Crypto Predictive Analysis for the Week of May 15, 2022 — Eating My Feelings

Bitcoin Analysis

BTC price treads water on Saturday extending the consolidation of the last two sessions. The sellers seem exhausted near two-year lows. As the price quickly recovered back from the lows of Thursday with a gain of 5k points. In addition to that, a bullish formation on the weekly chart is looking for a minor upside. BTC’s price attempts to recover but faces a strong upside hurdle in the last few session. BTC dropped 63% from the record highs made in November at $69,000. However, amid the oversold market structure, there is a fair chance of a recovery in the weekly time frame. On the weekly chart, the BTC price tested the critical 200-day EMA (Exponential Moving Average) at $26,879.01 with the formation of a ‘hammer’ candlestick pattern. A sustained buying pressure would be required to push the price to pierce and tag the horizontal $34,000 mark. An acceptance above $34,000 would ask for $40,000, the horizontal resistance zone. On the contrary, a spike in sell orders could push the price lower. Further, a daily candlestick below $25,000 would trigger a key level to amplify the selling toward December 2020 low, $18,000.

  • Resistance level- $31,000, and $34,500
  • Support levels- $27,000 and $24,000

Ethereum Analysis

Ethereum price trades in a very tight range with no clear directional bias on Saturday, although bias remains negative. The ETH buyers struggle to sustain the gains at higher levels. However, the downside seems to be capped near $1,900, which makes it a vital support level in the current situation. The relief rally bought back the crypto above the $2,000 mark following the massive sell-off. Still, the downside pressure remained intact in the asset. ETH price traded in a downward trend since November with a drop of 65% as it made record highs at $4,867.81. Since then, the price moved inside the downside parallel channel with the classic Lower low and lower high formation.

  • Resistance level- $2600and $2800
  • Support levels- $2,000 and $1,700

Altcoin Analysis

Tron Analysis

The failed attempt from the TRON (TRX) buyers to escape the range-bound rally indicates a potential downfall to the $0.057 mark. The $0.075 fallout brings a short opportunity for interested traders to take an 18% target. Can the concentrated EMAs stall the upcoming free fall? The TRON(TRX) price has resonated in a horizontal channel since the beginning of 2022. During the consolidation phase, the coin comfortably bolstered itself at the $0.057 support making several attempts to push its way through the $0.0748 resistance. The constant accumulation of buyers over the past five months and their efforts to break the horizontal channel finally saw success on 4th May and reached a high of the $0.9 mark. However, the buyers couldn’t sustain this breakout amidst the recent crash in the crypto mark and succumbed to the daunting horizontal channel once again. The TRX price currently trades at $0.716, with an intraday loss of 3.51%. The support fallout suggests the TRX price would descend 18.7% lower to retest $0.057 support.

  • Resistance levels- $0.074 and $0.088
  • Support levels- $0.057 and $0.053

Solana Analysis

SOL price is still struggling to recover post a broader market sell-off. There seems to be no end to this massive downside trend. On moving down, the SOL price tested the lows of $35.0 for the first time in 10-month. The descending trend line from the record highs acted as a strong resistance barrier for the bulls. The price tested the bearish line thrice but was unable to get through making lower lows. A slippage below the 20-day EMA (Exponential Moving Average) at $118.07 on March 28. Since then, the price dropped by 69%. Currently, the price hovers near the crucial $50.0 mark, a sustained buying pressure would push the price higher to test $60.0. The next upside filter stands at 100-day EMA (Exponential Moving Average) at 74.

  • Resistance levels- $60 and $80
  • Support levels- $40 and $30

MANA Analysis

Asymmetrical triangle pattern fallout on April 6th, outburst a strong selling momentum trapped within this 4-month consolidation. The price pattern bolstered MANA sellers to resume the prevailing downtrend and breach the immediate support level of $2. Amid the recent sell-off in the crypto market, the downfall pierced through some additional support levels and marked $0.63 as the new 2022 low. Furthermore, the MANA sellers actively respond to a resistance trendline to maintain a steady downfall. Nevertheless, on May 13th, the MANA price bounced back from the $0.63 support and surged 106% to retest the descending trendline. Moreover, a high-wick rejection attached to the daily candle suggests that altcoin faces strong selling pressure.

  • Resistance levels: $1.11, and $1.66
  • Support levels: $0.62, and $0.4

Conclusion

Sharp market downturns are not always bad news as they provide entry points for investors seeking longer-term gains. That appears to be what is happening at the moment according to CryptoQuant CEO Ki-Young Ju. The blockchain analytics firm chief said that “institutional investors are buying BTC via market makers right now.” The cryptocurrency market lost $1.9 trillion six months after it soared to a record high. Interestingly, these losses are bigger than those witnessed during the 2007’s subprime mortgage market crisis — around $1.3 trillion, which has prompted fears that creaking crypto market risk will spill over across traditional markets, hurting stocks and bonds alike. Crypto markets have stabilized after last week’s bloodbath and on-chain asset movements may suggest that institutional investors are starting to load up on bitcoin again.

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Adam Tracy

Adam Tracy

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Crypto Influencer | Blockchain Evangelist | Ex Pro Rugby Player | Find Me: https://linktr.ee/adamtracy