Bitcoin price analysis

Bitcoin turned down sharply from the resistance line of the symmetrical triangle pattern on May 6, indicating that the bears are not willing to let the bulls through. A minor positive is that the bulls have been buying the dips to the support line of the triangle as seen from the long tail on the day’s candlestick.

The flattish 20-day exponential moving average ($28,819) and the relative strength index (RSI) near the midpoint do not signal a clear advantage either to the bulls or the bears.

If the price breaks below the triangle, it will suggest that bears are trying to seize control. The BTC/USDT pair may first fall to $26,942 and then to $25,250.

On the other hand, a break and close above the triangle will suggest that the bulls have absorbed the supply. That may start a rally to $32,400 where the bears are again expected to mount a strong defense.

Buyers nudged the price above the triangle but the long wick on the candlestick shows that the breakout turned out to be a bull trap in the near term. BTC price turned down sharply and plunged to the support line of the triangle.

The bounce off this level has reached the moving averages, which is a key short-term level to watch out for. If Bitcoin's price turns down from the current level, it will raise the chances of a break below the support line.

Contrarily, if buyers kick the price above the moving averages, the pair may rise to the resistance line. The bulls will have to drive and sustain the price above this level to start an up-move.

Ether price analysis

Ether (ETH) faced a strong rejection above the psychological resistance at $2,000 on May 7. This indicates that the bears have not given up and they continue to protect the overhead resistance levels.

The 20-day EMA ($1,903) has flattened out and the RSI is near the midpoint, indicating that the ETH/USDT pair may remain range-bound in the near term. The boundaries of the range could be between $2,000 and $1,785.

A consolidation just below the local high is a positive sign. It shows that the bulls are in no hurry to book profits, increasing the possibility of a break above $2,200.

On the contrary, if the price plunges below $1,785, it will suggest that bears have seized control. That could start a fall to $1,619.

The 4-hour chart shows that the bears could not build upon the break below the 50-simple moving average. This shows that the selling pressure reduces at lower levels. The bulls are trying to stage a recovery by sustaining the price above the 20-EMA. If they can pull it off, the pair will again try to retest the crucial resistance at $2,000.

On the contrary, if ETH price turns down from the current level and breaks below the 50-SMA, it will suggest that the bears are in command. That could sink the pair to the support line.

Monero price analysis

Monero (XMR) is trying to stay above the moving averages, indicating that the bulls are attempting a comeback.

The flattish 20-day EMA ($156) and the RSI just above the midpoint indicate a balance between supply and demand. If buyers thrust XMR price above the neckline of the inverse head and shoulders pattern, the advantage will tilt in their favor.

The XMR/USDT pair may then start a new up-move. There is a minor resistance at $181 but if that is crossed, the pair may reach $187.

Instead, if the price turns down from the current level or the neckline, it will suggest that the bears remain active at higher levels. The sellers will then try to yank the price below the $149-support, opening the door for a decline to $130.

The 4-hour chart shows that the price rebounded off the 50-SMA but the bulls could not pierce the resistance line. This shows that the bears are selling on rallies. If the price snaps back from the 20-EMA, it will suggest that the sentiment is turning positive and traders are buying on dips.

The bulls will then make another attempt to clear the overhead hurdle. If they manage to do that, the pair could first rise to $162 and then to $164.

Alternatively, if the price turns down and breaks below the 50-SMA, it will suggest that bears are in control. That will increase the likelihood of a retest of the support line.

Related: The Ethereum Foundation just sold $30M in Ether — But will ETH price fall this time?

OKB price analysis

OKB (OKB) is trading inside a large symmetrical triangle pattern. Generally, in this setup, traders buy near the support line and sell near the resistance.

The bears are trying to maintain OKB price below the 50-day SMA ($45.57) while the bulls are attempting to reclaim the level. If the price turns up from the current level or rebounds off the support line, it will suggest demand at lower levels.

If buyers shove the price above the 20-day EMA ($46.87), it will suggest that the OKB/USDT pair may prolong its stay inside the triangle for some more time.

Contrary to this assumption, if bears sink the price below the triangle, it will suggest that the setup has behaved as a reversal pattern. That could start a new downtrend which is likely to pull the pair to $37.

The 4-hour chart shows that the bulls are trying to defend the horizontal support near $44.35 but they have not been able to propel the price above the moving averages. This suggests that every minor relief rally is being sold into. If the price turns down from the current level and plummets below $44.35, the pair may slump to $41.70.

Conversely, if the price rises above the moving averages, it will signal accumulation at lower levels. The pair could first rise to $49.50 and thereafter attempt a rally to $53.

#ETH #BTC #xmr #okb #Binance

- Monero, a privacy coin, faces delisting from Binance by February 20th, leading to a significant crash exceeding 20%.
- Industry analysts interpret this delisting as Binance yielding to governmental pressure targeting privacy-focused cryptocurrencies.
- Chart analysis indicates a crash in Monero's price, but there are indications of a forthcoming bullish correction, particularly considering the strong support at the $100 mark.
- If Monero manages to breach the $188 resistance level, it could trigger a rally aiming for price targets ranging between $290 to $520.

Binance's Decision to Delist Monero Sparks Crypto Turbulence
In a surprising move, Binance, one of the world's largest cryptocurrency exchanges, recently declared the delisting of three cryptocurrencies, including Monero, a renowned privacy-centric digital asset. This announcement, effective February 20, 2024, led to an immediate and substantial decline in Monero's value, reaching its lowest point since Q3 of 2023 within the last 24 hours.
Monero, distinguished for its emphasis on privacy, deploys advanced cryptography to shield user identities and transaction details. The removal of Monero from Binance's offerings has raised concerns among industry experts, portraying it not just as a setback for Monero but also as a reflection of Binance's challenges amid an ongoing wave of regulatory scrutiny.
Binance cited various reasons for delisting Monero and other tokens such as Aragon, Multichain, and Vai, emphasizing the need for maintaining the highest standards in coin offerings. However, skepticism lingers within the crypto community, suspecting Binance's decisions are prompted by external pressures from governments tightening regulations on privacy coins.
The aftermath of Monero's delisting extends beyond the immediate market reaction. With Binance grappling with regulatory issues globally, the removal of Monero appears to amplify the exchange's struggles. Former CEO Changpeng Zhao's legal troubles, including a guilty plea for violating anti-money laundering laws, further contribute to the challenges faced by Binance.
As the crypto industry witnesses a growing focus on regulatory compliance, the delisting of Monero is anticipated to have a ripple effect. This development underscores the broader regulatory landscape's impact on cryptocurrencies and affiliated companies. Meanwhile, Monero's current price volatility, marked by a recent 20% drop, hints at potential market opportunities, with a valid support zone at $100. The cryptocurrency's trading volume surge amid the dip suggests ongoing market interest, leaving room for speculation on its future price movements.
It is essential for investors to approach cryptocurrency investments with caution, given their inherent volatility. The evolving regulatory environment, exemplified by Binance's challenges, emphasizes the need for thorough research and independent financial decision-making.

#Monero #Binance #xmr #Crypto2024 #cryptocurrency
$XMR