May Price Predictions for Bitcoin, Cardano, Zcash, XRP, Litecoin and Basic Attention Token

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At BeInCrypto, we offer regular price analyses and predictions of the most popular and relevant cryptoassets. In this article, we will analyze Bitcoin (BTC), Cardano (ADA), Zcash (ZEC), XRP(XRP), Litecoin (LTC) and Basic Attention Token (BAT) and predict price fluctuations for each throughout the month of May.

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Bitcoin

In this section, we define Bitcoins’s current trading pattern by analyzing the price of  BTC/USD at one-day intervals from Oct 2018 to May 2019 alongside moving averages (MAs). This is done in order to trace the current pattern and make a prediction for the price at the end of the month.

The 100-(black) and 200-(blue) day MAs are shown in the graph below.

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The price of BTC has been following an ascending support line since reaching lows close to $4800 on Apr 3. It initially increased at the rate predicted by the support line, before initiating a rapid upward on May 3.

At the time of writing, the price is trading close to $6100. It may continue rising and reach the resistance area traced around $6400. However, we believe the price is likely to return toward the support line following these gains.

In addition, the price is trading above the 100- and 200-day moving averages. However, they have yet to make a bullish cross. Therefore, we do not have confirmation that BTC has deviated from its current support line.

Such deviation may lead to the creation of a new support line. However, a drop toward the support line might validate it as an accurate indicator of future price.

If the price does return to the support line, we may also witness a breakdown. If this occurs and the 100-day MA keeps increasing at a similar rate, we believe that it will find support within the lower $5000s.

Nonetheless, a breakdown does not appear imminent.

Thus, we believe that Bitcoin will increase at the rate predicted by the support line. Volatility is likely to be experienced with multiple highs over $6000 being reached throughout the month.  These gains should precede losses along the line such that Bitcoin closes at around $5800 at the end of the month.

Cardano

In this section, we analyze the price of ADA/USD on Binance at one-day intervals from Dec 2018 to May 2019 alongside moving averages. This is done in order to trace the current pattern and make a prediction for the price at the end of the month.

The 100-(black) and 200-(blue) day moving averages are shown in the graph below:

The price of ADA has been following an ascending support line since reaching lows close to $0.028 on Feb 16. It has been alternating between periods of gradual increases and decreases. On Apr 2, it initiated a rapid upward move and reached highs of $0.104 the next day.

Since then, it has been following a descending resistance line. The resistance and support lines combine to create a symmetrical triangle as seen in the graph above.

Furthermore, the price is trading above both moving averages, which have made a bullish cross. Therefore, we believe that ADA has already begun an uptrend.

Throughout the month of May, we believe that the price of ADA will continue to decrease until it finds support above the 100- or 200-day MA. Afterward, a breakout above the resistance line of the triangle is likely. We believe the price will increase.

Resistance is likely to be found near $0.085. We believe this to be a likely level for Cardano to reach by the end of the month.

Zcash

The price of ZEC on Binance was analyzed at one-day intervals from Feb 1 to May 3 alongside moving averages. This is done in order to trace the current pattern and make a prediction for the price at the end of the month.

The 100-(black) and 200-(blue) day moving averages are shown in the graph below:

The price of ZEC has been following an ascending support line since reaching lows of $46 on Feb 6. A gradual increase was followed by a decrease. Subsequently, Zcash began a rapid upward move on Apr 2, reaching highs of $78 the next day. It has been decreasing since. The price is not following a visible resistance line.

The price is trading above the 100-day moving average but below the 200-day MA. Furthermore, the latter has provided resistance to the price on Apr 2, 4 and 5.

Throughout the month of May, we believe that the price will increase until it again meets resistance from the 200-day MA at around $70. Afterward, we believe it will begin a gradual decrease towards the ascending support line, which should coincide with the 100-day MA.

The price opened on May 1 at $63.72. At the end of the month, we believe that the price will trade around $61—decreasing by around 4%.

XRP

XRP/USD on Binance is analyzed at one-day intervals from Dec 2018 to May 2019 alongside MAs. This is done in order to trace the current pattern and make a prediction for the price at the end of the month.

The 100-(black) and 200-(blue) day moving averages are shown in the graph below:

The price of XRP reached a low of $0.282 on Dec 15. A rapid upward move took it to $0.47 on Dec 24. It has been decreasing since, trading inside a horizontal channel with support at $0.29 and resistance near $0.39. XRP has touched the support and resistance lines five and three times respectively.

