Price analysis 5/11: BTC, ETH, BNB, XRP, ADA, SOL, DOGE, DOT, AVAX, SHIB

The crisis with Terra’s stablecoin TerraUSD (UST) and the freefall in Terra’s LUNA token has dented crypto sentiment further. Although Terraform Labs CEO Do Kwon announced a relief plan, the community does not seem too hopeful about the revival.

Another hindrance to a quick improvement in sentiment is that the United States consumer price index soared 8.3% from a year ago, outpacing estimates by 0.2%. Although the numbers are a tad bit lower than March’s 8.5% print, the slow deceleration suggests no respite from more tightening by the U.S. Federal Reserve.

Daily cryptocurrency market performance. Source: Coin360

Although the screen looks scary during capitulation, it also offers one of the best times to go against the herd and accumulate fundamentally strong cryptocurrencies at a bargain. Traders should not be in a hurry to catch a falling knife but wait for the price to stabilize and the capitulation to end before buying in a phased manner.

What are the key levels on Bitcoin (BTC) and major altcoins that could attract buyers? What are the key resistance levels on the upside that may suggest a potential trend change? Let’s study the charts of the top-10 cryptocurrencies to find out.