June 5, 2023

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Price analysis 5/19: BTC, ETH, BNB, XRP, ADA, DOGE, MATIC, SOL, DOT, LTC

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Price analysis 5/19: BTC, ETH, BNB, XRP, ADA, DOGE, MATIC, SOL, DOT, LTC

The United States stock market recovered sharply on May 17 and May 18 on hopes that the debt ceiling agreement could be reached, but the market gave back some of its gains on May 19 on reports of a temporary 

Solana price analysis

Solana (SOL) turned down sharply from the downtrend line on May 18, indicating that the bears are fiercely defending the level.

SOL/USDT daily chart. Source: TradingView

The bears will try to increase their advantage further by sinking the price below the strong support at $19.85. If they succeed, the SOL/USDT pair may first tumble to $18.70 and thereafter to $16.

Contrarily, if the price rebounds off the current level and climbs above the 50-day SMA ($21.81), it will indicate that the bulls are active at lower levels. The pair may then attempt a rally to $24 and subsequently to $27.12.

Polkadot price analysis

Polkadot (DOT) has been struggling to start a recovery, indicating that demand dries up at higher levels.

DOT/USDT daily chart. Source: TradingView

Many times, a tight consolidation near a strong support level tends to break to the downside. In this case, a break and close below $5.15 will complete a descending triangle pattern and open the doors for a possible decline to $4.22.

If bears want to prevent this fall, they will have to quickly drive the price above the 20-day EMA ($5.51). If they do that, the DOT/USDT pair could rise to the 50-day SMA ($5.97) and thereafter rally to the downtrend line. Buyers will have to overcome this resistance to indicate that the correction may be over.

Litecoin price analysis

Litecoin (LTC) turned down from the overhead resistance of $96 on May 18, but a positive sign is that the bulls did not allow the price to slip below the 50-day SMA ($89). This shows that the bulls are trying to flip this level into support.

LTC/USDT daily chart. Source: TradingView

The 20-day EMA ($87) has started to turn up, and the RSI is near 59, indicating that the bulls have the upper hand. Buyers will next make another attempt to clear the overhead hurdle at $96 and propel the LTC/USDT pair to $106.

This positive view will invalidate in the near term if the price turns down and breaks below the moving averages. Such a move will indicate that the pair may oscillate between $75 and $96 for some more time.