The price is trading along with the 100-day MA but below the 200-day one. Furthermore, the latter has offered resistance to the price from Apr 2 to 8.

Throughout the month of May, we believe that the price of XRP will increase until it again meets resistance from the 200-day MA near $0.36. Afterward, we believe it will decrease until it reaches the support line near $0.29.

The price opened May 1 at $0.324. At the end of the month, we believe that the price will trade around $0.3—decreasing by around 8%.

Litecoin

The price of LTC/USD on Bittrex is analyzed at one-day intervals from Feb 1 to May 3 alongside moving averages. This is done in order to trace the current pattern and make a prediction for the price at the end of the month.

The 100-(black) and 200-(blue) day moving averages are shown in the graph below:

The price of LTC has been trading inside a descending wedge since reaching highs close to $100 on Apr 3 and 5. The price broke out from this wedge on Apr 30.

The price is trading above the 100 and 200-day moving averages, which have made a bullish cross. Therefore, we believe that the price of LTC has already begun an uptrend.

Litecoin traded inside the descending wedge for 23 days. Therefore, we believe it will take a similar amount of time until it reaches levels close to $100, coinciding with the top of the wedge.

Throughout the month of May, we believe the price will gradually increase until it reaches the top of the wedge. We believe this should occur on Apr 22. Afterward, it is likely to begin a gradual decrease towards the closest support area near $89—increasing by 13.6%.

Basic Attention Token

The price of BAT/USD on Binance was analyzed at one-day intervals from Feb 1 to May 3 alongside moving averages. This is done in order to trace the current pattern and make a prediction for the price at the end of the month.

The 100-(black) and 200-(blue) day moving averages are shown in the graph below:

The price of BAT made lows of $0.1 on Feb 5. It began a gradual uptrend, reaching highs of $0.50 on Apr 21. It has been decreasing since.

The price is not following a trading pattern. However, the line which has been touched the most is the resistance turned support line created by the highs of $0.2 on Feb 24.

Furthermore, the price is trading above the 100- and 200-day moving averages, which have made a bullish cross. Therefore, we believe the price of BAT has already begun an uptrend.

Throughout the month of May, we believe the price will gradually decrease until it reaches the long-term ascending support line. Even though we believe that BAT has already begun an uptrend, the recent increases have been steep.

Therefore, we believe a correction is in store. At the end of the month, we believe that the price will trade around $0.36—decreasing by around 10%.

Summary

Based on our analysis, the cryptocurrency expected to perform the best is ADA, followed by LTC, BTC, ZEC, XRP, and BAT. The full results sorted by the rate of increase are shown in the table below:

ASSET MAY 1ST PRICE MAY 31ST PROJECTED PRICE +/-%
ADA $0.075 $0.085 +14.64%
LTC $73.55 $89 +13.68%
BTC $5599 $5800 +3.64%
ZEC $63.7 $61 -4%
XRP $0.324 $0.3 -7.9%
BAT $0.4 $0.36 -10%

However, none of the coins analyzed today have a higher rate of increase than EOS with 27%

As for the trading patterns, BTC, ADA, ZEC, and BAT are following ascending support lines. XRP is trading inside a neutral horizontal channel while LTC recently broke out from its previous pattern and has not yet created a new one.

The weakest trend is seen in XRP. Besides trading inside a horizontal channel, it is also trading below the 200- and alongside the 100-day MA.

Strong upward trends are visible in LTC, ADA and BAT. However, while ADA and BAT seem to be in the corrective wave succeeding a rapid upward move, LTC just broke out from its corrective wave. Therefore, we believe it has the most potential to begin a rapid upward move and outperform our predictions.

What do you think will happen to these six cryptocurrencies throughout the month of May? Let us know your thoughts in the comments below!

Disclaimer: This article is not trading advice and should not be construed as such. Always consult a trained financial professional before investing in cryptocurrencies, as the market is particularly volatile.

Disclaimer

All the information contained on our website is published in good faith and for general information purposes only. Any action the reader takes upon the information found on our website is strictly at their own risk.
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Valdrin discovered cryptocurrencies while he was getting his MSc in Financial Markets from the Barcelona graduate school of Economics. Shortly after graduating, he began writing for several different cryptocurrency related websites as a freelancer before eventually taking on the role of BeInCrypto's Senior Analyst.

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