Autor Cointelegraph By Rakesh Upadhyay

Global equity markets extended their decline on May 9 and the S&P 500 fell to a new 52-week low. Bitcoin (BTC) dropped to a new year-to-date low and most major altcoins extended their decline as they tracked the weakness in the stock markets.Data from blockchain analytics firm Glassnode shows that Bitcoin inflows to centralized exchanges have risen to more than 1.7 million coins, the highest since February. This suggests that whales may be dumping their holdings as they anticipate an extended downtrend.Daily cryptocurrency market performance. Source: Coin360Several analysts expect the crypto markets to enter a capitulation phase which generally marks a bottom. Analyst Dylan LeClair highlighted that previous market bottoms during bear markets happened when Bitcoin dropped to its realized price (average on-chain cost basis). The metric is currently at $24,300. Could Bitcoin and altcoins enter a capitulation phase or is it time for the crypto markets to surprise many by staging a strong recovery? Let’s study the charts of the top-10 cryptocurrencies to find out.BTC/USDTBitcoin plummeted below the ascending channel on May 5 and has continued lower, indicating that bears are in no mood to let go of their advantage. The price has dipped below the critical support at $32,917 but the bears may face a strong challenge from the bulls at lower levels.BTC/USDT daily chart. Source: TradingViewIf the price rebounds off the current level, the relief rally could reach the 20-day exponential moving average ($37,670). This is an important level to watch out for because if the price turns down from the 20-day EMA, it will suggest that the sentiment remains negative and traders are selling on rallies.The bears will then make another attempt to pull the BTC/USDT pair to the critical support at $28,805. This level is again likely to attract buying by the bulls.On the upside, a break and close above the 20-day EMA will be the first indication that the selling pressure may be reducing. That could clear the path for a possible rally to the 50-day simple moving average ($41,279).ETH/USDTEther (ETH) broke below the uptrend line on May 7. This move invalidated the developing ascending triangle pattern. The breakdown of a bullish pattern is usually a bearish sign as stops of several bulls who may have purchased in anticipation of a breakout from the pattern being triggered.ETH/USDT daily chart. Source: TradingViewStrong selling has pulled the price below the immediate support at $2,445. This opens the door for a possible drop to the critical support zone between $2,300 and $2,159. The bulls are likely to defend this zone with all their might because a break below it could sink the ETH/USDT pair to $1,700.If the price rebounds off the support zone, the bulls will make an attempt to push the pair above the 20-day EMA ($2,790). If they succeed, it will suggest that the bears may be losing their grip. The pair could then rally to the 50-day SMA ($3,043).BNB/USDTBinance Coin (BNB) has witnessed sustained selling for the past few days. The bears pulled the price below the strong support at $350 and are now challenging the critical level at $320.BNB/USDT daily chart. Source: TradingViewA break and close below $320 would be a huge negative as this level has not been breached since August 2021. There is a minor support at $300 but if this level fails to arrest the decline, the BNB/USDT pair could plummet to $250. Alternatively, if the price rebounds off $320, the bulls will try to push the pair above $350 and challenge the 20-day EMA ($383). The buyers will have to clear this hurdle to signal that the decline could be over. The pair could then rise to the 50-day SMA ($409).XRP/USDTRipple (XRP) turned down from the 20-day EMA ($0.63) on May 5 and dipped below $0.62. The buyers attempted to push the price back above $0.62 on May 6 but the bears held their ground.XRP/USDT daily chart. Source: TradingViewThe XRP/USDT pair continued its decline and has broken below the support at $0.55. This clears the path for a retest of the psychological support at $0.50. The buyers are expected to defend this level with vigor because a break and close below it could start a downtrend that could sink the pair to $0.42.Conversely, if the price rebounds off the $0.50 support, the bulls will again attempt to drive and sustain the pair above the 20-day EMA. If they succeed, it will suggest that the selling pressure could be reducing. SOL/USDTThe failure of the bulls to push Solana (SOL) above the 20-day EMA on May 5 may have attracted strong selling by the bears. The price continued its downward move and has slipped below the strong support at $75.SOL/USDT daily chart. Source: TradingViewIf the price sustains below $75, it will suggest the start of the next leg of the downtrend. The SOL/USDT pair could first decline