Bitcoin (BTC) continues to find direction as bears and bulls compete for supremacy. Glassnode founders Jan Happel and Yana Allemann believe prices will turn to the upside. They said in their X post that they expect Bitcoin to “go higher.”
Uncertainty about the next move did not stop the whales from buying. Market intelligence firm Santiment said in an
Long-term investors in Bitcoin don’t seem to be worried about range-bound price action in the short term. In a recent interview with journalist Mike Solana, Twitter co-founder Jack Dorsey said Bitcoin could skyrocket to at least $1 million by 2030 and could even surpass that level from then on.
Will buyers be able to continue to defend support levels for Bitcoin and altcoins, or will the bears win? Let’s analyze the top 10 cryptocurrencies chart to find out.
Bitcoin Price Analysis
Bitcoin bulls are trying to keep the price above psychological support of $60,000, but are facing selling at the 20-day exponential moving average ($62,959).
Downward moving averages and the Relative Strength Index (RSI) in negative territory suggest that bears have the upper hand. If the $59,650 support is broken, the BTC/USDT pair could plummet to $54,298, which is the 61.8% Fibonacci retracement level.
This negative view will be nullified in the near term if the price rises and breaks above the 50-day simple moving average ($65,620). The pair could then accelerate towards the important overhead resistance at $73,777.
Ether Price Analysis
Ethereum (ETH) has been trading between the 20-day EMA ($3,087) and the horizontal support at $2,850 for several days.
A downward moving average and an RSI in negative territory indicate an advantage for sellers. A break and close below $2,850 would signal a resumption of the downtrend. The ETH/USDT pair may break down to the channel’s support line.
The area between the 20-day EMA and the resistance line is likely to act as an important resistance line. Buyers would need to push the price above this area to suggest a potential trend change. The pair could rise to $3,350.
BNB price analysis
BNB (BNB) has bounced off its May 8 moving average, but the lack of momentum suggests hesitation to continue buying at higher levels.
If buyers push the price above the downtrend line, a rise to indirect resistance at $635 is likely. This is an important level to watch out for as a break above this level could open the door for a rise to $692.
Meanwhile, the bears likely have other plans. They will try to push the price down below the moving average. If that happens, the BNB/USDT pair could fall to $536 and then find solid support at $495.
Solana Price Analysis
Solana (SOL) fell below the 20-day EMA ($146) on May 8, but the decline failed to sustain it lower.
Solid buying by buyers pushed the price back above the 20-day EMA on May 9, but the SOL/USDT pair failed to reach the $162 resistance level. A flat 20-day EMA and RSI near the midpoint offer no clear advantage to either bulls or bears.
If the price rises from current levels and breaks above $162, it means the bulls are back in the game. The pair could rise to $185 and later to $205. An important support zone to watch for downside is between $126 and $116.
XRP Price Analysis
XRP (XRP) has been trading between $0.46 and $0.57 over the past few days, indicating a balance between supply and demand.
The price fell below the 20-day EMA ($0.52) on May 7, indicating that the bears are trying to take control. Sellers will try to drive the price towards the important support level of $0.46, while buyers are expected to step in and defend the level with all their might. A strong bounce to $0.46 could extend its stay in the range for some time.
Bulls will need to hold the price above $0.57 to suggest that the correction may be over.
Toncoin price analysis
Toncoin (TON) rebounded from its moving average on May 8 and crossed the hurdle at the 61.8% Fibonacci retracement level of $6.49 on May 10, signaling the end of the correction.
The 20-day EMA ($5.81) has started to rise gradually and the RSI has risen into positive territory, indicating that the bulls are gaining the upper hand. The TON/USDT pair will attempt to rise to $7.67.
Conversely, if the price declines sharply from current levels or indirect resistance reaches $7.67, it means bears will remain active at higher levels. This could result in a range between $4.72 and $7.67.
Dogecoin price analysis
Bulls are trying to prevent Dogecoin (DOGE) from retesting the neckline of its large head-shoulders pattern.
Buyers would need to push the price above the 20-day EMA ($0.15) to secure a bounce path to the 50-day SMA ($0.17). This is an essential level for bears to defend, as a break above this level could push the price up to $0.21.
Instead, if the price declines from current levels or the 50-day SMA, it suggests that the DOGE/USDT pair could spend more time within the range. If the price falls below $0.12, the trend is likely to change to the downside.
Related: Here are the reasons why Telegram-linked Toncoin surged 50% in May.
Cardano Price Analysis
Cardano (ADA) remains between the 20-day EMA ($0.47) and support, indicating uncertainty between bulls and bears about the next directional move.
A bearish 20-day EMA and a RSI in negative territory indicate that the bears are in favor. If the price falls below the support line, the ADA/USDT pair may decline towards $0.35.
Conversely, if the price rises above the 20-day EMA, it is a sign that the bullish trend is recovering. The pair may rise to the 50-day SMA ($0.53) and later rise to the overhead resistance of $0.57. This region is likely to witness strong selling of the bears.
Avalanche Price Analysis
Avalanche (AVAX) has been trading between $29 and $40 for several days, indicating a balance between supply and demand.
Within a certain range, traders typically buy dips up to support and sell near resistance. Price movements in between can be random and volatile. The AVAX/USDT pair could reach $40 if the price breaks above the 20-day EMA ($36).
Conversely, if the price declines from the 20-day EMA, this means that higher levels continue to attract sellers. The pair may decline towards solid support at $29. The next trend move is likely to begin above $40 or below $29.
Shiba Inu price analysis
Shiba Inu (SHIB) continues to trade between the 20-day EMA ($0.000024) and the support line of the symmetrical triangle pattern.
It is difficult to predict with certainty the direction of departure of a triangle. Therefore, it is better to wait until the price breaks out of the triangle before taking a directional view. When the price falls below the triangle, it is a sign that the downtrend has overwhelmed the uptrend. Afterwards, the SHIB/USDT pair may decline to $0.000017, which is the 78.6% Fibonacci retracement level.
Conversely, if the price rises and goes above the 20-day EMA, I would suggest buying at a lower level. The pair may bounce back towards the resistance line of the triangle.
This article does not contain investment advice or recommendations. All investment and trading activities involve risk and readers should conduct their own research when making any decisions.