Bitcoin and other altcoins saw a strong rebound off their respective support levels, this is a sign that traders are still buying at the dips. Asset managers and companies currently hold over 6% of Bitcoin’s circulating supply, according to Buy Bitcoin Worldwide.
BTC
Strong resistance near the $50,000 mark may have attracted profit-booking from the short-term traders. This pulled Bitcoin below the support line of the rising wedge pattern but the bears have not been able to capitalize on this move and sink the price below the moving averages. If the rebound endures, the BTC/USDT pair could progressively move toward the overhead resistance zone of $50,000 to $50,500.
ETH
Ether has been in a tight range between $3,000 and $3,335 for the past few days. The 20-day exponential moving average ($3.097) is flattening out and the RSI is just above the midpoint, indicating a balance between supply and demand. The price has rebounded off the 20-day EMA today and the bulls will now attempt to push the price above $3,335.
ADA/USDT
The price dropped from an all-time high at $2.97 to the breakout level at $2.47 on 26th.The ADA/USDT pair has rebounded off the $2.47 today, indicating that the sentiment remains positive and traders are buying on every minor dip. The bulls will make one more attempt to push the price above the overhead resistance at $2.97.
BNB/USDT
Binance Coin’s intraday high on May 19 was $516.50 and that level is likely to act as a stiff resistance. The bulls pushed the price above this resistance but could not sustain the altcoin above it. If buyers do not give up much ground from the current levels, it will suggest strength.
XRP/USDT
XRP has once again dropped to the breakout level at $1.07. This is an important level for the bulls to defend because if it cracks, the altcoin could witness long liquidation and drop to the next support at the 200-day SMA ($0.86). The flattening 20-day EMA ($1.08) and the RSI just above the midpoint suggest that bulls may be losing their grip.
