After the Fed Interest rates, the experts announced the critical buy-sell levels for DOGE, MATIC, SOL, DOT and these 6 coins! Here are the details…
Experts explained: DOGE, MATIC, SOL, DOT and these are the critical levels for these 6 coins!
Investors seem to have priced in the US Federal Reserve’s 25 basis point rate hike on May 3, and after that, they will look for clues as to what the Fed will take for the rest of the year, according to experts. However, the World Economic Forum’s “Future Prospects of Chief Economists” report released on May 1 shows that 80 percent of the chief economists surveyed believe that central banks must strike a delicate balance between “managing inflation and maintaining financial sector stability.” Economists predict that central banks will have a hard time keeping inflation down to their target levels.
However, Arthur Hayes, co-founder and former CEO of crypto exchange BitMEX, warned in an interview that investing in assets “outside the traditional financial system” is the only way out if they want to protect their capital. So what are the next levels for popular cryptocurrencies?
Bitcoin (BTC) price analysis
The price action of the last few days has formed a symmetrical triangle formation in Bitcoin. Generally, a symmetrical triangle acts as a continuation pattern and the price breaks in the direction prevalent before the pattern develops.
However, it may be a good practice to wait for the price to break out because sometimes the setup can act as a reversal pattern. The 20-day exponential moving average (EMA) ($28,642) and the relative strength index (RSI) near the midpoint do not give the bulls or bears a clear advantage. If the price continues to drop and breaks below the triangle, it will indicate the start of a short-term corrective phase. The BTC/USDT pair could drop as low as $25,250. According to experts, this level is likely to witness aggressive buying by the bulls. On the contrary, if the price bounces off the support line and rises above the 20-day EMA, the pair could rally to the resistance line. A break and close above the triangle will open the doors for a potential rally to $32,400.
Ethereum (ETH) price analysis
Ethereum (ETH) bounced off the support line of the symmetrical triangle formation on May 1, showing that lower levels are attracting buyers.
The bulls will try to push the price above the moving averages and challenge the resistance line. According to experts, if buyers push the price above the triangle, the ETH/USDT pair could rise as high as $2,131. However, there is a minor resistance at $2,000, but it seems likely to be surpassed. On the contrary, if the price turns down from the current level, the bears may make another attempt to push the pair below the triangle. If they are successful in their efforts, the pair could drop to its pattern target of $1,619.
Binance Coin (BNB) price analysis
Binance Coin (BNB) is stuck inside the symmetrical triangle pattern, indicating indecision between the bulls and bears.
According to analysts, buyers are trying to protect the support line of the triangle. If they manage to push the price above the 20-day EMA ($326), the BNB/USDT pair could rise to the resistance line. Traders will need to break through this hurdle to signal the start of a new bullish move. Alternatively, if the price breaks below the triangle, it will indicate that the uncertainty has been resolved in favor of the bears. The pair could then decline as low as $300 and then extend the decline to the $280 pattern target.
Ripple (XRP) price analysis
The long tail on the May 1 and 2 candlesticks indicates that the bulls are trying to start a rebound in XRP. However, the bulls failed to sustain the buying pressure and the price turned bearish on May 3.
According to experts, the bears will try to extend the decline to the strong support at $0.43. This remains the key level to watch in the near term. If this support is broken, the XRP/USDT pair could drop to $0.36. According to analysts, this level is likely to attract aggressive buying by the bulls. Instead, if the price rises from $0.43 and rises above the 20-day EMA ($0.47), it will signal that the bulls are in a reversal. The pair may then rise to the resistance line. If the buyers break this hurdle, the pair could rally to $0.54.
Cardano (ADA) price analysis
The bulls held ADA above the 50-day simple moving average ($0.38) on May 2, but were unable to overcome the hurdle at the 20-day EMA ($0.39).
The bears are trying to take advantage of this opportunity and close the ADA/USDT pair below the 50-day SMA. There is currently a minor support at $0.37, but if this support is broken, selling could pick up momentum and the pair could drop to $0.33 and later to $0.30. Significant upside resistance is the neckline of the inverted head and shoulders pattern. Buyers will need to push the price above this level to signal a potential trend change in the near term. The pair could rally to $0.46 later.
Dogecoin (DOGE) price analysis
Dogecoin (DOGE) is struggling to bounce back from strong support around $0.08, indicating that there is no demand from the bulls for the DOGE side.
The 20-day EMA ($0.08) is sloping down and the RSI is below 42, indicating that the path of least resistance is to the downside. If the support around $0.08 is surpassed, the DOGE/USDT pair could drop to the next major support at $0.07. If the bulls want to avoid this drop, they will have to quickly push the price above the downtrend line. The pair could rally higher towards $0.09 later on and then move towards the hard overhead resistance of $0.11.
Polygon (MATIC) price analysis
Polygon (MATIC) bounced back from the $0.94 support on May 2, indicating that the bulls are aggressively attempting to hold the level.
The 20-day EMA (1.02) is sloping down and the RSI is in the negative territory, indicating that sentiment remains downside. Sellers will try to stop the recovery at the 20-day EMA. If they are successful, the MATIC/USDT pair could turn down and drop to $0.94. Repeated testing of a support level in a short range tends to weaken it. If this support is broken, selling could intensify and the pair could drop to $0.69. Buyers will need to push the price above the resistance line to invalidate the bearish view.
Solana (SOL) price analysis
According to experts, buyers defended the 50-day SMA ($21.78) on May 2, but failed to push the SOL above the 20-day EMA ($22.26). This shows that the bears are selling on every small rally.
The bears pushed the price below the 50-day SMA. If the breakdown continues, the SOL/USDT pair could reach the next strong support at $18.70. The probability of a bounce from this level is still high. In such a case, the pair could stay in the $18.70-$27.12 range for a while. On the contrary, if the price rises and rises above the 20-day EMA, it will indicate that the bulls are attempting a reversal. As quoted by Kriptokoin.com, experts state that in this case, the parity can rise to $ 24 and then reach the general resistance at $ 27.12.
Polkadot (DOT) price analysis
Polkadot (DOT) broke below the $5.70 support on May 1 and the bears are trying to build on this advantage on May 3.
The bulls attempted a recovery on May 2, but the shallow bounce showed a lack of aggressive buying near $5.70. This indicates that the DOT/USDT pair could continue to decline and reach the critical support of $5.15. Time is running out for the bulls. If they want to start a sustained recovery, they will need to push the price above the moving averages quickly. If they do, the pair could gain momentum and rally towards $7.
Litecoin (LTC) price analysis
Experts state that Litecoin is stuck between the 20-day EMA ($89) and horizontal support at $85. The moving averages have completed the downtrend and the RSI is in the negative territory, suggesting that the bears have the upper hand.
If the bears pull the price below $85, selling could intensify and the LTC/USDT pair could drop to the strong support at $75. The bulls are expected to defend this level with all their might as a break below this level will open the doors for a drop to $65. Another possibility is that the price recovers from the current level and rises above the moving averages. Such a move would indicate lower levels of accumulation, experts say. The pair could later rally to $96 and above it to $106.
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