Binance Coin

Price analysis 5/25: BTC, ETH, BNB, XRP, ADA, SOL, DOGE, DOT, AVAX, SHIB

Bitcoin and the major altcoins remain stuck in a range as traders search for the next factor that will start a directional move.

Bitcoin (BTC) has been struggling to sustain above $30,800 since May 16, suggesting that demand dries up at higher levels. Similarly, U.S. equity markets have not ceased to decline due to uncertainty regarding the number of rate hikes that will be needed to bring inflation under control

As the crypto bear market deepens, analysts are becoming extra bearish on their projections for the extent of the fall. Trader and analyst Rekt Capital said that Bitcoin could be at risk of falling to $19,000 to $15,500 before a bottom is formed.

Daily cryptocurrency market performance. Source: Coin360

However, Arcane Research recently pointed out that buying when Bitcoin’s Fear and Greed Index reaches a score of 8 had resulted in an average median 30-day return of 28.72%. Interestingly, the index hit 8 on May 17.

Could Bitcoin slide further and pull altcoins lower or is it time for a recovery? Let’s study the charts of the top-10 cryptocurrencies to find out.

BTC/USDT

Bitcoin rose above the downtrend line on May 23 but the bulls could not sustain the higher levels. The price turned down and dipped to the strong support at $28,630 on May 24 but a minor positive is that the bulls successfully defended this level.

BTC/USDT daily chart. Source: TradingView

The bulls are again attempting to push and sustain the price above the downtrend line. If they succeed, the BTC/USDT pair could rally to the 20-day exponential moving average (EMA) ($31,286).

In downtrends, the bears tend to sell the rallies to the 20-day EMA. Hence, this level may act as a stiff resistance. The bulls will have to clear this hurdle to suggest that a bottom may be in place.

On the downside, $28,630 is the important support to keep an eye on because a break below it could result in a drop to the May 12 intraday low at $26,700.

ETH/USDT

Ether (ETH) dipped below the uptrend line on May 24 but the bulls bought at lower levels and pushed the price back above the uptrend line. This suggests that bulls are trying to defend the uptrend line with vigor.

ETH/USDT daily chart. Source: TradingView

However, the bears have not given up and they are again attempting to pull the price below the uptrend line on May 25. If bulls thwart this attempt, the ETH/USDT could rise to the overhead resistance at $2,159.

Contrary to this assumption, if the price breaks and sustains below the uptrend line, it will suggest advantage to bears. The pair could then decline to $1,903. A break and close below this support could pull the pair to the May 12 intraday low at $1,800.

BNB/USDT

BNB climbed above the 20-day EMA ($323) on May 24 but the long wick on the May 25 candlestick suggests that the bears are attempting to defend the overhead resistance at $350.

BNB/USDT daily chart. Source: TradingView

The flattish 20-day EMA and the relative strength index (RSI) near the midpoint do not give a clear advantage either to the bulls or the bears.

If bulls push the price above $350, the advantage could tilt in favor of the buyers. Such a move could clear the path for a potential rally to the 50-day simple moving average (SMA) ($368) and later to $413.

Conversely, if the price turns down and breaks below $320, it will suggest that bears are aggressively selling at higher levels. The BNB/USDT pair could then slide to $286.

XRP/USDT

The bulls are defending the immediate support at $0.38. Although Ripple (XRP) bounced off $0.39 on May 24, the bulls could not sustain the higher levels.

XRP/USDT daily chart. Source: TradingView

The bears are again attempting to sink the price below the support at $0.38 but the long tail on the candlestick suggests strong buying at lower levels. If the demand sustains at higher levels, the bulls will attempt to push the price above the downtrend line and challenge the 20-day EMA ($0.46).

On the contrary, if the price turns down from the current level or the downtrend line, the bears may again try to sink the XRP/USDT pair below $0.38. If they can pull it off, the pair could drop to the vital support at $0.33.

ADA/USDT

Cardano (ADA) has been trading in a tight range between $0.49 and $0.56 since May 19. This suggests that bulls are attempting to form a higher low but are facing stiff resistance from the bears at higher levels.

ADA/USDT daily chart. Source: TradingView

If the price rebounds off the support at $0.49, the ADA/USDT pair may remain stuck in the range for a few more days. The bulls will have to push and sustain the price above the 20-day EMA ($0.58) to indicate the start of a strong relief rally that may reach the breakdown level of $0.74.

Instead, if bears sink the price below the strong support at $0.49, the selling may intensify and the pair could slide toward the May 12 intraday low at $0.40.

SOL/USDT

Solana’s (SOL) attempt to rally on May 23 fizzled out at $54. The failure of the bulls to push the price to the 20-day EMA ($58) indicates that demand dries up at higher levels.

SOL/USDT daily chart. Source: TradingView

The bears are trying to sink the price below the immediate support at $47. If they manage to do that, the SOL/USDT pair could drop to $43 and thereafter to the critical support at $37. The downsloping moving averages and the RSI near the oversold territory indicate advantage to sellers.

Contrary to this assumption, if the price rebounds off $47, the bulls will try to propel the pair above the 20-day EMA and challenge the breakdown level at $75.

DOGE/USDT

Dogecoin (DOGE) has been stuck inside a tight range between $0.08 and $0.09 for the past few days. The bulls tried to push the price above $0.09 on May 23 but failed. This may have attracted selling by the bears who are trying to sink the price below the immediate support at $0.08.

DOGE/USDT daily chart. Source: TradingView

If they succeed, the DOGE/USDT pair could slide to the crucial support at $0.06. This is an important level for the bulls to defend because a break and close below it could resume the downtrend. The pair could then drop to $0.04.

On the contrary, if the price rebounds off $0.08, the pair may continue to trade inside the range for a few more days. The bulls will have to push and sustain the price above the psychological level of $0.10 to indicate that the downtrend may be weakening.

Related: Singapore venture firm launches $100M Web3 and metaverse fund

DOT/USDT

Polkadot (DOT) has been clinging to the $10.37 level for the past few days. The bulls pushed the price above $10.37 on May 23 but could not sustain the higher levels. This suggests that bears are selling on rallies to the 20-day EMA ($11.23).

DOT/USDT daily chart. Source: TradingView

The bears may try to pull the price to the immediate support at $9.22. If this support cracks, the DOT/USDT pair could drop to $8 and thereafter to $7.30. The bulls are expected to defend the zone between $8 and $7.30 aggressively.

On the upside, the buyers will have to push and sustain the price above the 20-day EMA to indicate that the sellers may be losing their grip. The pair could then rally to the breakdown level at $14 where the bears may again mount a strong defense.

AVAX/USDT

Avalanche (AVAX) broke below the pennant formation on May 24 but the long tail on the day’s candlestick shows that bulls bought the dip. They tried to push the price back into the pennant but failed.

AVAX/USDT daily chart. Source: TradingView

The bears are trying to build upon their advantage and pull the price below the immediate support at $26.87. If they do that, the AVAX/USDT pair could slide to the crucial support at $23.51. This is an important level for the bulls to defend because if they fail to do that, the downtrend could resume. The next support on the downside is $20.

To invalidate this bearish view in the short term, the bulls will have to push the price above the pennant and the 20-day EMA ($37.23).

SHIB/USDT

Shiba Inu (SHIB) attempted to break above the immediate resistance at $0.000013 on May 23 but the long wick on the day’s candlestick shows that bears continue to sell at higher levels.

SHIB/USDT daily chart. Source: TradingView

The failure of the bulls to push the price higher could attract selling by aggressive bears who will try to pull the SHIB/USDT pair below the immediate support at $0.000010. If they manage to do that, the pair could slide to the May 12 intraday low at $0.000009.

Alternatively, if the price rebounds off the support at $0.000010, it will suggest that bulls are buying on dips. That could keep the pair stuck inside the $0.000010 to $0.000014 range for a few more days.

The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph. Every investment and trading move involves risk. You should conduct your own research when making a decision.

Market data is provided by HitBTC exchange.

Price analysis 5/23: BTC, ETH, BNB, XRP, ADA, SOL, DOGE, DOT, AVAX, SHIB

Bitcoin and the major altcoins have bounced off their immediate support levels, paving the way for a possible relief rally in the short term.

The United States equity markets are attempting a recovery after weeks of relentless selling. Along similar lines, on-chain monitoring resource Material Indicators expects the crypto market to recover, but they anticipate Bitcoin (BTC) to spend some time in a range before “a real breakout.”

The seven-day moving average of the on-chain transaction volume tracked by Glassnode hit a nine-month low on May 23. This suggests that Bitcoin’s lackluster price action in 2022 has led to reduced participation from traders.

Daily cryptocurrency market performance. Source: Coin360

While signs of a short-term recovery are visible, a sustained recovery could be difficult because the macro conditions remain challenging. International Monetary Fund managing director Kristalina Georgieva wrote in a blog post that the global economy is witnessing its “biggest test since the Second World War.”

Could Bitcoin and altcoins overcome their immediate resistance levels and start a relief rally? Let’s study the charts of the top-10 cryptocurrencies to find out.

BTC/USDT

Bitcoin held the $28,630 support on May 20, indicating that bulls are buying at lower levels. The buyers have pushed the price above the downtrend line, which is the first sign of a recovery.

BTC/USDT daily chart. Source: TradingView

If buyers sustain the price above the downtrend line, the BTC/USDT pair could rally to the 20-day exponential moving average (EMA) ($31,758). The bears are likely to defend the 20-day EMA aggressively because a break and close above it could clear the path for a possible rally to the 61.8% Fibonacci retracement level at $34,823.

