Price Prediction 5/30: BTC, ETH, XRP, BNB, SOL, DOGE, ADA

BTC slipped to its lowest valuation this week. It continued its descent, marking its fourth consecutive day of decline.

At the time of writing, BTC shows signs of recovery. It has seen a more than 5% increase in trading volume over the last 24 hours. It reflects the same buying and selling pressure across the entire crypto market. 

Nonetheless, bearish sentiment remains prevalent across the market. The Fear and Greed index dropped from 65 to 61. The readings from the index coincide with the over 2% decrease in the global cryptocurrency market cap.

The biggest news in the last two days is a possible resumption of the trade war. Donald Trump voiced displeasure over China’s nonchalant approach to ending the tariffs. He recently announced a pause to the over 100% levy imposed on the Asian country. The President hinted at imposing fresh tariffs.

Investors panicked in reaction to the news. They are moving more liquidity to less risky assets as they anticipate the next move. 

Nonetheless, some traders are expressing bullish rhetoric about the next price action. James Wynn announced another $40 million long position on BTC after losing over $100 million on the same position.

Will he get liquidated again? Let’s look at some key levels to watch

BTC/USD

Bitcoin is trending on almost all platforms as it leads the losses across the market. It retraced to a low of $105,376 on Thursday, losing over 2%. It dipped lower on Friday, breaking the $105k support. The asset is edging closer to testing the $102k support.

Currently at $103,865, several indicators show no signs of an impending rebound. The relative strength index is at 50. This is its lowest reading since the second week of April. Its current trajectory reveals a massive increase in selling pressure over the last 48 hours.

The average directional index suggests that BTC is experiencing a significant surge that may lead it to break the highlighted barrier. The pivot point standard suggests a rebound around the first resistance at $101,800. 

Other metrics, such as MACD and the momentum indicator, print more sell signals. The largest coin risk slipping below $100k in the next 24 hours. Nonetheless, a shift in fundamentals will likely result in a return above $105k.

ETH/USD

Ethereum was on the uptrend on Thursday, surging to a high of $2,789. It faced massive rejections to its bid at $2,800, resulting in a further decline to $2,613. 

ETH continues its descent, dipping below $2,600. It retraced to a low of $2,534 on Friday but rebounded and is now trading slightly higher. However, indicators are flipping bearish. The moving average convergence divergence prints further sell signals following the massive decline.

The average directional index halted its parallel movement. It’s on the decline as selling pressure intensifies. It suggests that the asset is seeing a massive downward pull, which may result in more price decline.

The relative strength index prints the same signal. It is worth noting that the metric indicated the ETH was overbought on Thursday. The ongoing downtrend is the correction that follows. 

Ether may retest the $2,500 support in the coming hours. It risks slipping below the highlighted mark. Conversely, recovery may see it edge closer to $2,600.

XRP/USD

XRP may end Friday as the third day of consecutive losses. The altcoin halted a climb to $2.30 during the previous intraday session. It has since been on the decline, dipping lower a few hours ago. 

The coin lost the $2.20 support, slipping to a low of $2.13, but rebounded. Its current price suggests an ongoing recovery. However, RSI suggests a massive spike in selling volume, which may cause XRP to resume its downtrend.

Conversely, the ADX is on the uptrend for the first time in over two weeks. It indicates the continuation of the price recovery. A return to $2.20 is on the horizon.

BNB/USD

Binance coin is seeing a similar trend to BTC. The altcoin rebounded from a dip to $660 and is now trading slightly higher. Indicators have since flipped bearish in response to the two-day downtrend.

The ADX is dipping, indicating that altcoin may see further decline in the coming hours. RSI supports this claim as it fell to 53 from 65 two days ago. BNB is seeing massive selling pressure and risk retracing below $660. 

It may slip as low as $640. On the other hand, a shift in the current trajectory may see the asset surge, retesting $690.

SOL/USD

Solana is on the verge, marking the third day of consecutive declines. It saw its first price dip on Wednesday and struggles to end the decline. 

It lost the $160 support a few hours ago, retracing to a low of $156. The coin shows signs of recovery, trading at $158. Nonetheless, the average directional index hints at further decline that may see SOL retest $150.

The relative strength index is at 42 and may retrace lower as the selling pressure mounts. The coin risks slipping below the highlighted mark. Conversely, further increases in buying pressure will cause the asset to edge closer to $170.

DOGE/USD

Dogecoin is seeing its biggest decline since March. It opened trading at $0.21 but retraced to a low of $0.193. The one-day candle shows the asset rebounded as it trades slightly higher from its low.

However, indicators have yet to react to this minor change as they continue to print sell signals. RSI slipped to 41 from 49 as selling pressure remains strong. It reflects the same readings on the average directional index. The metric suggests further declines in the coming hours.

The accumulation and distribution chart indicates that the bulls are struggling to absorb the excess supply. DOGE may slip as low as $0.18 if the downtrend continues. Improved trading conditions will see it reclaim $0.20. 

ADA/USD

ADA dipped to a low of $0.682 a few hours ago. It rebounded after retracing from its opening price of $0.72.  Currently trading at $0.69, traders expect further increases. However, indicators show that ADA is not out of the danger zone.

The average directional index hints at further decline that may see the coin retest $0.65. The relative strength index is at 42 and may retrace lower as selling pressure mounts. Cardano risks slipping below the highlighted mark if the bulls fail to defend it. 

Conversely, further increases in buying pressure will cause the asset to edge closer to $0.75.

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