Bitcoin price on pace for the third consecutive down month, equalling the July 2019-September 2019 period. Ethereum price revealed a long-legged doji on the monthly chart, warning of indecision and distribution in May, despite the stellar performance to begin May. XRP price testing critical support for the second time since the end of May.
Zilliqa Price Forecast: ZIL teeters on the edge of a 30% decline
Zilliqa price reverses the breakout from a symmetrical triangle pattern after reaching 61.8% Fibonacci retracement. A close below the May 30 low of $0.092 confirms a drop to the May 23 low of $0.069, representing a 30% decline. Zilliqa price currently rests below the 200-day simple moving average (SMA) and on the rising trend line from the March 2020 low. The short-term outlook has naturally switched from mildly bullish to bearish, with May’s lows as potential targets if the trend line fails to block mounting selling pressure.
Bitcoin price flashes buy signal but the upside remains capped
Bitcoin price seems bound for a short-lived correction. A spike in selling pressure could push BTC to 30,000. If this support level holds, the flagship cryptocurrency could rebound to $42,000. Bitcoin price has presented a buy signal. Still, BTC seems bound to retrace before rising above $40,000.