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Bitcoin, XRP, Avalanche & Polygon Daily Crypto Price Analysis
Bitcoin has been on a free fall for the last few days. XRP has developed a strong bounce off of yesterday’s sell-off. Avalanche price analysis shows a bearish trend. The Polygon price analysis suggests a bearish trend.
Kabir V.
10:55 11th May, 2022
Markets

Bitcoin price analysis

Bitcoin has been on a free fall for the last few days, concluding six consecutive red weeks. The price had recently broken below the $37K level, which had provided solid support for the past months on multiple occasions.

This price collapse was initiated after BTC got rejected when trying to breach the 50-day and 100-day moving average lines and has caused a massive long liquidation cascade and crash to the $30K demand zone.

The Daily Chart

Currently, the price seems to find a temp support, as the bulls are buying Bitcoin at the same prices as last year’s bottom area from mid-year.

The $30K is a significant demand zone, and if it holds – the price could rebound towards the $37-40K supply zone in the short term. The RSI also reached the oversold area, which could point on a short-term recovery.

On the other hand, if the bearish momentum continues and the price breaks below the current area, a rapid drop to the $21-24K level could occur. Additionally, a bearish crossover between the 50-day and 100-day moving averages seems imminent, indicating a downtrend continuation scenario.

XRP/Ripple Price analysis

XRP has developed a strong bounce off of yesterday’s sell-off. XRP price seemed to find buyers at the $0.47 low leading to a relief bounce. At the time of publication, XRP was changing hands at $0.507, up 3.41% in the last 24 hours. SBI Motor Japan has announced that its customers can now make payments for used cars using XRP. According to the announcement by SBI on Monday, This move reportedly marks the first cross-border e-commerce site in Japan to support XRP. The crypto transactions will be settled on the SBI VC Trade Co. Ltd. In fresh updates shared by defense lawyer James K. Filan, the Ripple defendants’ response to the SEC’s brief asserting that the Hinman documents are protected by the attorney-client privilege is due Friday, May 13, while the SEC’s response to the Ripple defendants’ reply is due May 18.

Daily chart

XRP/USD Daily Chart

Avalanche/AVAX price analysis

Avalanche price analysis is in favor of bears for today as a decrease in price has been observed today. The market has been following a bearish trend since 5 May 2022, and today, the cryptocurrency is facing a loss once again as the bearish momentum has been able to stop the price from going above $44.2 by diverting the yesterday’s bullish trend in their favor. As a result, the price moved down to $37.8.

The price is going down once again as a bearish trend has been confirmed from the one-day Avalanche price analysis. AVAX/USD pair is trading hands at $37.8 at the time of writing after being on the decline steadily since yesterday. The crypto pair has lost a value of 20 percent during the last 24 hours and has lost a value of 37.7 percent over the course of the last seven days. The trading volume has also been down by 5.96 percent, and the market cap has also decreased by 20.85 percent over the past day, which has limited the market dominance to 0.73 percent.

AVAX/USD 1-day price chart. Source: Tradingview

Polygon/MATIC Price analysis

The Polygon price analysis shows a strong bearish move today, as the coin just beached the $0.811 support at the moment. The price has been falling for the past few weeks as bears dominate the market. The downwards trend started on 4 April 2022 when the coin was trading at $1.68, and the crypto pair has lost tremendous value since then by continuously covering the range downwards. The price has reached $0.804 today, which is the lowest after 21 July 2021.

The 1-day price chart for Polygon price analysis shows a massive amount of value loss today. Bears covered an extensive downwards range from $0.889 to $0.804 today, as the price of MATIC/USD is trading at the later value at the time of writing. MATIC/USD lost a value of more than 14 percent during the last 24 hours, and the crypto pair reports a high loss of 26.32 percent over the past week, as another market crash is being observed today. The trading volume has decreased by 13.8 percent, resulting in market dominance of 0.47 percent, while the market cap has decreased by 13.43 percent.

MATIC/USD 1-day price chart. Source: TradingView

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