TECHNICAL ANALYSIS
BTC/USDT
While the reform plans announced by SEC Chairman Paul Atkins aimed to resolve uncertainties over token distribution and exemptions, New York Mayor Eric Adams made clear his goal of making his city the global crypto capital. While Chinese President Xi Jinping’s conciliatory messages on trade wars were perceived positively for global markets, Latvian Economy Minister emphasized that it is a matter of time before Bitcoin is accepted as a reserve asset. On the private sector front, Blockchain Group’s new funding and BlackRock’s strong inflows into the Bitcoin ETF show that structural confidence in the crypto market continues. Today, inflation data, which is one of the US Macroeconomic data, will be closely monitored.
Looking at the technical outlook, BTC did not follow the bullish trend in the US markets yesterday and turned down after technical oscillators reached the overbought zone. BTC retreated to the 100,750 level in a short-term correction but turned back up and widened its horizontal bandwidth. After the correction, the wave trend oscillator retreated from the overbought zone to the middle of the channel, setting the stage for a more technically favorable backdrop for a new bullish move. However, momentum indicators do not support this scenario at the moment and have moved into negative territory. This suggests that the uptrend has not yet been technically confirmed. Looking at the liquidation data, short trades above 105,000 were liquidated, followed by long trades above 100,000. As BTC’s consolidation phase continues, we may see increased volatility in price movements again today. In the upside scenario, the 105,000 level is critical as a breakout point. If this level is broken on volume, the price can be expected to start a new bullish wave. On the other hand, 101,400 support level will be followed in case the correction deepens. If this level is broken down, BTC may fall below six-digit levels and retreat towards the 98,000 – 100,000 band.
Supports 102,350 -101,400 -100,000
Resistances 104,200 – 106,000 – 107,000
ETH/USDT
ETH experienced a pullback towards the kijun level, the balance line on the Ichimoku indicator, as selling pressure increased after losing the key support zone at $2,533 yesterday evening. With this move, the price fell to around $2,410, signaling a short-term weakness. However, despite this decline, the overall dynamics of the market are showing some signs of recovery.
When analyzed on the technical indicators side, the latest status of the Chaikin Money Flow (CMF) indicator is particularly noteworthy. During yesterday’s decline, CMF fell to negative territory, signaling liquidity leaving the market. However, as of the morning hours, the indicator has recovered and switched to the positive zone, indicating that market participants have started to take positions in the direction of buying again and the liquidity entering Ethereum has increased. This can be considered as a supportive factor in terms of short-term price movements. On the Ichimoku indicator, the price is currently fluctuating between the tenkan and kijun levels. This indicates that there is still uncertainty about the direction and the market is still in the decision phase. However, when analyzed in broader time frames, the Ichimoku cloud seems to maintain its upward trend. The bullish trend of the cloud indicates that the medium-term positive structure continues and the potential for buying is preserved.
In this context, it stands out as a possible scenario for the price to follow a horizontal course between the kijun at $2,400 and the tenkan line at $2,514 during the day, that is, to enter the accumulation process in this range. Exceeding the $2,514 tenkan line and the short-term resistance zone at $2,533 could pave the way for a regain of upward momentum and a continuation of the upward movement. In such a scenario, the price can be expected to head towards higher resistance levels. On the other hand, if the kijun support at the $2,400 level is broken downwards, selling pressure is likely to increase and pull the price back to a lower support zone of $2,254. This level should be followed as a critical support where buyers may re-engage in the short term.
Top of Form
Below the Form
Supports 2,254 – 2,131 – 2,029
Resistances 2,533 – 2,799 – 3,062
XRP/USDT
XRP exhibited a short-term weakness yesterday evening, falling below the support zone at the $2.47 level with the effect of the wave of sales seen in the cryptocurrency market in general. However, with the reaction purchases coming from this level, it managed to regain an important threshold by rising above the $ 2.47 level again. This recovery indicates that the overall structure of the market still has strong buyer support and the positive outlook on the XRP side is maintained.
