Price analysis 5/11: BTC, ETH, BNB, XRP, ADA, SOL, DOGE, DOT, AVAX, SHIB

cointelegraph.com:

The crisis with Terra’s stablecoin TerraUSD (UST) and the freefall in Terra’s LUNA token has dented crypto sentiment further. Although Terraform Labs CEO Do Kwon announced a relief plan, the community does not seem too hopeful about the revival.

Another hindrance to a quick improvement in sentiment is that the United States Consumer Price Index soared 8.3% from a year ago, outpacing estimates by 0.2%. Although the numbers are a tad bit lower than March’s 8.5% print, the slow deceleration suggests no respite from more tightening by the U.S. Federal Reserve.

Although the screen looks scary during capitulation, it also offers one of the best times to go against the herd and accumulate fundamentally strong cryptocurrencies at a bargain. Traders should not be in a hurry to catch a falling knife but wait for the price to stabilize and the capitulation to end before buying in a phased manner.

What are the key levels of Bitcoin (BTC) and major altcoins that could attract buyers? What are the key resistance levels on the upside that may suggest a potential trend change? Let’s study the charts of the top-10 cryptocurrencies to find out.

Bitcoin fell sharply on May 9 and attempted a recovery from the psychological level at $30,000 on May 10. The long wick on the day’s candlestick shows that bears are not willing to ease off and they continue to sell on minor rallies.

The bears tried to build upon their advantage on May 11 but the bulls are defending the critical level at $28,805 with all their might. This is an important level to watch out for because if it cracks, the selling could intensify. The BTC/USDT pair could then slide to $25,000 and later to $20,000.

Although downsloping moving averages indicate advantage to sellers, the