Alternatively, if the price turns down from the current level or the 20-day EMA, it will suggest that the sentiment remains negative and traders are selling on rallies. The bears will have to sink the price below $28,630 to clear the path for a possible retest of the crucial support at $26,700.

ETH/USDT

Ether (ETH) bounced off the uptrend line on May 21, indicating that bulls are buying the dips to this level. The buyers will now try to push the price to the overhead resistance at $2,159 where the bears may pose a strong challenge.

ETH/USDT daily chart. Source: TradingView

If the price turns down from the overhead resistance, it could drop to the uptrend line. This is an important level to keep an eye on in the short term. If the price rebounds off the uptrend line, it could enhance the prospects of a break above $2,159. If that happens, the ETH/USDT pair could attempt a rally to $2,500.

On the other hand, if the price turns down from the current level or the overhead resistance and breaks below the uptrend line, it will suggest that the pair may remain stuck between $2,159 and $1,700 for a few days.

BNB/USDT

The bulls have pushed BNB above the 20-day EMA ($324), which is the first sign that the downtrend may have ended.

BNB/USDT daily chart. Source: TradingView

If buyers sustain the price above the 20-day EMA, the BNB/USDT pair could rally to $350 and later to the 50-day simple moving average (SMA) ($374). The bears may again attempt to stall the up-move in this zone. If the price turns down from this zone but rebounds off the 20-day EMA, it will increase the possibility of a break above the 50-day SMA.

This bullish view will be invalidated in the short term if the price turns down and breaks below $320. That would indicate selling by the bears at higher levels. The pair could then gradually drop to $286.

XRP/USDT

Ripple (XRP) is attempting a recovery after the bulls successfully defended the immediate support at $0.38 on May 19. The buyers will now try to push the price to the 20-day EMA ($0.47).

XRP/USDT daily chart. Source: TradingView

The downsloping moving averages and the RSI in the negative territory indicate that bears have the upper hand. The sellers will attempt to defend the 20-day EMA with vigor. If that happens, the XRP/USDT pair could turn down from the overhead resistance and drop to the strong support at $0.38.

Conversely, if bulls push the price above the 20-day EMA, it could suggest a possible change in the short-term trend. The pair could then rise to the overhead zone between $0.50 and $0.55, which may act as a major obstacle.

On the downside, the bears will have to sink and sustain the price below $0.38 to open the doors for a possible retest of the May 12 intraday low at $0.33.

ADA/USDT

The bulls successfully defended the psychological level at $0.50 in the past few days, indicating demand at lower levels. The buyers will now try to push Cardano (ADA) above the 20-day EMA ($0.60).

ADA/USDT daily chart. Source: TradingView

If they succeed, the ADA/USDT pair could attempt a rally to the breakdown level of $0.74. The bears are likely to pose a stiff challenge at this level. If bulls arrest the subsequent decline at the 20-day EMA, it will suggest a change in sentiment from selling on rallies to buying on dips.

Contrary to this assumption, if the price turns down from the 20-day EMA, it will indicate that bears continue to sell on rallies. The bears will then try to pull the price below $0.50 and retest the crucial support at $0.40.

SOL/USDT

The bulls purchased the dip to $47 on May 20 and are attempting to push Solana (SOL) toward the 20-day EMA ($61). The bears are expected to defend this level aggressively.

SOL/USDT daily chart. Source: TradingView

If the price turns down from the 20-day EMA, the SOL/USDT pair could drop to $47 where the bulls will attempt to stall the decline. If that happens, the pair may trade between $47 and $60 for a few days.

A break and close above the 20-day EMA will be the first indication that the bulls are back in the game. The pair could then rally to the breakdown level at $75. Alternatively, if the price turns down and breaks below $47, the pair could slide to the strong support at $37.

DOGE/USDT

Dogecoin (DOGE) is consolidating in a downtrend. The bulls defended the $0.08 support in the past few days and are attempting to push the price to the overhead resistance at $0.10.

DOGE/USDT daily chart. Source: TradingView

If the price turns down from $0.10, it will suggest that bears are trying to flip this level into resistance. If they succeed, the DOGE/USDT pair could continue its range-bound action for a few more days.

The buyers will have to propel the price above $0.10 to suggest that the downtrend may be weakening. The pair could then rally to $0.12.

Alternatively, if the price turns down from the current level and breaks below $0.08, the pair could retest the critical support at $0.06.

Related: Monero enters ‘overbought’ danger zone after XMR price gains 75% in two weeks

DOT/USDT

The bulls are attempting to push and sustain Polkadot (DOT) above the overhead resistance at $10.37. If they succeed, the price could rally to the 20-day EMA ($11.57).

DOT/USDT daily chart. Source: TradingView

The buyers will have to push the price above the 20-day EMA to indicate a potential change in the short-term trend. The DOT/USDT pair could then rally to the overhead resistance zone between $14 and $16 where the bears may mount a strong defense.

Contrary to this assumption, if the price turns down from the 20-day EMA, it will suggest that the trend remains negative and traders are selling on rallies. The bears will then try to pull the pair below $9.22 and retest the crucial support at $7.30.

AVAX/USDT

Avalanche (AVAX) rebounded off the support line of the pennant, indicating that bulls are defending this level aggressively. The buyers will now try to push the price above the pennant.

AVAX/USDT daily chart. Source: TradingView

If they manage to do that, the AVAX/USDT pair could rally to the 20-day EMA ($39). This is an important level to watch out for because the bears are expected to defend it with vigor.

If the price turns down from the 20-day EMA but does not re-enter the pennant, it will suggest a possible change in trend. The buyers will then again attempt to clear the overhead hurdle at the 20-day EMA and push the pair toward $51.

On the contrary, if the price turns down from the current level or the 20-day EMA and breaks below the support line, it will suggest that bears are active at higher levels. The pair could then slide to $23.

SHIB/USDT

Shiba Inu (SHIB) is attempting to rise above the immediate resistance at $0.000013 but the long wick on the day’s candlestick suggests that bears are attempting to stall the rally.

SHIB/USDT daily chart. Source: TradingView

If the price turns down from the current level, the SHIB/USDT pair could spend some more time inside the range between $0.000010 and $0.000014. The next trending move could start after the price breaks above or below the range.

If buyers propel the price above the 20-day EMA ($0.000014), the pair could attempt a rally to $0.000017. This level could again act as a stiff resistance.

Alternatively, if the price turns down and breaks below $0.000010, the pair could slide to $0.000009. This is an important level to keep an eye on because if it cracks, the next stop could be $0.000005.

The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph. Every investment and trading move involves risk. You should conduct your own research when making a decision.

Market data is provided by HitBTC exchange.

Top 5 cryptocurrencies to watch this week: BTC, BNB, XMR, ETC, MANA

BTC price continues to encounter selling pressure, but a brief rally or the start of consolidation could lead to sharp gains in BNB, XMR, ETC and MANA.

The Dow Jones Industrial Average has declined for eight consecutive weeks, the first such losing streak since 1923. On May 20, the S&P 500 briefly fell into bear market territory, indicating that traders continue to sell risky assets in fear of a recession. 

Due to its tight correlation with US equities markets, Bitcoin (BTC) has remained under pressure for many weeks. The bulls are attempting to push Bitcoin higher during the weekend and avert an even longer losing streak.

Crypto market data daily view. Source: Coin360

Bitcoin’s performance in the first five months has been the worst since 2018, indicating that sellers are in control. However, after several weeks of weakness, the crypto markets may be on the cusp of a bear market rally.

What are the critical levels that may signal the start of a sustained recovery? Let’s study the charts of the top-5 cryptocurrencies that may outperform in the near term.

BTC/USDT

Bitcoin rebounded off the crucial support at $28,630 on May 20, indicating strong buying near this level. The bulls are attempting to push the price above the downtrend line, which could be the first indication that the selling pressure may be reducing.

BTC/USDT daily chart. Source: TradingView

Above the downtrend line, the BTC/Tether (USDT) pair could rise to the 20-day exponential moving average (EMA) of $31,887. The bears are likely to defend this level with vigor. If the price turns down from the 20-day EMA, the bears will once again try to sink the pair below $28,630.

If they manage to do that, the pair could drop to $26,700. This is an important level to keep an eye on because a break and close below it could open the doors for a decline to $25,000 and then to $21,800.

Conversely, if buyers thrust the price above the 20-day EMA, the pair could attempt a rally to the 61.8% Fibonacci retracement level at $34,823. If this level is scaled, the pair could climb to the 50-day simple moving average (SMA) of $37,289.

BTC/USDT 4-hour chart. Source: TradingView

The 4-hour chart shows that the price is getting squeezed between the downtrend line and $28,630. The 20-EMA and the 50-SMA have flattened out and the relative strength index (RSI) is just above the midpoint suggesting a balance between supply and demand.

This balance could tilt in favor of buyers if they push and sustain the price above the downtrend line. If that happens, the pair could start its northward march toward the 200-SMA.

On the contrary, if the price turns down from the current level, the bears will attempt to sink the pair below $28,630 and gain the upper hand.

BNB/USDT

Binance Coin (BNB) recovered sharply from the critical support at $211 and has reached the overhead resistance at the 20-day EMA of $323. This is an important level for the bears to defend because a break and close above it could indicate that a bottom may be in place.

BNB/USDT daily chart. Source: TradingView

Above the 20-day EMA, the BNB/USDT pair could rally to $350 and thereafter to the 50-day SMA of $376. This level could again act as a stiff hurdle but if bulls thrust the price above it, the pair could rally to the 200-day SMA of $451.

Contrary to this assumption, if the price turns down sharply from the 20-day EMA, it will suggest that bears have not yet given up and they continue to sell at higher levels. The pair could then drop toward $211. If the price rebounds off this level, the pair may consolidate between $211 and $320 for a few days.

