Top 10 Cryptocurrencies Analysis (May 20)
Disclaimer: the cryptocurrency market is extremely volatile so all predictions should be considered as approximate only. Superorder isn’t responsible for any consequences of your trading actions. Always do your own research before making a deal.
From the first April days to previous week, Bitcoin experienced more than 100% uptrend. Analytics, industry experts, and traders declared the end of the long crypto winter and the beginning of new bullish moves. Still, we think that the market will face one or two strong corrections similar to $700 dip of BTC price on May 17. After these sells, the final quick uptrend may emerge.
Today, let’s look at current charts and rates of top 10 cryptocurrencies: Bitcoin, Ethereum, Ripple, Bitcoin Cash, EOS, Litecoin, Binance Coin, Stellar, Cardano, and TRON. Numbers are derived from CoinMarketCap and charts are from our official Superorder crypto trading terminal. Let’s go!
BTC/USD
Resistance levels: $8,500 and $10,000.
Support levels: $7,600 and $5,900.
Trading recommendation: moving averages are going up and the RSI is in the overbought zone so bulls should control the situation. Still, we don’t suggest active trading because whales can push prices down.
ETH/USD
Resistance levels: $300 and $322.
Support levels: $225 and $210.
Trading recommendation: similarly to BTC, the numbers are favorable for bulls as both moving averages and the RSI are positive. Open or keep long positions but set Stop Loss orders at $210. You can also use Trailing Stops to follow the 20-day EMA.
XRP/USD
Resistance levels: $0.45, $0.5, $0.55, and $0.6.
Support levels: $0.365, $0.331, and $0.278.
Trading recommendation: bulls and bears are fighting between the 20-day EMA and the next resistance level. It will be a good idea to keep longs open with Stop Loss orders set at $0.275. Watch for the first resistance to know when to increase your longs.
BCH/USD
Resistance levels: $455 and $600.
Support levels: $346 and $302.
Trading recommendation: the global trend is definitely bullish because of upmoving averages and 50+ RSI. Even if traders fail to break the upper line of the ascending figure, BCH is likely to increase in price as long as it remains above the 20-day EMA. Just keep your longs open.
EOS/USD
Resistance level: $6.83.
Support levels: $5.64 and $4.49.
Trading recommendation: all major indicators are in green so you should consider opening long positions. Bulls will try to break the main resistance level but their failure will result in a consolidation period and may lead to retesting of the support points.
LTC/USD
Resistance levels: $91 and $159.
Support levels: $84.3, $74.6, and $66.5.
Trading recommendation: the current psychological barrier is set at $91 because bulls and bears fight for this level actively. Considering moving averages, we’d say that long positions should remain but the RSI has negative marks so don’t forget about Stop Losses at $70.
BNB/USD
Resistance level: $32.
Support levels: $24.5 and $21.8.
Trading recommendation: fourth time in a row, BNB failed to break out the major resistance line. Bulls will try again but want to push prices to the 50-day SMA. Indicators are good so don’t do trade often but maintain your longs.
XLM/USD
Resistance levels: $0.149 and $0.225.
Support levels: $0.115 and $0.111.
Trading recommendation: the 20-day EMA is going up while the RSI is in green. You can try purchasing at $0.1486 on a close with Stop Losses at $0.115. The coin has all the chances to go up greatly after breaking the first resistance.
ADA/USD
Resistance levels: $0.094 and $0.161.
Support levels: $0.077 and $0.057.
Trading recommendation: all indicators show a minor advantage of bulls. Buying on a close at $0.094 looks like a good idea. Stop Loss orders are desirable because bears will test the support level soon.
TRX/USD
Resistance levels: $0.02815, $0.04, and $0.05.
Support level: $0.029.
Trading recommendation: bulls are trying to sustain above the current resistance barrier. If the price remains near $0.03 for at least 3 days, it can go up to $0.05. For now, you can open longs but with obligatory Stop Losses at the support level. Use Trailings to move barriers higher automatically.
