After four consecutive months of growth, BTC ended May with a 5% decline. However, according to Glassnode analyst James Check, Bitcoin could recover if the most anticipated vote on the US debt ceiling, scheduled for the next two weeks, is in favor of the proposal. Check predicts that the price of the coin could reach $32,000. Alternatively, Bitcoin could fall to $25,000 if Congress rejects the proposal.
Analysis of Bitcoin's Value
Tuesday's BTC contact of the downtrend line was followed by a reversal, indicating that sellers are eager to thwart any attempts by bulls to launch a rally. The price of the cryptocurrency is currently below the 20-day EMA (Exponential Moving Average) of $27,124. If the bears maintain Bitcoin below this level, they could push it to the $25,100 support level, where the bulls are anticipated to prevent a further decline to $21,000.
If Bitcoin recovers to trade above $27,124, it may increase to $29,342 and then $31,200.
Analysis of Ether Price
Buyers have so far been able to maintain ETH above the 20-day exponential moving average ($1,846), but are still struggling to break above the 50-day simple moving average of $1,884. If they do so, Ether may retest the $2,050 resistance level. A breach above this price could spark a rally to $2,143.
On the downside, if the token falls below $1,846, it is anticipated that it will retest the immediate support at $1,793. If the bulls are unable to defend this level, a decline to $1,763 is conceivable.
Analysis of BNB Cost
BNB concluded the month of May below the 20-day exponential moving average of $313 as bulls failed to initiate a rally when the token crossed that level on Tuesday. Binance Coin could retest the $299 support level if the bulls are in the ascendancy. BNB could approach the support line if the price falls below this level. Buying the decline at $299 could assist the bulls in pushing the price above $313. BNB will retest the first resistance level at $318 if it recovers from this level.
Analysis of XRP Value
XRP has experienced a strong rally over the past month, but investors appear to be taking profits near the $0.512 resistance level. If selling pressure persists, the first support level to watch is $0.498. A rebound in this region could spark a rally to $0.543 and then $0.586.
In contrast, if XRP falls below $0.498 it would indicate that investors are no longer bullish, which could cause the token to fall below the 20-day exponential moving average of $0.478.
Analysis of Cardano's Value
On Tuesday, the bulls were unable to drive ADA above the 50-day Simple Moving Average of $0.382, indicating that sellers are making every effort to defend this level. At the time of writing, the bears have already pushed the price of Cardano below the 20-day exponential moving average (EMA) of 0.371. Their next attempt will be to cause a decline to $0.305.
The bears will be able to propel ADA's price to the $0.425 resistance level if the price rises above $0.382.
Price Analysis for Dogecoin
Since Monday, attempts by investors to stage a rebound at the 20-day exponential moving average (EMA) of $0.0711 have stalled, indicating that Dogecoin sentiment remains negative. Each brief upswing is met with selling by the bulls. If they are successful in pushing DOGE below the 20-day exponential moving average, the token's price could reach $0.0678.
In contrast, if bears act now, the dog-themed token could rally to $0.0743 and then $0.0786.
Analysis of Polygon Price
Last month, MATIC closed below the 20-day exponential moving average of $0.901 as bears resisted bulls' attempts to initiate a rally towards the $0.943 resistance level. With the token trading below $0.901, bears could force a further decline to the $0.826 level of support. MATIC could decline to $0.732 if selling pressure increases at this price.
In contrast, a rally to the 50-day Simple Moving Average of $0.964 may be feasible if the bulls are able to push Polygon back above the 20-day EMA.