At BeInCrypto, we offer regular price analyses and predictions of the most popular and relevant cryptoassets. Today we continue our monthly price predictions.
In article, we will analyze Ethereum (ETH), Stellar (XLM), EOS (EOS), Bitcoin Cash (BCH) and Dogecoin (DOGE) in order to predict their future values at the end of May.
Ethereum
In this section, we define Ethereum’s current trading pattern by analyzing the price of ETH/USD on Bitfinex at one-day intervals from Feb 1 to May 2 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.
Moving Averages (MA) are indicators that are used to measure the direction of the current trend. They help smooth out price action by filtering out short-term price fluctuations.
They are a lagging indicator since they are based on past prices. The relationship between short and long-term moving averages can help determine the beginning and end of a trend.
The 100-(black) and 200-(blue) day MAs are shown in the graph below.
The price of ETH has been trading inside a descending channel since reaching a high above $185 on Apr 8. At the time of writing, it is trading near $169, very close to the resistance line of the channel.
Furthermore, it has been following an ascending support line since making lows close to $120 on Feb 11. The support line is currently at $145.
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 ETH has begun an uptrend.
Throughout the month of May, we believe that the price of ETH will continue to decrease at the rate predicted by the channel until it reaches the ascending support line. Afterward, we believe it will break out from the channel and head towards the resistance at $170. This is based on the fact that the price has been trading above the moving averages.
However, since a bullish cross is yet to occur, we cannot confidently predict a rapid upward move.
The price opened on May 1 near $170. At the end of May, we believe the price will again be around $170. Therefore, even though we expect volatility throughout the month, we expect the closing price to be similar to the opening price.
Stellar
In this section, we analyze the price of XLM/USD 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 XLM has been trading inside an ascending triangle since reaching lows of $0.084 on Feb 6. The resistance line of the triangle is created by the highs of December 2018 near $0.14.
The price has found support and is trading above the 200-day moving average. However, it is trading well below the 200-day MA. Hence, it is likely that XLM has yet to begin a significant uptrend and will face resistance once it reaches the 200-day MA.
Throughout the month of May, we believe that the price of XLM will continue to increase until it reaches the 200-day MA. Since the MA is decreasing and currently at the resistance line of the triangle, we do not believe the price will reach the resistance. Rather, it is likely to reverse once it reaches the MA. Afterward, it is likely to drop towards the support line of the triangle.
The price opened on May 1 near $0.105. At the end of the month, we believe that the price will trade around $0.12—increasing by around 14%.
EOS
The price of EOS/USD on Binance was analyzed at one-day intervals from Jan 14 to May 2 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 EOS has been trading inside an ascending channel since reaching lows of $2.40 on Feb 7.
After touching the resistance line on Feb 22 and Apr 12, the price began a rapid decrease.
The price is trading well above the 100- and 200-day moving averages which have made a bullish cross. Therefore, the price of EOS has shown significant strength and has already begun an uptrend.
Throughout the month of May, we believe that the price will increase until it touches the resistance line near $7. Afterward, we believe it will follow a similar pattern to Feb 22 and Apr 12. A decrease should follow until price meets support.
The price opened on May 1 at $5.06. In the end of the month, we believe that the price will trade around $6.35—increasing by around 27%.
Bitcoin Cash
BCH/USD on Coinbase is analyzed at one-day intervals from Mar 11 to May 2 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:/p>
The price of BCH reached lows of $123 on Mar 14. It has been increasing since, trading inside an ascending triangle. The increase intensified on Apr 2, reaching highs above $350. A gradual decrease brought the price back to the support line.
The price is trading above the 100- and 200-day moving averages, having found support above the latter. However, the MAs have not made a bullish cross yet. Therefore, we cannot confidently state that the price of BCH has begun an uptrend, nor can we predict a breakout from the pattern. The position of the moving averages is very similar to that of Ethereum.
Throughout the month of May, we believe that the price will gradually increase until it reaches the resistance line near $320. Afterward, a gradual decrease should bring it back to the support line.
The price opened on May 1 at $265. At the end of the month, we believe that the price will trade around $295—increasing by around 11%.
Dogecoin
The price of DOGE/USD on Bittrex is analyzed at one-day intervals from Feb 8 to May 2 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 DOGE has been following an ascending support line since reaching lows of $0.0019 on Feb 6. The increase intensified on Apr 2, and the price reached high above $0.004. A gradual decrease began. The price has been trading inside a descending channel since.
The price is trading above the 100 and 200-day moving averages, which have not made a bearish cross. Furthermore, it is very close to dropping below the 200-period MA.
Throughout the month of May, we believe the price will gradually decrease until it reaches the long-term ascending support line. Then, we believe it will break out from the descending channel and reach the resistance area near $0.0028.
The price opened on May 1 at $0.00265. At the end of the month, we believe that the price will trade around $0.00283—increasing by around 7%.
Summary
Based on our analysis, the cryptocurrency expected to perform the best is EOS, followed by XLM, BCH, DOGE and EOS. The full results sorted by rate of increase are shown in the table below:
|
ASSET |
MAY 1ST PRICE | MAY 31ST PROJECTED PRICE | +/-% |
|---|---|---|---|
| EOS | $5.06 | $6.35 | +27% |
| XLM | $0.105 | $0.12 | +14% |
| BCH | $265 | $294 | +11% |
| DOGE | $0.00265 | $0.00283 | +7% |
| ETH | $170 | $170 | 0% |
As for the trading patterns, BCH and XLM are both trading inside their own respective ascending triangles. This is a bullish pattern. Therefore, it is possible that a breakout causes a rapid increase and takes the price above our predicted range.
The price of EOS is trading inside a neutral ascending pattern. Therefore, gradual increases are to be expected unless a decisive upward or downward move begins.
Finally, the price of DOGE and ETH are trading inside neutral descending channels. Therefore, we expect gradual decreases until a decisive move occurs.
To read 2019 and 2020 Ethereum price predictions, click on the blue button 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.
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Disclaimer
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