to $66 and next to $58. If the price rebounds off this zone, the buyers will try to push and sustain the pair back above $75. If they manage to do that, it will suggest that the downtrend could be ending.On the contrary, if the recovery stalls at $75, it will suggest that bears have flipped the level into resistance. If that happens, the bears will attempt to resume the decline.ADA/USDT Cardano (ADA) rose above the 20-day EMA ($0.81) on May 4 but the bulls could not sustain the higher levels. The price turned down on May 5 and broke below the strong support at $0.74 on May 8.ADA/USDT daily chart. Source: TradingViewThis suggests the resumption of the downtrend. The ADA/USDT pair could now decline to $0.64 which could act as a support. If the price rebounds off this level, the bulls will again try to push the pair above the 20-day EMA. If they succeed, it will suggest that the break below $0.74 may have been a bear trap.On the contrary, if the relief rally stalls at $0.74 or the 20-day EMA, it will suggest that bears are active at higher levels. The sellers will then attempt to sink the pair to the psychological support at $0.50.LUNA/USDTTerra’s LUNA token turned down from the downtrend line on May 5 and plunged below the strong support at $75 on May 7. This completed the bearish head and shoulders pattern, suggesting the start of a new downtrend.LUNA/USDT daily chart. Source: TradingViewThe long tail on the May 7 and May 8 candlestick suggests that bulls purchased at lower levels but the failure to start a recovery shows that bears are in no mood to let go of their advantage. The pattern target of this topping formation is $50. This level is likely to attract strong buying by the bulls.If the price rebounds off $50, the bulls will attempt to push the LUNA/USDT pair toward the breakdown level at $75. If the price turns down from this level, the pair may form a range between $50 and $75.Related: SHIB price eyes 30% drop with Shiba Inu’s massive triangle breakdown underwayDOGE/USDTDogecoin (DOGE) turned down from the 20-day EMA ($0.13) on May 7 indicating that bears continue to sell on rallies. The selling picked up momentum today and the bears have pulled the price below the strong support at $0.12.DOGE/USDT daily chart. Source: TradingViewThe downsloping 20-day EMA and the relative strength index (RSI) in the negative territory indicate advantage to sellers. If bears sustain the price below $0.12, the DOGE/USDT pair could slide to the psychological support at $0.10. If the price rebounds off $0.10, the buyers will try to push the pair above $0.12 and challenge the 20-day EMA. A break and close above the 20-day EMA could be the first indication that the pair may remain stuck between $0.10 and $0.17 for some time.Contrary to this assumption, if bears sink the pair below $0.10, the selling could intensify and the decline could extend to $0.06. AVAX/USDTAvalanche (AVAX) turned down from the 20-day EMA ($63) on May 5 and has plunged below the critical support at $51. If bears sustain the price below $51, it will indicate the resumption of the downtrend.AVAX/USDT daily chart. Source: TradingViewThere is a minor support at $47 and then at $43. If the price turns up from either support, the buyers will try to push the AVAX/USDT pair back above $51. If they succeed, the pair could recover to the 20-day EMA, which is an important level to keep an eye on. If bulls push the price above the 20-day EMA, it will suggest that the bears could be losing their grip. The pair could then attempt a rally to the 50-day SMA ($77).Alternatively, if the recovery falters at the 20-day EMA, it will suggest that the sentiment remains negative and traders are selling on rallies. The bears will then again try to resume the downtrend.DOT/USDTPolkadot’s (DOT) tight range trading between $14 and $16 resolved to the downside on May 7, indicating that the bears have overpowered the buyers. DOT/USDT daily chart. Source: TradingViewThe DOT/USDT pair could now drop to the crucial support at $10 where the bulls are expected to mount a strong defense. Although the downsloping 20-day EMA ($15.54) signals advantage to bears, the RSI in the oversold territory suggests a recovery may be around the corner.If the price rebounds off $10, the bulls will attempt to push the pair above the 20-day EMA. If they manage to do that, it will be the first sign that the selling pressure may be reducing. Alternatively, if the price turns down from the 20-day EMA, it will suggest that bears continue to sell on rallies. The bears will then again attempt to sink the pair below the strong support at $10. If they do that, the pair could slide to $7.16.The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph. Every investment and trading move involves risk. You should conduct your own research when making a decision.Market data is provided by HitBTC exchange.

