The SPX’s closing for the week saw a marginal 0.29% loss, however, Bitcoin is set to complete the week accompanying an over 5% deeper cut. Quite a few altcoins were pulled lower by Bitcoin’s weakness, suggesting weakening sentiment.
However, the May 12th solid bounce by Bitcoin made several analysts expect the beginning of a recovery, even if Material Indicators, a monitoring resource, remained cautious. According to them, it is concerning that whales are not submitting strong bids at these lower levels.
The 4 Altcoins That Can Be Most Affected
On May 11th, the altcoin Cardano rebounded solidly from its line of an uptrend, suggesting a continuing strong buyer attraction for its lower levels. If buyers managed to get past the $0.37 overhead resistance, there could be enough momentum to reach $0.40 and even $0.42. On the other hand, failing to do so can see the price return to its line of uptrend.
On May 10th, the altcoin Cosmos, returned from its support mark of $10.20 suggesting that bulls are investing in the fall to the level. The downside’s critical mark stands at $10.20. Should it crack, the price can plunge to $8.50. However, there is also a possibility of the price reaching $11.30, $12, and even $12.50, as suggested by its price action.
The altcoin Lido DAO bounced upwards from its support of $1.60 and has hit the $1.95 overhead resistance mark. The bulls have been attempting to get it above $1.98 and reach $2.39 and $2.60. The bears will try to sustain the price between $1.98 and $1.57.
Finally, the altcoin Arbitrum is getting supported as it approaches the $1 mark. Buyers will attempt to solidify positions by pushing the price over $1.20. For bears, the target will be to get the price down $1.05.
