Technical analysis of the market on May 17

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2022-05-17 14:49:39

Off-market selling of Bitcoin (BTC) continues to occur, however volume has shown signs of a marked decrease. This shows that the momentum for BTC to return has begun to have hope.

During the bear market, institutional investors continued their long-term strategies in the crypto industry. Goldman Sachs and Barclays have joined several other institutional investors in a $70 million Series A funding round by institutional trading platform Elwood Technologies.

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BTC technical analysis

Bitcoin chart May 17

Bitcoin has dropped from the $31,460 mark, showing that bears are selling on minor rallies. They will now attempt to sink the price below the critical support at $28.805 but will face hurdles from the bulls’ rebound.

If the price recovers from $28.805, the bulls will again attempt to propel the BTC/USDT pair to the 20-day EMA ($33,646). This is an important level to watch because a breakout and close above it could indicate that the bulls are attempting a comeback. The pair can then rally to the 50-day SMA ($39,300).

Contrary to this assumption, if the price drops below $28,805, BTC/USDT and breaks through the $26,700 support, BTC could resume the downtrend and the price could plummet to $25,000 and lower to $21,800.

ETH technical analysis

ETH chart May 17

Ether (ETH) is facing stiff resistance at a breakdown of $2,159, which shows that bears continue to have strong selling while the price shows signs of upside. Now the bears will attempt to drag the price below the nearest support at $1,940.

If successful, the ETH/USDT pair can drop to the critical support at $1,700. This is an important level for the bulls to defend as if they fail to do so, the downtrend can continue and the pair can plummet to the $1,500 level.

Contrary to this assumption, if the price turns up from $1,700, ETH can rally to the $2,159 mark and remain range-bound between the two.

The first sign will be a breakout and close above $2,159. This could clear the way for a rally to the 20-day EMA ($2.421). The bulls will have to overcome this barrier to stimulate the price to move up in the long term.

BNB . Technical Analysis

BNB chart May 17

The strong bounce brought BNB close to a breakout of $320 on May 13 and May 15 but the bulls were unable to continue pushing the price higher. This shows that the bears are attempting to convert this level into resistance.

The BNB/USDT pair can now drop to $265, which is likely to act as support. If the price recovers from this level, buyers will again attempt to propel the pair above the $320 zone. If successful, the pair can rally to $350 and then to the 50-day SMA ($391).

Conversely, if the price slides below $265, the pair can drop to the strong support at $211. The bulls are expected to defend this level aggressively. A bounce from this support could keep the pair range-bound between $211 and $320 in the near term.

XRP technical analysis

XRP chart May 17

The long wick on the May 13 candle bar of Ripple (XRP) shows that the bears are attempting to pose a strong challenge near the breakdown at $0.5. The failure to break above the resistance may have caused short-term traders to take profits.

If the price continues to drop lower and breaks $0.38, the XRP/USDT pair can drop to $0.33. If the support is broken, the downside could intensify and the pair can plummet to $0.24.

If the price turns up from the current levels or support at $0.38, the bulls will attempt to push the pair above the overhead resistance area of ​​$0.5 to $0.55. If they succeed, it shows that the market has rejected the lower levels and could clear the way for a potential rally to the 50-day SMA ($0.67).

ADA technical analysis

ADA chart May 17

The Cardano (ADA) relief rally is facing the price near $0.61, showing that the bears are not willing to give up their selling advantage. The bears will attempt to drag the price below $0.46 and retest the intraday low at $0.40.

If the price breaks through the $0.40 zone, selling momentum is likely to increase and the ADA/USDT pair can drop to $0.33 and then $0.28.

Conversely, if the price turns up from the current levels or support at $0.46, it will show that the bulls are attempting to make a bottom. The bulls will have to push and sustain the price above the 20-day EMA ($0.68) to signal that the correction may be over. After that, the pair can rise to $0.74 and then to the 50-day SMA ($0.89).

SOL . technical analysis

SOL chart on 17/05

Solana (SOL) rally from $37 is facing stiff resistance at the 38.2% Fib retracement level at $59. This shows that bears continue to sell on small rallies.

Now the bears will attempt to drag the price below the nearest support at $44. If they succeed, the SOL/USDT pair can retest the key level of $37. A break and close below this support can drop the pair to $32.

Conversely, if the price turns up from the current levels or the support at $44, it will show that the bulls are buying on the downside. They will then attempt to clear the overhead barrier at $59 and push the pair to the 20-day EMA ($70). This level is likely to act as a strong resistance level.

AVAX technical analysis

AVAX chart May 17

Avalanche (AVAX) bounce is facing stiff resistance at $38. The shallow bounce after a sharp drop shows a strong lack of buying by the bulls. This may encourage the bears to build to their advantage.

If the bears drag the price below $29, selling will pick up momentum and the AVAX/USDT pair can drop to the next support at $23. This is an important level for the bulls to defend because a break and close below it can lead to a drop to $20 and then to $18.

Contrary to this assumption, if the price turns up from the current levels or $29, it will show that the bulls are buying at lower levels. This can increase the likelihood of a relief rally to the 20-day EMA ($48), where the bears can once again establish a strong defense.

#Technical #analysis #market

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