Investors across the world are waiting for the outcome of the Federal Open Market Committee meeting on May 4. Although markets expect a 50 basis point rate hike and an announcement by the Fed to start shrinking its balance sheet from June, it is difficult to predict how the markets will react to this trigger.Billionaire investor Paul Tudor Jones, in an interview with CNBC, said that the United States was entering “uncharted territory” as rates were being raised when the Financial Conditions Index was tightening. Tudor Jones warned investors that it was “going to be a very, very negative situation” for both stocks and bonds. He added that the current environment for financial assets was the worst.Daily cryptocurrency market performance. Source: Coin360Due to the uncertainty, some investors seem to be reducing their crypto exposure. That led to weekly outflows of $132.7 million from Bitcoin (BTC) funds last week, the largest since June of last year, according to a report from CoinShares. Could Bitcoin and altcoins enter a period of capitulation or will investors buy after the Fed event is over? Let’s study the charts of the top-10 cryptocurrencies to identify the critical levels to watch out for both on the upside and the downside.BTC/USDTThe bulls have successfully defended the support line of the ascending channel for the past four days, which is a positive sign. If buyers propel the price above the 20-day exponential moving average (EMA) ($39,553), it will suggest that the bears may be losing their grip. BTC/USDT daily chart. Source: TradingViewThe BTC/USDT pair could then rally to the 50-day simple moving average (SMA) ($41,922). This level may again act as resistance but if bulls overcome this barrier, the pair could rally toward the 200-day SMA ($46,924).Contrary to this assumption, if the price turns down from the 20-day EMA or the 50-day SMA, it will suggest that bears continue to sell on rallies. The pair could then again retest the support line of the channel.A break and close below the channel could open the doors for a further decline to $34,300 and later to $32,917.ETH/USDTEther (ETH) tried to rise above the 20-day EMA ($2,920) on May 2 but failed. A minor positive is that the bulls did not give up much ground and are again attempting to clear the overhead hurdle.ETH/USDT daily chart. Source: TradingViewIf buyers thrust the price above the 20-day EMA, the ETH/USDT pair could rally to the 50-day SMA ($3,069). The bulls will have to push and sustain the price above this level to signal a change in the short-term trend. The pair could then rise to the 200-day SMA ($3,441). A break and close above this level could indicate the start of a new uptrend.On the other hand, if the price turns down from the 20-day EMA, it will suggest that bears are not willing to let go of their advantage. That could enhance the prospects of a break below the uptrend line. If that happens, the pair could plummet to $2,450.BNB/USDTBNB has been trading below the $391 support for the past four days but the bears could not build upon this advantage and sink the price to $350. This indicates a lack of sellers at lower levels.BNB/USDT daily chart. Source: TradingViewThe bulls are attempting to push the price above the $391 resistance. If they do that, the BNB/USDT pair could rise to the 50-day SMA ($412). A break and close above this resistance could signal advantage to buyers. The pair could then rally to the 200-day SMA ($468).This positive view could invalidate in the short term if the price turns down from the overhead resistance and plummets below $375. That will indicate renewed selling and may pull the pair down to $350.SOL/USDTSolana (SOL) is finding buying support near $82 but the bulls have not succeeded in pushing the price above the 20-day EMA ($96). This suggests that demand dries up at higher levels.SOL/USDT daily chart. Source: TradingViewIf the price fails to rise above the 20-day EMA, the bears will try to sink the SOL/USDT pair below the strong support at $75. This is an important level to keep an eye on because if the support cracks, the pair could resume the downtrend. The next support on the downside is $66.Contrary to this assumption, if bulls push the price above the 20-day EMA, it will suggest that the selling pressure may be reducing. The pair could then rise to $111 and later extend its stay inside the large range between $75 and $143.XRP/USDTRipple (XRP) has been stuck inside a large range between $0.55 and $0.91 for the past several days. The price rebounded off $0.56 on April 30 and the bulls are attempting to overcome the hurdle at $0.62.XRP/USDT daily chart. Source: TradingViewIf the price sustains above $0.62, the recovery could reach the 20-day EMA ($0.67). This level may again act as a stiff resistance. If the price turns down from the 20-day EMA, the bears will try to sink the XRP/USDT pair to the critical support at $0.55. A break and close below this support could pull the pair to the psychological level at $0.50.Contrary to this assumption, if bulls drive the price above the 20-day EMA, the pair could rally to the 50-day SMA ($0.75). Such a move will suggest that the pair may spend some more time inside the large range.LUNA/USDTTerra’s LUNA token rallied to the 20-day EMA ($87) Wednesday but the long wick on the day’s candlestick suggests that bears continue to sell on rallies. LUNA/USDT daily chart. Source: TradingViewThe sellers will now try to pull the price to the strong support zone between $75 and the 200-day SMA ($71). If this zone gives way, the LUNA/USDT pair will complete a bearish head and shoulders pattern, signaling a potential trend change. The pair could then start its downward journey toward $50.Alternatively, if bulls push and sustain the price above the downtrend line, it will suggest that the short-term corrective phase may be over. The pair could rise to the psychological resistance at $100. A break and close above this level could clear the path for a possible retest of the all-time high at $119.ADA/USDT Although Cardano (ADA) was trading close to the critical level at $0.74 for the past few days, the bears could not break the support. This suggests that bulls defended the support aggressively.ADA/USDT daily chart. Source: TradingViewThe ADA/USDT pair could now recover to the 20-day EMA ($0.86) where the bears may again mount a strong resistance. If the price turns down from the 20-day EMA, the sellers will again try to pull the pair below $0.74. If they manage to do that, the pair could start the next leg of the downward move to $0.68.Conversely, if bulls propel the price above the 20-day EMA, the pair could attempt a rally to the overhead resistance at $1. A break and close above this level could suggest that bulls are back in the game.Related: Ethereum eyes mini breakout above $3K as Coinbase ETH outflows hit new recordDOGE/USDTDogecoin (DOGE) has been trading below the moving averages for the past few days but the bears have not been able to challenge the support at $0.12. This suggests a lack of sellers at lower levels.DOGE/USDT daily chart. Source: TradingViewThe bulls will now try to push the price above the 20-day EMA ($0.13). If they manage to do that, the DOGE/USDT pair could rise to $0.15 and thereafter attempt a rally to the stiff overhead resistance at $0.17. This is an important level for the bears to defend because a break and close above it could signal the start of a new uptrend.Conversely, if the price turns down from the 20-day EMA, the bears will fancy their chances and try to sink the pair below $0.12. If that happens, the pair could slide to the psychological support at $0.10.AVAX/USDTAvalanche (AVAX) is trading inside a large range between $51 and $99. The bulls purchased the dip to $55 on April 30 but they have not been able to push the price above the breakdown level at $65.AVAX/USDT daily chart. Source: TradingViewIf the price turns down from $65, it will suggest that the sentiment remains negative and bears are selling on rallies. The bears will then make one more attempt to pull the AVAX/USDT pair below the strong support at $51. If they succeed, the pair could start the next leg of the downtrend which could result in a decline to $32.This negative view could invalidate in the short term if bulls drive and sustain the price above the 20-day EMA ($68). The pair could then rise to the 50-day SMA ($80). DOT/USDTPolkadot (DOT) is range-bound in a downtrend. The bulls are defending the support at $14 while the bears are selling on rallies to $16. This tight-range trading is unlikely to continue for long.DOT/USDT daily chart. Source: TradingViewIf buyers push the price above $16, the DOT/USDT pair will attempt to rise above the 20-day EMA ($16.86). If that happens, it will suggest that the bears may be losing their grip. The pair could then rise to the overhead resistance at $19 where the bears may again try to stall the recovery.Alternatively, if the price turns down from the overhead resistance, the pair may spend some more time inside the range. The bears will have to sink and sustain the price below the support at $14 to indicate the resumption of the downtrend.The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph. Every investment and trading move involves risk. You should conduct your own research when making a decision.Market data is provided by HitBTC exchange.

