Price Analysis May 6th - BTC, BNB, ADA, ETH, SOL, DOGE, XRP, and MATIC | Herald Sheets

Confidence in the US financial system has been declining, with investors always on the lookout to know which bank is about to fall. As evidenced by massive sell-offs over the last few days, the ongoing banking crisis has largely affected US equities. Many investors now consider Bitcoin, along with gold, as safe-haven assets.

With increased interest from investors, could Bitcoin and other cryptocurrencies continue trending up to break key resistance levels over the coming days? A closer look at the charts of some of the biggest coins can help us answer this question.

Bitcoin Price Analysis

Since Thursday, BTC has been trading above the 20-day Exponential Moving Average (EMA) of $29,000. This means its price may trend upwards, rallying toward the resistance level of $31,000. A strong defence leveled by the bears is expected at this price because if that does not happen, BTC may rally further to $40,000. On the contrary, Bitcoin may plunge to $27,900 in case the bulls fail to maintain the price above $29,000.

Ethereum Price Analysis

ETH is trading at $1,966, meaning the bulls have defeated the bears in a battle at the support level of $1,907. The price is above the 20-day EMA (1,946), so the chances of ETH retesting resistance at $2,000 have increased massively. Breaking that barrier may push the token further to $2,300. On the downside, if bears sink the price below $1,946, it will motivate them to pull ETH down to a support level of $1,850 and further to $1,789, where the bulls will defend the price by buying the dip.

BNB Price Analysis

Buyers and sellers are still in a tough battle at the 20-day EMA of $325. As of this writing, there is no clear winner. But assuming the bulls win, BNB will rally to $331 and further to $337. Contrary to this assumption, the Binance Coin may slide to $307 or even $282 if the bears emerge winners.

XRP Price Analysis

XRP has been relatively steady over the last two days. It trades at $0.463, above the 20-day EMA (0.460). This indicates that both the bears and the bulls are playing it safe, not making huge bets. However, if the bears mount selling pressure, XRP’s price may decline to find support at $0.43. On the upside, buying pressure from the bulls may prompt a rally toward resistance at $0.53.

Cardano Price Analysis

ADA plummeted to a support level of $0.38 earlier this week. But the bulls have managed to bring the price above the 20-day EMA (0.39) as of Saturday noon. This suggests a slight advantage to the buyers who may now attempt to drive ADA toward $0.47 and subsequently to $0.51. However, if the bears make a comeback to sink Cardano below $0.39, the price may plunge to $0.37 and then $0.35, where bulls may step in to buy the dip.

Dogecoin Price Analysis

The Dogecoin current price ($0.079) means the bulls have failed to defend the support level of $0.08, giving bears the upper hand. Further selling pressure may fuel DOGE to sink to $0.07. On the positive side, the memecoin may rally to $0.082 (the 20-day EMA) and even to $0.085 if the bulls decide to buy the dip now.

Polygon Price Analysis

The bulls’ attempt to bring MATIC above the 20-day EMA of $1.03 has proven futile. The token is priced at $0.983 as of this writing. With the bears in charge, a further decline to $0.96 is possible. Going below this barrier may lead to Polygon finding support at $0.93. On the contrary, if the bulls stage a recovery to raise the price above $1.03, MATIC may rally toward the first resistance at $1.11.

Solana Price Analysis

Like XRP, Solana hasn’t made any substantial price swings this week. This shows that the buyers and sellers are in a state of indecision. SOL’s current price is $22.66, just above the 20-day EMA ($22.38). With the narrow advantage over bears, the bulls may rally the token to $24 and subsequently to $27.13. Conversely, if SOL reverses toward $22.38 and drops further, the crypto asset may plunge to $20.16.