Crypto markets started to recover as Bitcoin prices tested the 58,000 level again in the evening. The markets again picked up a positive mood and soared, yesterday’s annoying comments were forgotten and the bulls took action.
Positive Trend Continues
Goldman Sachs started offering Bitcoin to its clients. Explaining that corporate demand continues to rise, Goldman Asia-Pacific Head of Digital Assets Max Minton believes that demand will increase further. Likewise, due to the increasing demand for Bitcoin and crypto assets, Citigroup made a similar statement and announced that they are planning to provide services related to crypto assets. Citigroup thinks they are not late with regard to the emerging cryptocurrency markets, and that it is just at the beginning.
Long-term investors trading in the cryptocurrency markets see and use price corrections as a good opportunity to increase their assets. Investors who increase their assets such as Bitcoin and Ethereum, which can be considered low, make good use of the market movements caused by small investors who make short-term transactions. In a recently published report, it can be seen that Bitcoin is seriously attracted to cold wallets from stock exchanges with large volumes of transactions. These assets are waiting for the day when they will reach long-term goals in cold wallets.
Bitcoin Price Analysis
Bitcoin does not enter its downward trend in the long term, but investors continue to buy in every downward movement it experiences. Since the prices do not see below the 56,000 level for a long time, the purchases made in the decreases do not harm investors. However, as some of the investors made early profit sales, the 58.600 level could not be exceeded for a while.
If the price closes at the 58.600 / 58.800 levels, it may open the door to a rise that may exceed the 64.800 level. This rise starts a faster trend and we may not see these prices for a long time. The medium term target is seen as + $ 70,000.
The bears are working hard to bring the price below the 52,300 level. For this target to be realized, the current price must remain below the 20-day exponential moving average.
Ethereum Price Analysis
Ether (ETH) has been staying in a strong uptrend for some time. Although there was a short May 4th correction, this was easily overcome. The continued strong demand for Ethereum has caused prices to see new highs. Ethereum seems to continue to rise, especially as long as momentum maintains its strength.
If intense buyer pressure can keep the price above $ 3,580, Ethereum could soon exceed $ 4,500. Pressing the price below $ 3,160 will herald a drop of up to $ 2,800. The price is still above the $ 2,288 level, the 50-day simple move, and provides serious support in the case price downward move. If the price reaches the following supports, it will create a serious purchase opportunity if the current demand continues and will be met with the reaction of the heavy buyers. In summary, although a serious decrease is expected from the current price, there will be a recovery soon.
Dogecoin Price Analysis
Dogecoin has quite a lot of investors who like speculation and want to make serious gains in a short time, this audience has put Dogecoin in a very strong upward trend. The bears struggled to push the price down to $ 0.49 and below, but that didn’t happen. Currently, most of the investors are holding the property, especially for the May 8 Elon Musk SNL show. If the expectations are so high, prices may reverse after tomorrow.
However, Dogecoin investors set a serious psychological goal and made the markets believe it. It will not surprise anyone that Dogecoin remains above the $ 0.70 level and exceeds the $ 1 target. But if this target doesn’t happen as quickly as the previous peak levels, $0.39 and below will be eagerly awaiting our adorable dog for cuddling.
BNB Price Analysis
There is negative bias in the RSI, momentum has weakened, and minor corrections may be seen in the near future. The bears will try to keep the 20-day exponential moving average below $ 570. In such a situation, there may be a serious sales wave from daily trading investors. The wave of sales has paths up to the EMA50 level of $ 450.
If it is satisfied with minor corrections and sufficient demand is received from investors, in the best scenario, a price above $ 670 could trigger a rally that will reach over $ 800.
Ripple Price Analysis
The rises in the last two days have allowed XRP to break the downtrend, albeit on a small scale. Investors who sell profits somewhat restrict the price from reaching higher. The bears are scrambling to pull the price back into the bearish trend line. It seems extremely risky for XRP if the uptrend does not continue, albeit with minor movements.
If XRP falls, how far can it go? This first stage is seen as the $ 1.43 level. However, the rising moving average and positive RSI levels give strength to the bulls. If the downtrend is not entered, the $ 1.96 level can be exceeded in a very short time. If it is entered, the decrease that started with 1.43, will continue until the band of $ 1.09. The fact that sales do not increase is critical to prevent this situation, and XRP investors seem to have to set a little more medium-term sales targets for the rise.
Cardano (ADA) Price Analysis
On Thursday, the ADA made a very good move, starting a new uptrend above the $ 1.48 level, although the bears have made serious efforts to establish a price below this figure, investors have entered heavy buying orders at this level. The 20-day exponential moving average in ADA prices continues to rise above $ 1.36. The continuation of this situation for a while will give the bulls a serious advantage. The RSI is in the overbought zone and the first bullish target is at $ 2 levels.
The fact that ADA prices do not remain below 1.48 for a long time is vital for the continuation of this increase, which will create serious selling pressure on investors, and this situation will cause the moving average to decrease and it would be a dream for ADA to see these numbers for a while.
As you can see, there are numbers determined for each crypto asset so that the rise continues and the decline does not start. Monitoring these will help investors make less loss.