BNB/USDT 4-hour chart. Source: TradingView

The bulls are attempting to push the price above the overhead resistance at $320. If they succeed, the pair could rally toward $350. The bears are likely to defend this level aggressively. If the price turns down from $350, the pair could again drop to $320.

If the price rebounds off this level, the pair could remain range-bound between $320 and $350 for some time. The bullish momentum could pick up above the 200-SMA and the pair may rally to $380 and later to $400.

Conversely, if the price turns down from the current level, the pair could drop to $286 and then to $272.

XMR/USDT

Monero (XMR) dropped below the strong support at $134 on May 12 but the bears could not sustain the lower levels. This suggests aggressive buying on dips. The price has recovered sharply to the 20-day EMA of $179.

XMR/USDT daily chart. Source: TradingView

If bulls push and sustain the price above the 20-day EMA, the XMR/USDT pair could rise to the overhead resistance zone between the 200-day SMA of $202 and the 50-day SMA of $212. The bears are expected to mount a strong defense in this zone

If the price turns down from this zone, but bulls arrest the subsequent decline at the 20-day EMA, it will suggest a potential change in trend. Conversely, if the price turns down from the current level, the bears will try to pull the pair to $150 and thereafter to $134.

XMR/USDT 4-hour chart. Source: TradingView

The 4-hour chart shows the formation of higher lows and higher highs. The bears tried to pull the price below the 50-SMA but the bulls defended the level successfully. This suggests a change in sentiment from selling on rallies to buying on dips.

The pair could next rally to the 200-SMA where the bears may offer a strong resistance. If bulls overcome this barrier, the pair could rally to $225. Contrary to this assumption, if the price turns down and breaks below the 50-SMA, the pair could slide to $150. A break below this level could challenge the strong support at $134

Related: Dollar Cost Averaging or Lump-sum: Which Bitcoin strategy works best regardless of price?

ETC/USDT

Ethereum Classic (ETC) dropped sharply from $52 on March 29 to $16 on May 12. The bulls are attempting to start a recovery which could face resistance at the 20-day EMA of $23.

ETC/USDT daily chart. Source: TradingView

If the price turns down from the 20-day EMA, the bears will again attempt to resume the downtrend by pulling the ETC/USDT pair below the critical support at $16.

On the contrary, if buyers propel the price above the 20-day EMA, it will suggest the start of a stronger relief rally. The positive divergence on the RSI also points to the possibility of a recovery in the near term. The pair could then rise to the 38.2% Fibonacci retracement level at $30, where the bears may mount a strong resistance.

ETC/USDT 4-hour chart. Source: TradingView

The price has been trading between $19 and $23 for some time. This suggests that the bulls are attempting to form a higher low, but the bears continue to pose a strong challenge at higher levels. The flattening 20-EMA and 50-SMA do not give a clear advantage either to bulls or bears.

If buyers drive the price above $23, it will suggest the start of a new up-move. The pair could first rally to the 200-SMA and then to $33. Alternatively, if the price turns down and plummets below $19, the bears will gain the upper hand. They will then attempt to sink the pair to $16.

MANA/USDT

Decentraland (MANA) turned down from the 20-day EMA of $1.24 on May 16, but a positive sign is that the bulls did not allow the price to sustain below the psychological level of $1.00.

MANA/USDT daily chart. Source: TradingView

The buyers will once again attempt to push the price above the 20-day EMA. If they succeed, the MANA/USDT pair could rally to the 50-day SMA of $1.72. The bears may again mount a stiff resistance at this level but if bulls clear this hurdle, the pair could start its northward march toward the 200-day SMA of $2.72.

Contrary to this assumption, if the price slips below $1.00, the bears will try to sink the pair to the crucial support at $0.60. A break and close below this level could start the next leg of the downtrend.

MANA/USDT 4-hour chart. Source: TradingView

The pair is stuck between $0.97 and $1.36, indicating that bulls are buying the dips below $1.00 and the bears are selling on rallies. The 20-EMA and the 50-SMA have flattened out, indicating that the consolidation may continue for some more time.

If buyers propel the price above the 50-SMA, the pair could rise to the resistance of the range at $1.36. The bullish momentum could pick up if buyers overcome this barrier. Conversely, the bears could gain the upper hand if the price turns down and plummets below the support at $0.97.

The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph. Every investment and trading move involves risk, you should conduct your own research when making a decision.

Price analysis 5/20: BTC, ETH, BNB, XRP, ADA, SOL, DOGE, DOT, AVAX, SHIB

BTC and altcoins produced the occasional relief rally, but technical analysis suggests that the prevailing trend will remain bearish for some time to come.

Bitcoin’s (BTC) tight correlation with the legacy markets continues to be a drag, especially as the United States equity markets remain in a firm bear trend. The Dow Jones Industrial Average is on track for its eighth consecutive negative week and the S&P 500 is close to plunging into the bear market territory.

Celsius (CEL) CEO Alex Mashinsky believes that the short sellers on Wall Street are looking for any weakness in crypto companies to “short and destroy.” Mashinsky blamed “the Sharks of Wall Street” for bringing down Terra (LUNA) and trying to destabilize Tether (USDT) and Maker (MKR) and “many other companies,” including Celsius.

Daily cryptocurrency market performance. Source: Coin360

Bear markets, though painful in the short term, tend to be good buying opportunities for long-term investors. However, it’s important to remember thatwhen the next bull phase starts, not all coins will return to their former glory.

Every bull market generally has a new set of leaders; hence, traders should try to identify the cryptocurrencies that are leading the market rather than buying the laggards. Nic Carter put it nicely when he said that everything will not make a comeback and “some things die permanently.”

Could Bitcoin and altcoins break below their recent lows or will bulls defend the supports successfully? Let’s study the charts of the top-10 cryptocurrencies to find out.

BTC/USDT

Bitcoin rebounded off the strong support at $28,630 on May 19 but the bulls could not push the price above the downtrend line. This suggests that bears have not yet given up and they continue to sell on rallies.

BTC/USDT daily chart. Source: TradingView

The bears will try to pull the price below $28,630. If they manage to do that, the BTC/USDT pair could drop to the May 20 intraday low at $26,700. This is an important support for the bulls to defend because if they fail to do that, the pair could resume its downtrend. The next support on the downside is $25,000 and then $21,800.

Contrary to this assumption, if the price rebounds off $28,630 and rises above the downtrend line, it will suggest strong accumulation at lower levels. The buyers will then try to push the price to the 20-day exponential moving average (EMA) ($32,332). If bulls clear this hurdle, the pair could rise toward the 61.8% Fibonacci retracement level at $34,823.

ETH/USDT

The bears pulled Ether (ETH) below the immediate support at $1,940 on May 18 and 19 but they could not capitalize on this move. The bulls bought the dip but could not push the price to the overhead resistance at $2,159.

ETH/USDT daily chart. Source: TradingView

Strong selling at higher levels has pulled the price to the uptrend line on May 20. If the ETH/USDT pair breaks below the uptrend line, the decline could extend to the crucial support at $1,700. The bears will have to sink the pair below this level to suggest the start of the next leg of the downtrend.

Contrary to this assumption, if the price turns up from the current level or $1,700, it will suggest buying on dips. The pair will then make one more attempt to clear the overhead hurdle at $2,159. If they manage to do that, it will suggest that the pair may have bottomed out.

BNB/USDT

BNB has been consolidating near the overhead resistance at $320 for the past few days. A tight consolidation near a stiff resistance indicates that bulls are not dumping their positions as they expect the recovery to continue.

BNB/USDT daily chart. Source: TradingView

If bulls thrust the price above the overhead resistance zone between $320 and the 20-day EMA ($326), it will suggest that the BNB/USDT pair may have bottomed out. The pair could then start its northward journey toward the 50-day simple moving average (SMA) ($381).

Conversely, if the price turns down from the overhead resistance and breaks below $285, it will suggest that the bulls have given up and may be closing their positions. That could pull the pair to $265 and thereafter to the critical support at $211.

XRP/USDT

Ripple (XRP) bounced off the $0.40 to $0.38 support zone on May 19 but the bulls could not clear the overhead resistance at $0.45. This suggests that while bulls are buying on dips, the bears have maintained their selling pressure near overhead resistance levels.

XRP/USDT daily chart. Source: TradingView

If the price continues lower and breaks below $0.38, the XRP/USDT pair could drop to $0.33. This is an important level to keep an eye on because a break below it could resume the downtrend. The pair could then drop to $0.24.

Contrary to this assumption, if the price rebounds off the support zone once again, the buyers will try to push the pair to $0.50. A break and close above this level will be the first indication that the pair may be bottoming out. The next stop on the upside could be the 50-day SMA ($0.64).

ADA/USDT

The bulls are attempting to defend the $0.50 support in Cardano (ADA) but the bears are in no mood to let go of their advantage and they continue to sell on every minor rally.

ADA/USDT daily chart. Source: TradingView

If the price slips and sustains below $0.50, the ADA/USDT pair could retest the critical support at $0.40. This is an important level for the bulls to defend because a break below it could signal the resumption of the downtrend. The pair could then drop to $0.33 and thereafter to $0.28.

Contrary to this assumption, if the price turns up from the current level, the buyers will attempt to push the pair above the 20-day EMA ($0.63). If they manage to do that, it will suggest that the selling pressure could be reducing. The pair could then rise to the breakdown level at $0.74.

SOL/USDT

Solana (SOL) is in a strong downtrend. Attempts by the bulls to start a recovery on May 19 failed as bears continue to sell at higher levels. The bears pulled the price back below the psychological level at $50 on May 20.

