BTC/USD Long positions on Bitfinex have skyrocketed in recent days, encouraging traders to believe that Bitcoin has hit the local bottom. Indeed, BTC bounced back from $28.8k to $30.8k, but fell again to trade at $29.3k at the time of writing. The altcoin market followed in Bitcoin’s footsteps on the map.


Source: XRP/USDT on TradingView

XRP climbed past the bearish order block in the $0.4 area and appeared to have flipped it from supply to a demand zone (cyan box). In addition, the price is also at the USD 0.42 support level.

Over the weekend, it is possible for XRP to move upwards from the confluence of demand zone and support. However, some buying volume needs to be seen, but as things stand, the A/D indicator moved flat to show that neither bears nor bulls had the upper hand in the past few hours. The Awesome Oscillator was also hovering just above the zero line at the time of printing.

Gala (GALA)

Source: GALA/USDT on TradingView

While GALA posted a gain of close to 85% from the low of $0.54 it hit a few days ago, the trend remains bearish for the altcoin on the lower time frames. The Fibonacci retracement levels indicated that the $0.096-$0.108 area is a strong resistance zone.

To add to the bearish statement, the long upper candlewick to $0.12 the previous day showed the bulls have been dismissed, but can sellers continue to drive the downtrend? The OBV has risen significantly in recent days and the RSI also surged above the neutral 50 to show a slightly bullish bias. Unless $0.108 flips to support, a bearish bias is warranted.

Shiba Inu (SHIB)

Source: SHIB/USDT on TradingView

Shiba Inu fell further on the price charts and the $0.000009 support level could be revisited if Bitcoin were to fall. The OBV did not show sufficient demand to reverse the downtrend while the MACD indicator dropped towards the zero line to show waning bullish momentum.

The RSI fell below the neutral 50 line to show another possible shift in momentum towards the bearish side. In addition, the CMF fell below -0.05, indicating significant capital outflow from the market.

This post XRP, GALA and Shiba Inu Price Analysis: May 14

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