The U.S. equity markets opened on a tentative note on May 2 but a minor positive is that the crypto markets led by Bitcoin (BTC) are holding above their immediate support levels. The price action over the next few days will be dictated by the outcome of the Federal Open Markets Committee (FOMC) on May 4. If the Fed springs a negative surprise, the markets could react with a knee-jerk reaction to the downside. On the other hand, if the policy meets market expectations, the equity and the crypto markets could attempt a recovery.Daily cryptocurrency market performance. Source: Coin360If history were to repeat itself, Bitcoin could witness a large move in the month of May. According to data from on-chain analytics platform Coinglass, Bitcoin rose more than 50% in May on two occasions in the past nine years, once in 2019 and another in 2017. In comparison, the worst fall was in 2021 when Bitcoin plunged by more than 35%. Considering the increased volatility since 2017, traders should be ready for a possible roller-coaster ride.Could Bitcoin and altcoins sustain the recovery? Let’s study the charts of the top-10 cryptocurrencies to find out.BTC/USDTBitcoin bounced off the support line of the ascending channel on May 1, indicating that the bulls are buying the dips to this level. The buyers will now attempt to push the price above the 20-day exponential moving average ($39,824).BTC/USDT daily chart. Source: TradingViewIf they manage to do that, it will suggest that the bears may be losing their grip. The positive divergence on the relative strength index (RSI) also suggests that the bearish momentum may be reducing.Above the 20-day EMA, the BTC/USDT pair could rally to the 50-day simple moving average ($41,970). A break and close above this level could clear the path for a rally to the 200-day SMA ($47,154).Conversely, if the price once again turns down from the 20-day EMA, it will suggest that bears continue to sell on every minor rally. That could enhance the prospects of a break below the channel. If that happens, the selling momentum could increase and the pair could plummet to $34,300 and later to $32,917.ETH/USDTEther (ETH) started a recovery on May 1 but the bears are in no mood to let go of their advantage. The long wick on today’s candlestick suggests that bears continue to sell near the 20-day EMA ($2,939).ETH/USDT daily chart. Source: TradingViewThe bears will now try to sink the price to the uptrend line. This is an important level to keep an eye on because a break and close below it could clear the path for a possible decline to the next support at $2,450.Conversely, if the price turns up from the current level or rebounds off the uptrend line, it will suggest that the bulls are trying to keep the ascending triangle pattern intact. A break and close above the 50-day SMA ($3,059) could open the doors for a possible up-move to the 200-day SMA ($3,451).BNB/USDTBinance Coin (BNB) turned down from the 50-day SMA ($411) on April 29 and broke below the support at $391 on April 30. The buyers attempted to push the price back above $391 on May 1 but are facing selling at higher levels.BNB/USDT daily chart. Source: TradingViewIf the price turns down from the current level or the 20-day EMA ($401), it will suggest that the sentiment remains negative and traders are selling near overhead resistance levels. That could clear the path for a possible drop to the strong support at $350.This negative view could invalidate in the short term if the bulls push and sustain the price above the 50-day SMA. If they do that, the BNB/USDT pair could rally to $431 and later attempt an up-move to the 200-day SMA ($469).SOL/USDTSolana (SOL) broke below the support line of the ascending channel on April 29, invalidating the pattern. The selling continued on April 30 and the price dipped to $82. SOL/USDT daily chart. Source: TradingViewThe buyers attempted to push the price back into the channel on May 1 but the long wick on the day’s candlestick suggests that bears sold at higher levels. If the price fails to climb back into the channel, the SOL/USDT pair could decline to the strong support at $75. This is an important level for the bulls to defend because the failure to do so may resume the downtrend.On the upside, a break and close above the 50-day SMA ($103) will suggest that the bears may be losing their grip.XRP/USDTRipple (XRP) plummeted below the $0.62 support on April 29 and the bears extended the decline to $0.56 on April 30. The price rebounded on May 1 indicating buying at lower levels.XRP/USDT daily chart. Source: TradingViewThe bulls are currently trying to push the price above the breakdown level at $0.62. If they succeed, the recovery could reach the 20-day EMA ($0.68). This is an important level to keep an eye on