Bitcoin (BTC) surged on May 20th, but the price still remains within a range. Typically, traders sell when the price approaches overhead resistance, but inflows into spot Bitcoin exchange-traded funds show that buying is continuing. A total of $500 million flowed into spot Bitcoin ETFs on May 20th and 21st, according to data from Farside Investor.
However, some analysts are concerned about Bitcoin’s near-term price movements. John Bollinger, founder of Bollinger Bands, told X followers that Bitcoin’s formation suggests a near-term consolidation or decline. Likewise, trading resource Material Indicators warned that one of its trading tools was signaling a “clear” bearish signal that would invalidate the $71,500 level.
While Bitcoin awaits a breakthrough, activity is gradually shifting to Ether in anticipation of the possible approval of a spot Ether ETF in the United States. The approval is likely to boost sentiment in the cryptocurrency sector, pushing the value of some altcoins higher.
Could Bitcoin and major altcoins see an uptrend? Let’s analyze the top 10 cryptocurrencies chart to find out.
Bitcoin Price Analysis
Bitcoin crossed the $68,000 barrier on May 20, but bulls were unable to push the price up to the overhead resistance at $73,777.
However, a positive sign is that the bulls are trying to keep the price above the psychological level of $70,000. If they can succeed, the BTC/USDT pair is expected to have another shot at $73,777. If the bulls win, the pair could rise to $80,000 and then to $84,000.
Conversely, if the price declines sharply from the current level or overhead resistance, it would mean that the bears are fiercely defending the $73,777 level. This means consolidation could last a few more days.
Ether Price Analysis
Ether (ETH) poles rose above the resistance line of the descending channel pattern on May 20, signaling a potential trend change.
The bulls further strengthened their positions by pushing the price above the resistance level of $3,730. If buyers hold the price above $3,730, it would be a sign that the bears have given up. The ETH/USDT pair could rise to $4,100. If this level is also cleared, the bulls will attempt to push the price up to $4,868.
Contrary to this assumption, if the price declines sharply and falls below $3,730, it would be a signal that bears will remain selling at higher levels. The pair could then fall towards the 20-day EMA ($3,224).
BNB price analysis
BNB (BNB) rose from the support line of the symmetrical triangle pattern on May 20 and rose above the resistance line. This shows that uncertainty has been resolved in favor of the bulls.
The BNB/USDT pair reached important overhead resistance at $635 on May 21. This level is likely to act as a solid hurdle, but if the bulls do not give way to the bears, the chances of an upside breakout will increase. A close above $635 could clear the path to $692.
Important support levels to watch during the downtrend are the 20-day EMA ($590) and support. A decline below this level suggests that the pair could remain within the $495-$635 level for a few more days.
Solana Price Analysis
Solana (SOL) broke above the immediate resistance level of $185 on May 20, but the bulls failed to sustain higher levels.
The price fell below $185 on May 21, suggesting that the bears have not given up. However, the rising 20-day EMA ($161) and RSI in positive territory indicate that the path of least resistance is to the upside.
If buyers overcome the $165 hurdle, the SOL/USDT pair could retest the important overhead resistance at $205. This positive view is invalidated in the short term if the price declines and falls below the moving average.
XRP Price Analysis
Bulls attempted to push XRP (XRP) to the overhead resistance of $0.57 on May 21, but the long wicks on the candlestick show that the bears are selling on the rally.
When the price bounces from the moving average, it is a sign that bulls are trying to break into support. Doing so increases the chances of a bounce above the overhead resistance of $0.57. The XRP/USDT pair could then surge to $0.67.
Conversely, if the price continues to move lower and falls below the 20-day EMA, it means that the uptrend has been abandoned. The pair may then fall towards support, where bulls will try to stop the decline.
Toncoin price analysis
Toncoin (TON) attempted to rebound from its moving average on May 20, but the bulls failed to build on that momentum.
The 20-day EMA ($6.35) has leveled off and the RSI is near the midpoint, suggesting that the TON/USDT pair may fluctuate between $4.72 and $7.67 for some time. If the price rises above $6.73, the pair could reach the overhead resistance at $7.67.
Conversely, if the price continues to decline and falls below the 50-day SMA, it would be a sign that the bears have the upper hand in the short term. This could open the door for a decline to $5.50 and later to $4.72.
Dogecoin price analysis
Dogecoin (DOGE) is witnessing a fierce battle between bulls and bears near $0.17.
The 20-day EMA ($0.15) has started to rise and the RSI is in positive territory, indicating an advantage for buyers. If the bulls continue to hold the price above $0.17, the DOGE/USDT pair is likely to accelerate towards $0.21.
The 20-day EMA is an important support level to watch for downtrends. If the price declines and falls below the 20-day EMA, it means the pair could remain range-bound for some time.
Related: Here’s what happened in the cryptocurrency industry today
Cardano Price Analysis
Cardano (ADA) surged above its 50-day SMA ($0.49) on May 20th, but the bulls failed to clear the $0.52 hurdle.
Bears are trying to push the price below the moving average, but bulls are expected to defend this level. If the price rises from the moving average, the bulls will try to overcome the hurdle again at $0.52. If successful, the ADA/USDT pair could soar to the overhead resistance of $0.57.
Instead, if the price declines and falls below the moving average, the downtrend indicates continued activity at higher levels. The pair could then fall towards support.
Avalanche Price Analysis
Avalanche (AVAX) rose from the 20-day EMA ($36.62) on May 20 and broke above the $40 overhead resistance on May 21.
The moving averages are on the verge of a bullish crossover and the RSI is in positive territory, indicating an advantage for buyers. The AVAX/USDT pair may attempt a bounce against the psychological resistance of $50. This level is likely to induce solid selling by bears.
If bears want to prevent an advance, they need to keep the price below the 20-day EMA. This could trap aggressive bulls and lead to prolonged liquidations. The pair may then fall towards the $29 support level.
Shiba Inu price analysis
Shiba Inu (SHIB) surged above the resistance line of the symmetrical triangle pattern on May 20, but bulls are struggling to maintain momentum.
The bears are trying to pull the price back into the triangle. If so, it would suggest that the recent breakout may have been a fake move. This may cause the price to remain within the triangle for some time.
Contrary to this assumption, if the price rises from current levels and passes $0.000027, it is a sign that buying is being done at lower levels. The SHIB/USDT pair could then rise to $0.000030.
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.