The S&P 500 Index closed the week with a slight decline, while Bitcoin is expected to end the week with a larger loss of over 5%. This has resulted in a drop in altcoins and weakened sentiment. Despite this, Bitcoin has shown a strong rebound on May 12, leading some analysts to anticipate a recovery. However, Material Indicators has expressed caution, stating that the lack of strong bids from whales at lower levels could be a concerning sign. The progress on debt ceiling talks between Congress and the White House is expected to take center stage in the coming days, and it is uncertain how Bitcoin and altcoins will react to the potential risks and uncertainty.
Cosmos (ATOM) has rebounded from its support level of $10.20, indicating that the bulls are buying dips to this level. The bears are attempting to halt the relief rally at the 50-day SMA ($11.28), but the bulls have not given up much ground, which increases the prospects of a rally above the 50-day SMA. The critical support to watch on the downside is $10.20, and if it cracks, the descending triangle will complete, and the pair may plummet to $8.50.
Lido Dao (LDO) has rebounded off its support level of $1.60 and has reached the overhead resistance at the 20-day EMA ($1.95). The bears are trying to protect the 20-day EMA, but the bulls have not given up, suggesting that the buyers expect the recovery to continue. If the bulls drive the price above the 20-day EMA, the LDO/USDT pair could rally to the downtrend line.
Arbitrum (ARB) has been finding support near the psychologically important level of $1, indicating that the bulls are aggressively buying the dips. The bears have been attempting to stall the recovery at $1.20, but a minor positive in favor of the bulls is that they have kept up the buying pressure, increasing the likelihood of a break above $1.20.
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