Price Analysis 5/24: BTC, ETH, XRP, BNB, SOL

BTC attained a new ATH a few days ago. It surged and peaked at $112k for the first time ever. The apex coin has since struggled to continue its uptick, succumbing to negative fundamentals.

BTC is grappling with significant selling, around $108k, as the weekend rolls in. The entire crypto market is seeing a similar price trend, with most assets struggling to surge. 

Nonetheless, the current price action differs from Friday’s as the coins and tokens see more upward movement. News of the introduction of fresh tariffs saw the sector lose its bullish drive, causing some investors to panic sell. 

The global cryptocurrency market cap retraced below $3.35 trillion. However, recovery across the industry sees it at $3.43 trillion. Investors are feeling more confident about the next price action. The fear and greed index slightly improved in the last 24 hours.

Altcoins are again leading the charge as Aave gained over 5%, and HNT follows behind with an almost 3% increase. Speculations of an impending altseason are gaining a foothold as many claim BTC may not surge again. 

Nonetheless, the crypto market is seeing a massive decline in trading volume, and buying and selling have dropped by over 37 % in the last 24 hours amid a slight price improvement. 

The week was filled with a lot of activities. Let’s see how some big assets performed. 

BTC/USD

The 2-hour chart shows that Bitcon lingered between $109,200 and $108,500 over the last six hours. It started the day at $107,319 and surged to a high of $109,500. Up by almost 2%, the asset struggled to erase Friday’s losses. 

The apex coin retraced from $111,816 to $106,827 during the previous intraday session. It failed to recover and closed the day, losing 4%. The loss follows a three-day uptrend that saw BTC attain a new ATH. It gained almost 6% during this period.

Friday’s correction comes after some indicators flipped bearish. The largest cryptocurrency slightly broke above the bollinger bands on Thursday. Such an event may mean the end of an uptrend. Subsequent price action proves this trend right.

It is worth noting that the relative strength index surged above 70 on Sunday and trended above it for most of the last seven days. The metric peaked at 78 on Thursday but retraced to a low of 63 the next day. 

Friday’s decline saw the bulls defend $106k. Previous price movements suggest that the apex coin may lose that mark in the event of further retracement and favor the $105k mark as tougher support.

ETH/USD

The one-week chart suggests that the largest altcoin is heading for a similar close as the previous week. It prints a doji as it failed to hold prices above critical levels.

 

One such is $2,600. The coin reclaimed this mark on Thursday, surging from $2,552 to a peak at $2,692. It closed with gains exceeding 4% amid slight declines. Nonetheless, it lost the mark the next day after it broke above $2,700. 

ETH retraced and continued downward until it found support at $2,500. The coin ended Friday with losses exceeding 5%. It struggles to reclaim lost levels but faces massive resistance at $2,577.

RSI was above 70 a few days ago but retraced below during the previous intraday session. The metric is at 64, a slight improvement from its low of 62. Nonetheless, the moving average convergence divergence remains positive as the 12-day EMA continues its uptrend.

Previous price movements indicate that the $2,500 support may be short-term and favors the $2,425 as a more robust level.

XRP/USD

The one-day chart shows that XRP did not see as much volatility this week as its previous actions. Nonetheless, it sluggish start to the session, retracing from $2.42 to a low of $2.28. Although it recovered, it closed with losses of almost 2%. 

 

 

It registered slight upward movements over the next three days until it had another massive decline on Friday. It retraced after its failed attempt at $2.50, dropping to a low of $2.28 and closing with losses exceeding 5%

Like BTC, XRP is struggling to reclaim lost levels. It trades at $2.35 at the time of writing, a 2% increase from its opening price. While data from Coinmarketcap shows that the asset is seeing a 52% increase in trading volume, the relative strength index suggests that there is an increase in buyers. 

The metric is at 51, a notable improvement from its previous low. However, the moving average convergence divergence shows no reaction to the latest change. It continues its downtrend. 

Nonetheless, a closer look at the one-day chart shows that XRP consistently tests the $2.30 support, rebounding off it more than twice this week. The bulls must defend the mark or risk a decline to $2.18.

BNB/USD

Binance coin saw a change to its sluggish start to the week. The change came as volatility and buying volume picked up on Wednesday, causing it to surge from $650 to $678. The uptrend continued into the next day. However, the asset failed to flip its fourteen-day high due to notable rejections at $691.

BNB failed to break above $692 again on Thursday. It registered its biggest decline, dropping to a low of $654. The bulls failed to cause a price rally, resulting in losses exceeding 4%. 

However, the coin is seeing more buying volume amid the massive decline in trading volume. RSI was at 56 but surged to 62 on Saturday in response to the latest bullish trend. Prices are reacting, with the asset trading at $676, a 6% increase from its opening price.

MACD halted its trajectory in response to the latest uptick. It was on the verge of a bearish divergence but halted the crossing as the 12-day EMA resumed its uptrend.

SOL/USD

On Monday, Solana dropped to its lowest in the last fourteen days. It dropped from $173 and broke the $160 support but rebounded at $159. It saw a slight recovery and closed at $166. The next day, it struggled to continue the uptrend.

Nonetheless, it surged to its highest of the week on Thursday. It broke above $180 and peaked at $189. However, it retraced to $173 and closed with losses exceeding 3%. The bulls are struggling to break the $180 resistance again but are grappling with significant selling pressure around $177. 

The relative strength index is on the uptrend in response to the slight increase in buying pressure. However, the moving average convergence divergence is indifferent, printing sell signals. 

 

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