OCTA Levels, BTC FOMO & Nation-State Panic
In a week influenced by a series of macro news, the crypto market has been on a heart-stopping roller coaster ride that has left even the most seasoned investors holding their breath. Following the collapse of First Republic Bank and a series of interest rate hikes by the Federal Reserve and the European Central Bank, the crypto market has seen widespread turbulence, with Bitcoin struggling to hold $29K. Amidst this stormy backdrop, market watchers are eager to uncover which altcoins will take center stage and soar to new heights in the coming week.
A Bullish Week For These Altcoins
As Bitcoin’s price witnesses a fear zone near $29K-$30K, it has left investors to consider other cryptos amid volatility to safeguard their profit. Moreover, there is currently a growing demand in the altcoin market as it is less impacted by macro news and continues to bring profitable returns to investors.
Solana Price Analysis
Over the last three days, Solana has experienced limited price fluctuations, indicating uncertainty among both buyers and sellers. The relatively stable moving averages and RSI close to the midpoint imply that the SOL value might continue to hover within the broad range of $20 to $25 for a while. A breakout may occur soon as the SOL price attempts to break above its current range-bound area and overcome EMA-200. In that scenario, Solana could touch $30.
As of writing, Solana trades at $22, gaining 0.04% in the last 24 hours. However, a price drop is predicted if the SOL token remains below the 50-day EMA at $22, which would signal that bears hold a short-term advantage. In that case, the price may potentially decline to $18.
XRP Price Analysis
XRP’s price has become a hot topic amid the legal battle between Ripple and the SEC. XRP exhibited an inside-day candlestick formation followed by a Doji candlestick pattern on May 5, indicating that both bulls and bears are cautiously approaching the market without placing large bets. Despite a modest increase in XRP’s price today, its technical stance on the daily chart remains unchanged.
The moving averages have undergone a bearish crossover, and the RSI is in negative territory, suggesting that bears hold a minor advantage. They will attempt to push the price down towards the robust support level of $0.43. In the meantime, XRP continues to trade within a narrow range between $0.44 support and $0.48 resistance.
As of writing, XRP trades at $0.45, declining by 1.5% from yesterday’s rate. A breakout may take place if bulls gain control at $0.48 and push the price above $0.5.
ADA Price Analysis
Cardano experienced a dip below the 50-day SMA at $0.38 today, but the long tail on the candlestick indicates that bulls are vigorously defending support around the $0.37 mark. ADA price is trading at $0.37, with a decline of 3.5%.
Buyers are currently attempting to elevate the price above the 20-day EMA at $0.39, yet the bears remain steadfast. The downward-sloping 20-day EMA and the RSI just below the midpoint imply a slight advantage for the bears.
To counteract this decline, bulls need to swiftly push the price above the neckline of the inverse head-and-shoulders pattern, which could raise the likelihood of a rally to $0.46 and eventually $0.52.
