Coin on May 13: The market shows signs of recovery

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2022-05-14 08:36:20

After a period of staying well above $25,000, Bitcoin is recovering in price. At 03:46 PM on May 13, BTC traded above the $30,000 resistance area, near $30,500 and was up 6% in a day, reducing its weekly loss to 17%.

USDT has regained its position after losing its value yesterday. Similarly, most major altcoins are showing signs of a recovery wave. ETH is back above the $2,000 resistance area. XRP is consolidating above the $0.40 level. ADA has risen above $0.50.

Bitcoin Price

BTC/USDT price chart May 13 at 4:00 PM

After a sharp drop, bitcoin price found support above the 25,000 USD. When BTC broke the $29,000 level and is now above the critical resistance area 30,000 USDthe next key resistance is now forming near 31,200 USD.

If there is another drop, the price could find support near 28,800 USD. Next major support is near 27,500 USD, below the price may drop again.

Ethereum Price

ETH price was able to settle above 2,000 USD. It is currently showing positive signs, with immediate resistance at $2,120. The next major resistance is now forming near the . level 2,200 USD. ETH is up more than 3% in a day and down 24% in a week.

On the downside, initial support is near $2,000. The next major support is near the $1,880 level, below which a fresh decline could start.

Price of ADA, BNB, SOL, DOGE and XRP

Cardano (ADA) spiked to $0.40 before it started an upside correction. The price is now back above $0.57 and could rally further towards $0.60 in the near term.

BNB has gained strong bullish momentum from the $200 region. It rallied 18% in a day and broke the $300 resistance. BNB still down almost 20% in one day

Solana (SOL) corrected above the $5 level and is now up 9% in a day. A close above $50 could start a stronger rally in the coming sessions.

DOGE recovered more than 16% and climbed above $0.092. The main breakout zone is currently forming near the $0.10 level. DOGE is down 28% in a week.

XRP price recovered above the $0.44 level. A key breakout zone is currently forming near the $0.45 level, above which a test of $0.50 is possible.

Another altcoin market today

Many altcoins are recovering higher, including DOT, AVAX, SHIB, NEAR, BCH, XLM, APE, MKR, ZEC, HNT, QNT, GMT and XEC. Of these, MKR is the best performing cryptocurrency among the top 100 cryptocurrencies by market capitalization, as it is up 50% in the last 24 hours and surpasses $1,588. Meanwhile, APE and GALA both increased by more than 42%. At the same time, stablecoin UST fell below $0.05 before recovering, while LUNA dropped almost 100% in a day, to 0.00001944 USD.

Overall, the bitcoin price is showing signs of a strong recovery above the $30,000 threshold. A close above the $30,000 resistance area could initiate a steady upward move in the short term.

#Coin #market #shows #signs #recovery

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