Price Prediction 5/17: BTC, ETH, XRP, BNB, SOL, DOGE, HYPE

XRP has been notably volatile over the last six days. However, it may end the week in losses after failing to defend key levels.

For example, it tested the $1.55 resistance on Thursday, but faced rejection. It also lost the $1.40 support for the first time in seven days. Nonetheless, XRP saw significant trading volume during this period, but most of it was from the sellers.

The global cryptocurrency market cap also took a hit, shedding almost all of the previous week’s gains. There is a growing sentiment that the uptrend has ended and the market has topped.

However, some may argue that the downtrend over the last six days was due to fundamentals, and that the bearish sentiment will fade in the coming days. News such as the bearish CPI and PPI reports were among the reasons most cryptocurrencies declined.

Nonetheless, the US BLS will release other economic data in the coming week. Initial jobless claims, Consumer sentiment, and other indicators are among the most anticipated. The median forecast for both reports is the same, and analysts expect it to remain the same.

The global cryptocurrency market cap will likely retrace if they come out as expected. Aside from the data, there are no major events ahead of the new week. Most cryptocurrencies may be rangebound over the next seven days.

Nevertheless, Iran is stepping up the threat to Hormuz again, planning to toll passing ships. Let’s see how assets in the top 10 will react.

BTC/USD

Bitcoin may end the current week with its biggest losses since March. It is currently down by almost 7% and is struggling to hold prices above $78k.

One outlook at the start of the week noted that the apex coin was trading between two key levels, and breaking above the short-term holders’ realized price would see it attempt $90k. However, the current price indicates notable selling congestion at this level.

Bitcoin is trading slightly far from this realized price at the time of writing. The analysis warned that a drop to $66k will follow. Per this metric, the apex coin may retrace lower in the coming days.

It may edge closer to the said mark starting Monday, as the market gears up for a bearish start following the recent hike in oil prices. Considering the inverse effect on the crypto market, when futures open in the coming hours, the first wave of selling may set in.

ETH/USD

Ethereum also bled over the last six days, like XRP. It is also edging closer to ending the week with notable losses. Nonetheless, it prints the first green candle after two days of consistent decline.

It may indicate an impending recovery on Monday. The 4-hour chart suggests this may be the case, as the asset has held onto $2,170 for an extended period. If the bulls sustain the current buyback attempt, it will reclaim $2,235, a level that could push it past $2,300.

However, if the altcoin loses the current level, a slip below $2,100 is likely. Current market sentiment suggests that this may be the case.

XRP/USD

Like ETH, XRP prints a green doji, suggesting a possible recovery attempt. However, on the 1-day chart, it has traded above the 50-MA. It bounced off it on Saturday, but it is trading not far off at the time of writing.

The bulls have defended this mark for over fourteen days. It remains to be seen if they will continue the defense. If they do, the altcoin will test $1.50 within the next two days.

However, the 4-hour chart suggests a lower likelihood of a good start to the coming week. XRP recently slipped below the 50-MA on this scale, and it has since been a tough resistance. The altcoin will slip to as low as $1.38 if it continues to face rejections.

BNB/USD

BNB is currently trading significantly lower than it started the week. It may end the session the same way as it is seeing slight losses at the time of writing.

However, like XRP, it is trading above a level it has held over the last seven days. It is currently struggling to hold above $650, and the 4-hour chart warns of a drop to $640 if it breaks support.

It is currently trading above the 100 EMA, and losing this mark will see it drop below the 200 at $642. Additionally, MACD supports predictions of further decline.

SOL/USD

The 4-hour chart shows Solana forming an upward structure. Since Saturday, it has registered higher lows, but has not shown much upward momentum.

The moving average convergence divergence has since reacted to the recent change, displaying a near-complete bullish crossover.

It is currently trading below the 50, 100, and 200 EMAs, but may attempt to reclaim them in the coming days. The 200 EMA sits at $88, and the 50 is at $89. Based on MACD, the altcoin will test $90 within the next 48 hours. Conversely, if the current structure collapses, it may retrace below $83.

While it has bullish prospects for the coming hours, it may remain rangebound for the rest of Sunday, ending the week with losses exceeding 10%.

DOGE/USD

Dogecoin is up 2% over the last six days. However, it wasn’t immune to the massive selling pressure the market experienced during this period. It surged to a high of $0.118 for the first time since January.

The altcoin saw significant losses over the last two days, but is green on Sunday. It saw notable buying pressure a few hours ago, but that pressure is fading at the time of writing as the asset prints a red candle on the 4-hour scale.

The 100 EMA suggests that the recent decline may be short-lived. Previous price movements show it rebounded off the metric on several occasions. If the trend repeats this time, it may serve as the launchpad for an attempt at $0.115.

HYPE/USD

Like XRP, Hyperliquid saw notable losses over the last seven days. However, it saw a significant change in price direction on Thursday, surging by a whopping 13%.

Although the uptick ended a few days later, the altcoin is green again, up by almost 5%. The 4-hour chart shows it is approaching a tough resistance. It remains to be seen whether it will flip, but if it fails, it will retrace to $40.

Nonetheless, MACD prints a positive crossover. Per the indicator, it may flip the mark in the coming hours. It may attempt $46 afterward.

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