SOL/USDT daily chart. Source: TradingView

If the price continues lower, the SOL/USDT pair could drop to $43. This level may act as a strong support but if bears pull the price below it, the next stop could be $37. If this level also cracks, the decline could extend to $32.

On the contrary, if the price turns up sharply from the current level or the support, it will suggest accumulation by the bulls. The buyers will then attempt to push the pair to the 20-day EMA ($64). A break and close above this level could open the doors for a possible rally to $75.

DOGE/USDT

Dogecoin (DOGE) bounced off the immediate support at $0.08 on May 18 but the recovery continues to face selling at higher levels. This suggests that the sentiment remains negative and traders are selling on every minor rise.

DOGE/USDT daily chart. Source: TradingView

If the price continues lower and breaks below $0.08, the bears will fancy their chances and try to pull the DOGE/USDT pair below the May 12 intraday low at $0.06. If they manage to do that, the next leg of the downtrend could begin and the pair may drop to $0.04.

This negative view could invalidate in the short term if the price turns up from the current level or the support beneath and rises above the psychological resistance at $10. Such a move could open the doors for a recovery to the 50-day SMA ($0.12).

Related: Ethereum preparing a ‘bear trap’ ahead of the Merge — ETH price to $4K next?

DOT/USDT

Polkadot (DOT) slipped below $10.37 on May 18 but the bulls purchased this dip and tried to push the price back above the level on May 19. However, the bears stood their ground and are attempting to flip $10.37 into resistance.

DOT/USDT daily chart. Source: TradingView

If the price slips below $9.22, the DOT/USDT pair could retest the support zone between $8 and $7.30. The bears will have to sink and sustain the price below this zone to indicate the resumption of the downtrend. The next support on the downside is $5.

Conversely, if the price rebounds off the support levels, the bulls will attempt to push the price to the 20-day EMA ($12). This level may act as a strong resistance but if bulls overcome this barrier, it will suggest that the sellers may be losing their grip. The pair could then attempt a rally to the 50-day SMA ($16).

AVAX/USDT

Avalanche (AVAX) is in a downtrend. The price action of the past few days has formed a pennant, which usually acts as a continuation pattern.

AVAX/USDT daily chart. Source: TradingView

If the price breaks below the support line of the pennant, the AVAX/USDT pair could retest the critical support at $23.51. A break and close below this level could signal the resumption of the downtrend. The pair could drop to $20 and thereafter to $18.

Alternatively, if the price rises from the current level, the buyers will try to push the pair above the pennant. If they manage to do that, the pair could pick up momentum and rise to the 20-day EMA ($42.35). The bulls will have to clear this barrier to challenge the breakdown level at $51.

SHIB/USDT

Shiba Inu (SHIB) has been stuck between $0.000010 and $0.000014 for the past few days, indicating indecision among the bulls and the bears. This indicates that bulls are attempting to form a bottom but the bears are not allowing the rebound to sustain.

SHIB/USDT daily chart. Source: TradingView

If the price rises above $0.000014, it will suggest that bulls have absorbed the supply. That could clear the path for a possible rally to $0.000017 where the bears may again pose a strong challenge. The bulls will have to clear this resistance to indicate a potential trend change.

Contrary to this assumption, if the price slips below $0.000010, the pair could drop to the May 12 intraday low at $0.000009. If this support cracks, the decline could extend to $0.000007 and then to $0.000005.

The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph. Every investment and trading move involves risk. You should conduct your own research when making a decision.

Market data is provided by HitBTC exchange.

Price analysis 5/18: BTC, ETH, BNB, XRP, ADA, SOL, DOGE, DOT, AVAX, SHIB

Ailing stock markets continue to impact crypto prices and technical analysis suggests BTC is at risk of falling below its recent $25,500 low.

On May 17, United States Federal Reserve Chairman Jerome Powell told the Wall Street Journal that the 50-basis-point rate hikes would continue until inflation is under control. Powell’s emphasis on a hawkish policy suggests that monetary conditions are likely to remain tight in 2022, which could limit the upside in risky assets.

On-chain market intelligence firm Glassnode said that historically, Bitcoin (BTC) has bottomed out when the price breaks below the realized price. However, barring the 2019 to 2020 bear market, during previous bear cycles, Bitcoin’s price stayed below the realized price for anywhere between 114 to 299 days. This suggests that if macro situations are not favorable, a quick recovery is unlikely.

Daily cryptocurrency market performance. Source: Coin360

While the current decline in U.S. equity markets and Bitcoin has similarities with the crash in March 2020, the recovery may not follow the same trajectory because market conditions are different. In 2020, the Fed supported the markets with an unprecedented stimulus, but in 2022 the focus will remain on reducing inflation and monetary tightening.

Could Bitcoin and altcoins resume their downtrend or will lower levels attract buying? Let’s study the charts of the top-10 cryptocurrencies to find out.

BTC/USDT

Bitcoin’s recovery failed to rise above the 38.2% Fibonacci retracement level at $31,721 suggesting that the trend remains negative and traders are selling on minor rallies.

BTC/USDT daily chart. Source: TradingView

The BTC/USDT pair could drop to the immediate support at $28,630. If the price rebounds off this level, the pair could consolidate between $28,630 and $31,721 for some time.

A break and close above the 20-day exponential moving average (EMA) ($32,979) will be the first sign of a potential change in trend. The pair could then rally to the 61.8% retracement level at $34,823.

On the other hand, if the price slips below $28,630, the bears will try to cement their position by pulling the pair below $26,700. If that happens, the negative momentum could pick up and the pair may slide to $25,000 and thereafter to $21,800.

ETH/USDT

Ether’s (ETH) failure to rise above the overhead resistance at $2,159 may have tempted short-term traders to book profits. That pulled the price below $1,940 but the bulls are attempting to defend the level.

ETH/USDT daily chart. Source: TradingView

If the price rebounds off $1,940 with strength, the ETH/USDT pair could again rise to $2,159. The bulls will have to push and sustain the price above $2,159 to clear the path for a rally to the 20-day EMA ($2,353). A break and close above this resistance will suggest that the markets have rejected the lower levels.

Conversely, if bears sustain the price below $1,940, the pair could decline to the crucial support at $1,700. This is an important level to keep an eye on because a break below it could result in panic selling. The pair could then slump to $1,500 and later to $1,300.

BNB/USDT

The bulls have not been able to push BNB above the overhead resistance at $320. This suggests that bears have not given up and they continue to sell at higher levels.

BNB/USDT daily chart. Source: TradingView

If the price slips below $290, the BNB/USDT pair could drop to $265. This level is likely to act as a strong support but if bears pull the price below it, the next stop could be the critical level at $211. The bears will have to break this level to signal the start of the next leg of the downtrend.

Alternatively, if the price rebounds off $265, it will suggest that bulls are attempting to form a bottom. That could keep the pair stuck between $320 and $265 for a few days. A break and close above $320 could suggest that the pair may have bottomed out.

XRP/USDT

Ripple’s (XRP) recovery failed to sustain above $0.45, indicating a lack of demand at higher levels. The bears will now attempt to pull the price below the immediate support zone at $0.40 to $0.38.

XRP/USDT daily chart. Source: TradingView

If they do that, the XRP/USDT pair could drop to $0.33. This is an important level to keep an eye on because a break and close below it could signal the resumption of the downtrend. The XRP/UDST pair could then plunge to the next support at $0.24.

On the other hand, if the price rises from $0.38 or $0.33, the bulls will again try to push the pair above $0.45. If they succeed, the pair could rise to the stiff overhead resistance zone at $0.50 to $0.55. The bulls will have to clear this hurdle to suggest that the downtrend may be over.

ADA/USDT

Cardano (ADA) has been stuck in a tight range between $0.61 and $0.51 for the past few days. This suggests a tough battle between the bulls and the bears.

ADA/USDT daily chart. Source: TradingView

If the price slips below $0.51, the ADA/USDT pair could slide to the support zone between $0.46 and $0.40. The bulls may mount a strong defense in this zone. If the price rebounds off this zone, the buyers will again try to push the pair above the 20-day EMA. If they succeed, the pair could rise to $0.74.

Conversely, if the price breaks below $0.40, the selling could pick up momentum and the pair may extend its decline to $0.33 and then to $0.28.

SOL/USDT

Solana (SOL) is facing strong resistance near the 38.2% Fibonacci retracement level at $59, suggesting that the sentiment remains negative and bears are selling on minor rallies.

SOL/USDT daily chart. Source: TradingView

If the price breaks below the psychological level at $50, the pair could slip to $43 and thereafter to $37. The bulls are likely to defend this level with all their might because if the support gives way, the downtrend could resume. The next stop on the downside may be $32.

Alternatively, if the price turns up from the current level and rises above $59, the SOL/USDT pair could rally to the overhead resistance zone between the 20-day EMA ($67) and $75. A break and close above this zone could suggest that the downtrend may be over.

DOGE/USDT

Dogecoin (DOGE) continues to trade below the breakdown level of $0.10. This suggests a lack of urgency to buy at higher levels. Generally, sharp declines are followed by consolidations as bulls and bears battle it out for supremacy.

DOGE/USDT daily chart. Source: TradingView

The failure of the bulls to push the price above $0.10 may attract another round of selling by the bears who will attempt to resume the downtrend. If the price dips below $0.08, the DOGE/USDT pair could drop to $0.06. If this support cracks, the decline could extend to the next support at $0.04.

On the contrary, if the price rebounds off $0.08, the pair may rise to $0.10 and remain stuck inside this range for a few days. The bulls will have to push and sustain the price above the 20-day EMA ($0.10) to suggest that the downward momentum may be weakening.

