Price analysis 5/23: BTC, ETH, BNB, XRP, ADA, SOL, DOGE, DOT, AVAX, SHIB

cointelegraph.com:

The United States equity markets are attempting a recovery after weeks of relentless selling. Along similar lines, on-chain monitoring resource Material Indicators expects the crypto market to recover, but they anticipate Bitcoin (BTC) to spend some time in a range before “a real breakout.”

The seven-day moving average of the on-chain transaction volume tracked by Glassnode hit a nine-month low on May 23. This suggests that Bitcoin’s lackluster price action in 2022 has led to reduced participation from traders.

While signs of a short-term recovery are visible, a sustained recovery could be difficult because the macro conditions remain challenging. International Monetary Fund managing director Kristalina Georgieva wrote in a blog post that the global economy is witnessing its “biggest test since the Second World War.”

Could Bitcoin and altcoins overcome their immediate resistance levels and start a relief rally? Let’s study the charts of the top-10 cryptocurrencies to find out.

Bitcoin held the $28,630 support on May 20, indicating that bulls are buying at lower levels. The buyers have pushed the price above the downtrend line, which is the first sign of a recovery.

If buyers sustain the price above the downtrend line, the BTC/USDT pair could rally to the 20-day exponential moving average (EMA) ($31,758). The bears are likely to defend the 20-day EMA aggressively because a break and close above it could clear the path for a possible rally to the 61.8% Fibonacci retracement level at $34,823.

Alternatively, if the price turns down from the current level or the 20-day EMA, it will suggest that the sentiment remains negative and traders are selling on rallies. The bears will have to sink the price below $28,630 to clear the path