BTC, BNB, XMR, ETC, MANA

BTC, BNB, XMR, ETC, MANA

The Dow Jones Industrial Average is down for eight straight weeks, the first such losing streak since 1923. On May 20, the S&P 500 briefly dipped into bear market territory, indicating that traders continue to sell off assets. risk for fear of an economic downturn.

Due to its close correlation with the US stock markets, Bitcoin (BTC) has been under pressure for many weeks. The bulls are trying to push Bitcoin higher over the weekend and avoid an even longer losing streak.

Daily view of the cryptocurrency market. Source: Coin360

Bitcoin’s performance in the first five months has been the worst since 2018, indicating that the sellers are in control. However, after several weeks of weakness, crypto markets could be on the cusp of a bear market rally.

What are the critical levels that can signal the start of a sustained recovery? Let’s study the charts of the top 5 cryptocurrencies that may outperform in the short term.

BTC/USDT

Bitcoin bounced off the crucial support at $28,630 on May 20, indicating strong buying near this level. The bulls are attempting to push the price above the downtrend line, which could be the first indication that the selling pressure might be easing.

BTC, BNB, XMR, ETC, MANA
Daily chart of the BTC/USDT pair. Source: TradingView

Above the downtrend line, the BTC/USDT pair could rally to the 20-day exponential moving average ($31.887). The bears are likely to defend this level with everything they have. If the price turns down from the 20-day EMA, the sellers will once again try to sink the pair below $28.630.

If they succeed, the pair could drop to $26,700. It is an important level to watch because a break and close below it could open the doors for a decline to $25,000 and then $21,800.

Conversely, if the buyers push the price above the 20-day EMA, the pair could attempt a rally to the 61.8% Fibonacci retracement level of $34,823. If this level is breached, the pair could rally to the 50-day SMA ($37.289).

BTC, BNB, XMR, ETC, MANA
BTC/USDT 4-hour chart. Source: TradingView

The 4-hour chart shows that the price is being squeezed between the downtrend line and $28,630. The 20-day EMA and 50-day SMA have flattened out and the RSI is just above the midpoint, which suggests a balance between supply and demand.

This balance could tip in favor of the buyers if they push and hold the price above the downtrend line. If this happens, the pair could start a move higher; towards the 200-day SMA.

Conversely, if the price turns down from the current level, the bears will try to sink the pair below $28,630 and gain the upper hand.

BNB/USDT

Binance Coin (BNB) has rallied strongly from the critical support at $211 and has reached the overhead resistance at the 20-day EMA ($323). This is an important level for bears to defend as a breakout and close above it could indicate a bottom has been reached.

BTC, BNB, XMR, ETC, MANA
Daily chart of the BNB/USDT pair. Source: TradingView

Above the 20-day EMA, the BNB/USDT pair could rally to $350 and then to the 50-day SMA ($376). This level could act as a tough hurdle again, but if the bulls push the price above it, the pair could rally to the 200-day SMA ($451).

Contrary to this assumption, if the price breaks down sharply from the 20-day EMA, it will suggest that the bears have not given up yet and are still selling higher levels. The pair could then drop towards $211. If the price rebounds from this level, the pair could consolidate between $211 and $320 for a few days.

BTC, BNB, XMR, ETC, MANA
BNB/USDT 4-hour chart. Source: TradingView

The bulls are trying to break above the overhead resistance of $320. If successful, the pair could move towards $350. The bears will defend this level aggressively. If the price turns below $350, the pair could drop back to $320.

If the price rebounds from this level, the pair could remain in a range between $320 and $350 for some time. Upside momentum could pick up above the 200-day SMA and the pair could rally to $380 and then $400.

Conversely, if the price turns down from the current level, the pair could drop to $286 and then $272.

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XMR/USDT

Monero (XMR) dipped below the strong support of $134 on May 12, but the bears could not sustain the lower levels. This suggests aggressive buying on dips. The price has rallied strongly towards the 20-day EMA ($179).