Related: Aave price risks a 25% plunge as a classic bearish reversal pattern emerges

DOT/USDT

The bulls defended the $10.37 support on May 17 but the shallow rebound suggested a lack of demand at higher levels. The bears resumed their selling on May 18 and pulled the price below $10.37. Polkadot (DOT) could now drop to $8.

DOT/USDT daily chart. Source: TradingView

The buyers are expected to aggressively defend the zone between $8 and $7.30. If the price rebounds off this zone, the DOT/USDT pair could again attempt a relief rally. The recovery could pick up momentum on a break above the 20-day EMA ($12.53).

Alternatively, if bears sink the price below $7.30, the selling could accelerate and the pair may signal the resumption of the downtrend. The pair could then plummet toward psychological support at $5.

AVAX/USDT

The buyers could not push Avalanche (AVAX) above the immediate resistance at $38. This suggests that demand dries up at higher levels.

AVAX/USDT daily chart. Source: TradingView

The bears will now fancy their chances and attempt to pull the price below the critical support at $29. If they succeed, the AVAX/USDT pair could retest the May 12 intraday low at $23.51. A break and close below this level could open the doors for a further decline to $20 and later to $18.

Contrary to this assumption, if the price rebounds off $29, the bulls will again try to push the pair above $38. If that happens, the relief rally could reach the 20-day EMA ($45). The bears may again pose a strong challenge at this level.

SHIB/USDT

Shiba Inu (SHIB) has been consolidating inside the tight range between $0.000011 and $0.000014 for the past four days. Usually, such tight ranges resolve in a strong trending move.

SHIB/USDT daily chart. Source: TradingView

If the price breaks below $0.000011, the bears will try to pull the SHIB/USDT pair to $0.000009. This is an important level for the bulls to defend because a break below it could signal the resumption of the downtrend. The pair could then decline to $0.000007 and later to $0.000005.

Contrary to this assumption, if the price turns up and breaks above the 38.2% Fibonacci retracement level at $0.000014, the bulls will attempt to push the pair to the breakdown level at $0.000017.

The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph. Every investment and trading move involves risk. You should conduct your own research when making a decision.

Market data is provided by HitBTC exchange.

Price analysis 5/16: BTC, ETH, BNB, XRP, ADA, SOL, DOGE, DOT, AVAX, SHIB

BTC and most altcoins are facing strong selling at the top of each rally, but the short-term downside could be limited since Bitcoin bulls keep buying each dip.

The selling in Bitcoin (BTC) is showing no sign of abating and Bitcoin has fallen for seven straight weeks for the first time ever. This indicates that the momentum remains strongly in favor of the bears. 

While the short-term sentiment remains bearish, institutional traders seem to be taking a longer-term approach on cryptocurrencies. Goldman Sachs and Barclays joined several other institutional investors in a $70 million Series A funding round by institutional trading platform Elwood Technologies.

Daily cryptocurrency market performance. Source: Coin360

After the mayhem and volatility of the last week, crypto prices may attempt a relief rally in the next few days. It is unlikely to be a V-shaped recovery because the macro conditions are not supportive. During periods of high volatility and uncertainty, it might be a wise decision to cut down on the trading position size to keep risk under check.

What are the critical support and resistance levels that may indicate a potential change in trend when breached? Let’s study the charts of the top-10 cryptocurrencies to find out.

BTC/USDT

Bitcoin turned down from $3,460, suggesting that bears are selling on minor rallies. The bears will now attempt to sink the price below the crucial support at $28,805 but the bulls are likely to have other plans.

BTC/USDT daily chart. Source: TradingView

If price rebounds off $28,805, the bulls will again try to push the BTC/USDT pair to the 20-day exponential moving average (EMA) ($33,646). This is an important level to keep an eye on because a break and close above it could indicate that bulls are attempting a comeback. The pair could then rise to the 50-day simple moving average (SMA) ($39,300).

Contrary to this assumption, if the price slips below $28,805, the pair could drop to $26,700. If this support cracks, the pair could resume its downtrend and the price may plummet to $25,000 and later to $21,800.

ETH/USDT

Ether (ETH) is facing stiff resistance at the breakdown level at $2,159, which suggests that bears continue to sell on rallies. The bears will now try to pull the price below the immediate support at $1,940.

ETH/USDT daily chart. Source: TradingView

If they succeed, the ETH/USDT pair could drop to the critical support at $1,700. This is an important level for the bulls to defend because if they fail to do that, the downtrend could resume and the pair may drop to $1,500.

Contrary to this assumption, if the price turns up from $1,700, the pair could rise to $2,159 and remain range-bound between these two levels.

The first sign of strength will be a break and close above $2,159. That could clear the path for a rally to the 20-day EMA ($2,421). The bulls will have to overcome this barrier to indicate that the downtrend may be over.

BNB/USDT

BNB‘s strong recovery reached near the breakdown level at $320 on May 13 and 15 but the bulls could not clear this overhead barrier. This suggests that bears are attempting to flip the level into resistance.

BNB/USDT daily chart. Source: TradingView

The BNB/USDT pair could now drop to $265, which is likely to act as support. If the price rebounds off this level, the buyers will again try to drive the pair above $320. If they succeed, the pair could rally to $350 and thereafter to the 50-day SMA ($391).

Alternatively, if the price slips below $265, the pair could drop toward the strong support at $211. The bulls are expected to defend this level with vigor. A strong bounce off this support could keep the pair range-bound between $211 and $320 for the next few days.

XRP/USDT

The long wick on Ripple’s (XRP) May 13 candlestick suggests that bears are trying to pose a strong challenge near the breakdown level at $0.50. The failure to rise above this overhead resistance could have tempted short-term traders to book profits.

XRP/USDT daily chart. Source: TradingView

If the price continues lower and breaks below $0.38, the XRP/USDT pair could drop to $0.33. The bulls are expected to defend this level aggressively but if the support cracks, the bearish momentum could pick up and the pair may plummet to $0.24.

Contrary to this assumption, if the price turns up from the current level or the support at $0.38, the bulls will try to push the pair above the $0.50 to $0.55 overhead zone. If they succeed, it will suggest that the markets have rejected the lower levels. That could clear the path for a potential rally to the 50-day SMA ($0.67).

ADA/USDT

Cardano’s (ADA) relief rally is facing selling near $0.61, suggesting that bears are not willing to let go of their advantage. The bears will try to pull the price below $0.46 and retest the May 12 intraday low at $0.40.

ADA/USDT daily chart. Source: TradingView

If the price breaks below $0.40, the selling could intensify further and the ADA/USDT pair may plunge to $0.33 and later to $0.28.

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

SOL/USDT

Solana’s (SOL) bounce from $37 is facing stiff resistance at the 38.2% Fibonacci retracement level at $59. This suggests that bears continue to sell on minor rallies.

SOL/USDT daily chart. Source: TradingView

The bears will now try to pull the price below the immediate support at $44. If they succeed, the SOL/USDT pair could retest the crucial level at $37. A break and close below this support could sink the pair to $32.

Conversely, if the price turns up from the current level or the support at $44, it will suggest that bulls are buying on dips. The bulls will then try to clear the overhead hurdle at $59 and push the pair to the 20-day EMA ($70). This level is likely to act as a stiff resistance.

DOGE/USDT

Dogecoin’s (DOGE) recovery could not rise above the breakdown level at $0.10, suggesting that the bears are trying to flip the level into resistance. If sellers succeed in their endeavor, the likelihood of a retest of $0.06 increases.

DOGE/USDT daily chart. Source: TradingView

This is an important level for the bulls to defend because a break and close below it could signal the resumption of the downtrend. The DOGE/USDT pair could then drop to $0.04 where the bulls may again try to arrest the decline.

Alternatively, if the price turns up from the current level, the bulls will attempt to clear the overhead hurdle at $0.10 and the 20-day EMA ($0.11). If they do that, the pair could rally to the 50-day SMA ($0.13).

Related: Deus Finance’s dollar-pegged stablecoin DEI falls below 60 cents

DOT/USDT

Polkadot (DOT) climbed back above the breakdown level of $10.37 on May 13 but the recovery stalled near $12. This suggests that the sentiment remains negative and traders are selling on rallies.

DOT/USDT daily chart. Source: TradingView

If bears sink the price below $10.37, the DOT/USDT pair could drift lower toward the minor support at $8. If this level cracks, the possibility of a break below $7.30 increases. The pair could then resume its downtrend and plummet toward the next strong support at $5.

Alternatively, if the price rebounds off $10.37 or $8, the bulls will attempt to push the pair above the 20-day EMA ($13). If they manage to do that, it will suggest that the short-term trend may have turned in favor of the buyers. The pair could then attempt a rally to $16.

AVAX/USDT

Avalanche’s (AVAX) recovery is facing stiff resistance at $38. The shallow rebound following a sharp decline suggests a lack of aggressive buying by the bulls. This could embolden the bears who may try to build upon their advantage.

AVAX/USDT daily chart. Source: TradingView

If bears pull the price below $29, the selling could pick up momentum and the AVAX/USDT pair could drop to the critical level at $23. This is an important level for the bulls to defend because a break and close below it could result in a decline to $20 and thereafter to $18.

Contrary to this assumption, if the price turns up from the current level or $29, it will suggest that bulls are buying at lower levels. That could increase the possibility of a relief rally to the 20-day EMA ($48) where the bears may again mount a strong defense.

SHIB/USDT

Shiba Inu’s (SHIB) rebound hit a wall at the 38.2% Fibonacci retracement level at $0.000014 on May 13 and 14, indicating that bears do not want to let go of their advantage.

