In the recent downfall of the market, it has been witnessed that the traders are less interested in purchasing BTC at current levels and this suggests that there could be more selling in the market. Affected by the recent plunge in the market, here is the crypto price analysis of BTC, ADA, ETH, BNB, LTC, DOT, BCH, XRP, and DOGE.
As clearly seen in the head and shoulder chart pattern of the cryptocurrency on May 16, Bitcoin plunged below the neckline of the pattern. However, the bears were not able to achieve any lower point than that as the price retaliated and closed above the neckline.
As suggested by leading market analysts, if the bulls in the market failed to push the price back above the neckline, then there are chances that the selling will be intensified further.
Talking about ETH, the continuous bull rally was finally broken and the price of the cryptocurrency dipped below the mark of $3,431. However, the bulls are trying their level best to not let it go below the 38.2% Fibonacci retracement level at $3,195.98.
BNB, for the very first time since December 13, managed to broke below the level of $520 and if the recovery manages to turn down the 20-day EMA, then that will mean the traders are closing their position on rallies.
DOGE, the Musk-pumped meme coin is in an attempt to defend the mark of $0.46, and as the data analysts suggest, there are chances that the coin can be dropped to the critical support at $0.35. In contrast to this assumption, if the bulls are able to drive the price above the level of $0.59, it can recheck the all-time high level of $0.73.
Looking at the chart of XRP, it can be seen that the bulls purchased the dip and will now propel XRP above the resistance line of the triangle. However, if the price breaks below the triangle, it can result in a reduction to $0.88.
BCH managed to break the level of $1,178 on May 15 and along with this, it closed below that level. The bulls tried to push the price back above the May 15 level but failed to do so.
An aggressive profit-booking session occurred from the short-term traders in LTC, and this pulled the cryptocurrency to the level of $308 on May 12. If the price breaks below the mark of $270, bears will make a comeback.
Talking about UNI, the cryptocurrency broke below the support level of the rising pattern today but the bears were not able to capitalize on this weakness.
Making an all-time high of $2.34 on May 16, ADA is showing a strong uptrend in its price. However, the profit-booking session is going on as of now and if the price breaks below the mark of $1.95, the altcoin may drop to the mark of $1.71.
On May 14, DOT managed to broke out of the level of $44 overhead resistance but the bulls in the market could not sustain the higher levels. The bears in the market managed to break the price below $44 on May 15.
Also, if the price surges from current levels, there are suggestions that the market sentiment is positive and the bulls are buying at lower levels.