Price Analysis 5/10: BTC, ETH, XRP, BNB, SOL

ETH has seen massive increases over the last three days. Its price trajectory changed following an enormous shift in fundamentals. 

The crypto market had a slow start to the week, registering slight price changes over the first two days. However, news of a possible end to the trade war made traders bullish, ending the sluggish momentum. 

Three days ago, the US announced that it would meet with China’s representatives to discuss an end to tariffs. The move is significant as the Asian country has spread rhetoric of unwillingness to negotiate with the US. Investors hope that the meeting will yield results. 

The global cryptocurrency market cap surged above $3 trillion, hitting a high of $3.31 trillion on Friday. Traders are becoming more active and bullish as the fear and greed index is 70, showing notable greed and hunger for more surges.

Dogwifhat is the top gainer in the top 10, gaining a whopping 23% in the last 24 hours. The asset is seeing massive price increases following several weeks of massive declines. Nonetheless, other altcoins like EOS and TIA are up by over 14%.

The uptrend is slowing down as investors anticipate the next big news. Let’s examine the performance of some assets in the top 10.

BTC/USD

Bitcoin’s slow start to the week ended on Tuesday when it gained 2%. The news of a possible interest rate cut sparked a slight bullish trend across the market, causing the coin to overturn its recent dip to $93,376.

The most significant surge happened on Thursday when the cryptocurrency surged from $97k to $104,159. Its over 6% increase saw it break above the $98k barrier for the first time in three months. However, surging above $100k revived speculations that the bull run is back.

At the time of writing, the apex coin is struggling to break above the $105k barrier. Nonetheless, indicators remain positive. On Tuesday, the moving average convergence divergence displayed a bearish divergence. This signal failed to last as a change in trading volume impacted the metric.

The RSI is currently at 75, indicating that BTC is overbought. However, it has trended on a nearly flat line for the last two days, pointing to almost equal pressure from the bulls and bears. It’s also worth noting that it broke above its bollinger bands on Thursday.

Nonetheless, the apex coin is trading above the 23% fib level, while edging close to the highest mark. 

ETH/USD

The one-day chart shows that ETH had massive rallies over the last two days. The surge started on the fourth day of the week and saw the largest altcoin breakout from its previous range-bound movement. It ended its two-week trend with a more than 21% surge, breaking the $2k resistance for the first time since March. 

ETH continued upwards, breaking the $2,200 barrier. Ethereum bulls continued the uptrend the next day, causing the coin to surge close to retesting $2,500. However, it failed to break the mark, facing strong rejections at $2,490. 

The coin is trading above its bollinger bands, while holding the 50% fib level. It is up by almost 3%, and the uptick is ongoing. It continues to see massive buying volume as indicated by the relative strength index. The metrics reading at the time of writing suggests that the altcoin is overbought. 

However, MACD shows that bullish momentum is still in full swing. Its histogram prints the largest green bar in the last three months in response to the 12-day EMA’s sharp rise. 

XRP/USD

XRP broke out of its descending pattern on Thursday. Like ETH and the rest of the crypto market, the positive shift in fundamentals saw massive liquidity pour into the altcoin. In response, prices rose from $2.12 to $2.33, marking a more than 9% increase.

While it printed a doji the next day, the uptrend is ongoing. The asset tested the $2.40 resistance a few hours ago but failed to break it. Currently up by almost 2%, the bulls show no signs of halting the advances. This is the same reading from RSI. The metric remains below 70, trending at 65. Its current reading marks a notable increase from the previous day.

The coin is trading above its bollinger bands. Its current price indicates that it is trading above the $2.36 support. XRP reclaimed the 38% fib level, a mark with notable demand concentration.

Nonetheless, the moving average convergence divergence continues upward following its previous positive crossing.

BNB/USD

At the time of writing, Binance coin is experiencing notable selling pressure. The decline started after it failed to break the $680 resistance. It faced strong rejections at $679 as selling congestion pushed it below its opening price.

The latest decline follows a massive increase the previous day. It gained almost 6%, surging from $628 to $670. This marked the first time since February that the coin has attained this mark. Nonetheless, Friday’s price action follows another significant increase on Thursday.

Trading above its 50% fib level, it is worth noting that the bulls may defend this mark due to its demand concentration. However, it is overbought, with RSI trending above 70. The latest reading follows a significant drop in buying volume.

However, MACD shows that bullish momentum is still in full swing. Its histogram prints the largest green bar in the last thirty days in response to the 12-day EMA’s sharp rise. 

SOL/USD

Solana broke above $160 for the first time in almost two months. On Thursday, the coin surged from $147 to $164, gaining over 11%. The surge continued the next day, with the altcoin testing $180 but falling short at $176. 

RSI was at 75 on Friday but at 72 at the time of writing. The metric indicates that the asset is currently seeing notable selling pressure. The spike in such volume reflects on prices as SOL is slightly down. Nonetheless, the moving average convergence divergence continues upward following its previous positive crossing.

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