SHIB/USDT daily chart. Source: TradingView

The bears will once again try to sink the price below the psychological level at $0.000010 and challenge the intraday low of $0.000009 made on May 12. A break and close below this level could signal the resumption of the downtrend. The SHIB/USDT pair could then decline to $0.000007, which is likely to act as a strong support.

Contrary to this assumption, if the price rebounds off $0.000010, the bulls will attempt to push the pair to the breakdown level at $0.000017. The buyers will have to clear this hurdle to suggest that the bears may be losing their grip.

The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph. Every investment and trading move involves risk. You should conduct your own research when making a decision.

Market data is provided by HitBTC exchange.

Price analysis 5/13: BTC, ETH, BNB, XRP, ADA, SOL, DOGE, DOT, AVAX, SHIB

Traders are hopeful that Bitcoin can stage a relief rally within the $30,000 to $35,000 range, but selling at resistance could still keep BTC and altcoins in a strong bear trend.

Bitcoin (BTC) rebounded sharply after dropping near its realized price of $24,000 on May 12, suggesting some bulls went against the herd and bought the dip. According to on-chain analytics platform CryptoQuant, the exchange balances declined by more than 24,335 Bitcoin on May 11 and 12, indicating that bulls may have started bottom fishing.

However, macro investor Raoul Pal is not confident that a bottom has been made. In an exclusive interview with Cointelegraph, Pal said that if equity markets witness a capitulation phase, crypto markets are also likely to plunge before forming a bottom. He anticipates the current bear phase to end after the United States Federal Reserve stops hiking rates.

Daily cryptocurrency market performance. Source: Coin360

Bear markets are known for sharp relief rallies, which are used to lighten up long positions or initiate short positions. The price eventually turns down and makes a new low. Bottoms are only confirmed in hindsight. Therefore, investors may consider accumulating in phases rather than going all-in during a bear market.

Right now, investors want to know what important overhead levels that may act as resistance. Let’s study the charts of the top-10 cryptocurrencies to find out.

BTC/USDT

Bitcoin bounced off $26,700 on May 12 and formed a Doji candlestick pattern. This suggests that the selling pressure could be reducing. The recovery picked up steam on May 13 and bulls pushed the price above the psychological level at $30,000.

BTC/USDT daily chart. Source: TradingView

The relief rally may face resistance near $33,000 and again at the 20-day exponential moving average (EMA) ($34,903). If the price turns down from the overhead resistance, the bears will make another attempt to sink the BTC/USDT pair below $26,700 and resume the downtrend.

If they manage to do that, the selling could accelerate and the pair may drop to $25,000 and later to $21,800.

Contrary to this assumption, if bulls arrest the next decline above $28,805, it will suggest accumulation on dips. That could enhance the prospects of a break above the 20-day EMA. If that happens, the pair may rally to the 50-day simple moving average (SMA) ($40,210).

ETH/USDT

Ether (ETH) broke below the $2,159 support on May 11 and later slipped below the psychological level at $2,000 on May 12. The bulls bought the dip to $1,800, which has started a relief rally.

ETH/USDT daily chart. Source: TradingView

The buyers will now attempt to push the price above the breakdown level at $2,159. If they succeed, the ETH/USDT pair could pick up momentum and rally to the 20-day EMA ($2,554). This is an important level to keep an eye on because a break and close above it will suggest that the decline may be over.

Contrary to this assumption, if the price turns down from the current level or the 20-day EMA, it will suggest that the sentiment remains negative and traders are selling near overhead resistance levels. The bears will then again try to sink the pair below $1,700.

BNB/USDT

BNB fell sharply on May 12 but the long tail on the day’s candlestick shows that bulls aggressively defended the critical support at $211. This started a relief rally that has reached the $350 to $320 resistance zone.

BNB/USDT daily chart. Source: TradingView

If bulls drive the price above $350, it will suggest that the decline may be over. The recovery could thereafter reach $413. Such a move could indicate that the BNB/USDT pair may remain stuck inside a large range between $211 and $692.

Contrary to this assumption, if the price turns down from the overhead resistance zone, it will suggest that bears are active at higher levels. The price could then gradually drift down to the crucial support at $211. The bears will have to sink the price below this level to start a new downtrend that may reach $175 and later $150.

XRP/USDT

Ripple (XRP) nosedived to $0.33 on May 12 when buying emerged. The bulls are attempting a recovery that is likely to face stiff resistance at the psychological level at $0.50.

XRP/USDT daily chart. Source: TradingView

If the price turns down from $0.50, the bears will again attempt to pull the XRP/USDT pair to $0.33. This is an important level for the bulls to defend because a break below it could result in a decline to $0.24.

Conversely, if buyers propel the price above $0.50, the pair could rally to the 20-day EMA ($0.56). A break and close above this level will suggest that the bulls are back in the game. The pair could then rise to the 50-day SMA ($0.70).

ADA/USDT

Cardano (ADA) plunged to $0.40 on May 12, which pulled the RSI into the deeply oversold territory. The buyers bought this dip and are attempting to start a relief rally.

ADA/USDT daily chart. Source: TradingView

The ADA/USDT pair could rise to the breakdown level at $0.74, which is an important level to keep an eye on. If the price turns down from this resistance, it will suggest that the bears have not yet given up and they are selling on rallies. The pair could then retest the strong support at $0.40.

Contrary to this assumption, if bulls propel the price above $0.74, it will indicate that the bears may be losing their grip. The pair could then rally to the psychological level at $1 where the bears are again expected to mount a strong defense.

SOL/USDT

Solana (SOL) has been in a strong downtrend for the past few days. The price dipped to $37 on May 12, which pulled the RSI deep into the oversold territory. This started a relief rally on May 13.

SOL/USDT daily chart. Source: TradingView

The bulls are likely to encounter selling in the zone between the 38.2% Fibonacci retracement level at $59 and the 50% retracement level at $66. If the price turns down from this zone, the bears will attempt to resume the downtrend by pulling the pair below $37. If they can pull it off, the SOL/USDT pair could drop to $32.

Contrary to this assumption, if the price breaks above $66, the recovery could extend to the breakdown level at $75. The bulls will have to overcome this barrier to signal that the downtrend may be coming to an end.

DOGE/USDT

Dogecoin (DOGE) plummeted to $0.06 on May 12 but a minor positive is that the bulls purchased this dip. This started a relief rally which reached near the breakdown level at $0.10.

DOGE/USDT daily chart. Source: TradingView

The long wick on the May 13 candlestick indicates that the bears are defending the $10 level aggressively. If the price turns down from this resistance, the bears will attempt to resume the downtrend by pulling the DOGE/USDT pair below $0.06. If they manage to do that, the next stop could be $0.04.

Alternatively, if bulls drive the price above $0.10, the pair could rise to the 20-day EMA ($0.12). This is an important level to keep an eye on because a break and close above it could suggest the start of a stronger recovery.

Related: 3 reasons why Cardano can sink further despite ADA price bouncing 58%

DOT/USDT

Polkadot (DOT) has been in a downtrend for the past several days. The buyers stepped in to arrest the decline near the strong support at $7 on May 12 as seen from the long tail on the day’s candlestick.

DOT/USDT daily chart. Source: TradingView

The buyers will now try to sustain the price above the breakdown level at $10.37. If they succeed, the DOT/USDT pair could rise to the 20-day EMA ($13.68). This level is likely to attract strong selling by the bears. If the subsequent decline halts at $10.37, it will indicate that the downtrend may be weakening.

Conversely, if the price turns down sharply from the current level or the 20-day EMA, it will increase the possibility of a retest at $7. Below this level, the decline could extend to $5.

AVAX/USDT

Avalanche (AVAX) broke below the crucial support at $32 on May 11 and bears tried to resume the decline on May 12. However, the long tail on the day’s candlestick suggests strong buying at lower levels.

AVAX/USDT daily chart. Source: TradingView

The bulls have pushed the price above the breakdown level at $32, which is the first sign of strength. If the AVAX/USDT pair sustains above $32, the bulls will attempt to push the price to the overhead resistance at $51. The bears are likely to defend this level with vigor.

Alternatively, if the price turns down from the 38.2% Fibonacci retracement level at $41.09, it will suggest that the sentiment remains negative and bears are selling on rallies. The pair could then again retest the strong support at $32 and later $23.

SHIB/USDT

Shiba Inu (SHIB) plunged below the psychological level at $0.000010 on May 12 but the long tail on the day’s candlestick suggests buying at lower levels. This resulted in a recovery on May 13.

SHIB/USDT daily chart. Source: TradingView

The SHIB/USDT pair could rise to the breakdown level at $0.000017, which is likely to attract strong selling by the bears. If the price turns down from it, the bears will make another attempt to sink and sustain the pair below $0.000010.

Conversely, if bulls drive the price above $0.000017 and the 20-day EMA ($0.000018), it will suggest that markets have rejected the lower levels. The pair could then rally to the 50-day SMA ($0.000023).

The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph. Every investment and trading move involves risk. You should conduct your own research when making a decision.

Market data is provided by HitBTC exchange.

Price analysis 5/11: BTC, ETH, BNB, XRP, ADA, SOL, DOGE, DOT, AVAX, SHIB

The implosion of the Terra ecosystem appears to be manifesting contagion that is negatively impacting Bitcoin and altcoins.

The crisis with Terra’s stablecoin TerraUSD (UST) and the freefall in Terra’s LUNA token has dented crypto sentiment further. Although Terraform Labs CEO Do Kwon announced a relief plan, the community does not seem too hopeful about the revival.

