Price analysis 5/31: BTC, ETH, BNB, XRP, ADA, DOGE, MATIC, SOL, DOT, LTC
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After rising for four successive months, Bitcoin is on track to end May with losses of about 7%. Another noteworthy thing in May is that Bitcoin’s (
Solana price analysis
Solana (SOL) has been stuck between the moving averages for the past four days. This suggests that the bulls are buying the dips to the 20-day EMA ($20.50) but the bears remain active at higher levels.
The 20-day EMA is flattish and the RSI is near the midpoint, indicating range-bound action in the near term. If the price dips below the 20-day EMA, the SOL/USDT pair could slide to the solid support at $18.70. A bounce off this level will suggest a consolidation between $18.70 and the 50-day SMA.
If the price bounces off the 20-day EMA, the bulls will again try to overcome the obstacle at the 50-day SMA. If they succeed, the pair could start a rally to $24 and then to $27.12.
Polkadot price analysis
The bulls pushed Polkadot (DOT) above the 20-day EMA ($5.40) on May 28, but they could not build upon this breakout. This shows that demand dries up at higher levels.
The bears have pulled the price back below the 20-day EMA. Sellers will next try to yank the price below the critical support at $5.15. If they manage to do that, the DOT/USDT pair could start a downward move toward $4.22.
If the price rebounds off $5.15, it will suggest that bulls continue to defend this level aggressively. The pair could then consolidate between $5.15 and $5.56 for a few more days. The bulls will gain the upper hand in the short term if they clear the 50-day SMA ($5.74).
Litecoin price analysis
The price action of the past few weeks has formed a symmetrical triangle pattern in Litecoin (LTC). This indicates indecision among the bulls and the bears about the next directional move.
The price action inside a triangle is generally random and volatile. If the price sustains below the moving averages, the LTC/USDT pair could drop to the uptrend line. This line is likely to attract buying from the bulls.
Another possibility is that the price turns up from the moving averages. In that case, the pair will attempt to rise to the resistance line. A break and close above this level will indicate the start of a new up move. The pattern target of this setup is $142.
This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.
This article is for general information purposes and is not intended to be and should not be taken as legal or investment advice. The views, thoughts, and opinions expressed here are the author’s alone and do not necessarily reflect or represent the views and opinions of Cointelegraph.
