The cryptocurrency market continues to experience volatility. Today’s selling pressure continues to disappoint investors in Bitcoin and many altcoin projects. What can be expected for BNB, Solana, and Ripple in the coming period? We are examining with detailed chart analysis and important support and resistance levels.
BNB Chart Analysis
BNB recovered from moving averages on May 8, but the movement lacked momentum, indicating hesitation to continue buying at higher levels. If buyers can push the price above the downtrend line, this could increase the likelihood of a rise towards the general resistance of $635. This is an important level to watch because a breakout above it could open the doors to a rise to $692.
Meanwhile, it’s possible that bears have other plans and will try to pull the price below the moving averages. If they succeed, the BNB/USDT pair could drop to $536, then to a solid support at $495.
Solana Chart Analysis
Solana fell below the daily EMA 20 average of $146 on May 8, but bears could not sustain lower levels. Strong buying by bulls pushed the price above the EMA 20 average on May 9, however, the SOL/USDT pair did not reach the $162 resistance. The 20-day horizontal EMA and the RSI close to the midpoint do not give a clear advantage to either bulls or bears.
If the price rises from the current level and breaks above $162, it would mean the bulls are back in the game. The pair could rise to $185 and then to $205, with a critical support zone to watch between $126 and $116.
Ripple Chart Analysis
XRP has been trading between $0.46 and $0.57 over the past few days, indicating a balance between supply and demand. The price fell below the daily EMA 20 average of $0.52 on May 7, showing that bears are trying to take control.
Sellers will try to pull the price to the critical support at $0.46, where buyers are expected to defend the level with all their might. A strong rise from $0.46 could extend the stay within the range for a while longer. Bulls need to keep the price above $0.57 to indicate that the correction might be ending.
