last day of the week is looking promising for the altcoin as SOL is up by 4% after starting the session at $50 and currently worth $52. RSI peaked at its highest as the cryptocurrency is seeing a gradual increase in its buying pressure.

MACD is also hinting at more uptrends as the alt just experienced a bullish divergence. The histogram associated with the indicator is also printing a more positive signal as SOL is seeing more demand concentration.

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  • bitcoinBitcoin (BTC) $ 19,477.32 0.67%
  • bitcoinBitcoin (BTC) $ 19,477.32 0.67%
  • ethereumEthereum (ETH) $ 1,338.96 0.26%
  • ethereumEthereum (ETH) $ 1,338.96 0.26%
  • bnbBNB (BNB) $ 282.90 1.08%
  • bnbBNB (BNB) $ 282.90 1.08%
  • xrpXRP (XRP) $ 0.437314 0.81%
  • xrpXRP (XRP) $ 0.437314 0.81%
  • solanaSolana (SOL) $ 34.18 2.8%
  • solanaSolana (SOL) $ 34.18 2.8%
  • terra-luna-2Terra (LUNA) $ 2.47 2.1%
  • terra-luna-2Terra (LUNA) $ 2.47 2.1%