because if the price turns down from this level, it will suggest that the bears are active at higher levels. The pair may then drop to the strong support at $0.55. A break below this support could open the doors for a drop to $0.50.Alternatively, if bulls drive the price above the 20-day EMA, the pair could rise to the 50-day SMA ($0.76). Such a move will suggest that the XRP/USDT pair could consolidate in a large range between $0.55 and $0.91 in the near future.LUNA/USDTTerra’s LUNA token bounced off the strong support at $75 on May 1, indicating that the bulls are trying to defend this level. However, the bears are unlikely to surrender easily as they will try to stall the recovery at the downtrend line.LUNA/USDT daily chart. Source: TradingViewIf the price turns down from the downtrend line, the bears will make another attempt to pull the LUNA/USDT pair below $75. If they succeed, the pair could complete a bearish head and shoulders pattern. The bulls will attempt to arrest the decline at the 200-day SMA ($70) but if this support cracks, the selling could pick up momentum and the pair may plummet to $50.On the contrary, a break and close above the downtrend line could suggest that the bears may be losing their grip. That could clear the path for a possible rally to the psychological resistance at $100.ADA/USDT Cardano (ADA) dropped to the strong support at $0.74 on April 30, signaling that bears remain under control. The price rebounded off the support on May 1 but the bulls are struggling to sustain the higher levels.ADA/USDT daily chart. Source: TradingViewThis suggests that bears are selling on every minor rally. The bears will now try to sink and sustain the price below the strong support at $0.74. If they manage to do that, the selling could accelerate and the ADA/USDT pair may resume its downtrend. The next support on the downside where buying may emerge is $0.68.Contrary to this assumption, if the price turns up from the current level or rebounds off $0.74, the bulls will try to push the pair above the 20-day EMA ($0.87). If that happens, the pair could attempt a rally to $1.Related: XRP price rebounds after worst month since June 2021 — major recovery ahead?DOGE/USDTDogecoin (DOGE) slipped below the 50-day SMA ($0.13) on April 29 but the bears could not challenge the strong support at $0.12. This suggests that bulls continue to buy at lower levels.DOGE/USDT daily chart. Source: TradingViewThe buyers attempted to push the price above the 50-day SMA on May 1 but the bears were not willing to relent. This suggests that the DOGE/USDT pair could oscillate between the 20-day EMA ($0.13) and $0.12 for a few days.If bears sink the price below $0.12, the pair could drop to the psychological support at $0.10. The bulls are expected to defend this level with vigor. Alternatively, if bulls drive the price above the 20-day EMA, the possibility of a rally to $0.17 increases.AVAX/USDTAvalanche (AVAX) broke below the strong support at $65 on April 29 and followed that up with another down move on April 30. The buyers started a recovery on May 1 and are currently attempting to push the price back above the breakdown level at $65.AVAX/USDT daily chart. Source: TradingViewThe sellers will attempt to flip the $65 level into resistance. If they do that, the AVAX/USDT pair could extend the decline to the strong support at $51.This is an important level for the bulls to defend because a break and close below it may intensify selling. The pair may then resume its downtrend and plummet to the next major support at $32.Conversely, if bulls push the price above $65, the pair may rise to the 20-day EMA ($70). A break and close above this level will suggest that the selling pressure may be reducing. That could keep the pair range-bound between $51 and $99 for some time.DOT/USDTPolkadot (DOT) plunged below the $16 support on April 30 and reached the critical support at $14. A minor positive is that the price bounced off $14 on May 1, indicating buying by the bulls. DOT/USDT daily chart. Source: TradingViewThe rebound is facing selling at the breakdown level of $16 as the bears are trying to flip the previous support into resistance. If the price fails to rise above $16, the possibility of a break below $14 increases. If that happens, the DOT/USDT pair could resume its decline and plunge to the psychological level at $10.To invalidate this view, the bulls will have to push and sustain the price above the 20-day EMA ($17). If they manage to do that, the pair may rise to $19 where the bears may again pose a strong challenge. The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph. Every investment and trading move involves risk. You should conduct your own research when making a decision.Market data is provided by HitBTC exchange.