Analyzing the technical indicators, it is observed that despite the limited pullback in the Chaikin Money Flow (CMF) indicator, the indicator maintains its upward trend. This suggests that the liquidity outflow from the market remains limited and the buy side is still appetitive. This technical outlook will be supportive for the price to maintain its current levels or test higher levels, especially as long as there is no decline in buying interest. In addition, the Relative Strength Index (RSI) and the momentum indicator have also turned back up after a limited pullback in the short term. The fact that both indicators rebounded before approaching neutral levels reveals that buying pressure continues and the overall bullish structure has not yet been disrupted. This technical structure indicates that XRP maintains its upside potential in the near term.
In the light of all these data, it is likely that the price will exhibit an upward movement towards the $ 2.59 level again during the day. If this level is exceeded in volume, stronger and accelerated bullish movements can be observed on the XRP side. On the other hand, a downside break of the $2.47 level could be considered a signal of short-term weakness and could pull the price back to a lower support level of $2.39.
Supports 2.4769 – 2.3928 – 2.2154
Resistances 2.5900 – 2.8347 – 3.0756
SOL/USDT
DeFi Development Corporation acquired another 172,670 Solana (SOL) for an average of $136.81, approximately $24 million. Pump.fun introduced a 50% revenue sharing model for token creators, allowing them to earn 0.05% in SOL for every trade of their tokens.
SOL price lost about 4.46% to break the base level of the pennant pattern and is now slightly bullish, testing the base level of the pennant pattern as resistance. If it fails to break here, the retracement may continue. On the 4-hour chart, the 50 EMA (Blue Line) continued to hold above the 200 EMA (Black Line). This suggests that the uptrend may continue in the medium term. However, the gap between the two moving averages is too wide, which could continue the pullback. In addition, the fact that the price is above both moving averages suggests that the upside potential of the overall market is strong. Chaikin Money Flow (CMF-20) is in negative territory; in addition, a decline in daily inflows could push CMF deeper into negative territory. Relative Strength Index (RSI-14) fell from the overbought zone to neutral. It also remains below the downtrend that started on May 9. This could trigger profit selling and cause a pullback. The $181.75 level stands out as a strong resistance point in case of an uptrend on the back of macroeconomic data or positive news on the Solana ecosystem. If this level is broken upwards, the rise can be expected to continue. If there are pullbacks due to contrary developments or profit realizations, the $ 163.80 level may be retested. In case of a decline to these support levels, the increase in buying momentum may offer a potential bullish opportunity.
Supports 163.80 – 150.67 – 144.35
Resistances 171.82 – 181.75 – 189.54
DOGE/USDT
According to Tokenomics data shared by WuBlockchain, approximately 96.52 million DOGE will be linearly unlocked from May 12 to May 19.
DOGE price moved in a bearish manner. The asset, which broke the base level of the descending triangle pattern downwards, is currently testing the base level of the descending triangle pattern as resistance. If it breaks up here, it may continue its uptrend. Otherwise, retracements may deepen. On the 4-hour chart, the 50 EMA (Blue Line) continued to be above the 200 EMA (Black Line). The fact that the price is above both moving averages suggests that the asset has an upward trend in the short term. However, a large gap between the two moving averages may cause a pullback. The Chaikin Money Flow (CMF-20) indicator is in negative territory and remains below the downtrend that started on May 10. In addition, a decline in inflows could push CMF deeper into the negative territory. The Relative Strength Index (RSI-14) remains below the downtrend that started on May 10. This may lead to pullbacks. The $0.25025 level stands out as a strong resistance zone in the event of a rally in line with political developments, macroeconomic data or positive news flow in the DOGE ecosystem. In the opposite case or possible negative news flow, the $0.18566 level may be triggered. In case of a decline to these levels, the increase in momentum may start a new bullish wave.
Supports 0.21154 – 0.19909 – 0.18566
Resistances .22632 – 0.25025 – 0.28164
Legal Notice
The investment information, comments and recommendations contained herein do not constitute investment advice. Investment advisory services are provided individually by authorized institutions taking into account the risk and return preferences of individuals. The comments and recommendations contained herein are of a general nature. These recommendations may not be suitable for your financial situation and risk and return preferences. Therefore, making an investment decision based solely on the information contained herein may not produce results in line with your expectations.
