Bulls are attempting to start a recovery in Bitcoin and if they succeed, select altcoins such as ADA, ATOM, LDO, and ARB may also attract buyers.
) snapped back from the $10.20 support on May 10, indicating that the bulls are buying the dips to this level.The bears are trying to halt the relief rally at the 50-day SMA but the bulls have not given up much ground. This enhances the prospects of a rally above the 50-day SMA. If that happens, the ATOM/USDT pair could rally to the downtrend line.
Alternatively, if the price turns down and breaks below the 50-SMA, it will suggest that the bears are in control. The pair may then slump toward the vital support at $10.20. A bounce off this level could keep the pair inside the boundaries of $11.30 and $10.20 for a while longer.Lido DAO price analysis
On the downside, the bears will have to sink and sustain the price below $1.60 to indicate the resumption of the downtrend.The 4-hour chart shows that the bulls are trying to propel the price above the overhead resistance at $1.98. If they succeed, the pair will complete a bullish double bottom pattern. This reversal setup has a target objective of $2.39. If this level is also crossed, the pair may reach $2.60.
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