Bitcoin’s failure to rise above the 20-day EMA increases the risk of a downward breakdown for BTC and many altcoins.) continues searching for direction as the bears and the bulls battle it out for supremacy. Glassnode founders Jan Happel and Yana Allemann believe the price will resolve to the upside. They said in a X post that
The zone between the 20-day EMA and the resistance line is likely to act as a critical resistance. Buyers will have to shove the price above this zone to suggest a potential trend change. The pair may climb to $3,350.) rebounded off the moving averages on May 8, but the move lacked momentum, indicating hesitation to continue buying at higher levels.If buyers propel the price above the downtrend line, it will increase the likelihood of a rally to the overhead resistance of $635.
The bulls will have to push and maintain the price above $0.57 to suggest that the correction could be coming to an end.Toncoin rebounded off the moving averages on May 8 and cleared the hurdle at the 61.8% Fibonacci retracement level of $6.49 on May 10, signaling that the correction may be over.The 20-day EMA has started to turn up gradually, and the RSI has risen into positive territory, indicating that bulls have the upper hand. The TON/USDT pair will attempt a rally to $7.67.
On the contrary, if the price turns up and breaks above the 20-day EMA, it will signal that the bulls are on a comeback. The pair could rise to the 50-day SMA and later to the overhead resistance of $0.57. This zone is likely to witness strong selling by the bears.In a range, traders usually buy the dips to the support and sell near the resistance. The price action in between could be random and volatile. If the price breaks above the 20-day EMA , the AVAX/USDT pair could reach $40.
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