Another hindrance to a quick improvement in sentiment is that the United States Consumer Price Index soared 8.3% from a year ago, outpacing estimates by 0.2%. Although the numbers are a tad bit lower than March’s 8.5% print, the slow deceleration suggests no respite from more tightening by the U.S. Federal Reserve.

Daily cryptocurrency market performance. Source: Coin360

Although the screen looks scary during capitulation, it also offers one of the best times to go against the herd and accumulate fundamentally strong cryptocurrencies at a bargain. Traders should not be in a hurry to catch a falling knife but wait for the price to stabilize and the capitulation to end before buying in a phased manner.

What are the key levels of Bitcoin (BTC) and major altcoins that could attract buyers? What are the key resistance levels on the upside that may suggest a potential trend change? Let’s study the charts of the top-10 cryptocurrencies to find out.

BTC/USDT

Bitcoin fell sharply on May 9 and attempted a recovery from the psychological level at $30,000 on May 10. The long wick on the day’s candlestick shows that bears are not willing to ease off and they continue to sell on minor rallies.

BTC/USDT daily chart. Source: TradingView

The bears tried to build upon their advantage on May 11 but the bulls are defending the critical level at $28,805 with all their might. This is an important level to watch out for because if it cracks, the selling could intensify. The BTC/USDT pair could then slide to $25,000 and later to $20,000.

Although downsloping moving averages indicate advantage to sellers, the relative strength index (RSI) in the oversold territory suggests that a relief rally or consolidation is possible.

If the price rises from the current level, it could reach the 20-day exponential moving average (EMA) ($36,214). This is an important level to keep an eye on because if the price turns down from it, the bears will again attempt to sink the pair below $28,805.

Alternatively, if bulls push the price above the 20-day EMA, the pair could rally to the 50-day simple moving average (SMA) ($40,792).

ETH/USDT

Ether (ETH) has reached a strong support level at $2,159. The bulls are likely to mount a strong defense at this level because if the support cracks, the selling could pick up momentum.

ETH/USDT daily chart. Source: TradingView

If the bounce sustains, the bulls will try to push the price to the 20-day EMA ($2,698). In a downtrend, the bears usually try to stall the relief rallies at the 20-day EMA; hence, this becomes an important level to watch out for.

If the price turns down from the 20-day EMA, it will suggest that sentiment remains negative and traders continue to sell on rallies. The bears will then again attempt to sink the ETH/USDT pair below $2,159. If they succeed, the pair could plummet to $2,000 and later to $1,700.

BNB/USDT

BNB witnessed a sharp fall on May 9 and broke below the strong support at $320. The bulls tried to push the price back above the breakdown level on May 10 but the bears did not relent.

BNB/USDT daily chart. Source: TradingView

The bears resumed their selling on May 11 and pulled the BNB/USDT pair below the immediate support at $289. If sellers sustain the price below $289, the pair pick up momentum and plummet to $250 and later to $225. The buyers are expected to mount a strong defense in this support zone.

Alternatively, if the price turns up from the current level, the bulls will again try to propel and sustain the pair above $320. If they succeed, it will indicate that the markets have rejected the lower levels. The pair could then rise to $350.

XRP/USDT

Ripple (XRP) witnessed a tough battle between the bulls and the bears near the $0.50 level. Although bears pulled the price below $0.50 on May 9, the bulls reclaimed the level on May 10.

XRP/USDT daily chart. Source: TradingView

The bears finally overpowered the bulls on May 11 and resumed the downtrend. The XRP/USDT pair dropped to the strong support at $0.40 where the bulls are attempting to arrest the decline.

If the price turns up from the current level, the bulls will again attempt to propel the pair above the overhead resistance zone between $0.50 and $0.55. Conversely, if the price slips below $0.40, the pair could witness further selling and drop to $0.34.

ADA/USDT

Cardano (ADA) tumbled below the strong support at $0.74 on May 9, indicating the resumption of the downtrend. The buyers attempted a recovery on May 10 but failed to hold onto higher levels.

ADA/USDT daily chart. Source: TradingView

The selling resumed on May 11 and the ADA/USDT pair dipped below the immediate support at $0.58. If the price sustains below this level, the pair could drop to the psychological level at $0.50 and thereafter to $0.40.

On the contrary, if the price rises from the current level, the bulls will try to push the pair back above the breakdown level at $0.74 and the 20-day EMA ($0.77). If they succeed, the recovery could pick up momentum and the pair may rally to the critical resistance at $1.

SOL/USDT

Solana (SOL) dropped and closed below the strong support at $75 on May 9. This signaled the start of the next leg of the downtrend. The bulls tried to trap the aggressive bears by pushing the price back above the breakdown level at $75 on May 10 but the bears held their ground.

SOL/USDT daily chart. Source: TradingView

The selling resumed on May 11 and the bears pulled the price below the psychological support at $50. If the price sustains below $50, the SOL/USDT pair could extend its decline to $44 and thereafter to $40.

Conversely, if the price turns up from the current level, the bulls will make another attempt to propel the pair above $75. If they manage to do that, the pair could rally to the 20-day EMA ($83).

This is an important level to watch out for because a break and close above it could signal that the bulls are back in the game. The pair could then rally to the 50-day SMA ($101).

DOGE/USDT

Dogecoin (DOGE) broke below the support at $0.12 on May 9 and nosedived to the psychological level at $0.10. The buyers tried to start a recovery on May 10 but hit a wall at the breakdown level at $0.12.

DOGE/USDT daily chart. Source: TradingView

The bears continued their selling and pulled the price below the crucial support at $0.10 on May 11. If the price sustains below $0.10, the DOGE/USDT pair could extend its decline to the strong support zone between $0.06 and $0.04. The bulls are likely to defend this support zone with vigor.

If bulls push the price back above $0.10 quickly, it will suggest strong accumulation at lower levels. The buyers will then try to drive the pair above the 20-day EMA ($0.12). If they succeed, it will suggest that the bears may be losing their grip.

Related: Avalanche drops 30% on fears Terra’s LFG will dump AVAX next

DOT/USDT

Polkadot (DOT) plunged to psychological support at $10 on May 9 and attempted a recovery on May 10 but the long wick on the day’s candlestick shows selling at higher levels.

DOT/USDT daily chart. Source: TradingView

The selling resumed on May 11 and bears pulled the price below the strong support at $10. If bears sustain the breakdown, it will suggest the start of the next leg of the downtrend. The DOT/USDT pair could then extend its decline to $7.

Conversely, if the price turns up from the current level and rises back above $10, it will indicate strong buying at lower levels. If bulls sustain the price above $10, the possibility of a rally to $14 increases.

AVAX/USDT

Avalanche (AVAX) plunged below the critical support at $51 on May 9 signaling the resumption of the downtrend. The buyers tried to push the price back above the breakdown level on May 10 but the long wick on the candlestick shows that bears flipped the $51 level into resistance.

AVAX/USDT daily chart. Source: TradingView

The AVAX/USDT pair resumed its decline on May 11 and dropped below the crucial support at $32 but the long tail on the candlestick shows strong buying at lower levels. The bulls are expected to defend the $32 level aggressively because if the support gives way, the selling could intensify and the pair may drop to $18.

If the price rises from the current level, the buyers will again try to push the pair to the breakdown level at $51. A break and close above this level could be the first sign that the downtrend may be weakening.

SHIB/USDT

Shiba Inu (SHIB) had been declining gradually for the past few days. The momentum picked up on May 9 and the price slipped below the critical support at $0.000017. This signaled the resumption of the downtrend.

SHIB/USDT daily chart. Source: TradingView

The buyers bought the dip near $0.000013 and pushed the price back above the breakdown level at $0.000017 on May 10. However, the long wick on the day’s candlestick shows that bears are selling at higher levels and attempting to flip $0.000017 into resistance.

If the price sustains below $0.000013, the selling could intensify and the SHIB/USDT pair could decline to the psychological level at $0.000010. The buyers will have to push and sustain the price above the 20-day EMA ($0.000020) to indicate that the selling pressure may be weakening.

The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph. Every investment and trading move involves risk. You should conduct your own research when making a decision.

Market data is provided by HitBTC exchange.

Price analysis 5/9: BTC, ETH, BNB, XRP, SOL, ADA, LUNA, DOGE, AVAX, DOT

BTC and many altcoins are fast approaching the “capitulation phase,” which is typically followed by the market finding a bottom.

Global equity markets extended their decline on May 9 and the S&P 500 fell to a new 52-week low. Bitcoin (BTC) dropped to a new year-to-date low and most major altcoins extended their decline as they tracked the weakness in the stock markets.

Data from blockchain analytics firm Glassnode shows that Bitcoin inflows to centralized exchanges have risen to more than 1.7 million coins, the highest since February. This suggests that whales may be dumping their holdings as they anticipate an extended downtrend.

Daily cryptocurrency market performance. Source: Coin360

Several analysts expect the crypto markets to enter a capitulation phase which generally marks a bottom. Analyst Dylan LeClair highlighted that previous market bottoms during bear markets happened when Bitcoin dropped to its realized price (average on-chain cost basis). The metric is currently at $24,300.

Could Bitcoin and altcoins enter a capitulation phase or is it time for the crypto markets to surprise many by staging a strong recovery? Let’s study the charts of the top-10 cryptocurrencies to find out.

BTC/USDT

Bitcoin plummeted below the ascending channel on May 5 and has continued lower, indicating that bears are in no mood to let go of their advantage. The price has dipped below the critical support at $32,917 but the bears may face a strong challenge from the bulls at lower levels.

BTC/USDT daily chart. Source: TradingView

If the price rebounds off the current level, the relief rally could reach the 20-day exponential moving average (EMA) ($37,670). This is an important level to watch out for because if the price turns down from the 20-day EMA, it will suggest that the sentiment remains negative and traders are selling on rallies.

