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BTC, ETH, ADA, DOT and LTC Price Analysis for May 29

Price Predictions
Sat, 05/29/2021 - 17:29
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Denys Serhiichuk
Have Bitcoin (BTC) and other coins found the support levels to bounce back?
BTC, ETH, ADA, DOT and LTC Price Analysis for May 29
Cover image via www.tradingview.com

Disclaimer: The opinion expressed here is not investment advice – it is provided for informational purposes only. It does not necessarily reflect the opinion of U.Today. Every investment and all trading involves risk, so you should always perform your own research prior to making decisions. We do not recommend investing money you cannot afford to lose.

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The weekend has begun with the continued fall of the cryptocurrency market as all of the top 10 coins are in the red zone.

Top coins by CoinMarketCap
Top coins by CoinMarketCap

BTC/USD

Despite short-term growth at the beginning of the day, Bitcoin (BTC) could not fix above $35,000, going down by 6.54%.

BTC/USD chart by TradingView
BTC/USD chart by TradingView

On the daily chart, Bitcoin (BTC) is making a retest of the $34,400 level, confirming the ongoing power of the bears. Even though the selling trading volume is low, bulls are not showing any effort to fight for the support level. That is why the next area where a bounceback is possible is the mark of $32,000 for one coin.

Bitcoin is trading at $34,200 at press time.

ETH/USD

Ethereum (ETH) is falling faster than Bitcoin (BTC) with a decline of almost 9%.

ETH/USD chart by TradingView
ETH/USD chart by TradingView

Ethereum (ETH) has grown to $2,600 to gain liquidity for a continued drop. The chief altcoin has fixed below the vital resistance at $2,645, which means that sellers have seized the initiative. At the moment, the more likely price action is an ongoing decline to the level of $2,040 which serves an important support zone.

Ethereum is trading at $2,358 at press time.

ADA/USD

The rate of Cardano (ADA) has gone down even deeper—by 10% since yesterday.

ADA/USD chart by TradingView
ADA/USD chart by TradingView

Cardano (ADA) is not an exception to the rule as the drop has continued after a false breakout of the $1.80 mark. On the daily time frame, ADA is on the way to the area of $1.24 where most of the liquidity is focused. If bulls hold this level, a bounceback might occur.

Related
BTC, ETH, XRP and BNB Price Analysis for May 28

In another case, the decline can continue to the next support at $1.04.

Cardano is trading at $1.42 at press time.

DOT/USD

Polkadot (DOT) is the main loser today, decreasing by 11% over the last 24 hours.

DOT/USD chart by TradingView
DOT/USD chart by TradingView

Polkadot (DOT) is also following the decline of Bitcoin (BTC) as bulls are not ready to buy back the coin at the moment. As the liquidity is quite high at current levels, sellers might accumulate their positions for one more drop to the support at $15.70, where the crucial level is located.

Polkadot is trading at $20.31 at press time.

LTC/USD

The rate of Litecoin (LTC) has not declined as much as other coins with a price change of only 4%.

LTC/USD chart by TradingView
LTC/USD chart by TradingView

Although bulls are trying to hold the area of $160 as much as they can, bears are gathering strength for a further wave of declines. As the selling volume is low, buyers might seize the initiative in the zone of $144, not giving sellers a chance to update the lows.

Litecoin is trading at $170 at press time.

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About the author

With more than 5 years of trading, Denys has a deep knowledge of both technical and fundamental market analysis. Mainly, he has started his blog on TradingView where publishes all relevant information and makes predictions about top coins.
Thus, his experience is backed up by working in top blockchain related companies such as W12, Platinum Listing & ICO Advisory, ATB Coin, and others, can be contacted at denys.serhiichuk@u.today.