BTC, BNB, XMR, ETC, MANA
XMR/USDT pair daily chart. Source: TradingView

If the bulls push and hold the price above the 20-day EMA, the XMR/USDT pair could rally to the upper resistance zone between the 200-day SMA ($202) and the 50-day SMA ($212). . The bears are expected to mount a strong defense in this area.

If the price turns down from this zone, but the bulls stop the further decline at the 20-day EMA, this will suggest a possible change in trend. Conversely, if the price turns down from the current level, the bears will try to push the pair to $150 and subsequently to $134.

BTC, BNB, XMR, ETC, MANA
XMR/USDT 4-hour chart. Source: TradingView

The 4-hour chart shows the formation of higher lows and higher highs. The bears tried to push the price below the 50-day SMA, but the bulls successfully defended the level. This suggests a shift in sentiment from selling on rallies to buying on dips.

The pair could rally to the 200-day SMA, where the bears could offer strong resistance. If the bulls break through this barrier, the pair could rally to $225. Conversely, if the price turns down and breaks below the 50-day SMA, the pair could drop to $150. A break below this level it could challenge the strong support at $134.

ETC/USDT

Ethereum Classic (ETC) fell sharply from $52 on March 29 to $16 on May 12. The bulls are attempting to initiate a rally that could face resistance at the 20-day EMA ($23).

BTC, BNB, XMR, ETC, MANA
Daily chart of the ETC/USDT pair. Source: TradingView

If the price turns down from the 20-day EMA, the bears will once again attempt to resume the downtrend by taking the ETC/USDT pair below the critical support at $16.

Conversely, if the buyers push the price above the 20-day EMA, it will suggest the start of a stronger relief rally. The positive divergence on the RSI also points to the possibility of a near-term recovery. The pair could rally to the 38.2% Fibonacci retracement level at $30, where the bears could mount a stiff resistance.

BTC, BNB, XMR, ETC, MANA
ETC/USDT 4-hour chart. Source: TradingView

The price has been trading between $19 and $23 for some time. This suggests that the bulls are attempting to form a higher low, but the bears continue to pose a strong challenge at higher levels. The flattening of the 50-day EMA and the 50-day SMA do not give a clear advantage to either the bulls or the bears.

If the buyers push the price above $23, this will suggest the start of a new move higher. The pair might first rally to the 200-day SMA and then to $33. On the other hand, if the price moves lower and breaks below $19, the bears will take the lead. Then they will try to sink the pair to $16.

MANA/USDT

Decentraland (MANA) turned down from the 20-day EMA ($1.24) on May 16, but a positive sign is that the bulls did not allow the price to break below the psychological level of $1.

BTC, BNB, XMR, ETC, MANA
Daily chart of the MANA/USDT pair. Source: TradingView

The buyers will once again try to push the price above the 20-day EMA. If they succeed, the MANA/USDT pair could rally to the 50-day EMA ($1.72). The bears could again mount stiff resistance at this level, but if the bulls break through this hurdle, the pair could start a rally; towards the 200-day SMA ($2.72).

Contrary to this assumption, if the price breaks below $1, the bears will try to sink the pair to the crucial support at $0.60. A breakout and close below this level could start the next leg of the downtrend.

BTC, BNB, XMR, ETC, MANA
MANA/USDT 4-hour chart. Source: TradingView

The pair is stuck between $0.97 and $1.36, which indicates that the bulls are buying the dips below $1 and the bears are selling the rallies. The 20-day EMA and the 50-day SMA have flattened out, which indicates that the consolidation may continue for a while longer.

If the buyers push the price above the 50-day SMA, the pair could rally to the range resistance at $1.36. If the buyers break through this barrier, the upside momentum could increase. Conversely, the bears could take the lead if the price turns down and drops below the $0.97 support.

The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph.com. Every investment and trading move involves risk, you should do your own research when making a decision.