The bears will then make another attempt to pull the BTC/USDT pair to the critical support at $28,805. This level is again likely to attract buying by the bulls.

On the upside, a break and close above the 20-day EMA will be the first indication that the selling pressure may be reducing. That could clear the path for a possible rally to the 50-day simple moving average (SMA) ($41,279).

ETH/USDT

Ether (ETH) broke below the uptrend line on May 7. This move invalidated the developing ascending triangle pattern. The breakdown of a bullish pattern is usually a bearish sign as stops of several bulls who may have purchased in anticipation of a breakout from the pattern being triggered.

ETH/USDT daily chart. Source: TradingView

Strong selling has pulled the price below the immediate support at $2,445. This opens the door for a possible drop to the critical support zone between $2,300 and $2,159. The bulls are likely to defend this zone with all their might because a break below it could sink the ETH/USDT pair to $1,700.

If the price rebounds off the support zone, the bulls will make an attempt to push the pair above the 20-day EMA ($2,790). If they succeed, it will suggest that the bears may be losing their grip. The pair could then rally to the 50-day SMA ($3,043).

BNB/USDT

BNB has witnessed sustained selling for the past few days. The bears pulled the price below the strong support at $350 and are now challenging the critical level at $320.

BNB/USDT daily chart. Source: TradingView

A break and close below $320 would be a huge negative as this level has not been breached since August 2021. There is a minor support at $300 but if this level fails to arrest the decline, the BNB/USDT pair could plummet to $250.

Alternatively, if the price rebounds off $320, the bulls will try to push the pair above $350 and challenge the 20-day EMA ($383). The buyers will have to clear this hurdle to signal that the decline could be over. The pair could then rise to the 50-day SMA ($409).

XRP/USDT

Ripple (XRP) turned down from the 20-day EMA ($0.63) on May 5 and dipped below $0.62. The buyers attempted to push the price back above $0.62 on May 6 but the bears held their ground.

XRP/USDT daily chart. Source: TradingView

The XRP/USDT pair continued its decline and has broken below the support at $0.55. This clears the path for a retest of the psychological support at $0.50. The buyers are expected to defend this level with vigor because a break and close below it could start a downtrend that could sink the pair to $0.42.

Conversely, if the price rebounds off the $0.50 support, the bulls will again attempt to drive and sustain the pair above the 20-day EMA. If they succeed, it will suggest that the selling pressure could be reducing.

SOL/USDT

The failure of the bulls to push Solana (SOL) above the 20-day EMA on May 5 may have attracted strong selling by the bears. The price continued its downward move and has slipped below the strong support at $75.

SOL/USDT daily chart. Source: TradingView

If the price sustains below $75, it will suggest the start of the next leg of the downtrend. The SOL/USDT pair could first decline to $66 and next to $58. If the price rebounds off this zone, the buyers will try to push and sustain the pair back above $75. If they manage to do that, it will suggest that the downtrend could be ending.

On the contrary, if the recovery stalls at $75, it will suggest that bears have flipped the level into resistance. If that happens, the bears will attempt to resume the decline.

ADA/USDT

Cardano (ADA) rose above the 20-day EMA ($0.81) on May 4 but the bulls could not sustain the higher levels. The price turned down on May 5 and broke below the strong support at $0.74 on May 8.

ADA/USDT daily chart. Source: TradingView

This suggests the resumption of the downtrend. The ADA/USDT pair could now decline to $0.64, which could act as a support. If the price rebounds off this level, the bulls will again try to push the pair above the 20-day EMA. If they succeed, it will suggest that the break below $0.74 may have been a bear trap.

On the contrary, if the relief rally stalls at $0.74 or the 20-day EMA, it will suggest that bears are active at higher levels. The sellers will then attempt to sink the pair to the psychological support at $0.50.

LUNA/USDT

Terra’s LUNA token turned down from the downtrend line on May 5 and plunged below the strong support at $75 on May 7. This completed the bearish head and shoulders pattern, suggesting the start of a new downtrend.

LUNA/USDT daily chart. Source: TradingView

The long tail on the May 7 and 8 candlestick suggests that bulls purchased at lower levels but the failure to start a recovery shows that bears are in no mood to let go of their advantage. The pattern target of this topping formation is $50. This level is likely to attract strong buying by the bulls.

If the price rebounds off $50, the bulls will attempt to push the LUNA/USDT pair toward the breakdown level at $75. If the price turns down from this level, the pair may form a range between $50 and $75.

Related: SHIB price eyes 30% drop with Shiba Inu’s massive triangle breakdown underway

DOGE/USDT

Dogecoin (DOGE) turned down from the 20-day EMA ($0.13) on May 7, indicating that bears continue to sell on rallies. The selling picked up momentum on May 9 and the bears have pulled the price below the strong support at $0.12.

DOGE/USDT daily chart. Source: TradingView

The downsloping 20-day EMA and the relative strength index (RSI) in the negative territory indicate advantage to sellers. If bears sustain the price below $0.12, the DOGE/USDT pair could slide to the psychological support at $0.10.

If the price rebounds off $0.10, the buyers will try to push the pair above $0.12 and challenge the 20-day EMA. A break and close above the 20-day EMA could be the first indication that the pair may remain stuck between $0.10 and $0.17 for some time.

Contrary to this assumption, if bears sink the pair below $0.10, the selling could intensify and the decline could extend to $0.06.

AVAX/USDT

Avalanche (AVAX) turned down from the 20-day EMA ($63) on May 5 and has plunged below the critical support at $51. If bears sustain the price below $51, it will indicate the resumption of the downtrend.

AVAX/USDT daily chart. Source: TradingView

There is a minor support at $47 and then at $43. If the price turns up from either support, the buyers will try to push the AVAX/USDT pair back above $51. If they succeed, the pair could recover to the 20-day EMA, which is an important level to keep an eye on.

If bulls push the price above the 20-day EMA, it will suggest that the bears could be losing their grip. The pair could then attempt a rally to the 50-day SMA ($77).

Alternatively, if the recovery falters at the 20-day EMA, it will suggest that the sentiment remains negative and traders are selling on rallies. The bears will then again try to resume the downtrend.

DOT/USDT

Polkadot’s (DOT) tight range trading between $14 and $16 resolved to the downside on May 7, indicating that the bears have overpowered the buyers.

DOT/USDT daily chart. Source: TradingView

The DOT/USDT pair could now drop to the crucial support at $10 where the bulls are expected to mount a strong defense. Although the downsloping 20-day EMA ($15.54) signals advantage to bears, the RSI in the oversold territory suggests a recovery may be around the corner.

If the price rebounds off $10, the bulls will attempt to push the pair above the 20-day EMA. If they manage to do that, it will be the first sign that the selling pressure may be reducing.

Alternatively, if the price turns down from the 20-day EMA, it will suggest that bears continue to sell on rallies. The bears will then again attempt to sink the pair below the strong support at $10. If they do that, the pair could slide to $7.16.

The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph. Every investment and trading move involves risk. You should conduct your own research when making a decision.

Market data is provided by HitBTC exchange.

Opera browser enables direct access to BNB Chain-based DApp ecosystem

New integration with BNB Chain allows Opera users to access decentralized apps, including DEXs like PancakeSwap, 1inch and BiSwap.

Crypto-friendly browser Opera integrated BNB Chain, a decentralized blockchain ecosystem formerly known as Binance Smart Chain, to enable BNB Chain-based decentralized apps (DApps) on Android, iOS and desktop versions of its Crypto Browser.

The integration will enable Opera’s 350 million users to purchase BNB (Build N Build) token with fiat and send and receive it via the built-in Opera crypto wallet, as well as access DApps on the BNB Chain ecosystem. The list includes decentralized exchanges (DEXs) like PancakeSwap, 1inch and BiSwap, as well as decentralized finance (DeFi) products like DRIP Venus, Tranchess, Treehouse, ApeSwap and AutoShark Finance.

The Opera Crypto Browser’s BNB Chain integration follows the beta release of a Web3 browser for iOS devices, iPhone and iPad, in April. Opera began the Crypto Browser project earlier this year to focus on Web3 and facilitate navigation across DApps, games and metaverse platforms. The browser company has since expanded support for nine major blockchain ecosystems: Bitcoin, Solana, Polygon, StarkEx, Ronin, Celo, Nervos Network and now BNB Chain.

According to BNB Chain’s Patrick Degenhardt, the primary aim of the Binance Chain community is to create the infrastructure for the “world’s parallel virtual ecosystem” and entice the next billion individuals into cryptocurrency. He added that “boosting the adoption of digital assets and blockchain technology requires major efforts on Web2 and Web3 integration.”

Related: Opera Crypto Browser is now available on iPhone and iPad

While commenting on the latest development, 5ire’s founder and CEO Pratik Gauri told Cointelegraph that the browser company had “the foresight back in 2018 to begin building their product in compliance with Web 3.0 standards.”

He believes that this is a game-changer because if Opera’s security systems prove to be reliable over time, many investors and day traders will want to use its browser instead of others, adding that:

“And that is the very intent of Web 3.0. To have personal data belong to the individual, not to have big data corporations make billions off of your day and your created content and you get nothing. Second, if the system is secure, with a great UX, they will rule the markets when it comes to the public’s transformation to Web 3.0.”

Opera has been a part of the cryptocurrency space for a long time, and it became the first major browser to accept Bitcoin (BTC) payments in 2019. According to Opera’s Jorgen Arnesen, The Crypto Browser is designed to appeal to both seasoned and new crypto users and targets the growing interest in Web3.